It's been a whirlwind week in mergers and acquisitions, with everything from a mega energy merger to a fast-fashion bargain buy and a handful of bankruptcies. Let's dive into the biggest deals and developments.

Biggest Deal of the Week: NextEra + Dominion

The headline grabber is NextEra Energy (NEE) planning to buy Dominion Energy (D) for $66.8 billion in an all-stock transaction. If regulators sign off, the combined company would be the third-largest energy player in the U.S., trailing only Exxon and Chevron. The combined enterprise value clocks in at around $420 billion, with a market cap of roughly $249 billion, according to Reuters. It's a massive bet on the future of energy infrastructure.

Tech and AI Acquisitions

Analog Devices is buying Empower Semiconductor for $1.5 billion in cash, a deal expected to close in the second half of 2026. The move strengthens Analog Devices' power management portfolio.

Canadian AI company Cohere is acquiring Montreal-based Reliant AI for $7 billion. Reliant AI focuses on biopharma applications, and Cohere says the combination will "equip health care and life sciences enterprises with a powerful combination of cutting-edge AI technology, secure deployment options for highly regulated environments, and deep domain expertise to improve processes and bring projects to market faster." That's a lot of buzzwords, but the gist is clear: AI in healthcare is getting a big infusion.

In the medtech space, Medtronic (MDT) is buying SPR Therapeutics for $650 million in cash upfront. SPR makes medical devices for pain management, and the deal is expected to close in the first half of Medtronic's fiscal 2027 (which started April 25, 2026).

Liminatus Pharma (LIMN) is acquiring InnocsAI, a biotech focused on CAR-T and antibody oncology therapies, for $320 million. InnocsAI shareholders will get 1.6 billion shares of Liminatus common stock at $0.20 per share, plus contingent value rights tied to future sales of the acquired assets. The boards have approved, but regulators still need to sign off.

Consumer and Retail Deals

Authentic Brands Group is buying the denim brand Lee from Kontoor Brands (KTB). Authentic plans to convert Lee into a licensing model, leveraging its brand-building expertise. The deal is expected to close in the second half of 2026.

Fast-fashion retailer Shein is acquiring Everlane for $100 million, a steep discount from Everlane's previous valuation of over $1 billion. Bloomberg reports that Everlane's board approved the deal earlier this week, though neither company has publicly confirmed it. It's a classic case of a once-hot direct-to-consumer brand selling at a fraction of its peak.

Mister Car Wash (MCW) is going private. Investment funds managed by Leonard Green & Partners will buy all outstanding shares for $7 per share in cash, valuing the company at $3.1 billion. The deal is expected to close in the first half of 2026, after which Mister Car Wash will delist from Nasdaq.

Yellow Wood Partners' portfolio company Scholl's Wellness Company (parent of Dr. Scholl's) has acquired VKTRY, a brand known for carbon fiber insoles and footwear. Terms weren't disclosed, but VKTRY will keep its brand and leadership team while getting support from Dr. Scholl's and Yellow Wood to expand.

Industrial and Energy Moves

KKR (KKR) and CIRCOR International are selling CIRCOR Aerospace to Parker Hannifin (PH) for $2.55 billion. KKR bought CIRCOR for $1.8 billion in 2023 and will keep CIRCOR's Naval and Industrial businesses. The aerospace division sale is expected to close in the second half of 2026.

IMAX Considers a Sale

IMAX is reportedly exploring a sale of the company, according to the Wall Street Journal. The big-screen cinema company has been in talks with entertainment companies about a potential sale process. But the plans are still early, and there's no guarantee a deal will happen. IMAX could also decide to stay independent.

Deal That Didn't Happen: Estée Lauder and Puig

Estée Lauder (EL) and Spanish beauty giant Puig have called off their merger talks, scrapping what could have been a $40 billion luxury beauty mega-deal. Reuters reports that the collapse was due to "strategic differences and change-of-control complexities." Both companies will now focus on their standalone growth plans.

Closed Deals

Embecta Corp., the medical technology company spun off from BD, has completed its $200 million acquisition of Owen Mumford Holdings, a medical device manufacturer. The deal is expected to accelerate Embecta's evolution beyond diabetes care into a broader medical supplies company.

Red Cat Holdings (RCAT), a drone and robotics company, has closed its acquisition of Quaze Technologies, a Quebec-based developer of wireless power transfer technology for drones and autonomous systems. Quaze will operate as an independent business unit within Red Cat.

Bankruptcy Watch

West Marine, the boating supplies retailer, has filed for Chapter 11 bankruptcy with plans to emerge by mid-August. Stores remain open, and the company says day-to-day operations won't change.

Del Monte Foods Corp. has won court approval for its bankruptcy liquidation plan. The food distributor filed for Chapter 11 last July after accumulating over $1.2 billion in debt and has since sold off most of its major assets.

Bitcoin Depot (BTM), a cryptocurrency ATM operator, has filed for Chapter 11 bankruptcy and plans to wind down operations. The company cited stricter regulatory oversight as a key reason for the filing. Its entire network of Bitcoin ATMs has been taken offline.

Warrior Technologies, a Midland, Texas-based environmental and industrial services company, has also filed for Chapter 11. It reports assets between $10 million and $50 million and liabilities between $50 million and $100 million, with some funds expected to be available for unsecured creditors.

That's the deal dispatch for this week. With so much activity, it's clear that M&A is alive and well—even if some deals fall apart and others end in bankruptcy court.