New On The Block
Pitney Bowes Inc (PBI) is kicking off the second phase of its strategic review. The company has hired BofA Securities, Goldman Sachs, and Sullivan & Cromwell to evaluate its current value creation plan alongside strategic alternatives. That could mean acquisitions, divestitures, partnerships, or even a potential sale of the company. Pitney Bowes is basically saying, "We're open for business — what's the best way to unlock value?"
Sucro Limited, an integrated sugar trader and refiner, has also started a strategic review. But unlike Pitney Bowes, Sucro's board is explicitly not considering a sale of the company or a controlling interest. Instead, they're looking at selling certain assets, divisions, or business units, plus joint ventures, share repurchases, and corporate reorganizations. Think of it as a spring cleaning, not a fire sale.
Updates From The Block
Rocket Lab (RKLB) is making a big leap: it agreed to buy Iridium Communications (IRDM) for $8 billion in cash and stock. Rocket Lab builds rockets and satellites; Iridium operates a constellation of 66 low-earth-orbit satellites for global communications. The deal combines a manufacturer with an operator, creating a vertically integrated space company. The transaction is expected to close in mid-2027, subject to regulatory approval.
Alcoa Corp (AA) is getting bigger in aluminum. It agreed to acquire South32 Limited's interests in a bauxite mine, alumina refinery, and aluminum smelter operations in a cash and stock deal valued at $4.1 billion. The deal is expected to close in the first half of 2027, subject to regulatory approvals. Alcoa is betting that the world will need more aluminum for everything from cars to construction.
U.S. supermarket chain Kroger Co. (KR) is buying Giant Eagle, a family-owned food and pharmacy retailer, for $1.65 billion. The price includes $1.25 billion in cash and about $400 million in assumed liabilities. The deal is expected to close in 2027, subject to regulatory approval. Kroger is adding hundreds of stores in the Midwest and Mid-Atlantic, doubling down on its strategy of consolidation in the grocery space.
Authentic Brands Group is adding a beloved childhood icon to its portfolio: it agreed to acquire Care Bears from Ivest Consumer Partners and Cloverlay. Care Bears is on track to exceed $750 million in retail sales by year-end 2026 and has generated more than $12 billion in retail sales since its inception. The transaction is expected to close in the third quarter of 2026. Authentic Brands, which also owns brands like Reebok and Brooks Brothers, clearly sees a lot of love left in those colorful bears.
Ipsen is buying Kartos Therapeutics in a deal worth up to $1.75 billion. Ipsen will pay $450 million upfront at closing, with Kartos shareholders eligible for up to $1.3 billion in additional milestone payments tied to regulatory approval and future sales. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. It's a classic biotech bet: pay now for a pipeline, pay more if the drugs work.
KKR & Co. (KKR) is going green. It agreed to acquire the U.S. and Canadian operations of EDF Power Solutions from EDF Group in a deal valuing the businesses at approximately $4.2 billion, with up to $390 million in additional milestone payments. The acquisition gives KKR ownership of EDF's renewable power platform across the United States and Canada. Private equity is increasingly eyeing renewable energy as a stable, long-term cash flow generator.
Cardinal Midstream Partners, an independent midstream energy company, agreed to sell its wholly owned subsidiaries, Cardinal Delaware Basin and Cardinal New Mexico, to San Mateo Midstream for $752 million. The transaction is expected to close in the third quarter of 2026, subject to regulatory approval and customary closing conditions. Midstream assets — pipelines and storage — are the toll roads of the energy world, and they're in demand.
CVC Capital Partners is purchasing Irca, a global B2B manufacturer of ingredient solutions for the food manufacturing, foodservice, and artisanal channels, from Advent. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2026. CVC is betting that the world's appetite for specialty food ingredients will keep growing.
Private equity firm Thompson Street Capital Partners has agreed to acquire Arrow Pest Control, a national provider of pest control services to residential and commercial customers. Terms of the deal were not disclosed. Pest control is a steady, recession-resistant business — people always need to get rid of bugs.
