New On The Block
- Francisco Partners is reportedly testing the waters for a multibillion-dollar sale of BeyondTrust Software. This Georgia-based cybersecurity firm has about $500 million in annual recurring revenue and could command a price anywhere from five to 20 times sales. The sale process is still in its early days. Bloomberg expects strong interest from industry players and rival private equity firms.
- KKR is expected to launch an auction for U.K. recycling group Viridor in September. Bids could be as high as £7 billion (US$9.5 billion), according to the Financial Times.
- Altus Group (TSX:AIF), a Canadian real estate software company, is exploring a sale, according to Reuters.
- Intel Corp. (NASDAQ:INTC) stock rallied following a sit-down between Trump and Intel CEO Lip-Bu Tan and a flurry of reports that the Trump administration was actively exploring taking a direct government stake in the struggling semiconductor giant. The twist? This comes days after President Trump told Tan to quit over China ties—before changing his tune.
Updates From The Block
- AI startup Perplexity has made a $34.5 billion offer to buy Google's Chrome browser. The Wall Street Journal, which first broke the story, noted that the unlikely bid comes as a U.S. judge considers remedies after ruling that Google has illegally monopolized the search market, with a forced Chrome sale seen as possible but improbable. Perplexity, founded in 2022 and recently launching its own browser, Comet, may be signaling that it's a ready buyer if such a sale were to occur. Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), which holds over 60% of the browser market, shows no intent to sell and continues to post substantial search revenues while advancing AI projects like a NASA partnership.
- Rezil Inc. (TYO:176), a Japanese electricity wholesaler, is in the crosshairs of private equity firm Bain Capital. A $340 million bid is being considered, Nikkei reported. Founded in 1994 and headquartered in Tokyo, Rezil supplies electricity to condominiums and corporate clients, achieving a 100% renewable supply ratio for corporate customers in 2024 — five years ahead of target. Bain Capital is also weighing a dual-track process (a sale or IPO) of Ahlstrom, a French specialty materials firm, per Bloomberg.
- National Grid (NYSE:NGC) agreed to sell the Grain LNG, Europe’s largest liquefied natural gas import terminal, for about $2.04 billion. The Financial Times reported that Centrica (LSE: CNA) and Energy Capital Partners are the buyers.
Off The Block
- The National Basketball Association (NBA) saw another major shift in franchise ownership. Axios reports that private equity billionaire Tom Dundon reached an agreement to purchase the Portland Trail Blazers from the estate of Paul Allen for just over $4 billion. In addition, the league approved Bill Chisholm's acquisition of the Boston Celtics.
- AVI-SPL, a Tampa-based provider of audiovisual and communications systems, has been officially sold. Marlin Equity Partners divested the company to 26North at a valuation of more than $1 billion. Marlin and some other shareholders are retaining a minority interest in AVI-SPL, Bloomberg reports.
Bankruptcy Block
- Dr. Phil's latest drama isn't on daytime TV — it's in bankruptcy court. The talk show host, whose real name is Phil McGraw, says his bankrupt network, Merit Street Media, is being unfairly trashed by former partner Trinity Broadcasting Network and creditor Professional Bull Riders (PBR), who he claims are waging a PR rodeo to tank the company's value. Trinity called the bankruptcy a "sham" and accused McGraw of plotting a "dead of night" asset grab, while PBR says the case is a dodge to escape litigation and fund a new media venture. McGraw's camp, Variety reports, insists the allegations are baseless.
- This comes as Business Insider, citing data from S&P 500 Global, reports that U.S. corporate bankruptcy filings have surged to their highest level since 2020
- The AP reported that a Texas judge has appointed a receiver to take control of Alex Jones' Infowars and sell its assets to help cover more than $1 billion in legal judgments owed to Sandy Hook families. The move could force Jones out of his studio within days and has revived The Onion's bid to buy Infowars and turn it into a parody site. Jones called the order improper, vowed to keep broadcasting from an alternate studio, and predicted the platform will ultimately be sold to someone who will keep it on the air.
Notes From The Block
- M&A Resilience Amid Volatility: Goldman Sachs assessed Dealogic data and determined that, despite tariff-driven market turbulence in Q2, global M&A volumes in 1H 2025 rose 29% year-over-year. This reflects a "change is constant" mindset. While uncertainty will linger—especially in tariff-sensitive sectors—companies are using the moment to reassess portfolios and pursue strategic growth.
- Shift Toward Large-Scale Strategic Deals: A record number of $10 billion-plus mega-deals emerged as companies moved from cost-cutting to long-term expansion, often targeting AI capabilities. CEO confidence is fueling operational investments and bold acquisitions.
- Private Equity Cautiously Reenters: Financial sponsors are regaining momentum under LP pressure to deliver returns, balancing risk with targeted plays in high-growth areas.
- Separations Unlock Shareholder Value: Favorable rates, rising equities, and easing inflation are driving corporate spin-offs and restructurings to streamline operations and boost valuations.
- Activism Rises on Valuation Swings: Tariff and geopolitical volatility are creating entry points for activists, who are pushing for supply chain diversification and clearer resilience strategies.
- Global Expansion and Regional Consolidation: Innovation-led growth is spurring cross-border acquisitions, particularly into emerging markets, while domestic M&A gains traction in Europe and APAC as companies consolidate amid uncertainty.
For the previous edition of Deal Dispatch, click here.
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