New On The Block
- Confluent Inc. (NASDAQ:CFLT), a California-based data streaming company, is exploring a potential sale after drawing interest from several private equity firms and tech companies. According to Reuters, the company has engaged an investment bank to advise on the early-stage process. Confluent shares rallied on the news, though they remain down about 17% year-to-date. The potential sale comes amid rising demand for data infrastructure driven by artificial intelligence.
- Lynn Forester de Rothschild is cashing out of The Economist. Axios and Bloomberg reported that the British philanthropist and investor has put her family's 26.7% stake in the 182-year-old publication up for sale, marking its biggest ownership shake-up in a decade. Her stake, including about 20% in voting shares (the maximum allowed for any single owner), could fetch as much as £400 million ($537 million). Lazard is running the sale. Family offices, wealthy individuals, and strategic investors are likely to bid. The Economist Group, which made "Buttonwood" a household name in finance, is valued at roughly £800 million ($1.1 billion). It holds a 29.9%. Exor, the Agnelli family's holding company, currently owns 43.4%.
- Marlin Equity Partners tapped Evercore to conduct an auction of Medius, a Swedish accounts payable software firm that could fetch around $2 billion, according to Bloomberg.
Updates From The Block
- Defense AI firm Helsing plans to acquire Blue Ocean, a UK- and Australia-based specialist in autonomous underwater vehicles. Amelia Gould, Helsing's General Manager for Maritime, said the partnership will enable the creation of a next-generation autonomous glider for underwater surveillance to benefit Europe and its defense partners. Helsing reportedly boasts a $13.6 billion valuation.
- Citigroup (NYSE:C) rejected Grupo Mexico‘s $9.3 billion bid for its Grupo Financiero Banamex business. The bank now plans to list the unit.
- Rezolve Ai (NASDAQ:RZLV) purchased Subsquid, a Zug, Switzerland-based blockchain-based data company backed by Hypersphere Ventures.
Off The Block
- Zimmer Biomet completed its acquisition of Monogram Technologies for about $177 million to expand its orthopedic robotics portfolio. Monogram's mBôS robot, which received FDA clearance in March for total knee replacement surgeries, uses CT scans and AI-driven navigation. The companies plan to begin selling the robot with Zimmer implants in early 2027.
Bankruptcy Block
- Omnicare, the former Cincinnati-based Fortune 500 company acquired by CVS Health (NYSE:CVS) for $12.7 billion in 2015, has filed for Chapter 11 bankruptcy protection in Texas following a nearly $1 billion civil judgment earlier this year. CVS indicated it may sell off Omnicare's specialty pharmacy services and said the filing will allow the company to explore restructuring or sale options to address its broader financial challenges, according to a Sept. 22 SEC filing.
For the previous edition of Deal Dispatch, click here.
Now Read
Image: Edited by Benzinga using Shutterstock
