New On The Block
- Raymond Zage and James Lu, the 60% stakeholders of Grindr, want to take the dating app private. Semafor states that the pair is in talks with Fortress Investment Group for debt financing to acquire Grindr, potentially at around $15 per share. That’s an estimated $3 billion valuation.
- Cosmetic brand Too Faced is up for sale, according to Axios. On the sell side is Estée Lauder (NYSE:EL), which first acquired the brand for $1.45 billion back in 2016.
- U.K. self-storage company Big Yellow Group (LSE: BYG) is accepting offers. Expect U.S. REITs to participate in the auction. Blackstone is weighing a bid.
Updates From The Block
- Hollywood honcho David Zaslav unveiled a plan to divvy up Warner Bros. Discovery (NASDAQ:WBD). One half would be TV, movies, and streaming, and the other would be cable networks. Now, Larry Ellison‘s billionaire son — Paramount Skydance (NASDAQ:PSKY) CEO David Ellison — is making a play for all of Warner before it splits. But, according to the Wall Street Journal, Zaslav is resisting the overtures. At last check, Comcast Corp (NASDAQ:CMCSA) is also vying for Warner Bros., which made bank this year off of hits like “Superman” and “A Minecraft Movie.”
- Spain’s BBVA (NYSE:BBVA) has failed to win over Sabadell shareholders with its €16.32 billion ($19.07 billion) hostile takeover bid, ending an 18-month battle that's been one of the country’s most dramatic financial showdowns. Despite the setback, BBVA Chair Carlos Torres isn't throwing in the towel — or his resignation letter. “At BBVA, we look to the future with confidence and enthusiasm,” he said.
- Chicago-based GTreasury sold to Ripple Labs as part of a $1 billion deal. Ripple Labs is also raising funds for a cryptocurrency treasury focused on XRP. This move comes as other firms, such as Trident Digital Tech (NASDAQ:TDTH) and Nature’s Miracle Holding (OTCQB:NMHI), have also announced plans to invest in XRP-focused treasury programs.
- Mammoth Brands, owner of Harry's razors, is buying the baby care brand Coterie. The deal values Coterie at over $1 billion. Founded in 2018, Coterie offers subscription diapers starting at around $95 per month, initially available online and now also in stores such as Whole Foods and Wegmans.
- Goldman Sachs is set to acquire San Francisco-based Industry Ventures, a 25-year-old firm specializing in direct and indirect venture capital and VC secondaries, for up to $965 million. The deal includes $665 million upfront (covering Goldman's existing Petershill Partners stake) and up to $300 million in earnouts.
- Rayonier and PotlatchDeltic plan to merge in an all-stock deal, creating a $7.1 billion forestry giant ($8.2 billion including debt). Rayonier shareholders will own 54% of the combined company; PotlatchDeltic shareholders will hold the remaining 46%. Both companies are structured as REITs.
Off The Block
- Tamarack Valley Energy Ltd. (OTC:TNEYF) completed its sale of non-core producing assets in the Veteran Consort and Eyehill areas of Alberta, Canada, for CA$112 million (US$81 million). The proceeds will be used to pay down debt, which, as of Q2, ranges between C$739 million and $772 million.
- Motive Partners and Partners Group sold With Intelligence, a London-based asset management data company, to S&P Global (NYSE:SPGI) for $1.8 billion.
Bankruptcy Block
- After spending seven months in bankruptcy, Bar Louie found its escape route. Sun Holdings will take over 39 Bar Louie locations across the U.S. The deal adds the Chicago-based bar and restaurant chain to a portfolio that includes Applebee's, Burger King and Popeye's. Bar Louie once operated up to 130 restaurants nationwide. It filed for bankruptcy twice—first in 2020 and again in March. Its latest filing listed assets between $1 million and $10 million against liabilities of $50 million to $100 million.
- Humanoids, the Los Angeles arm of iconic French comic publisher Diamond, has filed for Chapter 7 bankruptcy—the liquidation kind, signaling the end of operations. According to Comics Beat, the company has under $50,000 in assets and between $10 million and $50 million in debt. Filed in the Maryland Bankruptcy Court, the case lists HC Wind Down Corporation as the parent. Luxembourg-based Humanoids Holding Sarl owns 79.5% and LA's Primer Entertainment holds 20.5%. Humanoids and Primer had once partnered on a Taika Waititi-directed adaptation of “The Incal,” but it was never produced.
Notes From The Block
JPMorgan Chase (NYSE:JPM) plans to spend $10 billion of its own cash—and a whopping $1.5 trillion over the next decade—to back companies in the national security sector (i.e., companies involved with rare earths, defense, AI and semiconductors).
A big slice of the plan targets rare earth minerals—the stuff behind EVs, chips, and defense systems. JPMorgan teamed up with the Defense Department and rival Goldman Sachs (NYSE:GS) to boost MP Materials' magnet factory. It also remains close with Intel (NASDAQ:INTC) — both government-backed. The government also owns a 10% stake in Lithium Americas Corp. (NYSE:LAC), a 10% stake in Trilogy Metals Inc. (NYSE:TMQ), and a “golden share” in US Steel Corporation.
Enter Greenland: the icy frontier of strategic resources. The island holds roughly 18% of the world's rare earth reserves, potentially enough to supply a quarter of global demand. Projects like Tanbreez—a large, undeveloped rare earth deposit outside China—are attracting interest from Critical Metals Corp. and others. However, while Washington scrambles to secure access, Greenland's leaders are sending a clear message: Western investment is welcome, but not at the expense of their autonomy.
That stance comes amid growing unease with Trump's foreign policy, which JPMorgan CEO Jamie Dimon warns could isolate the U.S. Dimon has stressed the importance of maintaining strong global alliances—an especially relevant warning as Greenland, frustrated with U.S. diplomacy, begins flirting with alternative investors, including China.
The upshot: JPMorgan's initiative is as much geopolitical chess as industrial strategy—an effort to reduce U.S. dependence on China's 90%+ refining dominance while reassuring allies that America still plays well with others.
For the previous edition of Deal Dispatch, click here.
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