New On The Block
- Saudi Aramco has selected Citigroup (NYSE:C) to oversee the multibillion-dollar sale of its oil export and storage terminals business. The mandate marks a win for Citigroup as CEO Jane Fraser reorganizes the firm and expands business across the Middle East. A formal sale process could begin as early as next year. Major infrastructure funds are interested, according to Bloomberg News.
- Electricite de France (EDF) is selling “between 50% and 100%” of its U.S. renewable unit, CEO Bernard Fontana told Reuters. Fontana won parliamentary approval to be the next CEO of French state-owned utility EDF in April. His priorities include domestic nuclear projects and supplying cheap power to industry.
- Cohen & Gresser, a New York law firm that represented convicted sex offender Ghislaine Maxwell, is shopping a $40 million stake to private equity, according to the Financial Times.
- HealthVerity, a Philadelphia-backed health data analytics company, hired Evercore to explore strategic options, including a possible sale, Axios reported.
- Digital wealth management platform FNZ Group Ltd. is considering an auction of its German custody banking arm, FNZ Bank Deutschland. The deal is potentially valued at over €500 million ($576 million). The unit, acquired from Commerzbank in 2019 for €154 million, manages roughly €140 billion in assets.
See Also: Surviving The AI Bubble – Three Factors That Separate Future Winners
Updates From The Block
- Naver Corp. will acquire Dunamu Inc.—the operator of South Korea's dominant crypto exchange Upbit—in an all-stock deal. Dunamu chairman Song Chi-hyung will become its largest shareholder—though he and Dunamu's vice chair will delegate their voting rights. Naver will have effective control with 46.5% of votes. The acquisition would shift Naver Financial into a full-fledged money issuer, fast-tracking development of a won-based stablecoin. The move comes despite a global crypto selloff that has erased more than $1 trillion in value. Dunamu continues to lean heavily on trading activity: revenue for the first nine months of the year rose 22% to 1.19 trillion won, with nearly 98% coming from its platforms, including Upbit, Upbit NFT and Securities Plus.
- Grindr's (NYSE:GRND) stock price continued to climb after controlling shareholder George Raymond Zage III pledged to buy more shares on the open market, following the withdrawal of his $3.5 billion buyout bid. Zage and partner James Lu, who together own 64% of the company, abandoned the offer after Grindr's special committee cited uncertainty around financing and management's preference to remain public. Recent analyst upgrades have pushed 12-month price targets to $21–$26 per share, well above Zage and Lu's original offer.
- Sinclair (NASDAQ:SBGI) offered to buy the remaining 90.1% of E.W. Scripps (NASDAQ:SSP) it doesn't already own for about $553 million in cash and stock, valuing Scripps at $7 per share ($2.72 cash, $4.28 stock). The move comes just a day after President Donald Trump said he wouldn't be happy if the FCC lifted national ownership caps on broadcasters—a step required for Sinclair to complete the deal without selling stations.
Off The Block
- SoftBank Group has closed its $6.5 billion acquisition of U.S. chip startup Ampere Computing, expanding its portfolio of AI-focused semiconductor assets. Founded by former Intel executive Renee James, Ampere develops Arm-based processors for data centers and has attracted major customers and engineering talent. The deal's financial impact is still under review, SoftBank said. The purchase deepens SoftBank's push into AI hardware: the company already controls Arm Holdings (NASDAQ:ARM), whose designs power much of the electronics world and an increasing share of server chips, and owns UK-based Graphcore, another key player in advanced AI components.
- Global Sports Capital Partners has become the first U.S. private-equity firm to invest in a Mexican sports league, according to Sports Business Journal. The firm is committing $100 million over seven years to the country's pro-American football league, Liga de Fútbol Americano (LFA). The deal was sparked by former NFL player Ryan Kalil and former NBA star Blake Griffin, who introduced the league to GSCP after acquiring a controlling stake in the Osos Monterrey franchise earlier this year. Under the agreement, GSCP will take over day-to-day operations and lead the league's commercial expansion. The LFA currently features eight teams, with plans for further growth.
- S&P Global (NYSE:SPGI) wrapped up its $1.8 billion transaction with With Intelligence, a provider of private markets data and analytics. Motive Partners was the seller.
Bankruptcy Block
- Just two weeks before Thanksgiving, Rogue Ales & Spirits abruptly shuttered four pubs in Oregon, laying off 47 employees and leaving many stunned. The brewery's Chapter 7 bankruptcy filing shows $5.6 million in assets against $19.6 million in liabilities, signaling imminent liquidation. Rogue had already closed its distillery and struggled with pandemic-related challenges, including prior location closures in Portland. The company owes significant back rent, taxes, and federal alcohol duties. Rogue, one of Oregon's most recognized beer brands, joins a growing list of chains struggling in the post-Covid retail landscape—JoAnn Fabrics, Hooters, Forever 21, and Macy's (NYSE:M) have all faced store closures or bankruptcy filings.
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