CECO Environmental to Acquire Thermon Group for $2.2 Billion
CECO Environmental Corp. announced a $2.2 billion merger agreement to acquire Thermon Group Holdings, offering shareholders a choice of mixed cash‑stock, all‑cash, or all‑stock consideration. The all‑cash option represents a 28.37% premium over Thermon's last closing price, valuing the target at 16.14 times EBITDA. Post‑transaction, CECO shareholders will control roughly 62.5% of the combined company, with Thermon owners holding about 37.5%. The deal is slated to close in mid‑2026, expanding CECO’s footprint in process heating, power, and environmental monitoring.
Want More Public Companies? Encourage More Stock Repurchases
The SEC’s new leadership is targeting the 40 percent decline in U.S. public companies by easing regulatory burdens, especially those that hinder share repurchases. It proposes reforming the safe‑harbor under Rule 10b‑18 to make buybacks more accessible to mid‑cap firms. Currently, the...
ClearThink 1 Acquisition Corp. (CTAAU) Prices $125M IPO
ClearThink 1 Acquisition Corp. priced its $125 million initial public offering on February 24, 2026, with units slated to trade on Nasdaq under the ticker CTAAU. The SPAC is focused on merging with a financial‑services company operating in the United States and...
Caledonia Lines Up US$150m Local Bank Facility to Drive Bilboes Development
Caledonia Mining has appointed Stanbic Bank Zimbabwe and CBZ Bank as co‑lead arrangers for an up to US$150 million interim financing facility, expected to close by mid‑2026. The bridge loan complements a recent US$150 million convertible notes offering, a gold‑price hedging programme,...
Delaware High Court Finds Investor Pact Suit Delay Fatal, Clarifies “Void/Voidable” Difference
The Delaware Supreme Court in Moelis & Co. v. West Palm Beach Firefighters Pension Fund reversed a Chancery ruling, holding that the 2014 stockholder agreement was voidable rather than void, and therefore the nine‑year‑old lawsuit was barred by the doctrine...
GCI Liberty and John Malone’s M&A Play with Chris Waller – The Special Situations Report Episode 55
Episode 55 of the Special Situations Report features Chris Waller discussing GCI Liberty, a broadband provider serving remote Alaskan communities. The conversation traces GCI's origins as a spinoff from John Malone’s Liberty Media empire and examines its core fiber infrastructure....
The IPO Buzz: Generate Biomedicines (GENB Proposed) Launches $400 Million IPO
Generate Biomedicines, Inc. (GENB) launched a $400 million IPO on Feb 23, 2026, offering 25 million shares at $15‑$17 each on NASDAQ. At the midpoint price of $16, the company would be valued at roughly $2.04 billion. The proceeds are earmarked for two Phase 3 trials...
Stanley Martin Homes to Acquire United Homes Group for $221 Million
Stanley Martin Homes announced a merger agreement to acquire United Homes Group for $221 million. United Homes shareholders will be paid $1.18 per share in cash, a 50.42% discount to the stock’s last close. The transaction is slated to close in...
Veris Residential to Be Acquired by Affinius Capital and Vista Hill Partners in a $3.4 Billion Deal
Veris Residential announced a $3.4 billion cash acquisition by a consortium led by Affinius Capital and Vista Hill Partners. Shareholders will receive $19 per share, a 13.3% premium, while common partnership units are paid the same amount. The deal, priced at...
Morning SPAC News Roundup: February 23, 2026
The Morning SPAC News Roundup for February 23, 2026 compiles the day’s most significant special‑purpose acquisition company developments, from new IPO filings to recent de‑SPAC completions. While the page itself is gated behind a subscription, it signals a continued demand...
Comment Letter on Nasdaq’s Proposed Additional Initial Listing Criteria for Companies Primarily Operating in China
The Council of Institutional Investors (CII) submitted a comment letter backing Nasdaq’s proposed rule that adds initial listing criteria for Chinese micro‑cap companies, including a $25 million minimum proceeds requirement. CII applauds the effort to curb abnormal trading in the smallest...
Comment Letter on Nasdaq’s Proposed Additional Initial Listing Criteria for Companies Primarily Operating in China
The Council of Institutional Investors (CII) submitted a comment letter supporting Nasdaq’s proposed rule that adds an initial listing requirement of at least $25 million in proceeds for companies primarily operating in China. While endorsing the rule’s aim to curb abnormal...
Converts: PIPE and Pre-IPO Considerations
A recent Cleary memo highlights a surge in convertible‑note issuances driven by the AI boom, with private‑placement (PIPE) and pre‑IPO converts adopting highly customized terms. Features now include governance and consent rights, guarantees, financial covenants, prepayment provisions, anti‑dilution ratchets, equity...
January-February Issue of Deal Lawyers Newsletter
The Deal Lawyers newsletter’s January‑February 2026 issue has just gone to print and is available online for subscribers. Targeted at M&A attorneys, private equity professionals, and corporate counsel, the publication curates rapid‑fire developments that shape dealmaking across jurisdictions. Its reputation...
InsideArbitrage Event Driven Monitor – February 23, 2026
The InsideArbitrage Event Driven Monitor reports several key regulatory and corporate developments on February 23, 2026. Paramount Pictures cleared the 10‑day HSR waiting period and secured German approval for its bid to acquire Warner Bros. Discovery, while the FTC terminated...
How I Acquired 4 Businesses Without Wiring My Own Capital
In this episode, M&A expert Sebastian H. Amieva explains how he acquired four businesses without using his own cash by leveraging seller financing, senior debt, and equity partners. He emphasizes the importance of early preparation—defining clear acquisition criteria, cultivating lender...
The Netflix Killer Non-Acquisition Theory
Wall Street analysts are circulating a theory that Netflix’s primary goal in the Warner Bros. deal is not to acquire the studio but to block Paramount Skydance from obtaining it. The speculation hinges on Netflix’s willingness to spend billions, potentially triggering...
✈️New Chapter 11 Bankruptcy Filing - Avenger Flight Group LLC✈️
The episode breaks down Avenger Flight Group LLC’s recent Chapter 11 filing, detailing its rapid expansion into a global network of flight simulators and the massive debt that financed that growth, including a $155 million term loan and various secured leases....
💥New Chapter 11 Bankruptcy Filing - Vanderbilt Minerals, LLC💥
The episode examines Vanderbilt Minerals, LLC’s recent Chapter 11 sale filing, tracing its roots back to the 1916-founded R.T. Vanderbilt Company and its evolution from paper clay mining to industrial talc production. It highlights the long‑standing regulatory challenges with OSHA...
SPAC IPO Terms Tracker: February 20, 2026
The SPAC IPO Terms Tracker for the week ending February 20, 2026 shows a modest rebound in special‑purpose acquisition company listings, with 12 new SPACs raising approximately $1.8 billion in aggregate. Median IPO size slipped to $150 million, down from $165 million the...
United, American to Inject $200 Million Into Brazil’s Azul
United Airlines and American Airlines have each pledged $100 million to recapitalize Brazil’s Azul as it emerges from Chapter 11, while existing creditors will contribute an additional $100 million. United’s cash will flow through a public equity offering and American will use warrant...
Contango to Raise £5mn for Muchesu Coal Expansion, Debt-Free Transition
London‑listed Contango Holdings announced a £5 million share subscription, funded by Pacific Goal Investments and Huo Investments, to recapitalise the business and erase existing shareholder loans. The deal, priced at a 39 percent premium to the February 12, 2026 mid‑market close, will...
Private Equity: Sponsors Expect to Capitalize on Improved Exit Environment
EY’s latest Private Equity Pulse shows sponsors are increasingly confident about 2026 exits after a resurgence in 2025. Trade sales rebounded sharply, driven by pent‑up strategic demand and stronger board‑level conviction. In total, U.S. firms recorded $481 billion of sales to...
Are M&A Advisers Worth It?
The episode examines whether hiring M&A advisors adds value for mid‑market business owners, citing a Harvard‑referenced study that finds sellers who use professional advisors achieve roughly a 25% higher valuation premium. It outlines how advisors boost deal outcomes by leveling...
Braemar Hotels & Resorts: HST Four Seasons Sale, Updated Thoughts
Host Hotels & Resorts (HST) announced the sale of its Four Seasons Resort Orlando and Four Seasons Jackson Hole for a combined $1.1 billion, translating to roughly $1.9 million per room key. The deal provides a fresh multiple benchmark for luxury hotel...
The IPO Buzz: Rank One Computing (ROC) Upsizes IPO & Prices It at $6 – Top of Range
Rank One Computing (ROC) upsized its IPO to 4 million shares and priced the offering at the top of its range, $6 per share, raising roughly $24 million and valuing the company at about $114 million. The Nasdaq debut saw the stock open...
Tesla, Inc. (TSLA): Our Calculation of Intrinsic Value
In this episode the hosts walk through a discounted cash flow (DCF) valuation of Tesla, Inc., outlining their assumptions—a 10% discount rate, 3% terminal growth, and projected free cash flows rising from $6.5 B in 2025 to $10.5 B in 2029. The...
4 Vital Steps to Become an M&A Analyst
The guide breaks down how recent graduates can land a coveted M&A analyst role, outlining core responsibilities such as valuations, research, and memorandum preparation. It details the educational background most banks prefer, from finance and economics to engineering, and recommends...
New SPAC: NewHold Investment Corp. IV (NHIVU) Files for $175M IPO
NewHold Investment Corp. IV (NHIVU) has filed a Form S‑1 to raise $175 million through an initial public offering, positioning itself as the latest special purpose acquisition company targeting a merger within the technology sector. The filing, submitted on Feb 19 2026, lists...
M&A Trends: Outlook for Healthcare, Tech, Banking, & More
Mergers and acquisitions in 2026 are being reshaped by several converging forces. Artificial intelligence is streamlining due‑diligence, while ESG considerations are increasingly factored into valuations and integration plans. Cross‑border activity is surging, especially in Asia‑Pacific, and private‑equity firms are expanding...
Top 3 SPAC Targets – Sports
After a quiet spell, SPAC activity is reviving, and the sports sector is emerging as a prime hunting ground. The article highlights three private companies—Stats Perform Group, Veo Technologies, and Global Sports Group—as the most compelling SPAC targets. Each offers...
The Top Five M&A Books Recommended By Experts
The article curates five must‑read M&A titles, ranging from the classic leveraged‑buyout saga *Barbarians at the Gate* to the modern, process‑driven *Agile M&A*. It highlights each book’s unique angle—deal psychology, agile execution, deep valuation, strategic analysis, and comprehensive integration guidance....
How to Drive Change Management During M&A Integration
Mergers and acquisitions are fundamentally change initiatives, yet many firms neglect dedicated change management. Appointing a specialized change manager transforms integration from ad‑hoc tasks into a value‑creation engine, especially after the deal closes. A proven methodology—interviews, surveys, reporting, action plans,...
Private Equity Roll-Up Strategy: Complete Guide
A private‑equity roll‑up consolidates multiple small firms in fragmented industries to create a larger, more efficient platform. The strategy hinges on selecting sectors with stable cash flows, acquiring a platform company, and adding bolt‑on targets while standardizing operations. Benefits include...
SEC Chair Atkins Proposed Further Securities Litigation and Disclosure Reform
SEC Chair Paul Atkins used a Texas A&M law symposium to unveil a second wave of securities‑litigation and disclosure reforms. He urged Texas to consider "loser‑pays" fee‑shifting bylaws and to permit mandatory arbitration provisions for corporations incorporated under state law....
AI in M&A: McKinsey, For One, Welcomes Our New Gen AI Overlords
McKinsey’s latest survey shows generative AI is reshaping M&A, delivering roughly 20% cost savings and accelerating deal cycles by 30‑50%. While 42% of respondents believe AI can transform the transaction process, only 30% are using it at moderate to high...
Colliers Buys Ayesa, Which Bought ADP Just 12 Months Ago
Colliers International has completed the purchase of Spain‑based Ayesa, the owner of engineering firm ADP, adding roughly 3,000 employees and bringing its global headcount to about 14,000. The deal deepens Colliers’ engineering, urban‑planning and specialist‑services capabilities across government, institutional and...
Warren Buffett: Beware The Investment Activity That Produces Applause
In this episode, Warren Buffett’s 2008 shareholder letter is dissected to highlight timeless investment principles amid market turbulence. Buffett stresses that pessimism, not euphoria, should guide investors, urging disciplined valuation, liquidity, and patience during downturns while warning against chasing applause...
Ed Wachenheim: Homebuilders, Cyclicals & GM Trim Explained
In this episode, Ed Wachenheim of Greenhaven Associates discusses his $6.1‑$6.2 billion equity portfolio, which remains heavily concentrated in cyclical and housing‑related stocks such as General Motors, Lennar, Toll Brothers, PulteGroup and D.R. Horton. He explains recent trims—most notably a 34%...
Paloma Acquisition Corp. I (PALOU) Prices $150M IPO
Paloma Acquisition Corp. I priced a $150 million initial public offering, with its units slated to debut on Nasdaq under the ticker PALOU on February 19, 2026. The special purpose acquisition company (SPAC) is directed toward a merger with a U.S.-based minerals operator...
A (Premium) Dislocation
In this episode, the host examines a "premium dislocation" in the market, arguing that certain high‑quality assets are trading at unusually low valuations relative to their historical norms. Drawing on years of industry experience, they outline the structural factors—such as...
InfraVia, Liberty Global and Telefónica Agree £2 Billion Deal for Netomnia
InfraVia, Liberty Global and Telefónica’s joint venture nexfibre has agreed to acquire Netomnia, the parent of YouFibre and brsk, in a £2 billion transaction. The deal consolidates a significant portion of the UK’s full‑fibre retail market under nexfibre’s control. It brings...
💥New Chapter 11 Bankruptcy Filing - Carbon Health Technologies, Inc.💥
The episode details Carbon Health Technologies, Inc.'s pre‑arranged Chapter 11 filing in February 2026, outlining its rapid rise to a $3 billion valuation and subsequent collapse due to post‑pandemic revenue decline and tighter capital markets. It explains the company’s business model—an...
Leonard Green & Partners to Acquire Mister Car Wash for $3.1 Billion
Leonard Green & Partners announced a definitive agreement to acquire Mister Car Wash, Inc. for $3.1 billion in cash, paying $7 per share, a 16.5% premium to the prior close. The transaction values the car‑wash operator at 13.78 times EBITDA and...
2025 Activism Retrospective
Activist investors had a banner year in 2025, launching a record 255 campaigns and driving a 25% increase in substantive activism across Russell 3000 firms. Healthcare, financial services and technology were the most targeted sectors, while micro‑ and nano‑cap companies bore...
Litigation Finance Plays an Important Role in Capital Markets
Litigation finance turns contingent legal claims into a source of capital, positioning them alongside other non‑traditional assets like future receivables and intellectual property. By providing non‑recourse funding, it lets companies—especially SMEs lacking traditional credit—access cash without equity dilution or restrictive...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The episode reviews the Acquirer’s Multiple® Large‑Cap screen, highlighting that capital‑intensive cyclicals, discounted financials, and legacy industrials are trading far below the cash they generate. Energy giants like Equinor and Petrobras, financials such as Synchrony and BNY Mellon, and steel producer...
Armada Acquisition Corp. III (AACIU) Prices $225M IPO
Armada Acquisition Corp. III priced its $225 million initial public offering and will begin trading on Nasdaq under the ticker AACIU on February 18, 2026. The SPAC, led by CEO Stephen P. Herbert and CFO Douglas M. Lurio, will seek a target in...