Rollover Equity: Considerations for a Seller
John Jenkins highlights key considerations for sellers contemplating equity rollovers in M&A transactions. The blog stresses that call options embedded in buyer agreements can allow the acquirer to repurchase the seller’s rolled‑over stake, often at below‑market prices and over extended periods. While some sellers can negotiate removal of such options, most cannot, making it vital to understand and limit the buyer’s exercise rights. Additional protections like pre‑emptive, tag‑along, and information rights also merit careful negotiation.
How to Properly Size Investment Positions
The article explains how investors can boost risk‑adjusted returns by properly sizing positions rather than merely finding ideas. It introduces a simple upside‑to‑downside framework, illustrates it with PayPal and Perimeter Solutions, and ties the ratio to a practical allocation rule...
Fund Analysis: Glade Brook Capital Partners
Glade Brook Capital Partners announced the closing of its Gondola Fund at over $1 billion in March 2026, marking the firm’s largest publicly disclosed vehicle to date. A concurrent Form D filing for Strategic Growth V LP on February 5, 2026 showed zero commitments, so...
New SPAC: AmperCap Acquisition Company (APMCU) Files for $125M IPO
AmperCap Acquisition Company (ticker APMCU) filed its S‑1 to launch a $125 million special purpose acquisition company IPO. The filing, submitted on March 18, 2026, positions AmperCap among the latest wave of SPACs seeking to capitalize on renewed investor appetite. The...
Top 3 SPAC Targets – Alternative Fuels
The SPAC market is reviving as oil prices stay near $100 and geopolitical tensions keep supply tight, creating a sweet spot for alternative‑fuel producers. Renewable natural gas, ethanol and renewable diesel firms can charge commodity‑level prices while offering domestic, low‑carbon...
Private Capital Advisory: “M&A Lite” Or the Highest-Growth Area in Investment Banking?
Private Capital Advisory (PCA) groups, which specialize in secondary transactions for limited partners and continuation funds for general partners, have become one of the fastest‑growing segments of investment banking. Deal volume in private‑equity secondaries has risen about 20% CAGR from...
Activist That Encouraged Merger Only To Change Its Mind Denied “Extraordinary Remedy” Of A Deal Injunction
The Delaware Court of Chancery rejected HoldCo’s request for an injunction to block Comerica’s merger with Fifth Third, finding the deal‑protection provisions lawful and not coercive. HoldCo, which had initially championed the transaction, could not demonstrate a colorable claim or irreparable...
SPAC Fallout, Accrual Battles, and the Long Tail of De-SPAC Risk
The Delaware Supreme Court affirmed the Delaware Chancery Court’s ruling that the standard three‑year statute of limitations applies to fiduciary‑duty claims arising from de‑SPAC transactions. The court applied Delaware’s long‑standing occurrence rule, holding that the limitations clock starts when the...
Special Committees: A Guide for the Perplexed
Debevoise released a practical guide on special committees in conflict transactions, detailing when to form them, member selection, and operational protocols. A key focus is the appointment of legal and financial advisors, emphasizing that the committee—not the company—must independently choose...
IB Acquisition Corp. (IBAC) to Combine with GNQ Insilico in $552M Deal
IB Acquisition Corp. (IBAC) announced a definitive merger with GNQ Insilico, an AI‑driven drug discovery platform, in a transaction valued at approximately $552 million. The SPAC will combine its public listing with GNQ’s proprietary synthetic biology technology, providing the biotech firm...
Morning SPAC News Roundup: March 17, 2026
The March 17, 2026 SPAC News Roundup highlights a resurgence in special‑purpose acquisition company activity, with Q1 IPO volume climbing 12% year‑over‑year. New SEC guidance on de‑SPAC disclosures is reshaping transaction structures, while tech‑centric targets continue to dominate recent merger announcements. Investor...
Navigating Insider Conflicts: A Delaware and Nevada Playbook
Cooley’s latest memo delivers a concise playbook for handling insider‑conflict transactions under Delaware and Nevada corporate law. Targeted at companies approaching or completing an IPO, the guide stresses that rigorous process and transparent disclosure outweigh post‑hoc legal defenses. It outlines...
New Providence Acquisition Corp. III (NPACU) to Combine with Abra in $846M Deal
New Providence Acquisition Corp. III (NPACU) announced a definitive agreement to combine with Abra, a digital‑asset platform, in a transaction valued at approximately $846 million. The merger will deliver roughly $200 million of SPAC cash proceeds to Abra and list the combined...
Apollo Emerges Frontrunner for Syntegon Stake in €4bn Deal with CVC
Apollo Global Management has become the leading bidder for a stake in Syntegon, a packaging‑machinery specialist serving pharmaceutical and food markets. The potential transaction is valued at roughly €4 billion, following CVC Capital Partners' 2019 acquisition of Syntegon for about $1 billion....
CPPIB Explores $1.5bn Sale of Asia Private Equity Fund Stakes
The Canada Pension Plan Investment Board (CPPIB) is weighing a $1.5 billion sale of its Asian private‑equity fund stakes, including holdings in Hillhouse Investment, Bain Capital and PAG. Private‑equity assets total C$225.4 billion, roughly 25% of CPPIB’s C$780.8 billion portfolio, prompting the board...
Air Lease Merger This Year Creates New Lessor Powerhouse
Air Lease Corporation will be acquired for $7.4 billion by a consortium including Sumitomo, SMBC Aviation Capital, Apollo and Brookfield, and will be rebranded as Sumisho Air Lease Corp (SALC) in early 2026. Class A shareholders receive $65 cash per share. SMBC...
Deal Lawyers Download Podcast – Mike O’Bryan on M&A Trends for 2026
The Deal Lawyers Download podcast features Morrison & Foerster’s Mike O’Bryan outlining M&A trends for 2026. Topics include AI‑driven due diligence, evolving antitrust and national‑security review regimes, new SB 21 safe‑harbor rules, recent tax law changes, and strategies for acquihires, earnouts, and activist‑influenced...
PE Exit Markets Reopen with IPO Surge:
Private equity firms are witnessing a revival of exit opportunities as the IPO market reopens, with analysts projecting that up to one‑third of all 2026 IPOs could be backed by PE sponsors. After a two‑year drought caused by volatile markets,...
Agero to Acquire Urgent.ly in a $156 Million Cash Deal
Agero Inc. announced a cash acquisition of Urgent.ly Inc. for $155.92 million, offering $5.5 per share—a 170.94% premium to the prior close. The tender offer, backed by Agero’s wholly‑owned subsidiary, targets all outstanding Urgent.ly shares and is slated to close by...
‘Time-Is-of-the-Essence’ Clauses in Private M&A Agreements
The Delaware Supreme Court’s *Thompson Street Capital* ruling applied the equitable doctrine “common law abhors a forfeiture” to a seller’s failure to meet notice‑of‑claims deadlines in a private‑company merger. In response, researchers found that roughly 20% of 4,200 examined private...
7 Reasons Organizations Merge with or Acquire Other Firms
The article outlines seven common reasons companies pursue mergers or acquisitions, emphasizing growth as the overarching motive. It cites a 2020 survey where 34 % of firms prioritized growth, and notes that cross‑border deals reached nearly $500 billion in 2019. The piece...
Warburg Pincus Explores Sale or Partnership for Southeast Asian Insurer Oona
Warburg Pincus is working with Citigroup to explore a sale or strategic partnership for Oona, its Southeast Asian digital insurer. The potential deal could value Oona at several hundred million dollars, though discussions are still early and may not materialise....
Quetta Acquisition Corp. (QETA) to Combine with Smart Kreate Group in $200M Deal
Quetta Acquisition Corp. (QETA), a publicly listed special purpose acquisition company, announced a definitive business combination with Smart Kreate Group, a technology‑driven creative solutions firm. The transaction values Smart Kreate at approximately $200 million, with Quetta contributing roughly $100 million from its...
I Squared Capital Nears $10bn for Flagship Infrastructure Fund Amid Sector Boom
I Squared Capital is close to securing roughly $10 billion for its flagship infrastructure fund, representing about two‑thirds of its $15 billion target as the first closing approaches. The fundraising surge mirrors a broader surge in private‑equity‑driven infrastructure capital, with global funds...
Blackstone and Hellman & Friedman Explore AI Joint Venture with Anthropic
Blackstone and Hellman & Friedman are negotiating a joint venture with Anthropic to embed the startup’s generative‑AI technology across their private‑equity portfolios. The partnership would follow a Palantir‑style model that blends software licensing with consulting services to accelerate AI adoption...
More on the New CDIs on Cross Border Tender Offers
The SEC issued new CDIs 166.02 and 166.03 that broaden exemptions for cross‑border tender offers. CDI 166.02 allows offerors to buy target shares after announcing a tender but before distributing offering documents, provided the purchases are disclosed and may continue...
Brookfield Explores $1.3bn Acquisition of EQT and PAI-Backed World Freight Company
Brookfield Asset Management is exploring a $1.2‑$1.3 billion acquisition of World Freight Company and has begun informal talks with lenders about financing. World Freight, founded in 2004, runs air‑cargo sales and service agencies in about 80 countries, managing over three million...
Law Firm Marketplace Realities: Why Finding a Buyer Is Harder Than You Think
Finding a buyer for a small law firm is far more challenging than the industry narrative suggests. The market is immature, with most retiring boomers selling internally or to local competitors, while few listings appear on public platforms. Private‑equity interest...
The Partial Government Shutdown’s Impact on Deals
A partial U.S. government shutdown that began in mid‑February has left the Treasury and most CFIUS offices funded, but the Department of Homeland Security’s involvement remains halted. CFIUS statutory deadlines are tolled, meaning approvals can be delayed, especially for transactions...
InsideArbitrage Event Driven Monitor – March 11, 2026
Merger arbitrage activity intensified this week as Paramount’s $24 billion bid for Warner Bros. met criticism from Senator Warren over a pending national‑security review, while Udemy filed a definitive proxy and Eventbrite’s sale to Bending Spoons closed after 98 days. Activist investors...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The latest Acquirer’s Multiple® Large‑Cap screen highlights a cluster of capital‑intensive cyclicals, discounted financials and mature global franchises that are trading at historically low acquisition multiples despite robust operating income, free cash flow and active shareholder returns. Valuations remain anchored...
SUMA Acquisition Corporation (SUMAU) Prices $150M IPO
SUMA Acquisition Corporation announced pricing of its $150 million initial public offering, with units slated to begin trading on Nasdaq under the ticker “SUMAU” on March 11, 2026. The SPAC will seek a merger with a technology company, either in a next‑generation or...
Carlyle Plans Structured Financing to Seed Flagship Carlyle Partners IX Fund
Carlyle is launching a structured financing vehicle, dubbed “Project Potomac,” to seed its upcoming Carlyle Partners IX fund. The vehicle will bundle senior debt, preferred shares and common equity, allowing investors in older funds to swap stakes for cash and equity exposure....
Eliot Kerlin and Broadwing: Principles over Playbooks
Eliot Kerlin, founder of Broadwing Capital, discussed the evolving lower‑middle‑market private‑equity landscape, highlighting larger fund sizes, higher purchase multiples, and greater equity contributions. He noted the rise of operational private equity, independent sponsors and family‑office capital, and the need for...
CVC Secures €3.7bn Financing for Global Sport Group Backed by KKR and Pimco
CVC has arranged a €3.7 billion financing package for its Global Sport Group, valuing the platform at about €7 billion. The deal combines €1.4 billion from KKR—partly via Global Atlantic—and €1.5 billion of debt from Pimco, with KKR eligible for up to €200 million of...
Morning SPAC News Roundup: March 10, 2026
The March 10, 2026 SPAC Insider roundup offers a curated snapshot of today’s special‑purpose acquisition company landscape, bundling headline stories, Intel‑related updates, and broader market movements. Access to the full content is gated behind a paid monthly subscription, underscoring the platform’s premium...
Bain Capital Secures $12.5bn Across Asia and Japan Buyout Funds
Bain Capital closed a $12.5 bn fundraising drive for its Asia and Japan buyout vehicles, completing the effort in roughly seven months. Senior management pledged more than $1 bn of personal capital, underscoring alignment with limited partners. The raise includes a $2 bn...
EQT Eyes $6bn Divestment of Linux Developer SUSE
Private equity firm EQT is exploring a potential divestiture of Linux‑software maker SUSE, aiming for a valuation near $6 billion. The firm has retained advisory shop Arma Partners to gauge interest from other private‑equity investors, though the process remains preliminary and...
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[Closed] John Wood Group
John Wood Group’s distressed merger arbitration has concluded with the acquisition finalized and a 30 pence per share payout slated within two weeks. The company’s shares were suspended on the FCA’s Official List and the London Stock Exchange, with a formal...
Top Private Equity News of the Week
Global Infrastructure Partners and EQT, backed by CalPERS and Qatar Investment Authority, have agreed to acquire AES Corp in an all‑cash deal valuing equity at $10.7 bn and enterprise value around $33.4 bn, offering shareholders $15 per share—a 40.3% premium. Meanwhile, Volkswagen’s...
M&A Monday: Non-Compete and Other Must-Have Restrictive Covenants
The article stresses that robust restrictive covenants—especially non‑competes—are essential in M&A transactions to safeguard a buyer’s investment. Sellers are typically bound for five years, with clauses covering family affiliates and tailored side‑ventures. Proper drafting, often in a separate agreement, ensures...
Calisa Acquisition Corp. (ALIS) to Combine with GoodVision AI in $180M Deal
Calisa Acquisition Corp., listed as ALIS, announced a definitive merger with GoodVision AI, an artificial‑intelligence‑driven computer‑vision company. The business combination values GoodVision at roughly $180 million, consisting of cash and stock consideration. After closing, GoodVision AI will become a publicly traded...
Plum Acquisition Corp. IV (PLMK) to Combine with Controlled Thermal Resources in $4.7Bn Deal
Plum Acquisition Corp. IV (PLMK) announced a definitive agreement to merge with Controlled Thermal Resources, a geothermal power developer, in a transaction valued at approximately $4.7 billion. The deal will result in PLMK becoming the public vehicle for Controlled Thermal, providing...
Advent Considers $4bn Divestment of Naval Defense Business Ultra Maritime
Advent is weighing a roughly $4 billion divestiture of Ultra Maritime, the naval‑defense arm that specializes in anti‑submarine warfare technologies such as sonar, sonobuoys and torpedo countermeasures. The private‑equity firm acquired the business through its purchases of Cobham and Ultra Electronics...
The SaaSpocalypse and Salesforce’s Massive Buyback – The Special Situations Report Episode 57
Episode 57 of the Special Situations Report podcast discusses four headline stories. Salesforce announced a $50 billion stock buyback, the largest ever for the company. The show also covers a bidding war for Reservoir Media, insider sales at Warner Bros. Discovery, and Elliott...
EQT Backs Launch of UK Tax Challenger WTS to Rival Big Four
Private equity firm EQT is injecting more than €500 million into the launch of WTS UK, a new tax advisory platform designed to challenge the Big Four in Britain. Led by former EY global law head Soar, the firm has already...
Blackstone Taps Citi for Potential $1bn ShyaHsin Packaging Sale
Blackstone has engaged Citi to explore a sale of ShyaHsin Packaging, targeting a valuation of at least $1 billion. The Taiwanese‑based manufacturer supplies containers and components for colour cosmetics, skincare and fragrance brands, operating factories in China and Mexico. Blackstone bought...
DNB Heads to Private Status After CelcomDigi and Maxis Buy MOF Shares
Digital Nasional Berhad (DNB), Malaysia's 5G wholesale operator, is set to become a fully private company after CelcomDigi and Maxis each exercised a put option to buy the 41.67% stake held by Minister of Finance Incorporated (MOF Inc). The transaction,...
A $2.5 Billion Commitment to Children with Cancer: Servier Acquires Day One Biopharmaceuticals
French pharma group Servier announced a definitive agreement to acquire Nasdaq‑listed Day One Biopharmaceuticals for $2.5 billion, paying $21.50 per share—a 68% premium to the prior close. The cash‑only transaction will be funded from Servier’s reserves and is slated to close...
Kuva Labs to Acquire Lisata Therapeutics in a $21.38 Million Deal
Kuva Labs Inc. announced a $21.38 million acquisition of Lisata Therapeutics, offering $5 in cash per share plus one contingent value right (CVR) per share. The cash price reflects a 19.62% premium to Lisata’s last closing price. The CVR triggers an...