New On The Block
- Puma SE, a Germany-based sportswear company, is attracting bids from several Asia-based buyers, according to Bloomberg. On the buy-side are Chinese sportswear giant Anta Sports and Li Ning Co., as well as Japan's Asics Corp.
The Netflix/Paramount/WBD Saga
- Netflix (NASDAQ:NFLX) is putting its faith in regulators, not rival bidders, to seal its $82.7 billion deal for Warner Bros. Discovery, even as Paramount Skydance complains the auction was rigged in Netflix's favor. The blockbuster agreement — which covers Warner's film and TV studios, HBO/HBO Max, and franchises like Harry Potter and the DC Universe — values WBD at roughly $27.75 per share. Netflix's boards have signed off, but the deal still needs regulatory approval, WBD shareholder sign-off, and the completion of Warner's planned cable spinoff, now expected in Q3 2026. Under the terms, WBD shareholders get $23.25 in cash plus $4.50 in Netflix stock per share, with the stock portion riding a VWAP collar. Meanwhile, Netflix stock took a slight downturn — apparently, investors aren't as excited about paying billions for a library of magic wands and superhero capes as Hollywood execs are.
- Paramount Skydance Corp (NASDAQ:PSKY) has raised eyebrows after it alleged favoritism in the WBD auction process, suggesting a "special committee" should have overseen the sale. Yet, it’s worth noting that President Donald Trump is pals with the Ellison family, which owns Paramount Skydance. The New York Post reported that Paramount Skydance CEO David Ellison met with the Trump administration on Wednesday to express his concern about the Netflix deal.
When Deals Whiff
- Sports: EQT wanted to buy a minority stake in German soccer club Bayern Munich. The Financial Times reports that the talks fell apart when Bayern’s CFO, Michael Diederich, who was EQT’s contact at the club, left in the summer to join Deutsche Bank.
- Blackstone is reconsidering a potential takeover of self-storage firm Big Yellow, according to Sky News. It had been exploring interest alongside the Canada Pension Plan Investment Board and Big Yellow executives had hoped for an offer of at least £14 per share. Analysts initially expected a formal bid, but a withdrawal is the most likely outcome.
More M&A Updates
- Willis Towers Watson is in exclusive talks to acquire an 85% stake in workplace pension provider Cushon from NatWest Group. A deal could value Cushon at more than £150 million, roughly two years after NatWest bought the business for £144 million. The potential sale aligns with NatWest's strategy of shedding non-core operations. Reuters reports that negotiations are ongoing and could still fall through
- Marvell Technology (NASDAQ:MRVL) is reportedly in advanced talks to acquire photonics startup Celestial AI in a cash-and-stock deal valued at over $5 billion. The acquisition would give Marvell access to Celestial's photonics technology, which accelerates communication between AI compute and memory chips, and follows Celestial's $515 million in funding — including a $250 million round backed by AMD's investment arm, with Intel CEO Lip-Bu Tan on the board. The deal comes as Marvell, a $78.5 billion networking-chip maker, reported its Q3 results on Dec. 2.
- Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion in cash, expanding its natural gas shipping and storage capabilities in the Permian Basin. The acquisition adds 480 miles of pipelines. The deal is expected to close in Q1 2026.
- Unilever (NYSE:UL) agreed to sell its snack brand Graze to Katjes International and the Candy Kittens Group for an undisclosed price. Unilever, which acquired Graze in 2019, is also reportedly selling its British brands like Marmite and Colman's.
Off The Block
- Stonepeak and Energy Equation Partners have completed the acquisition of a 65% stake in JET Tankstellen Deutschland GmbH, a leading fuel retailer in Germany and Austria, from a Phillips 66 subsidiary, valuing the business at approximately €2.5 billion. The partnership aims to leverage JET's extensive service station network and brand to support growth and advance energy-transition initiatives. Legal and financing advisory roles were handled by Akin Gump, Hengeler Mueller, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Bankruptcy Block
- North American Builder's Supply, an Illinois-based rival to Home Depot (NYSE:HD) and Lowe's (NYSE:LOW), has filed for Chapter 11 bankruptcy but plans to remain open and reorganize. The company, which reported between $500,000 and $1 million in assets and liabilities, listed numerous trade creditors and lines of credit among its largest unsecured claims, including Bluetape ($503,000), Kapitus Servicing ($150,000), and Central Bank Illinois ($94,000).
For the previous edition of Deal Dispatch, click here.
Read Next:
Image created by Benzinga using a Shutterstock photo.
