New On The Block
Rayonier Advanced Materials Inc. RYAM is in the formal process of exploring strategic alternatives to maximize shareholder value. The company has hired Morgan Stanley as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel in the process.
Investcorp Credit Management BDC, Inc. ICMB has retained Houlihan Lokey as financial advisor to support a Special Committee of its independent directors in evaluating strategic alternatives. The committee is reviewing a range of potential strategic, financial, and structural options. No timeline has been set for completing the process, and no decisions have been made at this stage.
Digital asset treasury company BNB Plus Corp. BNBX has announced a formal review of strategic alternatives, not limited to a merger, asset sale, or other strategic transaction, in an effort to maximize shareholder value. The company is initially focusing its review on market sectors it believes have "potential for high growth," including artificial intelligence infrastructure, digital infrastructure, critical domestic raw materials, defense technologies, and healthcare, among others. BNB has hired Lucid Capital Markets as its financial advisor to assist in the strategic review process.
Franklin Street Properties Corp. FSP, a real estate investment trust (REIT), hired BofA Securities and Jones Lang LaSalle Securities as co-financial advisors to explore strategic alternatives to maximize shareholder value.
Toms Capital Investment Management, an activist shareholder, has built a notable position in Voya Financial and is urging the company to evaluate strategic options, such as a full sale or divestiture of its health insurance segment.
Updates From The Block
QXO, Inc. QXO has entered into a definitive agreement to acquire TopBuild Corp. BLD for approximately $17 billion, expanding QXO's scale and capabilities across the building products value chain. The acquisition is expected to close in the third quarter of 2026.
Eli Lilly LLY has agreed to acquire clinical-stage biotechnology firm Kelonia Therapeutics for up to $7 billion. The transaction is expected to close in the second half of 2026, subject to regulatory approval.
Blue Owl Real Estate Capital is acquiring Sila Realty Trust in an all-cash transaction valued at approximately $2.4 billion. The transaction is expected to close in the second or third quarter of 2026, subject to approval by Sila's shareholders and other customary closing conditions. During the pendency of the transaction, Sila intends, and is permitted under the merger agreement, to pay up to two regular quarterly dividends. Upon completion of the transaction, Sila will become a private company.
Honeywell HON has agreed to sell its Productivity Solutions and Services (PSS) business to Brady Corporation, an international manufacturer of identification and protection solutions, for $1.4 billion in an all-cash transaction. The deal is expected to close in the second half of 2026, subject to closing conditions. The transaction follows Honeywell's strategic review, initiated in July 2025, of its PSS and Warehouse and Workflow Solutions (WWS) businesses as part of an effort to simplify its portfolio.
USA Rare Earth is purchasing Serra Verde, a Brazilian rare earths miner in a deal valued at $2.8 billion in cash and shares. The transaction is expected to close in the third quarter of 2026, subject to closing conditions and regulatory approvals.
Belgian drug company UCB has offered to purchase Neurona Therapeutics for $650 million up front and another $500 million in future milestone-based payments. If the deal goes through, UCB would receive an experimental therapy called NRTX-1001, which is currently in the clinical trial stages to treat epilepsy.
UnitedHealth Group UNH has agreed to acquire Alegeus Technologies, a health technology platform. The acquisition is expected to close in the back half of 2026, subject to regulatory approvals.
American Industrial Partners (AIP) has signed an agreement to take over the Warehouse and Workflow Solutions business of Honeywell HON. Terms of the transaction were not disclosed. The deal is expected to close in the second half of 2026, subject to closing conditions.
Elon Musk’s SpaceX has secured an option to either acquire AI coding startup Cursor for $60 billion later this year or enter a $10 billion partnership.
Private equity firm KSL Capital Partners has agreed to acquire an operator of golf and membership clubs, Invited Clubs, for approximately $3 billion, including debt, Reuters reported. Apollo Global Management took Invited private in 2017 and has reportedly been exploring exit options since late 2025.
Canada-based Cohere is merging with Germany-based Aleph Alpha after nearly a year of talks regarding the acquisition. The transatlantic alliance, which will be anchored in both Germany and Canada, will combine Cohere’s global AI scale with Aleph Alpha’s research and institutional relationships. The combined offering will focus on customized deployments for areas such as public sector work, finance, defense, energy, manufacturing, telecom, and health care. Terms were not disclosed.
Off The Block
ServiceNow NOW completed its acquisition of Armis, a cyber exposure management and security company, for approximately $7.75 billion in cash, funded through a combination of cash on hand and debt. The acquisition extends ServiceNow’s security platform into the physical and operational layers of the enterprise, adding the cyber asset intelligence foundation and business context that enterprises need to deploy agentic AI with trust and control at scale, the company wrote in a press release.
Ondas Holdings Inc. ONDS has completed the $175 million merger of Mistral Inc., a U.S. defense prime contractor. The merger provides Ondas with direct prime contractor access to U.S. Army and Special Operations contract vehicles.
Bankruptcy Block
ARC Burger LLC, a Hardee's franchisee, filed for Chapter 7 bankruptcy liquidation, closing all 77 locations across nine states. The company, which acquired the restaurants in 2023, cited more than $29 million in debt, along with disputes with the franchisor.
Willow Midwife Center has filed for Chapter 7 bankruptcy and will close all three of its Arizona locations on April 30. It had previously been reported that there were state investigations, lawsuits, and license suspensions against the Center, claiming babies died or were severely injured and mothers suffered unnecessary complications under their care, AZfamily.com reported.
Makeup brand Pat McGrath Labs has exited Chapter 11 bankruptcy after restructuring its finances. The brand is now majority owned by Miami-based investment firm GDA Luma, which committed $65 million to support future growth. The company previously faced more than $50 million in liabilities. As part of the transition, founder Pat McGrath stepped down as CEO. She will now serve as chief creative officer while retaining a stake in the brand.
Spirit Aviation Holdings Inc. FLYYQ is on the brink of shutting down, citing issues recovering from bankruptcy and rising fuel costs. President Donald Trump has floated the idea of the White House purchasing the struggling flight operator, suggesting that it can be sold for a profit later.
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This article Deal Dispatch: QXO Nabs TopBuild For $17 Million, Voya Financial Urged To Evaluate Strategic Options, Pat McGrath Exits Chapter 11 originally appeared on Benzinga.com.
