June 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : June 2026
What’s inside: This 66-page report covers latest deal developments, key catalysts, regulatory risks, risk arbitrage spread context, and our independent views across every live situation in our coverage universe. All situations covered in the June 2026 issue are listed below.
May 26, 2026 | Energy | North America | Active
Dominion Energy / NextEra Energy : Deal Insight
The relentless climb in AI-driven data centre power demand has pushed two US energy heavyweights together to form the world’s largest regulated electric utility. On 18-May-26, NextEra Energy agreed to acquire Dominion Energy in a $66.8bn all-stock deal, the largest energy transaction on record. The offer consideration is 0.8138 NextEra shares for each Dominion share, valuing Dominion at $75.98 per share and implying a 23.1% one-day takeover premium. Through completion, Dominion shareholders will continue to pay quarterly dividends, capped at a level defined in a non-public company disclosure letter. NextEra may continue its dividend “as has been done routinely in the ordinary course of business,” and the two have agreed to coordinate so no holder receives two dividends or misses one in any quarter. Importantly, the press release discloses that Dominion will additionally pay a “cash payment of $360m (which is taxable and is distributed equally across all outstanding Dominion Energy shares) at closing.” Pre-tax and based on 881.7m shares outstanding (879.5m common shares plus RSAs of 1.9m and shares underlying performance share awards), per the merger agreement, we calculate this to be worth $0.41 per share. Both boards have unanimously approved the deal and, post-completion, NextEra shareholders will own 74.5% of the combined company with Dominion shareholders owning the remaining 25.5%. The deal requires approval from both shareholder bases (50%). Regulatory clearances are required under HSR and from FERC and the NRC, alongside the public utility commissions of Virginia (VSCC), North Carolina (NCUC) and South Carolina (SCPSC). The merger agreement also mentions FCC approval, which appears in neither the announcement release nor the merger presentation. Notifications will ...
May 12, 2026 | Energy | North America | Active
ARC Resources / Shell : Deal Insight
On 27-Apr-26, oil major Shell agreed to acquire Canadian energy company ARC Resources in a cash-and-stock deal valued at $16.4bn. ARC shareholders will receive CAD 8.20 in cash plus 0.40247 Shell shares per ARC share, implying CAD 32.80 per share at announcement and a 27.3% premium to ARC’s undisturbed share price. The consideration implies a mix of 25% cash and 75% stock. Through completion, ARC can continue paying its regular CAD 0.21 quarterly distributions (next one ex-dividend on 30-Jun-26, paid on 15-Jul-26); similarly, Shell can continue its quarterly dividend with increases “materially consistent with Parent’s [Shell’s] past practice.” The deal has been unanimously approved by both boards and is structured as a plan of arrangement under the Alberta Business Corporations Act (ABCA). The transaction requires two-thirds approval from ARC shareholders, with a potential majority-of-minority requirement under Section 2.3(b)(ii) “if required under applicable Canadian Securities Laws.” No Shell vote is required. Other conditions include Canadian and US antitrust clearance, as well as approvals under the Investment Canada Act (ICA) and the Canada Transportation Act. The Arrangement Agreement contains customary representations, warranties and covenants, with non-solicitation provisions, a fiduciary-out and matching rights for Shell. The MAC definition is standard, with carve-outs for force majeure (war, pandemic) and trade war and tariffs. Both parties must use commercially reasonable efforts to secure approvals, but cannot offer any divestment, defend against any litigation or ...
May 06, 2026 | Telecom | Europe | Active
Telecom Italia / Poste Italiane : Deal Insight
On 22-Mar-26, majority state-owned Italian national postal service Poste Italiane (“Poste”) announced an unsolicited cash-and-stock offer to acquire Telecom Italia (“TIM”) for €10.8bn, comprising €0.167 in cash and 0.0218 Poste shares for each TIM share. At announcement, the total consideration was worth €0.635 per TIM share and represented a 9.0% one-day premium. The offer is ex-Poste’s FY’25 final dividend of €0.85 which was announced 26-Feb-26 and trades ex- on 22-Jun-26; any other dividend by either party will trigger an adjustment to the consideration. Poste’s board has approved the plans to launch the tender offer, while TIM’s board met on 23-Mar-26 to acknowledge the offer and initiate an evaluation process. On 13-Apr-26, TIM announced it appointed financial and legal advisors, while Poste confirmed receipt of letters from two banks financial institutions regarding funding for the cash component. Il Sole 24 Ore reported that Poste plans to appoint 10 banks, including UniCredit, Intesa Sanpaolo, and BPM, each lending €300m, with targeted funding in place by end-June 2026. An earlier article, on 25-Mar-26, had Poste planning to raise €2.8bn. Poste already owns 27.3% of TIM’s ordinary shares (19.6% of total capital); however, on 28-Jan-26, TIM shareholders approved to convert each savings share into one ordinary share plus a cash adjustment of €0.12, and the voluntary conversion will be effective 20-May-26. A subsequent mandatory conversion and savings share delisting, both on 21-May-26, will issue 6bn new ordinary shares, and Poste’s stake will therefore soon drop to 20.1%. Poste aims to eventually acquire 100% of TIM and, once launched, the offer will be subject to a 66.67% minimum acceptance condition. A squeeze-out will be pursued if Poste reaches 95%; between 90% and 95%, Poste will not restore the free float, triggering a sell-out right under which minorities can require Poste to acquire their shares at the offer consideration, with a cash-only alternative available in lieu of the Poste share component. The share issuance requires Poste shareholder approval, with an EGM convened for 18-Jun-26. Launching the offer is subject to an approval from the Bank of Italy, with an application to be filed no later than submission of the offer document to CONSOB. Additionally, Poste will notify competition and communication regulators, including foreign regulators, the Italian government under ‘golden power’ rules, the EU under FSR, and other competent authorities. Other conditions include ...
April 29, 2026 | Industrials | North America | Active
On 19-Apr-26, US construction supplies distributor QXO entered into a definitive agreement to acquire rival building products distributor TopBuild in a cash-and-stock transaction worth $17bn. QXO is offering $505 in cash or 20.2 QXO shares for each TopBuild share, subject to proration whereby a maximum of 45% of the total consideration will be distributed in cash. The default election is stock, and QXO can increase the stock portion beyond 55% if enough TopBuild shareholders elect to receive more stock. Neither party currently pays dividends. The offer is unanimously approved by both boards and the consideration implies a 23.1% one-day takeover premium. At closing, TopBuild shareholders will own 19% of the combined entity, with QXO shareholders holding the remaining 81%. The deal is conditional on approval from both sets of shareholders (50%), and QXO has secured a voting commitment from Brad Jacobs, the company’s chairman and CEO, who holds 35.9%. HSR is the only specified regulatory condition, and standard language requires the parties to use reasonable best efforts to secure regulatory approvals and to close the deal, while a burdensome condition restricts the companies from offering remedies that would be material to the business or financial condition of either company. Until the HSR expiry or early termination of the waiting period, or until 29-May-26, whichever is earlier, QXO has also agreed not to make any acquisition that could ...
April 22, 2026 | Technology | North America | Active
Globalstar / Amazon : Deal Insight
On 14-Apr-26, Amazon agreed to acquire satellite communications provider Globalstar in a move aimed at bolstering its satellite business and to narrow the gap with Elon Musk’s Starlink (private). Under the agreed terms, Globalstar shareholders can elect to receive either $90.00 in cash or 0.3210 Amazon shares for each Globalstar share, subject to proration that caps cash elections at 40% of the total Globalstar shares outstanding. The default election is stock consideration if no election is made and target shareholders will have at least 20 business days to make their election, with the deadline falling within three business days from deal closing. The cash offer represents a 31.3% premium to Globalstar’s undisturbed share price on 1-Apr-26, before reports of takeover discussions emerged, and a 23.5% one-day premium. Globalstar’s board has unanimously approved the transaction. There is no financing condition. Closing conditions include Globalstar shareholder approval, although that condition is effectively already satisfied since infrastructure investment firm Thermo Funding II, which acquired Globalstar out of bankruptcy in 2004 and currently holds 57.6% of the voting power, has already approved the transaction by written consent. No further target shareholder approval is needed, and Amazon shareholder approval is not required. The transaction is also subject to HSR, foreign antitrust, foreign investment, and approvals from various satellite and telecom industry regulators, including the FCC, ANFR, the French Ministry of Telecoms, the French Ministry of Space, and ARCEP. Additionally, the takeover is conditional on the achievement of certain HIBLEO-4 replacement satellite milestones, with HIBLEO-4 referring to Globalstar’s current FCC-licensed US low-Earth-orbit (LEO) satellite system that is being replenished by the new satellites. In February 2022, Globalstar signed a ...
April 15, 2026 | Financial | North America | Active
Equitable / Corebridge : Deal Insight
On 26-Mar-26, US insurers Equitable Holdings and Corebridge Financial agreed to combine in an all-stock merger-of-equals (MOE) to create a $22bn retirement, life insurance, and asset management company. Under the transaction terms, Corebridge and Equitable will form a new parent company (“HoldCo”), with Corebridge shareholders receiving one share of HoldCo for each Corebridge share, and Equitable shareholders receiving 1.55516 shares of HoldCo for each Equitable share. Through completion, both companies are permitted to continue paying regular dividends of no more than $0.30 per Equitable share and $0.25 per Corebridge share. They have agreed to coordinate dividend declaration and payment dates to ensure no shareholder receives a double dividend or misses a dividend. At closing, Corebridge shareholders will own 51% of the new company and Equitable shareholders the remaining 49%. The combined entity will operate under the Equitable name and brand, and its shares will trade under “EQH” on the NYSE. The deal has been unanimously approved by both boards and Corebridge’s current CEO, Marc Costantini, will serve as CEO of the combined company; Equitable’s current CEO, Mark Pearson, will be the executive chair. The new company will be headquartered in Houston, Texas, which is where Corebridge’s current headquarters is located. Deal completion is subject to approval by both sets of shareholders (50%) and regulatory approvals, which include approvals under HSR and from state insurance regulators in Arizona, Colorado, Missouri, New York and Texas, in addition to other unspecified domestic and foreign regulators. The companies have agreed to ...
April 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : April 2026
What’s inside: This 60-page report covers latest deal developments, key catalysts, regulatory risks, risk arbitrage spread context, and our independent views across every live situation in our coverage universe. All situations covered in the April 2026 issue are listed below.
March 23, 2026 | Health Care | North America | Active
Masimo / Danaher : Deal Insight
Life sciences and diagnostics solutions provider Danaher has entered into a definitive agreement to acquire specialist diagnostics provider Masimo. The all-cash deal offers Masimo shareholders $9.9bn, or $180.00 per share, representing a 38.3% takeover premium and 18x ‘27E EBITDA (15x when including expected synergies). Danaher plans to fund the deal through its existing cash and debt financing. The deal has been unanimously approved by both boards and is conditional on Masimo shareholder approval (50%); Danaher approval is not required. Politan Capital Management (6.2%), an activist investor, has entered into a voting agreement. The transaction is subject to regulatory approvals, including HSR and foreign antitrust and investment clearances, and a burdensome clause restricts the companies from offering any regulatory remedies that would “reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company and its Subsidiaries, taken as a whole.” Furthermore, both companies have agreed to use reasonable best efforts to take all actions necessary to secure regulatory approvals and consummate the deal. The merger agreement, dated 16-Feb-26, contains customary clauses on representations, warranties, and covenants, with the MAC definition ...
March 19, 2026 | Energy | North America | Active
AES / GIP, EQT Consortium : Deal Insight
On 2-Mar-26, a consortium of investment firms led by BlackRock’s Global Infrastructure Partners (“GIP”) and Swedish private equity firm EQT entered into a definitive agreement to acquire US power company AES for $33.4bn, including debt. The transaction comes amid a sharp rise in energy demand driven by the booming AI industry, and it follows other major US utility deals, including Blackstone’s acquisition of TXNM Energy ($11.5bn, announced in May 2025 and expected to close in 2H’26) and Constellation’s acquisition of privately-held Calpine ($16.4bn, announced in January 2025 and closed in January 2026). The consortium, which includes the California Public Employees’ Retirement System (CalPERS) and the Qatar Investment Authority (QIA), is offering $15.00 per share, implying a 35.5% premium to AES’ undisturbed share price of $11.07 on 8-Jul-25, before media reports surfaced that the company was exploring a potential sale amid takeover interest. If is notably a 13.2% discount to the target’s one-day closing price of $17.28. AES can continue to pay its regular quarterly dividends, provided these do not exceed the most recent quarterly dividend declared before the merger agreement (last declared was $0.17595 per share). The deal needs AES shareholder approval (50%) and is conditional on federal, state, and foreign regulatory approvals, including from the Public Utilities Commission of Ohio (PUCO), the New York Public Service Commission (NYPSC), the Federal Energy Regulatory Commission (FERC), CFIUS, and under the HSR Act. Both parties have agreed to use their reasonable best efforts to secure all required approvals and to complete the transaction, yet a ...