May 01, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : April 2026
What’s inside: This 62-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.
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 ...
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 ...
March 10, 2026 | Insurance | Europe | Active
Beazley / Zurich : Deal Insight
On 2-Mar-26, British insurer Beazley agreed to be acquired by Swiss rival Zurich Insurance Group for £8.1bn in an all-cash deal. Zurich will pay 1,310p per Beazley share (“cash consideration”) as well as a 25p dividend per share (“permitted dividend”). The permitted dividend refers to Beazley’s interim dividend for FY’25, expected to be paid on 1-May-26 (ex-date 19-Mar-26, per Bloomberg); since Beazley has historically paid dividends annually, its next one, likely paid in mid-2027, won’t come into play for investors. The cash consideration represents a 59.8% premium to Beazley’s undisturbed share price on 16-Jan-26 and a 34.6% premium to Beazley’s all-time high on 6-Jun-25. It implies 2.44x tangible NAV as at 30-Jun-25 and 10.8x trailing EPS. Zurich will fund the deal through its existing cash ($3bn), committed debt under bridge facilities ($2.9bn), and a now-executed $5.0bn capital raise through an accelerated bookbuild. The transaction will be implemented by way of a court-sanctioned scheme of arrangement and requires approval from Beazley shareholders at both a Court Meeting (75% in value of shares) and an EGM (75% of votes cast). Beazley directors consider the terms fair and intend to unanimously recommend the deal, and directors holding 0.33% of Beazley have given irrevocable undertakings. Conditions to closing also include approvals from insurance and ...
March 02, 2026 | All | All | Active
Global Risk Arbitrage Report / Monthly Update : March 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 March 2026 issue are listed below.
February 27, 2026 | Industrials | Australia | Active
Qube Holdings / Macquarie-led consortium : Deal Insight
On 16-Feb-26, Qube Holdings agreed to a Macquarie Asset Management (MAM)-led take-private, valuing the logistics services company at AUD 11.7bn, or AUD 5.20 per share. Additional co-investors include UniSuper, Qube’s largest shareholder, which has agreed to roll its stake and vote in favour (currently holding a 15.07% stake and set to own 20% in the investment vehicle), and Pontegadea Shareholdings, the family office of Zara founder Amancio Ortega (15% in post-deal ownership); MAM will own the remaining 65%, according to AFR. Until completion, Qube will continue paying dividends, including for its half-year period ending 31-Dec-25 (ex- 3-Mar-26), but any distribution will be deducted from the offer price. Dividends will be franked to the maximum extent possible, with franking credits for shareholders worth up to AUD 0.17 per share. The deal follows a non-binding approach made by the MAM-led consortium in November 2025 and months of negotiations that culminated in signing the scheme implementation deed (SID). The offer is unanimously recommended by Qube’s board and implies a 27.8% premium to Qube’s 21-Nov-25 undisturbed price. The transaction will be implemented by way of an Australian scheme of arrangement, requiring approval by at least 75% of votes cast and a majority in number of shareholders present and voting (in each case, at the scheme meeting). If the scheme fails the headcount test and Qube suspects the outcome resulted from “abusive or improper conduct”, Qube can seek a court order to disregard the test and still proceed to court approval. UniSuper has notably committed to not sell its stake in addition to voting in favour. On the regulatory front, the acquisition is also subject to foreign investment clearances from Australia’s Foreign Investment Review Board (FIRB) and New Zealand’s Overseas Investment Office (OIO), as well as antitrust approvals from Australia (ACCC) and Papua New Guinea (ICCC). Notifications to FIRB, OIO and ICCC will be made within ...
February 25, 2026 | Technology | North America | Active
Silicon Labs / Texas Instruments : Deal Insight
On 4-Feb-26, semiconductor company Texas Instruments announced an agreement to acquire wireless connectivity chip designer Silicon Laboratories to expand its footprint in connectivity chips used across industrial and consumer end-markets. Texas Instruments will pay $231.00 per share in cash, with the offer consideration implying a 69.1% one-day takeover premium. The deal has been unanimously approved by both boards and will be financed by Texas Instruments’ existing cash and debt financing. CFO Rafael Lizardi said the incremental debt would be around $7bn, comprising investment-grade bonds and commercial paper. The deal is not subject to a financing condition. The transaction requires approval from Silicon Labs shareholders (50%); a Texas Instruments vote is not required. A preliminary proxy is expected within 25 business days, by 13-Mar-26. Regulatory approvals are also required, including antitrust and foreign investment clearances, and only HSR is explicitly referenced in the merger agreement. However, a SAMR filing requirement was confirmed on the M&A call. HSR will be filed within 30 business days (by 20-Mar-26), and foreign investment notifications within 10 days (by 14-Feb-26). The merger agreement contains customary clauses on representations, warranties, and covenants, with standard force majeure carve-outs from the MAC – war, pandemic, tariffs, and ‘trade war’. Both parties agree to ...