Curium is in advanced talks to buy Lantheus Holdings in a deal valued at about $7 billion. The transaction could be announced within days, according to people familiar with the talks.
5:22 PMBloomberg Markets19 stories from 10 sources
Curium nears $7B Lantheus deal in active M&A session
Day’s Recap
Large transactions advanced across radiopharma, banking, and private equity even as regulatory and shareholder resistance flared. Curium moved close to a roughly $7 billion acquisition of Lantheus that would reshape nuclear medicine supply chains, while Monte dei Paschi and Banco BPM explored a defensive merger to block Intesa Sanpaolo.
Argenx agreed to buy Forte Biosciences for $2.2 billion, DCC's board backed a contentious £5.75 billion takeover by KKR, and Ares Management held talks to acquire Leonard Green, showing buyers paying up for scarce assets and scale.
Supporting Articles
DCC’s board has recommended a £5.75bn takeover bid from KKR and Energy Capital Partners. The offer remains contentious, with large shareholders raising objections even as the board backs the deal.
4:05 AMFinancial TimesAdvisers to Monte dei Paschi and Banco BPM are discussing a merger-of-equals structure that mixes shares and cash. The talks are framed as an alternative to Intesa Sanpaolo’s proposed bid for Monte Paschi.
12:30 PMBloomberg MarketsArgenx agreed to acquire Forte Biosciences for $2.2 billion to add an autoimmune drug program to its pipeline. The deal signals Argenx is using its balance sheet to broaden beyond its current lead franchise and deepen its presence across immune-mediated diseases.
3:26 AMStat NewsAres has held talks about buying Leonard Green & Partners. The combination would significantly expand Ares’ private equity platform.
1:23 PMFinancial Times5:22 PMBloomberg Markets
Curium Is Said to Near About $7 Billion Acquisition of Lantheus
Summary
Curium is in advanced talks to buy Lantheus Holdings in a deal valued at about $7 billion. The transaction could be announced within days, according to people familiar with the talks.
Consolidation in radiopharma is accelerating as buyers chase scarce production capacity and late-stage imaging and
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Radiopharma scale can determine whether health systems get timely imaging and therapy or face higher costs and supply constraints.
4:05 AMFinancial Times
DCC board backs contentious £5.75bn private equity takeover
Summary
DCC’s board has recommended a £5.75bn takeover bid from KKR and Energy Capital Partners. The offer remains contentious, with large shareholders raising objections even as the board backs the deal.
Board recommendation shifts the contest from corporate approval to shareholder math and pricing discipline. Dissent
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Shareholder resistance tests how much price and structure private equity must concede to take public-company targets private in the UK.
12:30 PMBloomberg Markets
Paschi, BPM Advisers Working on Merger to Foil Intesa’s Bid
Summary
Advisers to Monte dei Paschi and Banco BPM are discussing a merger-of-equals structure that mixes shares and cash. The talks are framed as an alternative to Intesa Sanpaolo’s proposed bid for Monte Paschi.
Monte Paschi is actively constructing a competing endpoint to Intesa’s offer, shifting leverage from a
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A credible alternative deal can raise the effective price for Monte Paschi and reshape Italian banking consolidation dynamics.
3:26 AMStat News
STAT+: Argenx to buy Forte Biosciences for $2.2B
Summary
Argenx agreed to acquire Forte Biosciences for $2.2 billion to add an autoimmune drug program to its pipeline. The deal signals Argenx is using its balance sheet to broaden beyond its current lead franchise and deepen its presence across immune-mediated diseases.
The decisive shift is Argenx moving from organic pipeline build to buying late-stage optionality in
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Big-ticket immunology M&A reshapes which mechanisms get funded and how quickly new autoimmune treatments reach trials and clinics.
1:23 PMFinancial Times
Ares Management has held talks to buy Leonard Green & Partners
Summary
Ares has held talks about buying Leonard Green & Partners. The combination would significantly expand Ares’ private equity platform.
Ares is pursuing scale in buyouts by potentially absorbing a standalone franchise, not just raising
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GP consolidation is accelerating, and a deal like this would reprice what independent buyout firms are worth.
Other Developments
A curated list of other prominent stories from this day.
Some Warner Bros. Discovery executives privately want the states’ antitrust lawsuit against the Paramount Skydance transaction to succeed and stop the deal. Sources describe a meaningful internal bloc at WBD that opposes a merger and is looking to outside regulators and courts to do what leadership will not.
3:49 PMVarietyFashion dealmaking is rising, with 75 transactions tracked for 2026 so far. Brand-management groups are increasingly replacing private equity as the marginal buyer for brands and assets.
3:47 PMWWDAmerican Express is pursuing TheFork to gain more than restaurant reservations, including richer data on discretionary spending and expanded international reach. The deal is positioned as a way to attract nonmembers into the Amex ecosystem.
3:42 PMSkiftPayward plans to acquire Magic Labs’ wallet-as-a-service business to add embedded, non-custodial wallet infrastructure to its B2B platform. Magic Labs claims scale in wallets created, developer adoption, and stablecoin volume processed through its tooling.
3:33 PMPYMNTSCircle acquired IBM’s blockchain patent portfolio and says the deal makes it the top holder of blockchain patents in the US. Circle frames the IP expansion as support for USDC and its payments network ambitions.
12:30 PMPYMNTSTPG is in exclusive talks to buy Macquarie-backed Netrality Data Centers in a deal valued at up to $3 billion. The discussions are private and could still fall apart.
12:26 PMBloomberg MarketsDream Finders Homes has repeatedly raised a hostile all-cash offer for Beazer Homes, turning the situation into a public valuation fight. Beazer’s earnings timing is being watched as a catalyst that could influence shareholder and board calculations.
11:13 AMHousing WireCapstone Partners expects more dealmaking in footwear as consumer shifts toward health and wellness, increased use of weight loss drugs, and looser dress codes drive wardrobe refresh cycles that include shoes.
10:54 AMWWDNextEra executives said they remain on track to close a merger with Dominion by late 2027. Virginia regulators have scheduled a first public hearing for November as the review process begins.
8:00 AMUtility DiveCVC Capital Partners is weighing a purchase of a stake in jewelry brand APM Monaco from TPG, according to people familiar with the talks. The potential deal would shift part of TPG's ownership to another buyout firm rather than to a strategic buyer.
6:13 AMBloomberg MarketsA group of prominent actors is publicly urging the UK government to intervene to block a proposed Paramount and Warner Bros. merger. They argue the deal would harm the British public and call on the culture minister to act.
5:36 AMVarietyObjectway has entered negotiations to acquire Slib, the capital markets IT joint venture owned by BNP Paribas and Natixis. The deal would move Slib from bank ownership to a dedicated wealth and capital markets technology vendor.
5:34 AMFinextraSoftBank Corp. is moving toward an acquisition of SP.LINKS Inc., a Japan payments services provider owned by Blackstone. SoftBank has secured preferred bidder status and is in advanced talks, according to people familiar with the process.
4:26 AMBloomberg MarketsTeamSystem’s private equity owners are discussing selling a stake in the Italian business software group at an implied valuation of about €8bn. The process comes as investors reassess software valuations amid disruption from AI-driven product shifts.
12:00 AMFinancial Times3:49 PMVariety
Some Warner Bros. Execs Are Hoping States’ Antitrust Lawsuit Derails Paramount Deal
Summary
Some Warner Bros. Discovery executives privately want the states’ antitrust lawsuit against the Paramount Skydance transaction to succeed and stop the deal. Sources describe a meaningful internal bloc at WBD that opposes a merger and is looking to outside regulators and courts to do what leadership will not.
Internal resistance at WBD is betting on antitrust enforcement as a strategic brake on consolidation.
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A court win for states would reset the pace and feasibility of major media mergers and keep Paramount’s assets in play longer.
3:47 PMWWD
75 Fashion Deals and Counting for 2026, According to Capstone Fashion Report
Summary
Fashion dealmaking is rising, with 75 transactions tracked for 2026 so far. Brand-management groups are increasingly replacing private equity as the marginal buyer for brands and assets.
The buyer mix is changing from financial sponsors to operators built to monetize IP. That
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Who buys fashion assets determines how brands get run, financed, and expanded over the next cycle.
3:42 PMSkift
Why American Express Wants to Buy TheFork: New Cardmembers
Summary
American Express is pursuing TheFork to gain more than restaurant reservations, including richer data on discretionary spending and expanded international reach. The deal is positioned as a way to attract nonmembers into the Amex ecosystem.
Amex is moving deeper into the closed-loop lifestyle layer where dining drives daily engagement and
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The acquisition would turn dining into a sharper growth engine for card acquisition and merchant leverage.
3:33 PMPYMNTS
Payward Plans Magic Labs Wallet Acquisition to Expand B2B Infrastructure Platform
Summary
Payward plans to acquire Magic Labs’ wallet-as-a-service business to add embedded, non-custodial wallet infrastructure to its B2B platform. Magic Labs claims scale in wallets created, developer adoption, and stablecoin volume processed through its tooling.
The shift is toward infrastructure control: exchanges want to own the embedded wallet layer that
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Who controls the wallet layer controls developer distribution and the on-chain payments funnel.
12:30 PMPYMNTS
Circle Buys IBM’s Blockchain Patents to Boost Payments Network
Summary
Circle acquired IBM’s blockchain patent portfolio and says the deal makes it the top holder of blockchain patents in the US. Circle frames the IP expansion as support for USDC and its payments network ambitions.
Circle is using IP accumulation to harden its position as stablecoin payments move from narrative
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As stablecoin payments commercialize, control points like IP, compliance rails, and network distribution will decide which platforms set standards.
12:26 PMBloomberg Markets
TPG Is Said in Talks to Buy Netrality for Up to $3 Billion
Summary
TPG is in exclusive talks to buy Macquarie-backed Netrality Data Centers in a deal valued at up to $3 billion. The discussions are private and could still fall apart.
TPG is moving from interest to exclusivity, signaling conviction on price and deal terms. The
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Exclusivity at a multibillion valuation points to renewed sponsor appetite for digital infrastructure and sets a higher clearing price for comparable assets.
11:13 AMHousing Wire
Beazer Homes earnings date adds twist to DFH bid
Summary
Dream Finders Homes has repeatedly raised a hostile all-cash offer for Beazer Homes, turning the situation into a public valuation fight. Beazer’s earnings timing is being watched as a catalyst that could influence shareholder and board calculations.
The contest is shifting from bid escalation to information leverage, with earnings positioned to reset
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
In hostile deals, the next earnings report can change the effective price floor more than the bidder’s rhetoric does.
10:54 AMWWD
More Footwear M&A Activity Could Be on the Way
Summary
Capstone Partners expects more dealmaking in footwear as consumer shifts toward health and wellness, increased use of weight loss drugs, and looser dress codes drive wardrobe refresh cycles that include shoes.
Strategic buyers and sponsors are treating demand drivers as structural, not cyclical, and that raises
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
If these demand shifts persist, footwear becomes a more active consolidation arena, changing valuation benchmarks and exit timing across the category.
8:00 AMUtility Dive
NextEra on track to close Dominion merger by late 2027, executives say
Summary
NextEra executives said they remain on track to close a merger with Dominion by late 2027. Virginia regulators have scheduled a first public hearing for November as the review process begins.
The timeline confirms this is now a long-dated regulatory campaign, not a near-term corporate event.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Utility M&A lives or dies on regulatory concessions, and a late-2027 close locks in years of policy and execution risk.
6:13 AMBloomberg Markets
CVC Is Said to Mull Buying Stake in Jeweler APM Monaco From TPG
Summary
CVC Capital Partners is weighing a purchase of a stake in jewelry brand APM Monaco from TPG, according to people familiar with the talks. The potential deal would shift part of TPG's ownership to another buyout firm rather than to a strategic buyer.
TPG may be moving toward a partial exit in APM Monaco, with CVC positioned as
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Sponsor-to-sponsor deals are a barometer of private equity pricing and exit routes in consumer discretionary assets.
5:36 AMVariety
Benedict Cumberbatch, Alan Cumming and Benedict Wong Urge U.K. Government to Block Paramount-Warner Bros. Merger in Op-Ed: ‘It Threatens to Inflict Immense Harm’
Summary
A group of prominent actors is publicly urging the UK government to intervene to block a proposed Paramount and Warner Bros. merger. They argue the deal would harm the British public and call on the culture minister to act.
Public political pressure is being marshaled to raise the merger's regulatory and reputational cost in
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A tougher UK posture would add a new veto point for mega-media consolidation and could reshape how global studios structure cross-border M&A.
5:34 AMFinextra
Objectway enters negotiations to acquire BNP Paribas and Natixis joint venture Slib
Summary
Objectway has entered negotiations to acquire Slib, the capital markets IT joint venture owned by BNP Paribas and Natixis. The deal would move Slib from bank ownership to a dedicated wealth and capital markets technology vendor.
The banks are moving to divest a non-core technology asset, shifting Slib toward a product-led
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Bank divestitures to specialist vendors can reshape capital markets tech stacks and accelerate consolidation across Europe’s wealth and trading software market.
4:26 AMBloomberg Markets
SoftBank Said Near Deal for Blackstone’s Japan Payments Firm
Summary
SoftBank Corp. is moving toward an acquisition of SP.LINKS Inc., a Japan payments services provider owned by Blackstone. SoftBank has secured preferred bidder status and is in advanced talks, according to people familiar with the process.
SoftBank has effectively moved to the front of the line by winning preferred bidder status,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A SoftBank takeout of a scaled payments platform would reshape Japanese payments competition and signal renewed appetite for large domestic infrastructure-style tech assets.
12:00 AMFinancial Times
TeamSystem’s private equity owners discuss stake sale at €8bn valuation
Summary
TeamSystem’s private equity owners are discussing selling a stake in the Italian business software group at an implied valuation of about €8bn. The process comes as investors reassess software valuations amid disruption from AI-driven product shifts.
An €8bn stake-sale talk is a live valuation test for European vertical software in an
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
This is a read-through for whether private equity can still monetize mature software platforms at premium multiples in an AI-repricing cycle.
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