KKR is selling USI Insurance Services to Aon for $17 billion and is expected to realize a $3.3 billion gain. The exit marks a major return from KKR’s investment in the insurance brokerage.
3:09 PMBloomberg Markets37 stories from 12 sources
Strategic consolidation accelerates across infrastructure, finance and energy
Day’s Recap
Supporting Articles
Eli Lilly plans to acquire Merida Biosciences for up to $2.88 billion in cash. The deal would expand Lilly's portfolio into autoimmune and allergic diseases as it seeks growth beyond diabetes and weight-loss drugs.
2:59 PMBloomberg Markets
Expected growth in US natural gas production for artificial intelligence data centers and exports is driving consolidation across the industry. ONEOK’s purchase of Brazos Midstream’s Permian Basin gas facilities for more than $4.4 billion is a prominent example.
3:09 AMFortuneTabaPay has raised $155 million in strategic growth financing led by FTV Capital and agreed to acquire a Denver-based bank. The transaction would add a banking charter to TabaPay's money movement platform.
8:01 PMFinextraElliott Investment Management has accumulated a substantial stake in Deutsche Telekom and is urging the company to abandon a potential merger involving its US subsidiary, T-Mobile US. The activist’s position was disclosed by people familiar with the matter.
3:38 PMBloomberg MarketsAurora Cannabis’s board unanimously rejected Curaleaf’s takeover offer, with CEO Miguel Martin calling it inadequate and not in shareholders’ best interests. Martin said the company would consider a different proposal if it offered stronger value and terms.
4:06 PMBloomberg MarketsMollie has completed its acquisition of GoCardless, a global provider of bank-payment services. The transaction brings the two payments businesses under common ownership.
11:17 AMFinextraThe Los Angeles Angels are being sold for $4 billion, setting a record price for a Major League Baseball team. The transaction resets the benchmark for franchise valuations across the league.
3:23 PMCNBC3:09 PMBloomberg Markets
KKR Scores Windfall in $17B Sale of USI Insurance
Summary
KKR is selling USI Insurance Services to Aon for $17 billion and is expected to realize a $3.3 billion gain. The exit marks a major return from KKR’s investment in the insurance brokerage.
Aon’s purchase gives KKR a substantial realization from a business held through a long-term private
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The sale demonstrates the scale of returns available when private equity exits mature, cash-generative financial-services assets.
2:59 PMBloomberg Markets
Lilly to Buy Merida for $2.88B in Autoimmune Push
Summary
Eli Lilly plans to acquire Merida Biosciences for up to $2.88 billion in cash. The deal would expand Lilly's portfolio into autoimmune and allergic diseases as it seeks growth beyond diabetes and weight-loss drugs.
The deal shifts Lilly's pipeline strategy toward immune-mediated diseases and reduces its dependence on the
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Lilly is using its metabolic-drug windfall to build a broader pharmaceutical business before competition intensifies.
3:09 AMFortune
The U.S. is about to churn out much more natural gas to power AI and to export—and it’s triggering a wave of multibillion-dollar acquisitions
Summary
Expected growth in US natural gas production for artificial intelligence data centers and exports is driving consolidation across the industry. ONEOK’s purchase of Brazos Midstream’s Permian Basin gas facilities for more than $4.4 billion is a prominent example.
AI-related power demand and LNG exports are increasing the strategic value of gas gathering and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
AI and LNG demand are turning gas infrastructure into a takeover target and a potential bottleneck.
8:01 PMFinextra
TabaPay closes $155m financing; agrees to buy a bank
Summary
TabaPay has raised $155 million in strategic growth financing led by FTV Capital and agreed to acquire a Denver-based bank. The transaction would add a banking charter to TabaPay's money movement platform.
The bank acquisition gives TabaPay more control over regulated payment infrastructure, rather than relying entirely
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Payment platforms are increasingly buying regulated institutions to control their infrastructure and economics.
2 stories · 2 sources
3:38 PMBloomberg Markets
Elliott Builds Deutsche Telekom Stake, Opposes T-Mobile Deal
Summary
Elliott Investment Management has accumulated a substantial stake in Deutsche Telekom and is urging the company to abandon a potential merger involving its US subsidiary, T-Mobile US. The activist’s position was disclosed by people familiar with the matter.
Elliott’s stake adds an influential shareholder to a strategically sensitive deal debate. Its opposition could
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
An activist challenge could disrupt a major telecom transaction before the companies commit to a final structure.
4:06 PMBloomberg Markets
Aurora Cannabis Board Recommends Rejecting Curaleaf Bid
Summary
Aurora Cannabis’s board unanimously rejected Curaleaf’s takeover offer, with CEO Miguel Martin calling it inadequate and not in shareholders’ best interests. Martin said the company would consider a different proposal if it offered stronger value and terms.
Aurora has closed the door on Curaleaf’s current bid but left room for a higher
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The rejection turns the bid into a valuation test and could force Curaleaf to raise its offer.
11:17 AMFinextra
Mollie completes acquisition of GoCardless
Summary
Mollie has completed its acquisition of GoCardless, a global provider of bank-payment services. The transaction brings the two payments businesses under common ownership.
The completed deal expands Mollie’s reach beyond card-led payments and strengthens its position in recurring
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Payments platforms are combining card and bank rails to capture more of merchants’ payment volume and workflow.
3:23 PMCNBC
The Los Angeles Angels are being sold for a record $4 billion. Here's what every MLB team is now worth
Summary
The Los Angeles Angels are being sold for $4 billion, setting a record price for a Major League Baseball team. The transaction resets the benchmark for franchise valuations across the league.
The decisive fact is the $4 billion sale price, which gives owners a stronger reference
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The sale confirms that scarcity and sports-media economics continue to push professional franchise values higher.
2 stories · 2 sources
Other Developments
A curated list of other prominent stories from this day.
Happiest Minds Technologies shares have declined for a fifth consecutive day as investors react to uncertainty over its integration with ITC Infotech. Promoters will receive cash, while minority shareholders will receive shares, and analysts expect the combination to improve profitability over time but note the absence of a takeover premium and the lengthy integration period.
9:16 PMEconomic TimesDiversified Energy has agreed to acquire Birch Resources, an oil and gas company backed by Elliott Investment Management, in a transaction valued at about $1.8 billion.
9:11 PMBloomberg Markets
Palo Alto Networks reportedly paid $500 million to acquire Console, a Thrive-backed company focused on AI IT service automation. The deal could leave Sequoia-backed Serval as the leading independent startup in that market.
6:44 PMTechCrunch
eXp is winding down its mortgage joint venture with Kind Lending and is pursuing a new launch with Newrez. The change would replace its existing mortgage partnership with a different lending platform.
4:25 PMHousing WireThe program examines major corporate transactions, including investment in artificial intelligence, record merger activity and the sale of the Los Angeles Angels. Guests include senior executives from JPMorgan, Cascadia Capital, Baird and Francisco Partners.
4:01 PMBloomberg Markets
First National Bank of Omaha plans to acquire Colorado-based InBank in a deal valued at roughly $200 million. The transaction would add nine branches and expand FNBO's presence across Denver, Colorado Springs and southern Colorado.
3:01 PMPYMNTSJPMorgan investment banking co-head Dorothee Blessing expects a surge in mergers and initial public offerings late in 2026 to push overall deal volume to a record. She sees activity remaining strong despite mounting economic concerns.
2:54 PMBloomberg Markets
Nexus Mods has bought SteamDB, the hugely popular site that tracks Steam games, prices, updates, and sales. The deal has fans wondering whether a beloved, independent resource will change under new ownership.
11:59 AMPolygon
HomeVestors is acquiring a business or platform that will help its franchisees identify and pursue investment properties listed on the MLS.
11:37 AMHousing WireNasdaq completed its acquisition of Dasseti, an AI-powered platform for due diligence and monitoring used by investment consultants, institutional investors, and asset managers.
11:20 AMFinextra
Adobe has acquired Rilo, an Indian startup focused on market intelligence. It is Adobe's second acquisition in India, following its purchase of Rephrase.ai in 2023.
10:03 AMTechCrunchACI Worldwide has agreed to acquire Cranium Ventures, which develops cloud-native, microservices-based technology for card payment switching. The companies did not disclose financial terms.
9:11 AMFinextra
Stripe's recent string of acquisitions is being compared with Google's earlier strategy of using mergers and acquisitions to expand beyond its core business. The comparison carries both the potential benefits of diversification and the risks of accumulating a sprawling portfolio.
8:12 AMFortune
George Clooney defended Mark Ruffalo's right to speak publicly about the proposed Paramount Warner Bros. deal and questioned whether the merger makes financial sense. Clooney made the comments while receiving the Venice Film Festival's Golden Lion for lifetime achievement.
7:33 AMVariety
India’s Competition Commission has approved La Caisse’s proposal to acquire a stake in Altius Telecom Infrastructure Trust. The transaction was cleared through the Competition Act’s green channel, indicating no expected competition concerns.
7:19 AMEconomic TimesBitGo has completed its acquisition of NYDIG's institutional trading business and related assets. The deal expands BitGo's institutional digital asset offering through the addition of NYDIG's trading operations.
5:08 AMFinextra
Tribhovandas Bhimji Zaveri shares rose 38.9% in two sessions after GRT Jewellers proposed acquiring a 74.12% promoter stake at up to Rs 209 per share and making an open offer for public shareholders at Rs 249.61. TBZ closed at Rs 423, well above both proposed transaction prices.
2:41 AMEconomic Times
Mark Ruffalo faced pushback after criticizing the proposed Paramount-Warner Bros. merger and linking Oracle’s ties to the Israeli military to the conflict in Gaza. His comments prompted accusations that the criticism amounted to an anti-Semitism smear campaign.
2:04 AMAl JazeeraFrench health insurer Alan has agreed to buy Senegalese insurer Tanel, extending its operations into west Africa. The deal comes months after a fundraising round valued Alan at €5.5 billion.
12:00 AMFinancial TimesInterpath’s new owners are seeking an acquisition in the United States to establish a presence in the country’s large market for restructuring and other advisory services.
12:00 AMFinancial Times9:16 PMEconomic Times
Happiest Minds shares fall for 5th day as merger concerns weigh
Summary
Happiest Minds Technologies shares have declined for a fifth consecutive day as investors react to uncertainty over its integration with ITC Infotech. Promoters will receive cash, while minority shareholders will receive shares, and analysts expect the combination to improve profitability over time but note the absence of a takeover premium and the lengthy integration period.
The immediate issue is the merger's uneven treatment of stakeholders and the lack of a
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The selloff shows that investors are discounting uncertain integration gains when minority holders receive no clear control premium.
9:11 PMBloomberg Markets
Diversified Energy Buys Elliott-Backed Birch for $1.8 Billion
Summary
Diversified Energy has agreed to acquire Birch Resources, an oil and gas company backed by Elliott Investment Management, in a transaction valued at about $1.8 billion.
The deal gives Diversified control of Birch while providing Elliott with an exit and consolidating
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The transaction turns Elliott's investment into a $1.8 billion monetization event and advances consolidation in oil and gas.
6:44 PMTechCrunch
Palo Alto Networks paid $500M for Thrive-backed Console, sources say
Summary
Palo Alto Networks reportedly paid $500 million to acquire Console, a Thrive-backed company focused on AI IT service automation. The deal could leave Sequoia-backed Serval as the leading independent startup in that market.
The acquisition gives Palo Alto Networks a major position in AI-driven IT service automation and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal signals that cybersecurity companies are using acquisitions to fold AI operations tools into broader enterprise platforms.
4:25 PMHousing Wire
eXp ends mortgage JV with Kind Lending, eyes Newrez deal
Summary
eXp is winding down its mortgage joint venture with Kind Lending and is pursuing a new launch with Newrez. The change would replace its existing mortgage partnership with a different lending platform.
eXp is changing partners to realign its mortgage offering with a new operating model and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The breakup shows that real estate platforms are still optimizing mortgage alliances rather than treating joint ventures as permanent infrastructure.
4:01 PMBloomberg Markets
AI Investments, Record M&A, Angels Sold | Bloomberg Deals 9/2/2026
Summary
The program examines major corporate transactions, including investment in artificial intelligence, record merger activity and the sale of the Los Angeles Angels. Guests include senior executives from JPMorgan, Cascadia Capital, Baird and Francisco Partners.
The lineup points to a deal market being driven by several forces at once: AI
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
AI, private equity and sports transactions show how broadly capital is still moving across the deal market.
3:01 PMPYMNTS
FNBO Expands Westward by Buying Denver’s InBank
Summary
First National Bank of Omaha plans to acquire Colorado-based InBank in a deal valued at roughly $200 million. The transaction would add nine branches and expand FNBO's presence across Denver, Colorado Springs and southern Colorado.
FNBO is using an acquisition to accelerate entry into a competitive Western market instead of
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal shows how midsize banks are using targeted acquisitions to gain geographic scale as industry economics favor larger platforms.
2:54 PMBloomberg Markets
JPMorgan’s Blessing Sees Dealmaking on Track for Record Year
Summary
JPMorgan investment banking co-head Dorothee Blessing expects a surge in mergers and initial public offerings late in 2026 to push overall deal volume to a record. She sees activity remaining strong despite mounting economic concerns.
The forecast assumes companies will bring delayed transactions and listings to market before financing conditions
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A record year would mark a broad recovery in corporate finance despite a less certain economic backdrop.
11:59 AMPolygon
World's biggest modding site buys the No. 1 Steam resource — and fans are worried
Summary
Nexus Mods has bought SteamDB, the hugely popular site that tracks Steam games, prices, updates, and sales. The deal has fans wondering whether a beloved, independent resource will change under new ownership.
People are not necessarily opposed to Nexus Mods, but SteamDB's value comes from feeling reliable
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A trusted part of the PC gaming ecosystem is changing hands, and users are watching closely to see what happens next.
11:37 AMHousing Wire
HomeVestors expands to on-market properties with acquisition
Summary
HomeVestors is acquiring a business or platform that will help its franchisees identify and pursue investment properties listed on the MLS.
The acquisition expands HomeVestors beyond its traditional focus on finding off-market opportunities. Franchisees will gain
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
HomeVestors is using M&A to make its franchise network relevant across more of the residential investment market.
11:20 AMFinextra
Nasdaq acquires AI due diligence platform Dasseti
Summary
Nasdaq completed its acquisition of Dasseti, an AI-powered platform for due diligence and monitoring used by investment consultants, institutional investors, and asset managers.
The acquisition expands Nasdaq's role from market infrastructure into software that supports institutional investment oversight.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Nasdaq is using acquisition to add AI capabilities to the compliance and operational systems institutional investors already depend on.
10:03 AMTechCrunch
Adobe acquires Indian market intelligence startup Rilo
Summary
Adobe has acquired Rilo, an Indian startup focused on market intelligence. It is Adobe's second acquisition in India, following its purchase of Rephrase.ai in 2023.
Adobe is using acquisitions in India to add market intelligence capabilities and deepen its technology
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The acquisition points to India's growing role as a source of software and AI capabilities for global technology companies.
9:11 AMFinextra
ACI Worldwide to add microservices card switching via Cranium Ventures acquisition
Summary
ACI Worldwide has agreed to acquire Cranium Ventures, which develops cloud-native, microservices-based technology for card payment switching. The companies did not disclose financial terms.
The acquisition gives ACI a faster route to modernize its card-switching infrastructure and strengthen its
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Payment processors are consolidating cloud-native technology to make card infrastructure more flexible and easier to scale.
8:12 AMFortune
Stripe is giving off early Google vibes—for good and for bad
Summary
Stripe's recent string of acquisitions is being compared with Google's earlier strategy of using mergers and acquisitions to expand beyond its core business. The comparison carries both the potential benefits of diversification and the risks of accumulating a sprawling portfolio.
Stripe's M&A strategy suggests it is building a wider financial and business-services ecosystem rather than
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Stripe's acquisitions may define whether it becomes a durable financial infrastructure platform or loses focus as it expands.
7:33 AMVariety
George Clooney Defends Mark Ruffalo’s ‘Ability to Speak Freely’ About Paramount-Warner Bros. Deal and Doesn’t See How the Merger ‘Financially Ends Up Making Sense’
Summary
George Clooney defended Mark Ruffalo's right to speak publicly about the proposed Paramount Warner Bros. deal and questioned whether the merger makes financial sense. Clooney made the comments while receiving the Venice Film Festival's Golden Lion for lifetime achievement.
The remarks add high profile creative opposition to a transaction already under scrutiny for its
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal is facing skepticism not only from regulators and investors, but also from prominent artists concerned about its creative and economic consequences.
7:19 AMEconomic Times
Canada-based La Caisse gets CCI nod to acquire stake in Altius Telecom InvIT
Summary
India’s Competition Commission has approved La Caisse’s proposal to acquire a stake in Altius Telecom Infrastructure Trust. The transaction was cleared through the Competition Act’s green channel, indicating no expected competition concerns.
Regulatory approval removes a key condition for La Caisse’s investment and should allow the transaction
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The clearance supports continued foreign institutional investment in India’s telecom infrastructure as data and connectivity demand grow.
5:08 AMFinextra
BitGo acquires Nydig's institutional trading business
Summary
BitGo has completed its acquisition of NYDIG's institutional trading business and related assets. The deal expands BitGo's institutional digital asset offering through the addition of NYDIG's trading operations.
The transaction concentrates more institutional trading capability inside a custody and infrastructure provider. BitGo can
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Digital asset providers are consolidating trading, custody and infrastructure to compete for institutional clients.
2:41 AMEconomic Times
TBZ surges over 38% in two sessions, extending gains after hitting upper circuit. What's triggering the rally?
Summary
Tribhovandas Bhimji Zaveri shares rose 38.9% in two sessions after GRT Jewellers proposed acquiring a 74.12% promoter stake at up to Rs 209 per share and making an open offer for public shareholders at Rs 249.61. TBZ closed at Rs 423, well above both proposed transaction prices.
The rally has detached the stock from the announced offer terms, indicating speculation that the
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
TBZ investors are pricing in a higher-value outcome than the announced deal currently supports.
2:04 AMAl Jazeera
Mark Ruffalo comments spark pushback against anti-Semitism ‘smear campaign’
Summary
Mark Ruffalo faced pushback after criticizing the proposed Paramount-Warner Bros. merger and linking Oracle’s ties to the Israeli military to the conflict in Gaza. His comments prompted accusations that the criticism amounted to an anti-Semitism smear campaign.
The dispute shows how entertainment figures are entering corporate and geopolitical debates where criticism of
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The controversy connects a major media deal to the widening political scrutiny of corporate ties to Israel and Gaza.
12:00 AMFinancial Times
Mbappé-backed health start-up expands to west Africa
Summary
French health insurer Alan has agreed to buy Senegalese insurer Tanel, extending its operations into west Africa. The deal comes months after a fundraising round valued Alan at €5.5 billion.
Alan is moving from fundraising to regional expansion through acquisition, giving it an established foothold
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal tests whether a highly valued European health-insurance start-up can turn investor backing into scalable growth in emerging markets.
12:00 AMFinancial Times
Advisory firm Interpath looking for its own US deal
Summary
Interpath’s new owners are seeking an acquisition in the United States to establish a presence in the country’s large market for restructuring and other advisory services.
Interpath is moving from an asset under new ownership to an acquirer pursuing geographic scale.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The planned deal shows how consolidation is accelerating among specialist advisory firms as owners chase scale in the US.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!