Category: Headlines

Indonesia’s state-owned sovereign investment agency, Danantara Indonesia and the state-owned enterprises management agency, BP BUMN are preparing to integrate Pelita Air into PT Garuda Indonesia (Persero) Tbk as part of a broader state-owned enterprise (SOE) restructuring program aimed at strengthening the national aviation industry. Garuda Indonesia will be positioned as the country’s leading national airline holding company, through the integration with Pelita Air as part of the Garuda Group. The move aims to improve operational efficiency, enhance competitiveness, and create a stronger state-owned airline capable of competing with regional carriers. Dony Oskaria, Chief Operating Officer of Danantara Indonesia and Head of BP BUMN said the consolidation reflects the need for faster decision-making and more precise operational management in the aviation sector. “As Garuda Indonesia develops into our national airline holding company, Pelita Air will become part of Garuda Indonesia,” Dony said in a written statement on Friday, July 24, 2026. “Aviation is a sector that must be managed day by day, even minute by minute. When an aircraft is operating, we must be able to determine the profitability of every flight.” Service transformation and operational efficiency Danantara and BP BUMN have instructed Garuda Indonesia to improve service quality across the entire passenger journey, covering pre-flight, in-flight, and post-arrival services. The transformation plan includes developing an integrated ticket reservation system, upgrading airport lounges, improving the onboard experience, enhancing catering and cabin crew services, strengthening customer loyalty programs, and investing in human resource development. According to Dony, the integration of Pelita Air to Garuda Indonesia is expected to strengthen the group’s operational capabilities, improve efficiency, and position Garuda Indonesia as the preferred airline for Indonesian travelers while boosting its competitiveness across Southeast Asia. Source: https://indonesiabusinesspost.com/7012/corporate-affairs/pelita-air-to-merge-with-garuda-indonesia-holding-as-indonesia-seeks-restructuring

Following completion of the transaction, Genesis shareholders are expected to own roughly 59.8% of the combined group. Genesis and Vault Minerals have signed a binding scheme implementation deed to merge in a deal valued at approximately A$12.6bn ($8.7bn), based on the companies’ pro-forma market capitalisation. Under the agreement, Genesis will acquire all fully paid ordinary shares of Vault. Vault shareholders will receive 0.7629 new Genesis shares plus A$0.475 in cash for each Vault share held at the scheme record date. This proposal values Vault at around A$5.6bn and equates to a 15.7% premium over its most recent closing share price. Following completion of the transaction, Genesis shareholders are expected to own roughly 59.8% of the combined group, with Vault shareholders holding the remaining 40.2% on a fully diluted basis. The boards of both companies have approved the agreement. The merged group is forecast to produce around 600,000–700,000oz of gold annually, consolidating operations exclusively in Western Australia. Operational synergies unique to the deal are approximately A$2bn post-tax, including around A$1.5bn expected over ten years, stemming from the proximity of the companies’ operations at Leonora and Bardoc-Mount Monger. The board will comprise four directors from Genesis and three from Vault. With this transaction, the enlarged group’s portfolio will include 33.6 million ounces (moz) of mineral resources, 9.4moz of ore reserves and a pro-forma net cash position of A$611m. Pro-forma liquidity is projected at A$1.4bn. Genesis intends to release its new strategic plan in the first half of 2027 following completion of the transaction and a strategic review. Genesis executive chair Raleigh Finlayson said: “This transaction represents a truly logical combination of assets to create the third-largest Australian gold producer and represents a genuine win-win for all shareholders and stakeholders, unlocking significant unique synergies through the optimisation of complementary assets. “We are creating a strong platform for continued growth and shareholder returns.” The merger follows Vault’s decision to terminate an earlier merger agreement with Regis Resources. As a result, Vault is obligated to pay a break fee of around A$50.7m to Regis. Source: https://www.mining-technology.com/news/genesis-vault-minerals-8-7bn-merger-agreement/?cf-view

VINCI Construction has today finalised the acquisition, announced on 20 January 2026, of Fletcher Construction. Created in 1909, Fletcher Construction, a subsidiary of the New Zealand-based Fletcher Building group, employs more than 2,300 people in New Zealand where it generates an annual revenue of around €630 million (NZ$1.3 billion). Its main areas of expertise cover hydraulic, maritime, port, airport, railway and road works. In addition, it has a growing volume of activity in the field of renewable energies. Alongside HEB Construction based in Auckland, acquired in 2015, as well as SOL in Christchurch and Wharehine in the North Island – acquired in 2025 – this acquisition strengthens VINCI Construction’s proximity network of local companies in New Zealand and positions it as a major player in the country’s highly dynamic infrastructure market. With all its activities combined, VINCI generated revenue of more than €830 million in New Zealand in 2025. Source: https://www.vinci.com/en/newsroom/press-releases/vinci-finalises-acquisition-fletcher-construction-new-zealand

Taipei, July 7 (CNA) The Financial Supervisory Commission (FSC) on Tuesday approved two major financial deals: the merger of Bank SinoPac and King’s Town Bank, and the acquisition of Mercuries Life Insurance Co. by E.Sun Financial Holding Co. Regarding the banking merger, the boards of directors of Bank SinoPac and King’s Town Bank approved the deal on March 27, according to the FSC. The merger is set for Jan. 1, 2027, with Bank SinoPac as the surviving entity, the commission said. Once completed, the combined institution will operate 189 branches, making it the second-largest network in the domestic banking sector, trailing only Taiwan Cooperative Bank’s 248 branches, said Wang Yun-chung (王允中), deputy director-general of the FSC’s Banking Bureau. Wang added that the combined bank will rank 12th in deposit and loan market share and seventh in ATM network size with 710 machines. In the second case, E.Sun Financial Holding will acquire a 100 percent stake in Mercuries Life Insurance through a share swap, with the merger tentatively scheduled for Sept. 1, according to the FSC. The FSC noted that E.Sun Financial has committed to retaining all 10,304 of Mercuries Life’s employees for three years while ensuring that the rights of those workers and the insurer’s 2.45 million policyholders remain unaffected by the acquisition. E.Sun Financial and Mercuries Life Insurance each held extraordinary board and shareholder meetings — on Nov. 5 last year and Jan. 23 this year, respectively — to approve the share swap deal. Tsai Huo-yen (蔡火炎), deputy director-general of the FSC’s Insurance Bureau, said that the deal met all legal requirements, adding that E.Sun Financial has proven its ability to protect policyholders, retain staff, and support the insurer’s future financial needs. Tsai noted that E.Sun Financial has not yet announced a rebranding, adding that any request to rename Mercuries Life would likely be submitted for regulatory approval after the merger. Source: https://focustaiwan.tw/business/202607070023

GREENWICH, Conn.–(BUSINESS WIRE)– QXO, Inc. (NYSE: QXO) today announced it has closed its previously disclosed acquisition of TopBuild Corp. The transaction significantly expands QXO’s scale and capabilities across the building products value chain. QXO now holds leadership positions in key building product categories in North America: The company also announced that Alec Covington, TopBuild’s former Chairman, joined QXO’s Board of Directors, effective immediately. Mr. Covington replaces Jared Kushner, who has resigned from the Board of Directors to focus on other commitments. Brad Jacobs, Chairman and Chief Executive Officer of QXO, said, “By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers. By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing, and cross-selling, while applying TopBuild’s operational excellence across QXO. The transaction is expected to be highly accretive to earnings and advance our plan to build a world-class company with $50 billion in revenue. I’m grateful to Jared for his significant contributions to the company, and I’m pleased to welcome Alec to the Board.” Under the terms of the merger agreement, former TopBuild shareholders will receive shares of QXO’s common stock or a combination of both cash and shares of QXO’s common stock based on their elections and subject to proration and the other terms and conditions in the merger agreement. TopBuild’s shares will stop trading on the New York Stock Exchange. Advisors Morgan Stanley & Co. LLC acted as lead financial advisor to QXO, and Barclays and Wells Fargo Securities acted as additional financial advisors to QXO. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to QXO. About QXO QXO is North America’s largest distributor and installer of insulation; second-largest distributor of roofing products; second-largest publicly traded distributor of lumber and building materials; and largest distributor of waterproofing products. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenue within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information. Source: https://investors.qxo.com/news/news-details/2026/QXO-Completes-Acquisition-of-TopBuild/default.aspx

The transaction has been unanimously approved by both boards and is expected to close in the third quarter of 2026. Vertex plans to fund the purchase with cash and $4.5 billion of bridge financing committed by Bank of America and Morgan Stanley. The acquisition brings Vertex two key assets. Palsonify (paltusotine) was approved by the US Food and Drug Administration (FDA) in September 2025. It is the first once-daily oral therapy for acromegaly, a rare disorder caused by excess growth hormone. The other asset is atumelnant – an oral ACTH receptor antagonist for congenital adrenal hyperplasia (CAH), a rare genetic condition affecting the adrenal glands. Phase II (NCT07159841) data showed patients could bring androgen levels close to normal while on physiologic doses of glucocorticoids, a combination that existing therapies have struggled to achieve. “Vertex’s global infrastructure and commercial footprint will serve to amplify the reach of our science and allow us to maximize the impact of Palsonify, atumelnant and our pipeline,” Scott Struthers, founder and CEO of Crinetics, said. Vertex estimates Palsonify and atumelnant together carry peak sales potential of more than $5 billion. “This revenue profile furthers Vertex’s goal of sustained double-digit revenue growth and is expected to be margin accretive over time,” Chris Wagner, chief financial officer at Vertex, said on an M&A call earlier today. “Together, these assets add more than $5 billion in combined peak sales potential, and they do so in a disease area, specialty endocrinology, where Crinetics has built deep, durable expertise and exactly fits our commercialization framework.” Vertex CEO Reshma Kewalramani echoed this optimism. “Crinetics is an excellent strategic fit for Vertex, with its focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to patients,” she said. “We believe Vertex can build on the strong momentum of the PALSONIFY launch by applying our experience in commercializing medicines for rare genetic diseases. We are also excited by the significant potential of atumelnant to transform the treatment landscape for CAH, setting a new standard of care where patients do not have to choose between managing their excess adrenal androgens and enduring the side effects of high-dose steroids.” The deal adds endocrine disease as a new pillar alongside Vertex’s existing focus areas of cystic fibrosis, hematology, pain and renal disease. Cystic fibrosis therapies still accounted for the bulk of Vertex’s revenue last year. “We look forward to working with the talented Crinetics team to rapidly advance their pipeline of medicines for patients living with serious, rare endocrine disorders. Together, these potential blockbuster assets build on our core cystic fibrosis business, ongoing launches and internal innovation portfolio, adding to our growth outlook and driving value for patients and shareholders,” Kewalramani concluded. Source: https://www.bioxconomy.com/partnering/vertex-makes-largest-ever-acquisition-with-10bn-crinetics-deal

Kirkland & Ellis, Paul Weiss and Morrison & Foerster (MoFo) have scored roles in Vertex’s $10bn acquisition of Crinetics, one of the largest pharma deals of the year. Kirkland is guiding Vertex on the deal, which will see the company add treatments for rare hormonal diseases to its portfolio, with the team led by Boston corporate partners Graham Robinson, Laura Knoll and Merric Kaufman. Meanwhile Paul Weiss’s team is headed by New York corporate partners Stan Richards and Krishna Veeraraghavan, while at MoFo the effort was headed by Jim Krenn, chair of the firm’s emerging companies and venture capital practice, and global M&A chair Spencer Klein. Vertex, a dominant player in cystic fibrosis (CF) medicines, has been looking for other avenues for diversification, according to Reuters. Its acquisition of Crinetics will give it access to treatments that together could generate ​more than $5bn in annual revenue, the firms said in a statement. The ​deal gives Vertex access ​to Palsonify, the ⁠first and only once-daily oral pill approved by the US Food and Drug Administration for the treatment of adults with acromegaly, a rare condition caused by ​excess growth hormone. “We believe Vertex can build on the strong momentum ​of the ⁠Palsonify launch by applying our experience in commercialising medicines for rare genetic diseases,” Vertex CEO, Reshma Kewalramani, said in a statement. Crinetic also has an experimental drug, atumelnant, ⁠in ​late-stage development for congenital adrenal hyperplasia, a ​rare genetic disorder affecting the adrenal glands. Morgan Stanley and Lazard are acting as financial advisors to Vertex. JP Morgan Securities and Leerink Partners are acting as financial advisors to Crinetics. The deal is expected to close in the third quarter of 2026; Vertex expects it to become ​accretive to adjusted operating income in 2029. It is the latest in a string of large pharma deals announced this year as large pharmaceutical companies race to diversify and replenish pipelines before impending blockbuster patent cliffs. Paul Weiss is counselling AbbVie in its acquisition of inflammation-focused biotech Apogee Therapeutics, repped by Kirkland & Ellis, a $10.9bn deal announced last month. Davis Polk & Wardwell and Slaughter and May have acted for GSK in its $10.6bn acquisition of US cancer drug developer Nuvalent, which is being counselled by Ropes & Gray. Crinetics’ acquisition comes off the back of a record first half for global dealmaking fuelled by a surge of $10bn-plus megadeals. Worldwide M&A activity clocked in at $2.85trn, according to data from the London Stock Exchange Group (LSEG), 50% higher than year-prior levels and the best first half since records began in 1980. Kirkland & Ellis led LSEG’s global M&A legal advisor rankings by deal value in the first half of 2026 after working on 350 deals worth just short of $474.5bn, while Paul Weiss placed fifth with $328.5bn of deals. MoFo was not among the top 25 firms included in the rankings. Source: https://www.globallegalpost.com/news/kirkland-paul-weiss-mofo-guide-latest-blockbuster-pharma-merger-110933

Pacific Assets (PAC), the £473m investment trust hit by the exit of its Stewart Investors management team last year, is to merge with Schroder Asian Total Return (ATR), offering shareholders a 25% cash exit at a 2% discount. The decision of Sydney-based First Sentier to close its Edinburgh subsidiary following the departure in August of David Gait, PAC’s former lead manager, and two colleagues, angered the board which began a strategic review in November. Announcing the conclusion of that process today, chair Andrew Impey said the board and its adviser Investec had received a large number of high quality proposals, including one from FSSA Investment Managers, First Sentier’s other fund management arm which temporarily took over responsibility for the portfolio although it was barred from making major changes during the review. Explaining the decision, Impey said: “Schroder Asian Total Return has an impressive record of attractive total returns from a differentiated investment strategy and a track record of strong discount management. We have every confidence that the enlarged company will be a leading Asian equities investment company for existing and future investors.” The elimination of PAC will reduce the number of trusts in the AIC Asia Pacific sector to three from four. Assuming the 25% cash exit is taken up, it should enlarge ATR’s net assets to £1.1bn, putting it level with stablemate Schroder AsiaPacific (SDP) and ahead of Baillie Gifford’s Pacific Horizon (PHI) which has £956m. Under Schroders fund managers Robin Parbrook and King Fuei Lee, the £624m ATR has generated total underlying investment returns of 57.2%, 22.1%, 10.9% and 15% over one, three, five and 10 years. This beat the annualised sterling returns of the MSCI AC Asia Pacific ex Japan index of 51%, 21%, 8.7% and 11.8% over the same time periods, PAC said. Impey said PAC shareholders who rolled into ATR should get an “immediate uplift” as the latter traded on a narrower average three-month discount to net asset value. As an insurance against ATR’s performance faltering, the company will put forward a 15% performance-related tender offer to shareholders if its growth in net asset value fails to beat the MSCI benchmark over the five years to 31 December 2030. Schroders will contribute to the costs of the merger and has agreed a cut in fees to ensure ATR’s annual ongoing charges drop to 0.65% from 0.8%, a big saving for PAC shareholders who had paid 1.1%. In line with current good practice, the tiered annual management fee, which includes a new 0.5% rate for assets over £500m, will apply to the lower of NAV or share price, meaning shareholders pay less if the trust stands on a discount. ATR chair Sarah MacAulay said: “The proposed combination will provide shareholders with the scale and liquidity that is increasingly desired in the investment trust industry. The board believes that the proposed combination is compelling for Pacific Assets, Schroder Asian Total Return and prospective shareholders and will position Schroder Asian Total Return for future growth as the pre-eminent Asia Pacific investment company.” Source: https://quoteddata.com/2026/06/pacific-assets-to-merge-with-schroder-asian-total-return/

Health innovation platform developer Aditxt and its fully owned subsidiary Ignite Proteomics have announced their plans for a business combination with a strategic partner that values the latter at an implied equity value of nearly $150m. Upon completion of the transaction, Ignite will separate from Aditxt and is expected to become an independent public company via the establishment of a new holding entity, anticipated to be called Ignite Proteomics, Inc. Following the close, the acquisition corporation and Ignite will become wholly owned subsidiaries of the newly formed holding company. The new company’s public warrants and common stock are anticipated to be listed on the New York Stock Exchange, pending approval of the application and customary closing conditions. Aditxt acquired Ignite with the intention of identifying and advancing differentiated health innovation platforms. The planned business combination is described as providing Ignite with a dedicated public company structure and increased access to growth capital. Aditxt Interim CEO and Ignite Proteomics CEO Jeff Busch said: “Aditxt owns 100% of Ignite, a differentiated precision oncology asset, and this transaction is expected to unlock that value through a business combination that values Ignite at approximately $150m. “For Ignite, becoming an independent public company is expected to provide the focus, visibility and access to capital needed to accelerate commercialisation, expand clinical evidence generation and pursue broader adoption of its functional proteomics platform in oncology.” Ignite focuses on the development and commercialisation of a proteomics platform aimed at improving physicians’ understanding of biological activity in tumours. Its core programme targets commercialisation in breast cancer, with plans to expand to further tumour types and clinical settings. The transaction proceeds are expected to support Ignite’s working capital and general corporate requirements. Source: https://www.pharmaceutical-technology.com/news/aditxt-ignite-merger-plans/?cf-view

Paramount said to today that competition authorities in Australia and New Zealand, as well as Saudi Arabia, Ukraine, Serbia and North Macedonia have approved its pending merger with Warner Bros. Discovery. Foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania are also on board, the David Ellison-run company said in an SEC filing. The deal is still awaiting key greenlights from the U.S. Department of Justice, the EU and the U.K., where regulators said on Tuesday they are opening a Phase 1 inquiry into the combination. The Competition and Markets Authority (CMA) set an August 7 deadline to determine if there is a “realistic prospect of a substantial lessening of competition.” If it finds the threshold is met, the watchdog will move to a Phase 2 investigation. Show more sharing optionsAn aerial view of the Paramount logo on the water tower at Paramount StudiosParamount StudiosJustin Sullivan/Getty Images Paramount said to today that competition authorities in Australia and New Zealand, as well as Saudi Arabia, Ukraine, Serbia and North Macedonia have approved its pending merger with Warner Bros. Discovery. Foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania are also on board, the David Ellison-run company said in an SEC filing. The deal is still awaiting key greenlights from the U.S. Department of Justice, the EU and the U.K., where regulators said on Tuesday they are opening a Phase 1 inquiry into the combination. The Competition and Markets Authority (CMA) set an August 7 deadline to determine if there is a “realistic prospect of a substantial lessening of competition.” If it finds the threshold is met, the watchdog will move to a Phase 2 investigation. Paramount announced plans to acquire Warner Bros. Discovery in late February for $31 a share in cash, valuing the company at $110 billion (enterprise value, which includes debt) and $81 billion (equity value). It has said it expects to close the deal in the third quarter. In the event the transaction has not closed by September 30, the agreement calls for WBD shareholders to receive a $0.25 per share so-called “ticking fee” for each quarter (measured daily) until closing. It was a sweetener to entice WBD’s board to agree to the deal. Paramount, in the filing, cited the Australian Competition and Consumer Commission’s conclusion that the deal “is unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia.” While “the Acquisition would remove competition between Paramount and Warner Brothers, the merged entity would continue to be constrained by other film studios post-Acquisition.” The ACCC said the combined company “is unlikely to have a sufficiently strong position in the supply of wholesale [audiovisual] content to enable it to successfully foreclose rivals’ access.” Source: https://deadline.com/2026/06/paramount-wbd-mergerl-clears-australia-1236952390/