Group 1 - Trian Fund Management and General Catalyst Group will acquire Janus Henderson Group in an all-cash deal valued at approximately $7.4 billion [2] - Shareholders of Janus Henderson will receive $49 per share, representing an 18% premium from the closing price on October 24, prior to the acquisition announcement [4] - The transaction is expected to close in mid-2026, with the current management team, including CEO Ali Dibadj, remaining in place [4] Group 2 - The acquisition is seen as a strong affirmation of Janus Henderson's long-term strategy, allowing for further investment in product offerings, client services, technology, and talent [5] - Janus Henderson has had a busy year, including managing a $45 billion fixed-income portfolio for Guardian Life Insurance Co. and developing multi-asset solution portfolios for Park Avenue Securities [5] - CNO Financial Group acquired a minority stake in Victory Park Capital, a private credit manager owned by Janus Henderson, for $600 million in capital commitments [6] Group 3 - As of September 30, Janus Henderson managed approximately $484 billion in assets, with 50% from intermediary clients, 30% from institutional clients, and 20% from self-directed investors [7] - Trian has been a shareholder of Janus Henderson since 2020, currently owning 20.6% of its shares, while other significant shareholders include BlackRock and Vanguard [8]

Core Insights - Global data-center dealmaking reached a record high through November 2025, driven by immense demand for computing infrastructure to support the growth of artificial intelligence (AI) [1][10] - The total deal value for data-center transactions was just under $61 billion, surpassing the previous record of $60.81 billion set in 2024 [2][5] - The tech sector, particularly AI hyperscalers, has significantly increased interest in data centers, with major capital expenditures planned to scale infrastructure [3] Data-Center Investment Trends - More than 100 data-center transactions occurred through November, contributing to a total deal value of nearly $61 billion [2] - Since 2019, data-center dealmaking in the U.S. and Canada has totaled approximately $160 billion, while the Asia-Pacific region reached nearly $40 billion and Europe $24.2 billion [2] - Data-center investments, including mergers, acquisitions, asset sales, and equity investments, have set new records in 2025 [5] M&A Activity and Projections - Bain & Company projects that 2025 will see the second-highest total deal value on record at $4.8 trillion, marking a 36% year-over-year increase [6] - Tech M&A deal value has increased by over 76% year to date, reaching $478 billion, with a significant portion involving AI-native companies [7] Economic Factors Influencing M&A - The Federal Reserve's three rate cuts in 2025 may lower long-term bond yields, making debt financing cheaper and potentially boosting M&A activities [8] - Despite rate cuts, global economic growth remains uncertain, and policy uncertainty may affect business confidence [8] Investment Opportunities - Investors are encouraged to monitor ETFs such as NYLI Merger Arbitrage ETF (MNA), which has risen about 8.7% this year, as deal-making benefits investment banks [9] - ETFs like iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Bank ETF (KBWB) are expected to benefit from increased M&A activities [9] - The Roundhill Generative AI & Technology ETF (CHAT) is projected to gain traction, having increased by approximately 47.2% this year [11]

Core Viewpoint - A significant increase in multi-billion-dollar deals is prompting bankers and advisers to prioritize work over holiday vacations, indicating a busy period in the investment banking sector [1] Group 1 - The surge in deal-making activity is leading financial professionals from Wall Street to Canary Wharf to prepare for a demanding schedule [1] - Bankers and advisers are packing laptops alongside holiday presents, highlighting the urgency and importance of ongoing transactions [1] - The upcoming two weeks will see many professionals cut short their holiday plans to accommodate the influx of deals [1]

Group 1 - Tech giant Alphabet has agreed to acquire Intersect, a provider of data center and energy infrastructure solutions, in a deal valued at $4.75 billion [1]

Group 1 - Netflix has secured $25 billion in new bank financing to replace part of its $59 billion bridge loan for acquiring Warner Bros. Discovery's studios and streaming business [1][2] - The refinancing includes a $5 billion senior unsecured revolving credit facility and two senior unsecured delayed-draw term-loan facilities of $10 billion each [2] - The acquisition deal with Warner Bros. Discovery has an equity value of $72 billion, or $27.75 per share, with an enterprise value of $82.7 billion, expected to close after the separation of WBD's global networks business in Q3 2026 [4] Group 2 - Paramount has amended its hostile tender offer for Warner Bros. Discovery, addressing concerns from WBD's board, which preferred Netflix's deal [2][5] - Larry Ellison, co-founder of Oracle, has provided a personal guarantee of $40.4 billion for Paramount's cash offer, which has been raised to $30 per share [5] - WBD stockholders have until January 20 to tender their shares directly to Paramount [6]

Daiwa is resuming an expansion of its mergers and acquisitions business to capitalize on a dealmaking boom at home and lift its standing abroad https://t.co/bgUxPGegUH ...

Paramount revises its bid for Warner Bros. Discovery, with Oracle founder Larry Ellison personally guaranteeing $40 billion to help finance the dealhttps://t.co/DeibdioGd3 ...

We do have some breaking news uh that we need to tell you about. Uh literally crossing the tape as we speak. Paramount Skyance amending its $30 per share allcash offer for Warner Brothers Discovery in response to WBD's concerns about the bid.Paramount still offering to buy 100% of the outstanding shares of WBD and assume all the assets and liabilities. The per share offer price is not changing. It does not appear to be.But Paramont says in response to a Warner Brothers filing and comments made by WBD's prin ...

Core Insights - iRobot, known for its Roomba vacuum, has filed for bankruptcy, primarily due to competition from cheaper knock-offs and failed acquisition attempts by Amazon, which was blocked by regulators [3][4][5][12] - The bankruptcy highlights the challenges faced by tech companies in the current M&A environment, where regulatory scrutiny can hinder potential rescue deals [7][8][17] Company Overview - iRobot reported assets and liabilities between $100 million and $500 million, with approximately $190 million in debt, and owed around $100 million to its largest creditor, Shenzhen Picea Robotics Co. [4][21] - The company has seen a decline in revenue due to increased competition from lower-priced Chinese rivals and tariffs that added significant costs [20][21] Regulatory Environment - The failed acquisition by Amazon, which was valued at $1.7 billion, is seen as a missed opportunity that could have provided iRobot with a competitive edge [4][5] - Experts argue that regulatory actions prioritizing hypothetical future harms over current financial realities can lead to the destruction of target companies, as seen in iRobot's case [7][9] Market Dynamics - The current M&A landscape is characterized by increased scrutiny from regulators, particularly in Europe, which may lead to more bankruptcies rather than orderly acquisitions that preserve jobs and innovation [17][19] - The situation with iRobot serves as a cautionary tale for other tech companies, indicating that reliance on a single acquisition for survival can be risky [22]

Core Viewpoint - ExGen Resources Inc. has successfully completed the acquisition of MTB Metals Corp. through a court-approved plan of arrangement, marking a significant milestone for ExGen as it aims to establish itself as an emerging royalty company in the market [1][2]. Transaction Details - ExGen acquired 100% of the issued and outstanding common shares of MTB, with an exchange ratio of 0.286 ExGen Shares for each MTB Share, resulting in 109,149,808 issued and outstanding ExGen Shares post-transaction [3]. - All outstanding stock options and warrants of MTB have been adjusted to reflect the exchange ratio, allowing holders to receive ExGen Shares under the same terms as the original MTB securities [4]. Approval and Delisting - The acquisition received approval from MTB's securityholders on December 11, 2025, and was finalized by the Supreme Court of British Columbia on December 16, 2025 [5]. - MTB Shares are expected to be delisted from the TSX Venture Exchange around December 23, 2025, and ExGen plans to apply for MTB to cease being a reporting issuer [6]. Shareholder Actions - MTB shareholders are required to submit completed letters of transmittal and relevant certificates to Endeavor Trust Corporation to finalize the exchange of shares [7]. Management Changes - Following the acquisition, Mark T. Brown, a former director of MTB, has been appointed as a director of ExGen [8]. Early Warning Reporting - ExGen is obligated to file an early warning report due to its acquisition of MTB Shares, which will be available on SEDAR+ [9]. Company Background - ExGen is focused on funding exploration and development through joint ventures, aiming to build a diverse portfolio of projects across various stages and commodities, currently holding seven projects in Canada and the US [10]. - MTB is advancing two copper-gold projects in the Golden Triangle of northern British Columbia, with significant mineral occurrences reported [11][12].