DoorDash is in advanced talks to acquire Instacart for roughly $17 billion, according to a Wall Street Journal report. Instacart parent Maplebear was worth about $13 billion at Friday's close. Instacart shares rose about 8% Monday while DoorDash fell about 6%. No deal has been announced, and Instacart had also held sale talks with Uber.
GE Vernova has signed an agreement to acquire Trench Group, a global leader in high-voltage grid equipment, from investment firm Triton Partners. Trench has doubled annual revenue to more than €1 billion since becoming independent in April 2024 and runs 11 factories in 8 countries with 3,000-plus employees. Price and timing were not disclosed.
LCI Industries confirmed an unsolicited, non-binding proposal from Monomoy Capital Partners to buy it for $101 per share in cash. LCI agreed in June to an all-stock merger with Patrick Industries; its board says it has not changed its recommendation of that deal. Patrick reaffirmed the merger agreement and said it will monitor developments.
CoStar Group has agreed to acquire Vexcel Group, operator of one of the world's largest survey-grade aerial imagery programs, for approximately $730 million in cash. CoStar plans to use the imagery to power richer search and discovery across its real estate marketplaces with tens of billions of AI-derived data fields.
Swiss drugmaker Ferring Pharmaceuticals agreed to buy fertility startup Gameto in a deal worth up to $1.4 billion, including undisclosed upfront payments plus development, regulatory and sales milestones. Gameto's Fertilo uses stem cell-derived ovarian support cells to mature eggs outside the body; it is cleared in Australia and parts of Latin America and in Phase 3 in the U.S.
EnerSys agreed to acquire battery maker Ultralife for $16.00 per share in cash, a 166% premium to its unaffected October 26 close, valuing the company at about $320 million in enterprise value. The deal expands EnerSys's differentiated battery technologies and accelerates growth in the defense market.
A. O. Smith agreed to sell an 81% interest in its China business to alternative asset manager CPE, valuing the unit at about $400 million cash-free, debt-free, or more than $500 million including brand-licensing royalties. A. O. Smith keeps 19%, will repatriate about $80 million of cash, and plans to prioritize buybacks.
TotalEnergies is acquiring a 25% working interest in 26 Chevron-operated U.S. offshore exploration leases, while Chevron takes 75% operated interests in two TotalEnergies leases.
Tech private equity firm Ridgeview Partners completed its acquisition of Pinewood Technologies Group, a cloud-based software provider to automotive retailers and OEMs.
US WorldMeds acquired Orbus Therapeutics, developer of eflornithine for recurrent Grade 3 astrocytoma, for an undisclosed upfront payment plus milestones and royalties.
Principals of Texas contractor Watermark acquired Irvine-based private lender Val-Chris Investments, funded by a Chicago Atlantic senior secured facility.
Shorenstein acquired 148 Lafayette Street, a 154,000-square-foot Class A office and retail property in Manhattan's SoHo, as Fund 14's final investment.