The Daily Buyout

Paramount and Warner Bros. Discovery will operate as Skydance once their roughly $110 billion merger closes, CEO David Ellison announced. The combination unites two major Hollywood studios, Paramount+ and HBO Max, and networks including CBS, CNN, MTV, TBS and Comedy Central. Twelve states had challenged the deal on competition grounds, but a judge approved a settlement with the state attorneys general this week, clearing the path.

Solidion Technology responded to Flux Power's board rejecting its acquisition proposal, saying it sees no basis to raise its offer and considers the bid best and final. CEO Jaymes Winters disputed the board's claim that the offer "significantly undervalues" the company, citing Flux's dilutive financing needs, regulatory issues and default risk. Solidion said it will continue pursuing other targets in parallel.

Harrow has completed its acquisition of TYRVAYA nasal spray, the first and only FDA-approved nasal spray for dry eye disease, from Viatris. Harrow paid $30 million in cash at closing from cash on hand and may pay up to $70 million in milestones tied to net sales, for potential total consideration of $100 million. Harrow acquired worldwide rights except Japan, where Viatris retains commercialization and will pay royalties.

Supabase, which commercializes the open-source PostgreSQL database, has agreed to buy fellow database startup Turso for an undisclosed sum. Turso offers an SQLite-based database optimized for AI agents, with a small hardware footprint that lets agents spin up instances nearly instantaneously. Supabase announced the deal alongside a $150 million funding round led by Singapore's GIC, with CapitalG, IronArc and SquarePeg participating.

Senators Chris Van Hollen and Elizabeth Warren urged nonbank lender OppFi to withdraw its application to acquire Arizona-based BNCCORP and its subsidiary BNC National Bank, alleging OppFi's model relies on predatory lending with APRs as high as 195%. The push follows Enova's termination of its Grasshopper Bank bid weeks earlier. OppFi pushed back on the senators' characterization of its business.

HydroEdge Solutions said newly formed parent WET Tech has acquired Reserved Environmental Services and affiliates, combining the two into one of the largest independent water management platforms serving the Marcellus and Utica shales. The combined company runs five Pennsylvania treatment, recycling and storage facilities with roughly 700,000 barrels of storage and up to 116,000 barrels per day of processing capacity, backed by about 350 employees.

Curaleaf Holdings will file a Notice of Variation to lift its hostile offer for Aurora Cannabis to total implied consideration of US$5.00 per share — 0.4013 Curaleaf shares plus US$1.00 cash — an 86% premium to Aurora's unaffected price. Cash consideration rises 33% and the cap price climbs 20% to US$6.00. The enhanced bid was built solely from public information, and Curaleaf is pressing Aurora's board for formal due diligence.

Flex agreed to sell $2.0 billion of Series A Convertible Preferred Stock in Axiom Solutions International — its Cloud and Power Infrastructure segment — to funds affiliated with General Catalyst, Koch Equity Development and co-investors. Proceeds fund Axiom's recently announced acquisition of EPC Power and shore up its balance sheet as it prepares to stand up as an independent, publicly traded company focused on power, thermal and compute infrastructure.

IES Holdings completed its acquisition of DBM Global, a vertically integrated structural steel fabrication, erection and industrial construction platform, for roughly $691 million in cash and IES stock. IES bought 100% of DBM's common stock, including the approximately 91.2% stake held by INNOVATE Corp. DBM generated about $1.5 billion of revenue in the twelve months ended June 30, 2026 and becomes IES's new Structural line of business with roughly 4,000 employees.

Leidos and investment firm Altaris completed their previously announced transaction combining Leidos' Security Enterprise Solutions business with Analogic to form a scaled U.S.-based joint venture operating under the Analogic brand. Leidos retains a significant minority stake in the new company, which serves airport, border and critical infrastructure screening markets. Leidos said the launch sharpens its focus on growth engines under its NorthStar 2030 strategy.

Axe Compute completed its acquisition from Duos Technologies Group of 100% of the special purpose vehicle owning the Columbus, Georgia AI cluster. At closing Axe paid off the SPV's roughly $87.8 million asset-backed loan, with no new equity issued, plus a $42.9 million deferred purchase price payable to Duos in $715,000 monthly installments. The cluster holds 2,304 NVIDIA B300 GPUs, and its customer contract was extended from three years to five.

SAIC completed the acquisition of Information Security Corporation, a three-decade-old provider of public key infrastructure, encryption and credential management software. ISC's suite includes CertAgent, listed on the NSA's Commercial Solutions for Classified components list for more than a decade. SAIC CEO Jim Reagan called it a "strategic tuck-in" that pairs ISC's cryptographic technology with SAIC's zero-trust architecture work for intelligence and defense customers. Terms were not disclosed.

Middle-market private equity firm Aurora Capital Partners acquired Softdocs, a provider of cloud-based enterprise content management and workflow automation software purpose-built for higher education, K-12 and government institutions. Aurora partner Rob Fraser cited Softdocs' strong market position and specialized expertise, with plans to accelerate new capabilities and expand reach. CEO Adam Park will continue leading the company. Financial terms were not disclosed.