Deal Dispatch: SpaceX Ties Up With xAI, Kirin Sells Four Roses Bourbon, Billionaire's Mining Merger Collapses

New On The Block

• I Squared Capital is considering options for its Asian data center business BDx, including a sale, according to Bloomberg. The price could be up to $2 billion.

Updates From The Block

• Kirin Holdings agreed to sell the Four Roses bourbon brand to Modesto, California-based E. & J. Gallo Winery for an estimated $775 million (around 120 billion yen).

• Genius Sports has agreed to acquire digital sports and gambling media company Legend for $1.2 billion, according to Sportico. The deal includes $900 million upfront—$800 million in cash and $100 million in stock—along with an earnout of up to $300 million over two years. Following the announcement, Genius’ stock dropped by 27%, closing at $6.19 per share. The acquisition will be financed with an $850 million loan, and the company expects its debt-to-EBITDA ratio to stay below 3x after the deal closes in Q2 2026.

• SiTime Corp. (NASDAQ:SITM) has agreed to acquire Renesas Electronics Corp.‘s timing unit in a cash-and-stock deal valued at approximately $2.9 billion. The transaction consists of $1.5 billion in cash and 4.13 million shares of SiTime, valued at $347.96 each. SiTime will fund the cash portion using its own resources and a $900 million debt financing from Wells Fargo. Renesas CEO Hidetoshi Shibata will join SiTime's board upon the deal’s expected closure by year-end. This acquisition was confirmed following prior reports of the nearing deal.

• Concorde International Group Ltd (NASDAQ:CIGL) shares rose 61.11% in after-hours trading to $4.35 on Tuesday, following the announcement of a merger agreement with Hong Kong-based YOOV Group Holding Limited valued at $600 million. According to a regulatory filing, YOOV, which provides artificial intelligence–as–a–service solutions focused on business automation through a cloud platform, will become a wholly owned subsidiary of CIGL through a merger.

Off The Block

• Billionaire Ivan Glasenberg had been chasing the White Whale of mining M&A, a merger between Glencore (OTC:GLCNF) and Rio Tinto (NYSE:RIO). For much of the past month, it looked like Glasenberg, a former Glencore
  CEO and the largest shareholder, would finally succeed. The two companies were locked in the most serious talks, discussing a $200 billion-plus merger, the fourth in 20 years. And then, according to the Financial Times, talks collapsed.

• Ares Management Corp (NYSE:ARES) has completed its acquisition of London-based systematic fixed-income manager BlueCove Limited. The BlueCove business will operate as Ares Systematic Credit, the company said in a press release. Ares Systematic Credit is comprised of 60 professionals based in London and specializes in investment and portfolio management, research and engineering. The group will be led by BlueCove's CEO Alex Khein.

• Elon Musk's SpaceX has merged with xAI. The deal values SpaceX at $1 trillion and xAI at $250 billion. Analyst Dan Ives predicts that Musk may eventually merge Tesla (NASDAQ:TSLA) with SpaceX/xAI, creating an “AI juggernaut” and boosting Tesla’s position in the AI revolution.

Bankruptcy Block

• Bankrupt Nine Energy Service Inc., saddled with roughly $388 million in debt and $340.7 million in assets, reached an agreement with debt holders to eliminate $320 million of senior secured notes, reducing annual interest expenses by $40 million. Nine will continue operating during the court-supervised process and has secured $125 million in debtor-in-possession financing to support its operations.

• Carbon Health has filed for Chapter 11 bankruptcy relief in Texas, reaching a restructuring agreement with its lenders to facilitate recapitalization and new ownership. The company plans to pursue a dual-track process, including a debt-for-equity exchange and asset sale, with up to $19.5 million in debtor-in-possession financing to support operations during the restructuring. Carbon Health, which listed assets and liabilities between $100 million and $500 million, aims to strengthen its financial foundation and continue delivering patient care with minimal disruption.

• Catalyst Brands — responsible for the operations of several brands in Authentic Brands Group's stable — is readying a bankruptcy filing for the entity that runs Eddie Bauer's locations, according to Retail Dive.

For the previous edition of Deal Dispatch, click here.

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