Deal Dispatch: Britney Spears Sells, Humana Eyes MaxHealth, Mercedes Spins Off Stake

New On The Block

• Mercedes-Benz Group AG plans to sell part of its 35% stake in Daimler Truck Holding AG to raise funds, with the stake valued at around €12 billion ($14.2 billion). Proceeds will be returned to shareholders, and details of the sale will be provided in May. Despite the cash infusion, Mercedes-Benz is bracing for a tough year. Margins will likely stay flat due to trade tensions and stiff competition in China.

• Baker Hughes Co. is considering selling its Waygate Technologies unit, which provides industrial testing and inspection equipment. The sale could be worth around $1.5 billion and is expected to attract interest from private equity firms. The company is working with advisers on the potential divestment, though deliberations are still ongoing, and there's no certainty the deal will happen. Waygate Technologies, based in Hürth, Germany, specializes in radiographic testing systems, CT scanners, and other inspection equipment. It was founded in 2004 as GE Inspection Technologies and has been part of Baker Hughes since 2017.

• ByteDance is in advanced talks to sell Shanghai Moonton Technology, creator of “Mobile Legends: Bang Bang.” Saudi Arabia's Savvy Games Group is the likely buyer. Reuters reports that the $6 billion–$7 billion deal could close as soon as this quarter, with the companies having agreed on broad terms.

Updates From The Block

• Activist investor Ancora Holdings has reportedly taken a $200 million stake in Warner Bros Discovery (NASDAQ:WBD) and intends to oppose the HBO owner’s agreed $82.7 billion sale to Netflix (NASDAQ:NFLX), arguing that WBD’s board has not given adequate consideration to a rival bid from Paramount Skydance Corp (NASDAQ:PSKY). The move comes after David Ellison-led Paramount sweetened its hostile bid for WBD by adding a “ticking fee” payable to its shareholders for any potential delays in receiving regulatory approval for the deal, and a $2.8 billion termination fee payout to Netflix.

• Britney Spears has signed a major deal to sell her music catalog rights to Primary Wave, TMZ reported. While the exact payout is unclear, sources suggest it's a landmark deal similar to Justin Bieber's $200 million sale. The deal includes hits like “…Baby One More Time”, “Toxic”, and “Oops!… I Did It Again”, among others. It was signed on Dec. 30, and Britney, managed by Cade Hudson, is reportedly pleased with the sale.

• Humana Inc (NYSE:HUM) is in advanced talks to acquire MaxHealth, a Florida primary care operator, in a deal reportedly worth about $1 billion, according to Bloomberg. Sources said an announcement could come within days, though no final agreement has been reached. Representatives for MaxHealth, its private equity backer Arsenal Capital Partners, and Humana declined to comment. The acquisition would expand Humana's CenterWell division. Humana CEO Jim Rechtin hinted on this week's earnings call that a primary care acquisition was imminent, and this deal could be the company's next big move.

Off The Block

• An affiliate of Lone Star has completed the previously announced acquisition of Hillenbrand Inc in an all-cash transaction with a total enterprise value of approximately $3.8 billion. The transaction was announced on Oct. 15, 2025, and approved by Hillenbrand’s shareholders at the Company’s Special Meeting of shareholders on Jan. 8, 2026. With the completion of the acquisition, Hillenbrand’s common stock has ceased trading and will be delisted from the New York Stock Exchange. The Company will continue to operate under the Hillenbrand name.

Bankruptcy Block

• Cookie company Taylor Chip announced a bankruptcy filing and the closure of its Philadelphia locations. The Lancaster County-based company, launched seven years ago as a self-funded operation, said it took on additional risk as it expanded. "Some worked. Others did not. That reality is part of building a business," the company said. Taylor Chip signed leases in Philadelphia in late 2022, expecting stores to open in about three months, similar to prior locations. Instead, permit delays stretched the process to nearly two years, generating ongoing expenses without full operations. Without outside investors, the company relied on "creative financing," but the Philadelphia stores could not generate enough profit to offset the debt. Taylor Chip will continue operating its rural locations in York, Hershey, Intercourse, and Manheim Township, as well as its e-commerce business and new initiatives, including Taylor Chip Nutrition, refocusing on areas with stronger growth potential.

• Francesca’s, following its second Chapter 11 filing, has received a $7 million stalking horse bid for its intellectual property from Stand Out For Good, Inc., the parent company of Altar’d State. The deal includes a $210,000 break-up fee and up to $150,000 in cost reimbursements and requires bankruptcy court approval. Competing bids can be submitted until March 5, with a sale hearing set for March 12. Over 20 potential buyers evaluated the opportunity, 10 signing NDAs and conducting due diligence, with four submitting formal proposals. Founded in 2009, Stand Out For Good operates nearly 180 stores in 38 states under brands including Altar’d State, Tullabee, AS Revival, Arula, and Vowe’d.

For the previous edition of Deal Dispatch, click here.

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