ARC Resources sold to Shell for $16.4bn

BY Richard Summerfield

Canadian shale producer ARC Resources is to be sold to Shell in a cash and stock deal valued at $16.4bn.

Under the terms of the deal, ARC shareholders will receive C$8.20 in cash and 0.40247 Shell shares for each share, or around 25 percent cash and 75 percent shares at a 20 percent premium to ARC’s average share price over the last 30 days.

The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.

The transaction will add roughly 370,000 barrels of oil equivalent per day (boed) of production to Shell’s portfolio and approximately 2 billion barrel of oil equivalent of proved plus probable reserves, strengthening its upstream base and supporting growth through the end of the decade. Shell believes that the deal would boost production growth from 1 percent a year to 4 percent and add 2 billion barrels to its proved and probable reserves. The transaction will bring together ARC’s more than 1.5 million net acres and Shell’s approximately 440,000 net acres in the Montney shale basin in Canada.

Shell expects the acquisition to lift its annual production growth to 4 percent through 2030, compared with 2025 levels. This raises the target from the 1 percent previously stated at its 2025 Capital Markets Day. The company aims to maintain liquids production at roughly 1.4 million barrels per day through 2030 and the following years.

“Over our 30-year history, we have built a strong and resilient Canadian energy company defined by the depth of our world-class Montney assets, low-cost operations, leadership in responsible development, and high-performance people and culture,” said Terry Anderson, president and chief executive of ARC Resources. “On behalf of our leadership team, I would like to thank our people for their dedication and commitment to excellence in all facets of our business. Through this transaction, we will realize this tremendous value and become part of a dynamic global energy leader capable of realizing the full potential of our business and delivering on Canada’s exciting energy future.”

“The ARC Board unanimously recommends this strategic transaction to our shareholders,” said Hal Kvisle, chair of the board at ARC. “This agreement delivers compelling value for our shareholders and brings together two companies with shared commitments to safety, operational excellence and care for communities and people – strengthening our ability to deliver resilient, long-term value creation for many years to come.”

“ARC is a high-quality, low-cost and top-quartile low carbon intensity producer that complements our existing footprint in Canada and strengthens our resource base for decades to come,” said Wael Sawan, chief executive of Shell. “ARC has demonstrated a strong track record of operational excellence and responsible development which aligns closely to how we do business. We look forward to welcoming our new colleagues into the organization and together, furthering our strategy of delivering more value with less emissions.”

For Shell, the deal marks a major bolstering of its operations North America, particularly after the company sold its US shale business in the Permian Basin in Texas to ConocoPhillips in 2021 for $9.5bn.

News: Shell to acquire Canada's ARC in output-boosting $16.4 billion deal

Blue Owl to acquire Sila Realty Trust in $2.4bn deal

BY Richard Summerfield

Blue Owl Capital’s real estate investment arm has agreed to acquire US net lease real estate investment trust (REIT) Sila Realty Trust in a deal worth $2.4bn

Under the terms of the deal, Blue Owl will pay $30.38 per share for all the outstanding shares ​of the Tampa, Florida-based REIT, a 19 percent premium to Sila’s closing price of $25.53 ​on 17 April, the day before the announcement.

The addition of Sila, which owns 137 real estate properties and three undeveloped land parcels, located in 65 markets across the US, will bolster the real estate division of Blue Owl. That division currently accounts for around a quarter of the company’s roughly $307bn in assets under management. It also invests in industrial facilities and ​data centres, and credit secured by other properties.

The transaction, which has been unanimously approved by Sila’s board of directors, is expected to close in the second or third quarter of 2026, subject to approval by Sila’s shareholders and other customary closing conditions. Subject to and upon completion of the transaction, Sila will become a private company, and shares of Sila’s common stock will be de-registered under the Securities Exchange Act of 1934 and will no longer trade on the New York Stock Exchange.

“I am extremely proud of the company that we have built at Sila Realty Trust,” said Michael A. Seton, president and chief executive officer of Sila. “Our success in curating a portfolio of high-quality net lease healthcare properties is a testament to the vision, skill, dedication, and culture to which all my colleagues have contributed. Sila’s management team’s unwavering commitment to put our shareholders as our top priority is evidenced by the undertaking of a strategic process and execution of this transaction with Blue Owl managed funds, the leading global investor in net lease assets and sale-leasebacks. The consummation of this transaction will provide significant and immediate realized benefit to our shareholders.”

“We are extremely excited to acquire one of the best‑in‑class healthcare net lease portfolios in the market,” said Marc Zahr, co-president and global head of real assets at Blue Owl. “Michael and the Sila team have curated a highly diversified collection of critically important healthcare assets across the continuum of care, underpinned by strong tenant fundamentals, long‑term triple‑net leases, and robust rent coverage. This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”

News: Sila Realty Trust to be Acquired by Affiliates of Blue Owl for $2.4 Billionto-be-Acquired-by-Affiliates-of-Blue-Owl-for-%242.4-Billion

Amazon to acquire Globalstar in $11.57bn deal

BY Fraser Tennant

Looking to bolster its nascent satellite business, US multinational technology company Amazon.com is to acquire mobile satellite services operator Globalstar in a transaction valued at $11.57bn.

Under the terms of the definitive merger agreement, Globalstar stockholders will receive for each share of Globalstar common stock they own either $90 in cash or 0.3210 shares of Amazon common stock with a value capped at $90 per share.

Globalstar’s satellite network is designed for reliable, low-data connections ​directly to mobile devices or direct to device (D2D) technology that removes the need for devices to connect to ground-based cellular towers, making them ⁠crucial in powering emergency services and delivering connectivity in areas with limited cellular coverage.

The deal enables Amazon Leo – a low-Earth orbit satellite network established by Amazon in 2019 – to add D2D services to its low Earth orbit satellite network and extend cellular coverage to customers beyond the reach of terrestrial networks. In addition to the agreement with Globalstar, Amazon and Apple signed an agreement to provide satellite connectivity for current and future iPhone and Apple Watch features.

With the new capabilities part of its long-term vision for space-based connectivity, Amazon plans to work with mobile network operators and additional partners to deliver on that vision and extend reliable, high-speed connectivity to customers.

“By combining Globalstar’s proven expertise and strong foundation with Amazon’s customer-obsession and innovation, customers can expect faster, more reliable service in more places,” said Panos Panay, senior vice president of devices & services at Amazon. “We are excited to support Apple users through the Leo D2D system, and look forward to working with mobile network partners to help extend coverage to every corner of the planet.”

Globalstar stockholders holding approximately 58 percent of the combined voting power of the outstanding shares of Globalstar common stock have approved the transaction.

“For more than 30 years, Globalstar has executed on this vision through sustained, long-term investment in technological innovation, operational excellence and development of globally harmonised spectrum across both satellite and terrestrial applications,” said Paul Jacobs, chief executive of Globalstar. “We have long believed low Earth orbit satellite constellations offer the most effective path to truly connect users and devices anywhere and anytime.”

The transaction is expected to close in 2027, subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals and the achievement by Globalstar of certain replacement satellite milestones.

Mr Jacobs concluded: “The combination will advance innovations in digital connectivity that will benefit our customers and advance us toward a more intelligent, continuously connected world.”

News: Amazon to buy satellite firm Globalstar in $11.57 billion deal to take on Musk’s Starlink

Waygate Technologies sold to Hexagon in $1.45bn deal

BY Richard Summerfield

Energy technology company Baker Hughes has announced it is to sell its Waygate Technologies business to Hexagon, a global leader in measurement technologies, in a deal worth around $1.45bn.

The transaction, which is subject to customary conditions, including regulatory approvals, is expected to close in the second half of 2026 and will be paid for in cash and on a debt-free basis.

The sale includes Waygate Technologies’ remote visual inspection, ultrasound, radiography and imaging solutions portfolios, alongside all assets of the business, including intellectual property, footprint and resources.

Hexagon, which is headquartered in Stockholm, Sweden, has approximately 24,500 employees in 50 countries. A global leader in precision measurement, positioning and autonomous solutions, Hexagon provides the confidence that customers rely on to build, navigate and innovate, driving productivity, quality, safety and sustainability in industries like aerospace and defence, automotive, construction, general manufacturing and mining.

The sale of Waygate is another in a series of transactions carried out by Baker Hughes in recent months. In addition to divesting Waygate, the company has also recently completed three other transactions and is in the process of acquiring Chart Industries in a $13.6bn ⁠all-cash deal. According to Baker Hughes, these actions are intended to enhance the durability of earnings and cash flow, with the proceeds further reinforcing the strength of its balance sheet.

Lorenzo Simonelli, chairman and chief executive of Baker Hughes, said the transaction represents an important new milestone and underscores the company’s continued focus on creating long-term shareholder value. He explained that by concentrating more sharply on core capabilities such as rotating equipment, flow control, digital solutions, production optimisation and decarbonisation, Baker Hughes is positioning itself to generate stronger returns while increasing investment in high-growth areas that support its long-term strategic vision.

Anders Svensson, president and chief executive of Hexagon, said the acquisition represents a natural and exciting next step in the evolution of Hexagon Manufacturing Intelligence’s strategy. He noted that Waygate Technologies adds world‑class inspection capabilities and strong, longstanding customer relationships in markets that closely complement Hexagon’s own.

By bringing together Waygate’s non‑destructive testing expertise with Hexagon’s precision measurement portfolio, software strengths and global infrastructure, the combined business is expected to offer a uniquely integrated solution, helping customers deliver higher quality, improved efficiency and greater confidence throughout the entire product lifecycle.

Mr Svensson also highlighted a substantial opportunity to generate additional value by applying Hexagon’s operating model – focused on close customer engagement, clear accountability and robust performance management – to Waygate’s operations, supporting meaningful margin improvement over the medium term.

News: Baker Hughes to sell Waygate unit to Hexagon for about $1.45 billion

Gilead agrees $5bn Tubulis deal

BY Richard Summerfield

Gilead Sciences has agreed to acquire Tubulis, a private, clinical-stage biotechnology company focused on developing next-generation antibody-drug conjugates (ADCs), in a deal worth around $5bn.

Under the terms of the sale and purchase agreement, Gilead will acquire all of the outstanding equity of Tubulis for $3.15bn in upfront cash consideration on a cash-free, debt-free basis, subject to customary adjustments, which is payable at closing, and up to $1.85bn in contingent milestone payments.

Closing of the transaction is subject to expiration or termination of certain regulatory filings and other customary conditions. The transaction is expected to close in the second quarter of 2026. Gilead plans to finance the transaction with a combination of cash on hand and senior unsecured notes.

“The agreement to acquire Tubulis is a significant milestone in Gilead’s progress in oncology. The company brings a clinical-stage candidate that is a potential new treatment for ovarian cancer, as well as a next-generation ADC platform and a promising early pipeline,” said Daniel O’Day, chairman and chief executive of Gilead Sciences. “Today’s agreement follows a two-year collaboration with Tubulis, which has given us strong conviction in their programs and research capabilities. Bringing this potential into Gilead would further expand what is already the strongest and most diverse pipeline in our company’s history.”

“From the outset, we believed our conjugation technology platforms could have broad impact across the ADC field and the initial data from TUB-040 have reinforced that conviction,” said Dominik Schumacher, chief executive and co-founder of Tubulis. “Joining Gilead allows us to build on this foundation within an organization that brings deep scientific expertise, global development capabilities, and the scale needed to translate innovation into medicines for patients worldwide. Through our existing collaboration, Gilead has already seen the potential of our technologies and together, we are well positioned to accelerate the development of our ADC pipeline.”

Upon completion of the deal, Tubulis will operate within Gilead as a dedicated ADC research organisation. With its Munich site serving as a hub for ADC innovation, the company will continue to build on its integrated discovery, manufacturing and clinical capabilities to advance next-generation ADCs.

Gilead has announced a number of notable deals in recent months, including the acquisition of Arcellx for up to $7.8bn in February, as well as a deal worth more than $2bn to acquire privately held biotech firm Ouro Medicines in March.

News: Gilead to buy Germany's Tubulis for up to $5 billion to boost cancer pipeline