QVC files for Chapter 11 to implement RSA

BY Fraser Tennant

Citing major financial headwinds, US media conglomerate QVC Group – the parent company behind well-known shopping channels QVC and HSN – has filed for Chapter 11 bankruptcy protection.

The filing will allow QVC to implement a restructuring support agreement (RSA) with holders representing a significant majority of the company’s outstanding funded debt. No layoffs or furloughs are planned in connection with the financial restructuring process.

Aiming to cut its debt from $6.6bn to $1.3bn and exit bankruptcy within 90 days, the RSA outlines the terms of a comprehensive prepackaged financial restructuring plan that will substantially reduce the company’s debt and strengthen its financial position.

As of 31 December 2025, QVC had over $1bn in domestic cash and cash equivalents. Together with cash generated from ongoing operations, the company has ample liquidity to meet its business obligations during the court-supervised process. Under the terms of the RSA, all third-party general unsecured creditors will have their claims paid in full or reinstated.

Not included in the court-supervised process are QVC’s subsidiaries and entities outside of the US. The only exception is a non-operating subsidiary in Luxembourg that has no team members, customers, vendors or business partners.

The company’s global business operations are continuing as normal, including customer-facing operations in the UK, Germany, Japan and Italy, and paying vendors and suppliers as usual across all of these geographies.

“We have consolidated our HSN and QVC operations, struck new deals with critical social and media partners, and rebalanced sourcing to account for the changing tariff environment,” said David Rawlinson, president and chief executive of QVC Group. “We are uniquely positioned to compete and win in live social shopping, and are seeing early momentum in our WIN Growth Strategy.”

Launched in 2024, the WIN Growth Strategy aims to drive long-term growth and profitability by repositioning QVC as a cross-platform live shopping ecosystem, spanning social media, streaming services, e-commerce sites and traditional TV broadcast channels.

“We appreciate the ongoing support of our valued vendors and business partners, and we are grateful to our team members for their unwavering dedication to QVC Group and our customers,” concluded Mr Rawlinson. “The Chapter 11 process will allow for QVC Group to have the financial structure it needs to accelerate our return to growth.”

News: TV shopping empire behind QVC, HSN files for bankruptcy amid mounting losses

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

Neurocrine to acquire Soleno Therapeutics in $2.9bn deal

BY Fraser Tennant

In its largest M&A deal, US biopharmaceutical company Neurocrine Biosciences is to acquire rare-disease drugmaker Soleno Therapeutics in an all-cash transaction valued at $2.9bn.

Under the terms of the definitive agreement Neurocrine, through a subsidiary, will commence a cash tender offer to acquire all of the outstanding shares of Soleno’s common stock at a price of $53 per share, representing a premium of approximately 34 percent to Soleno’s closing share price on 2 April 2026.

The acquisition of Soleno and the addition of VYKAT XR (diazoxide choline), a first-in-class therapy to treat hyperphagia, the defining feature of Prader-Willi syndrome (PWS), will expand Neurocrine’s portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease.

“This transaction will advance Neurocrine's mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy,” said Kyle W. Gano, chief executive of Neurocrine Biosciences. “We share the Soleno team’s deep commitment to the Prader-Willi syndrome community and look forward to leveraging our experience and capabilities to expand VYKAT XR’s reach to benefit more patients, while further strengthening Neurocrine’s leadership in delivering transformative medicines.”

Following its approval by the Food and Drug Administration and successful US launch in the second quarter of 2025, VYKAT XR has demonstrated strong early adoption, generating $190m in 2025 revenue, including $92m for Soleno in the fourth quarter alone. When supported by Neurocrine’s medical and commercial infrastructure, VYKAT XR is expected to continue to improve care for patients with PWS while delivering long-term value to Neurocrine shareholders.

“Neurocrine is the right strategic partner to expand the reach of VYKAT XR in the Prader-Willi syndrome community given their experience in endocrinology and rare disease and their proven ability to execute successful commercial launches,” said Anish Bhatnagar, chairman and chief executive of Soleno. “We are excited to accelerate VYKAT XR’s impact for PWS patients following completion of the transaction by leveraging Neurocrine's strong commercial capabilities.”

The boards of directors of both companies have approved the transaction, which is expected to close within 90 days of its announcement, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

Mr Gano concluded: “We congratulate Soleno on developing and launching VYKAT XR, showing strong results in a complex disease and enabling broad utilisation with a clear label, and we look forward to working together to continue to help patients in need.”

News: Neurocrine expands into metabolic diseases with $2.9 billion Soleno buyout