GE HealthCare to acquire Intelerad in $2.3bn deal

BY Richard Summerfield

GE HealthCare has announced it has agreed to acquire medical imaging software provider Intelerad in a deal worth $2.3bn, as part of wider aims to create a fully-connected, cloud-first imaging ecosystem and to triple its cloud-enabled product offering by 2028.

The deal is expected to be completed in the first half of 2026, subject to customary closing conditions and regulatory approvals. GE HealthCare intends to fund the transaction with cash on hand and proceeds from debt financing. 

“As hospital and ambulatory care providers face increased demand for imaging and rising patient volumes, they are looking to simplify and unify their workflows,” said Peter Arduini, president and chief executive of GE HealthCare. “Our acquisition of Intelerad will bring additional cloud-enabled and intelligent solutions in radiology and cardiology into our portfolio of products and extend our capabilities into outpatient networks, enabling care teams to be more efficient, improve outcomes, and deliver precision care for patients globally. As a result, we expect to accelerate our growth in SaaS products and recurring revenues as we take another evolutionary step to grow into a healthcare solutions provider.”

“Intelerad is an outstanding strategic fit and is a pioneer in cloud-based imaging software, with a strong portfolio of world-class solutions across care settings. By combining GE HealthCare’s medical device and AI competence at global scale with Intelerad’s enterprise cloud and imaging expertise, we will be even better positioned to meet the evolving needs of healthcare providers, simplify complex workflows, and drive digital innovation across the industry,” said Roland Rott, president and chief executive of imaging at GE HealthCare.  

“Joining GE HealthCare marks an exciting new chapter for Intelerad,” said Jordan Bazinsky, chief executive of Intelerad. “GE HealthCare’s global scale and extensive relationships with key decision makers across hospital systems will fuel the expansion of our connected imaging software offering.  Together, we look forward to advancing digital innovation in healthcare and delivering more integrated AI-enabled solutions that empower our customers to tackle their greatest challenges.”

The deal will see Hg Capital, Intelerad’s majority shareholder, and TA Associates, an investor in the company since 2022, fully exit their investments. During Hg’s ownership, Intelerad significantly expanded its business, growing revenue by more than 3.5 times and completing eight strategic acquisitions. The company now serves over 1500 customers worldwide, supporting more than 230 million medical exams annually and managing 8 billion medical images. Hg is estimated to have invested around $500m into Intelerad in January 2020, with unconfirmed sources placing the total value of the investment at around $650m.

According to Hector Guinness and Laura Grattan, partners at Hg, the firm’s partnership with Intelerad was “an outstanding journey of innovation, growth, and leadership in healthcare technology”.

News: Hg exits Intelerad in $2.3bn sale to GE HealthCare

Veolia acquires Enviri’s Clean Earth in $3bn deal

BY Fraser Tennant

In its biggest and most transformative acquisition since 2022, French energy services group Veolia is to acquire US-based hazardous waste company Clean Earth from environmental company Enviri for $3bn.

Under the terms of the definitive agreement, Enviri shareholders will receive a cash consideration of $14.50 to $16.50 per share in the transaction, which has been unanimously approved by the boards of directors of both Enviri and Veolia.  

Once complete, the transaction will double Veolia’s US hazardous waste footprint to create a number two player in a fast-growing sector, with a nationwide operational platform, wider market coverage and an advanced portfolio of technical capabilities.

The acquisition also represents a significant boost of Veolia’s anchoring in the US and in hazardous waste activities, both identified as key priorities as part of the company’s GreenUp strategic plan.

“In line with our GreenUp focus on growth boosters, this acquisition is a major step in the transformation and strengthening of our financial profile,” said Estelle Brachlianoff, chief executive of Veolia. “It allows us to unlock the full value potential of our US hazardous waste activities and to double our size on this critical fast growing sector.”

The hazardous waste treatment sector is particularly robust, especially in the US, where it is outperforming a challenging economic environment and is considered an essential service for key industries, particularly those undergoing transformation or reshoring production, such as advanced manufacturing, semiconductors, clean-energy production, healthcare and pharmaceuticals.

“This agreement is the result of a comprehensive strategic alternatives process to maximise value for our shareholders and realise the sum of the parts valuation of our businesses,” said Nick Grasberger, chairman and chief executive of Enviri. “This transaction is a testament to our team’s dedication and leadership, and we are confident that the business and its employees will prosper as part of Veolia.”

The transaction is expected to close in the middle 2026, subject to the satisfaction of customary conditions, including approval by Enviri’s shareholders and receipt of necessary authorisations and regulatory approvals.

“The continued transformation of our portfolio enhances the growth profile and strength of our group, uniquely positioned to tackle the sustained demand for environmental security,” said Ms Brachlianoff. “This transaction offers a solid value creation potential with significant synergies.”

News: France's Veolia to buy hazardous waste group Clean Earth for $3 billion

Coatings giants AkzoNobel and Axalta agree $25bn merger

BY Fraser Tennant

In an all-stock merger of equals that will create a premier global coatings company, AkzoNobel and Axalta Coating Systems are to combine with an enterprise value of approximately $25bn.

Under the terms of the definitive agreement, which has been unanimously approved by the AkzoNobel supervisory board, the AkzoNobel board of management and the Axalta board of directors, Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned.

The combination brings together two industry leaders with complementary portfolios of highly regarded brands to better serve customers across key end markets and enhance value for shareholders, employees and other stakeholders.

Anchored in both companies’ proud histories and broad expertise, the combined business will have a highly attractive financial profile, industry-leading innovation capabilities and a balanced global footprint spanning over 160 countries to bring global capabilities to local customers.

“We are excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry,” said Greg Poux-Guillaume, chief executive and chairman of the board of management of AkzoNobel. “This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people to unlock our full combined potential.”

With attractive margins and robust cash flow generation, the combined company is expected to drive identified and actionable run-rate synergies of approximately $600m – 90 percent of which are expected to be achieved within the first three years following the close of the transaction.

“We are pleased to enter into this transaction with AkzoNobel and join our best-in-class platforms to enhance innovation, develop new capabilities and further strengthen customer relationships,” said Chris Villavarayan, chief executive and president of Axalta. “As our industry continues to grow and evolve, this combination with AkzoNobel enables us to do the same, with a sharper competitive edge and new avenues and opportunities for growth.”

The transaction is expected to close in late 2026 to early 2027, subject to approval by shareholders, the receipt of requisite regulatory approvals and other customary closing conditions.

“Together, AkzoNobel and Axalta are positioned to establish a profitable and sustainable path forward as a leader in the coatings industry,” stated Mr Villavarayan. “Like AkzoNobel, we value our people as our greatest asset, and we are excited to unite our rich, innovation-focused cultures.”

News: AkzoNobel, Axalta to merge creating $25 billion paint giant

Merck & Co agrees $9.2bn Cidara deal

BY Richard Summerfield

Pharmaceutical company Merck & Co. has announced is agreement to acquire Cidara Therapeutics for $9.2bn, adding a late-stage antiviral designed to prevent influenza infection to its pipeline.

The deal will see Merck pay $221.50 per share in cash for the company, a premium of 108.9 percent from Cidara’s last closing price before the acquisition was announced. The deal, which has been approved by both Merck’s and Cidara’s boards, is expected to close in the first quarter of 2026.

In recent years, Merck has spent billions of dollars to gain rights to a new kind of preventive flu medicine, hoping that the treatment is poised to become a top seller in the years ahead. The acquisition of Cidara is further evidence of the company’s desire to expand its portfolio of treatments as it prepares for patent losses that are expected to erode its sales by $18bn over the next five years. In 2028, Merck faces patent expiration for Keytruda, the best-selling drug in pharmaceutical history, which accounted for almost half of the company’s revenue in 2024. In July, the company also announced a similar-sized purchase, when it agreed to buy respiratory drugmaker Verona Pharma Plc for around $10bn.

The deal for Cidara revolves around the company’s drug CD388, a long-acting treatment to prevent the flu in people who are at higher risk of complications. CD388 is currently in late-stage trials, with interim study results expected next year. It has also been granted a type of Food and Drug Administration designation that should speed up a future review. In recent research notes, RBC Capital Markets projected a $3.8bn market opportunity for CD388.

CD388 is an antiviral that combines a small molecule with a protein fragment. It is not a vaccine, meaning it does not depend on producing an immune response. Rather, it is a long-acting treatment to prevent the flu in people who are at higher risk of complications. Cidara says CD388 could provide an additional option to vaccines and antivirals to help prevent influenza.

“This acquisition expands and complements our respiratory portfolio and pipeline. Influenza continues to pose a significant global health threat, causing widespread illness, morbidity and death each year especially in older adults and immunocompromised individuals, such as those with cancer and chronic diseases,” said Dean Y. Li, president of Merck Research Laboratories. “CD388 is a novel late-phase candidate with important strain-agnostic properties being evaluated for the prevention of symptomatic influenza in high-risk individuals.”

“We continue to execute our science-led business development strategy, augmenting our pipeline with CD388, a potentially first-in-class, long-acting antiviral designed to prevent influenza in individuals at higher risk of complications,” said Robert M. Davis, chairman and chief executive of Merck. “We intend to build on the Cidara team’s remarkable progress and are confident that CD388 has the potential to be another important driver of growth through the next decade, creating real value for shareholders.”

News: Merck bets on flu prevention with $9.2 billion deal for Cidara Therapeutics

KKR sells Novaria for $2.2bn

BY Richard Summerfield

Investment firm KKR is to sell Novaria Group, a leading provider of engineered aerospace components and specialty processes, to Arcline Investment Management in a transaction valued at $2.2bn, subject to customary closing conditions and regulatory approvals.

Since KKR made its initial investment in Novaria in 2020, the company has more than tripled in size, completing 13 strategic add-on acquisitions that broadened its product portfolio and enhanced its manufacturing footprint. 2025 has been a year of notable deals for Novaria. In January, the company announced it had acquired Bandy Manufacturing from JW Hill Capital in a deal involving two aerospace companies. In July, it announced its acquisition of Precision Aero Corp (PAC), a subsidiary of Precision Products Machining Group.

Today, the company serves over 3000 customers globally and employs over 1600 people across the US. Novaria’s products can be found on virtually every Boeing and Airbus commercial aircraft in service today.

“We are proud of how we built Novaria in partnership with the management team into a resilient aerospace and defense supplier that benefits its employees and customers,” said Josh Weisenbeck, a partner at KKR. “This milestone was enabled by an ownership mindset, operational excellence, and putting our people first, and we are pleased to see all employees share in the value they helped create.”

“This transaction represents the success of our long-standing partnership with KKR and the dedication of the Novaria team,” said Bryan Perkins, chief executive of Novaria Group. “Novaria’s focus on customer partnership within the aerospace industry has driven remarkable results, and this outcome is a reflection of the collective effort and commitment of our colleagues.”

“Novaria has a proven track record of identifying, acquiring and growing niche aerospace product businesses that share a common culture rooted in innovation and customer service,” said Arcline in a statement. “We’re excited to partner with Bryan and the entire Novaria team to continue executing this strategy.”

Founded in 2011 and headquartered in Fort Worth, TX, Novaria is a leading provider of niche engineered components and specialty processes that serve the aerospace and defence industries. With a mission to improve the aerospace supply chain, the company is dedicated to delivering exceptional customer service and quality to its customers. KKR acquired Novaria from Rosewood Private Investments and Tailwind Advisors through its Americas XII Fund for an undisclosed amount.

Arcline Investment Management is a growth-oriented private equity firm with over $20bn in assets under management. It seeks to build the next generation of industrial compounders – market-leading, non-disruptible industrial platforms designed to consistently grow earnings over decades.

Upon completion of the deal, all Novaria employees will receive cash payouts when the transaction closes through an employee ownership programme established during KKR’s ownership, as is customary for the firm. According to KKR, this programme boosts productivity, revenue and retention.

News: Arcline Investment Management to Acquire Novaria Group from KKR for $2.2 Billion