Boston Scientific agrees $14.5bn Penumbra deal

BY Richard Summerfield

In a move which will bolster its cardiovascular reach, Boston Scientific has agreed to acquire medtech firm Penumbra in a deal valued at about $14.5bn.

Under the terms of the agreement, which has been approved by the board of directors of each company, the transaction values each Penumbra share at $374, Penumbra stockholders have the right to elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock, valued at $374 based on the volume weighted average price of Boston Scientific common stock over the last 10 trading days, as of 13 January 2026, subject to proration. The total transaction consideration is approximately 73 percent in cash and approximately 27 percent in shares of Boston Scientific common stock.

The transaction is expected to complete in 2026, ⁠and Penumbra’s chairman and chief executive officer, ‌Adam Elsesser, will then join Boston’s board.

“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space,” said Mike Mahoney, chairman and chief executive of Boston Scientific. “The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”

“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care,” said Mr Elsesser. “I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”

According to a statement announcing the deal, Penumbra expects to deliver fourth quarter reported revenue growth in the range of approximately 21.4-22 percent and full year 2025 reported revenue of approximately $1.4bn, representing growth in the range of approximately 17.3-17.5 percent over the prior fiscal year.

Boston Scientific expects to finance the approximately $11bn cash portion of the transaction consideration with a combination of cash on hand and new debt. The transaction is expected to be $0.06-0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year following the close of the acquisition, neutral to slightly accretive in the second year, and more accretive thereafter. The impact to generally accepted accounting principles (GAAP) earnings per share is expected to be dilutive in the first full year following the close, and less dilutive or increasingly accretive thereafter, due to amortisation expense and acquisition-related net charges.

News: Boston Scientific beefs up heart device portfolio with $14.5 billion Penumbra deal

U.S. Bancorp strikes $1bn BTIG deal

BY Richard Summerfield

Trading, research and prime brokerage firm BTIG is to be sold to U.S. Bancorp in a $1bn cash and stock deal. The acquisition will see U.S. Bancorp pay $725m in cash and ⁠stock upfront, plus up to an additional $275m in cash over three years, ‍contingent on meeting performance targets.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.

“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” said Gunjan Kedia, chief executive of U.S. Bancorp. “This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”

“With a long history of successful collaboration, we are thrilled to join U.S. Bancorp as a means of increasing our collective impact with institutional and corporate clients,” said Anton LeRoy, chief executive of BTIG. “Our clients will continue to enjoy the same level of high-touch service and attention from our committed leadership team, while our employees will benefit from additional resources and new opportunities as part of a leading global financial institution.”

“BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients,” said Stephen Philipson, vice chair and head of wealth, corporate, commercial and institutional banking at U.S. Bancorp. “BTIG’s addition to U.S. Bancorp is a strategic move to fill key product gaps for our corporate and institutional clients, enabling us to offer a more comprehensive suite of capital markets services. At the same time, BTIG clients will gain access to U.S. Bancorp’s robust financial platform and extensive product set, including investment services, asset management, wealth management and payments.”

“Today marks an exciting new chapter for BTIG,” said Steven Starker, co-founder and executive chairman of BTIG. “Joining forces with U.S. Bancorp will allow us to accelerate our growth and further enhance client service. We are energized by the shared vision between our organizations and confident that our combined capabilities will deliver significant value and drive future success.”

The transaction is expected to have negligible 2026 earnings per share impact and decrease U.S. Bancorp’s Common Equity tier one capital ratio by approximately 12 basis points at the time of closing. The transaction will have no impact on near-term capital return plans.

Founded in 2005, BTIG is among the top 10 US brokers for high-touch equity volume executed and has been part of more than 1275 announced investment banking transactions since 2015. With more than 700 employees, BTIG and its affiliates operate in 20 cities throughout the US, Europe, Asia and Australia.

Following the transaction, the BTIG leadership team will join U.S. Bancorp and continue to lead the business going forward. Mr LeRoy will remain chief executive of BTIG, reporting to Mr Philipson. Mr Starker will continue his current day-to-day role of engaging and interacting with BTIG’s largest institutional and corporate clients and driving business development across all departments.

News: U.S. Bancorp deepens capital markets presence with up to $1 billion BTIG buy

OneStream acquired by Hg in $6.4bn deal

BY Fraser Tennant

In an all-cash transaction that takes the US financial software maker private only 17 months after its initial public offering, OneStream is to be acquired by buyout firm Hg for approximately $6.4bn.  

Under the terms of the definitive agreement, OneStream shareholders will receive $24 per share in cash. The per-share purchase price represents a 31 percent premium to OneStream’s closing share price on 5 January 2026.

Upon completion of the transaction, OneStream will become a privately held company and will no longer be listed or traded on any public stock exchange.

OneStream’s majority voting shareholder General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm.

“This transaction marks a pivotal moment for OneStream and our vision to be the operating system for modern finance,” said Tom Shea, chief executive of OneStream. “As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. Through this partnership, we are able to significantly advance our artificial intelligence (AI)-first go-to-market strategy and expand our finance AI capabilities at a rapid pace.”

With over 1700 customers, including 18 percent of the Fortune 500, a strong ecosystem of go to market, implementation and development partners and 1600 employees, OneStream’s vision is to be the operating system for modern finance.

“We are excited to support Mr Shea and the OneStream team,” said Joe Jefferies, a partner at Hg. “We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships.”

Following closure, Mr Shea will continue to serve as chief executive of OneStream alongside the current leadership team, with the company maintaining its headquarters in Birmingham, Michigan.

The transaction, which has been unanimously approved by OneStream’s board of directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

“This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem,” noted Mr Shea. “We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking finance customers.”

News: Hg Capital to buy OneStream in $6.4 billion take private deal; shares jump 28%

Vistra acquires Cogentrix Energy in $4bn deal

BY Fraser Tennant

In a move designed to meet growing power demands, US utility company Vistra is to acquire independent power producer Cogentrix Energy from US private equity firm Quantum Capital Group in a cash and stock transaction valued at $4bn.

Under the terms of the definitive agreement, the purchase of Cogentrix will be made up of $2.3bn in cash, $900m in Vistra stock and the assumption of $1.5bn in debt, partially offset by tax benefits expected to total roughly $700m.

“The Vistra team is excited to announce the acquisition of the Cogentrix portfolio, marking the second opportunistic expansion of our generation footprint over the past year to support our ability to serve growing customer demand in our key markets,” said Jim Burke, president and chief executive of Vistra. “Successfully integrating and operating generation assets is a major undertaking, and our talented team continues to demonstrate that it is a core competency of our company.”

Vistra’s acquisition consists of 10 modern natural gas generation facilities totalling approximately 5500 MW of capacity, including three combined cycle gas turbine facilities and two combustion turbine facilities, four combined cycle gas turbine facilities and one cogeneration facility.

The deal to acquire Cogentrix follows Vistra’s $1.9bn deal in May 2025 for seven gas-fired plants with nearly 2600 MW of combined capacity from Lotus Infrastructure Partners.

“We are pleased to have reached an agreement to sell substantially all of the Cogentrix portfolio to Vistra,” said Wil VanLoh, founder and chief executive of Quantum Capital Group. “We are excited to become shareholders of Vistra and have much confidence in Vistra’s ability to deliver long-term value through its industry-leading portfolio and operational excellence. Quantum thanks the Cogentrix team for their partnership and looks forward to seeing the business continue to grow as part of Vistra.”

The transaction – which is expected to close in mid to late 2026 – is subject to certain regulatory approvals, including by the Federal Energy Regulatory Commission, the Department of Justice under the Hart-Scott-Rodino Act and certain state regulatory approvals.

“Vistra continues to look for opportunities that allow us to meet the growing demand of customers and meet our disciplined investment thresholds,” concluded Mr Burke. “We look forward to closing the transaction and welcoming new team members to the Vistra family.”

News: Vistra to buy Cogentrix Energy in $4.7 billion deal amid surging power demand

Jacobs Solutions to acquire remaining PA stake for £1.2bn

BY Richard Summerfield

Jacobs Solutions has agreed to acquire the remaining stake it did not already own in PA Consulting in a deal worth around £1.216bn upfront plus £75m deferred.

The deal, which values PA - a global consulting firm providing services across diverse sectors such as consumer and manufacturing, defence and security, and energy and utilities - at around £3.05bn, is expected to close by the end of Jacobs’ fiscal 2026 second quarter.

The transaction is structured with Jacobs acquiring the remaining stake of PA Consulting, which is primarily held by PA existing and former employees, for an upfront consideration of approximately £1.216bn, which is inclusive of expected upward adjustments through the anticipated closing date. The upfront consideration, net of certain transaction expenses payable by the shareholders, will be paid 80 percent in cash and 20 percent in Jacobs’ shares.

According to a statement announcing the deal, the transaction also includes a deferred consideration of £75m which is payable in Jacobs’ shares as valued on the two-year anniversary following closing, cash or a combination thereof, at Jacobs’ election. Jacobs intends to fund the cash portion of the upfront consideration through a combination of cash-on-hand and existing and incremental debt facilities.

The total upfront consideration for the remaining stake will be approximately £1.216bn, reflecting a valuation for 100 percent of the business of approximately £3.05bn, or 13 times expected calendar year 2025 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) before synergies, and 12.3x including estimated synergies.

The transaction has been unanimously approved by Jacobs’ board of directors and PA’s stakeholder representatives. PA’s stakeholder representatives and members of the company’s key leadership team have given irrevocable undertakings to vote in favour of the transaction.

“Since our strategic investment in March 2021, our collaboration with PA Consulting has accelerated profitable growth and reinforced Jacobs’ leadership as we redefine the asset lifecycle - embedding us earlier in client journeys and expanding our impact across strategy, transformation and advisory,” said Bob Pragada, chair and chief executive of Jacobs. “Jacobs’ deep understanding of infrastructure delivery, capital asset cycles and highly technical program management complement PA Consulting’s strategic advisory, innovation and transformation capabilities – together enabling us to transform bold ideas into practical, optimized outcomes for our clients.

“This is a key milestone for our business and underscores our disciplined approach for return-focused capital allocation and our priority to drive sustained value creation. Our partnership during the past 4+ years demonstrates we are positioned to enhance Jacobs’ margin profile even further and unlock synergies, including new cross-sell opportunities,” he added.

“By fully bringing together the expertise of PA and Jacobs, we can better empower clients to overcome today’s complexities and embrace tomorrow’s opportunities with confidence,” said Christian Norris, chief executive of PA Consulting. “We know that, together, we’re making a positive difference to businesses, economies and societies. Investing and extending PA’s valuable brand and positioning in innovation and transformation consulting will enable us to tackle the broadest range of client challenges. Looking ahead, I’m excited to build on what we’ve achieved for clients so far and deliver even greater impact as one global company.”

News: Jacobs to acquire remaining stake in PA Consulting for $1.6 billion