OCS Group International has agreed to acquire Mitie for $4.2bn

BY Richard Summerfield

OCS Group International Ltd has agreed to buy rival Mitie Group Plc in a $4.2bn deal which will combine two of Britain’s largest facilities management companies.

Under the terms of the deal, which is expected to close in the first quarter of 2027, Mitie shareholders will receive 218.5p a share in cash and retain the planned 3.1p final dividend, valuing the offer at up to 221.6p a share. The offer represents a 47 percent premium to Mitie’s closing share price on Monday and values the business at $4.2bn on a fully diluted basis.

Mitie, which was founded in 1987 and employs 84,000 staff, specialises in facilities management, such as engineering maintenance and other services including hygiene and security.

OCS operates across the UK, Europe, Asia Pacific and the Middle East and has 135,000 staff. The company, which has been owned by the private equity group ​Clayton, Dubilier & Rice since 2022, says that the newly enlarged business will employ more than 219,000 people worldwide and combine OCS’s £3.3bn international operations with Mitie’s UK market-leading engineering maintenance, security, hygiene and compliance businesses. The deal will also strengthen OCS’s position in government, defence, healthcare, national infrastructure and commercial markets while creating greater scale to invest in technology, data and artificial intelligence.

“This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses with a shared commitment to delivering the best outcomes for colleagues and customers,” said Rob Legge, group chief executive of OCS Group. “Subject to completion, we would build a British facilities management group that is better positioned to support the organisations that keep the country running. Together, we can better support existing and new customers, help more people into work and strengthen our contribution to getting Britain moving.”

“Today’s announcement is a testament to everything we have achieved at Mitie in recent years – especially the talent and expertise of our people, the business we have built together as well as its future potential,” says Phil Bentley, chief executive of Mitie. “This recommended offer reflects the strength of Mitie’s brand, capabilities and reputation, and delivers value for our shareholders. As part of a larger group with a wider geographical footprint, Mitie would have an even stronger platform to invest in our people, technology and services, and to do even more for the customers and communities we support.”

News: UK contractor Mitie agrees to $4.2 billion takeover by PE-backed rival, shares jump

Samsung Biologics acquires PolyPeptide in SFr1.46bn deal

BY Fraser Tennant

Expanding its global network across the US, Europe and India, South Korean pharmaceutical company Samsung Biologics is to acquire Swiss contract drugmaker PolyPeptide in an all-cash transaction valued at CHF1.46bn.

Under the terms of the agreement, PolyPeptide shareholders will receive CHF44.31 in cash for each PolyPeptide share – an offer price that reflects a 40 percent premium to PolyPeptide’s last undisturbed share price as of 10 April 2026.

By combining the companies’ scientific strengths, manufacturing excellence and global operations, the transaction is expected to enhance operational excellence, unlock additional growth opportunities and further strengthen Samsung Biologics’ position as a leading global multi-modality contract development and manufacturing organisation (CDMO).

“This acquisition reinforces our long-term growth strategy by not only broadening our service portfolio with modality expansion into peptides, but by also boosting our geographic reach and proximity further within the US, Europe and India,” said John Rim, chairman of the board of directors and chief executive of Samsung Biologics. “We highly value PolyPeptide’s world class employees, industry leading capabilities and global operational footprint.”

Operating facilities in Belgium, France, India, Sweden and the US, as well as a corporate office in Switzerland and an innovation centre in France, PolyPeptide specialises in peptide-based active pharmaceutical ingredients and has produced more than 1000 therapeutic peptides.

The board of directors of PolyPeptide, acting through its independent and non-conflicted members, unanimously recommends that shareholders accept Samsung Biologics’ offer.

“After a comprehensive review of strategic options, the board is convinced that Samsung Biologics’ offer is compelling for our shareholders, delivering an attractive cash price and immediate, certain value,” said Peter Wilden, chairman of the board of directors of PolyPeptide. “At the same time, it represents a transformational opportunity to accelerate our strategic ambitions at a scale we could not reach alone.”

The transaction is expected to be completed towards the end of 2026, subject to customary offer conditions, including a minimum acceptance threshold of 67 percent applicable regulatory approvals and other conditions.

Mr Rim concluded: “We look forward to leveraging the complementary strengths of PolyPeptide and Samsung Biologics in our continued growth supporting clients as the CDMO of choice for decades to come.”

News: Samsung Biologics to launch $1.8 billion all-cash bid for PolyPeptide

Genesis and Vault to merge in A$5.6bn gold deal

BY Fraser Tennant

In a deal set to create Australia’s third-largest gold producer, miners Genesis Minerals and Vault Minerals are to merge via a scheme of arrangement that values Vault at approximately A$5.6bn.

Under the terms of the scheme, Vault shareholders will receive 0.7629 for each new Genesis share, plus 0.475 in cash for each Vault share – representing a 15.7 percent premium over Vault’s closing price on 3 July 2026.

The merged group is forecast to produce around 600,000 to 700,000 ounces of gold annually, consolidating operations exclusively in Western Australia.

The transaction was finalised after a rival bidder, Regis Resources, declined to match Genesis’ superior offer and officially withdrew from the bidding. As a result of the termination, a break fee of approximately A$50.7m is payable to Regis by Vault.

Upon completion, Genesis shareholders will own 59.8 percent of the enlarged Genesis, while Vault shareholders will own the remaining 40.2 percent, each on a fully diluted basis.

“Genesis’ proposal reflects the quality of Vault’s portfolio and the strategic value of our Leonora assets,” said Luke Tonkin, managing director of Vault. “The combination of complementary operations and infrastructure in the Leonora district is expected to enhance scale and unlock value that would be more difficult to realise on a standalone basis.”

The reconstituted board will consist of four Genesis directors and three Vault nominees.

“This transaction represents a truly logical combination of assets to create the third largest Australian gold producer, and represents a genuine win-win for all shareholders and stakeholders, unlocking significant unique synergies through the optimisation of complementary assets,” said Raleigh Finlayson, executive chair of Genesis. “We are creating a strong platform for continued growth and shareholder returns.”

The transaction – which is expected to close by November 2026 – has been approved by both companies, and is subject to customary regulatory, court and shareholder approvals (shareholders are expected to vote at a scheme meeting in September or October).

Mr Tonkin added: “The Vault board believes the transaction delivers a compelling outcome for shareholders, offering an attractive premium and exposure to the value creation potential of the combined group.”

News: Vault and Genesis agree to merge and create $8.71 billion Australian gold producer

FloWorks sold in $1.6bn deal

BY Richard Summerfield

Ferguson Enterprises has agreed to acquire FloWorks from ​private equity firm Wynnchurch Capital in an all-cash transaction worth around $1.6bn.

The deal is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals. It will see Ferguson acquire Houston, Texas-based FloWorks, an industrial distributor and service provider of “highly technical” valves and flow control solutions. FloWorks generated revenue of around $1bn in 2025, compared to Ferguson’s $31.32bn.

According to a statement announcing the deal, Ferguson expects the acquisition to generate about $45m in synergies from network optimisation, logistics and technology, and said its leverage would remain within its target range after the deal.

“FloWorks strengthens our leading position in high-growth industrial end markets, while adding meaningful capabilities and geographic coverage which we can leverage across our non-residential customer groups,” said Kevin Murphy, chief executive of Ferguson. “Their expert teams, technical capabilities and strong OEM brands will further enhance our ability to provide essential water solutions for the specialized professional. We welcome their associates to Ferguson and look forward to our next chapter of growth together.”

“Joining Ferguson ensures our 65+ year legacy continues with a partner that shares our commitment to customer service and operational excellence,” said Scott Jackson, chief executive of FloWorks. “Ferguson’s scaled platform and capabilities will empower our associates to better serve our customers. This marks an exciting next chapter in FloWorks’ history and provides a great home for our associates.”

FloWorks has operated in the US for over 65 years and is a leading flow control distributor with more than 60 locations in the US and Canada serving highly technical industries including chemicals, refining, power generation, semiconductors, pharmaceuticals and data centres. The acquisition will expand Ferguson’s specialty industrial flow control platform, adding technical depth, attractive end market and product exposure, and significant recurring maintenance, repair and operations-driven revenue.

Ferguson is North America’s largest value-added distributor of essential water and air solutions, serving specialised professionals in residential and non-residential construction markets. The company has sales of $31.3bn and approximately 35,000 associates in over 1700 locations.

Wynnchurch is currently investing out of its sixth private equity fund and has approximately $9.1bn assets under management. The firm acquired a majority stake in ​FloWorks from private equity firm Clearlake Capital in 2023 for an undisclosed sum.

News: Ferguson to buy FloWorks from Wynnchurch Capital for $1.6 billion

Vertex to acquire Crinetics in a $10bn deal

BY Richard Summerfield

Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals in a $10bn deal – its largest ever transaction – which will bolster its rare hormonal diseases portfolio.

The deal is expected to close in the third quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals and approval by Crinetics shareholders.

The transaction will see Vertex add a biopharmaceutical company that specialises in treatments for endocrine diseases to its portfolio that mainly includes cystic fibrosis therapies. Vertex has previously focused on specialty diseases, and its cystic fibrosis portfolio accounted for 93 percent of its $12bn in revenue in 2025. As a result, the company has felt the need to branch out and diversify its portfolio

Crinetics brings its specialisation in endocrine diseases. Its most prominent product is Palsonify, which was approved in September 2025 for acromegaly, a disorder which causes excess growth hormone in adults, leading to enlargements of a patient’s face, hands, jaw and feet. Palsonify recorded first quarter 2026 sales of $10.7m, up from $5.4m in the fourth quarter of last year. It is the ⁠first and only once-daily oral pill approved by the US Food and Drug Administration to treat adults with acromegaly.

“Crinetics is an excellent strategic fit for Vertex, with its focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to patients,” said Reshma Kewalramani, chief executive and president of Vertex. “We believe Vertex can build on the strong momentum of the PALSONIFY launch by applying our experience in commercializing medicines for rare genetic diseases. We are also excited by the significant potential of atumelnant to transform the treatment landscape for CAH, setting a new standard of care where patients do not have to choose between managing their excess adrenal androgens and enduring the side effects of high-dose steroids.”

He continued: “We look forward to working with the talented Crinetics team to rapidly advance their pipeline of medicines for patients living with serious, rare endocrine disorders. Together, these potential blockbuster assets build on our core CF business, ongoing launches and internal innovation portfolio, adding to our growth outlook and driving value for patients and shareholders.”

“Nearly 18 years ago, we founded Crinetics with a clear goal of transforming the lives of patients living with endocrine-related diseases,” said Scott Struthers, founder and chief executive of Crinetics. “Today marks a historic milestone as we embark on this next chapter with Vertex. This partnership is anchored by a mutual commitment to science and a shared vision for delivering innovative treatments to patient communities that have long been underserved. Vertex’s global infrastructure and commercial footprint will serve to amplify the reach of our science and allow us to maximize the impact of PALSONIFY, atumelnant and our pipeline.

“I want to extend my deepest gratitude for the relentless dedication, brilliance and passion of our extraordinary employees, who have worked tirelessly to bring our scientific vision to life, as well as the clinical partners and patient communities who have championed our mission from the very beginning,” he added.

News: Vertex to buy Crinetics for $10 billion in rare-diseases push