Linqto files for Chapter 11 bankruptcy protection

BY Richard Summerfield           

Private investment platform Linqto has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas.

The company, which enabled retail investors to purchase shares in pre-IPO companies like Ripple through series limited liability companies (LLCs), filed for bankruptcy protection on Monday citing “potentially insurmountable operating challenges” as the main driver behind the filing.

According to court documents, the firm’s investment vehicle, LiquidShares, holds securities valued at over $500m across 111 companies, including 4.7 million Ripple shares. The filing, which includes Linqto Inc. and affiliated entities, aims to protect asset value while restructuring operations under judicial oversight. Linqto will continue limited business activities during proceedings and secured up to $60m in debtor-in-possession financing from Sandton Capital Partners to maintain critical operations.

“After carefully evaluating Linqto’s alternatives, the board of directors made the decision that seeking a court-supervised restructuring was in the best interests of all Linqto customers to preserve, protect, and maximize the value of Linqto’s assets for the benefit of its stakeholders,” said Dan Siciliano, chief executive of Linqto. “Linqto cannot continue to operate under existing conditions without restructuring. The company faces potentially insurmountable operating challenges as a result of serious alleged securities law violations and related ongoing investigations by the Division of Enforcement of the US Securities and Exchange Commission as well as other regulatory agencies. In addition, Linqto recently discovered several serious defects in the corporate formation, structure, and operation of the business that raise questions about what customers actually own and which management believes can only be fairly and effectively addressed through restructuring.”

He continued: “When the new management team was hired in early 2025, we made it clear that there can be no path forward that preserves value of customer interests without remediating alleged securities laws violations from prior management and not breaking the law. Despite reducing expenses, the only way forward is to seek court-supervised protection that will let us restructure the business into a profitable, law-abiding organization while resolving the ongoing regulatory investigations faster.”

The company has faced increased scrutiny from US regulators of late. According to The Wall Street Journal, internal reviews of the company have also raised serious red flags. Linqto allegedly marketed private equity investments to ineligible retail investors, failed to properly transfer title of securities to customers, and sold Ripple shares to users at markup levels far above the 10 percent cap permitted by the SEC.

Linqto has appointed Jeffrey S. Stein of Breakpoint Partners as its chief restructuring officer and has said it intends to cooperate with regulators throughout the process.

News: Linqto Files for Voluntary Chapter 11 to Protect and Maximize Stakeholder Value Through Court-Supervised Restructuring

Athora to acquire PICG in £5.7bn deal

BY Fraser Tennant

In a landmark UK pension deal, pan-European savings and retirement services group Athora is to acquire specialist UK insurer Pension Insurance Corporation Group Limited (PICG) in a transaction valued at £5.7bn.

Under the terms of the definitive agreement, the acquisition – which is expected to close in early 2026, subject to customary closing conditions, including regulatory approvals from the Prudential Regulation Authority – will be funded primarily by equity as well as long term bank debt.

Backed by US alternative asset manager Apollo Global Management and Athene Holding Ltd, as well as a number of long term institutional investors, Athora has €76bn of assets under management and administration and serves approximately 2.8 million policyholders.  

As a result of the transaction, PICG will become Athora’s UK subsidiary, maintaining its long-tenured team, dedication to customer service, robust capitalisation and disciplined investment philosophy.

“We are pleased for PICG to become Athora’s first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers,” said Mike Wells, group chief executive of Athora. “The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer.”

Upon completion of the transaction, PICG will become Athora’s UK insurance business, operating under the Pension Insurance Corporation (PIC) and penguin brands.

“PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses,” said Tracy Blackwell, chief executive of PIC. “Athora’s investment is validation of what we have always believed: that PIC’s reputation, strategy, fortress balance sheet, purpose and, most importantly, our people, combine to make this a unique business in a huge and growing market.”

In addition, PIC is poised to benefit from broader resources, long term growth capital and enhanced asset origination capabilities, including in private investment grade credit resulting from Athora’s strategic relationship with Apollo. Together, Athora and PIC believe the combination will accelerate scaled, high-grade financing in the UK market, increasing productive investment in the economy and supporting retirement outcomes for pensioners.

Ms Blackwell concluded: “With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in the UK economy and infrastructure.”

News: Apollo-backed Athora to buy Pension Insurance Corporation for $7.8 bln

Chipmaker Wolfspeed files for Chapter 11 bankruptcy

BY Fraser Tennant

Amid huge debt and slowing demand from electric vehicle and industrial markets, chipmaker Wolfspeed has filed for Chapter 11 bankruptcy to facilitate the implementation of a restructuring support agreement (RSA) with key lenders.

Upon emergence from the Chapter 11 process, Wolfspeed expects to have reduced its overall debt by approximately 70 percent, representing a reduction of approximately $4.6bn and a reduction of its annual total cash interest payments by approximately 60 percent.

The company raised going-concern doubts in May 2025, as deepening economic uncertainty stemming from changing US trade policies, combined with weakening demand, triggered a series of financial challenges.

However, through the Chapter 11 filing and RSA, Wolfspeed expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. Concurrently, the company is continuing to operate as usual throughout the process, including delivering silicon carbide materials and devices to its customers and paying its vendors in the ordinary course.

“We are continuing to move forward with our accelerated restructuring process to strengthen our capital structure and fuel our next phase of growth,” said Robert Feurle, chief executive of Wolfspeed. “With a stronger financial foundation, Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market. The strong support of our lenders is a testament to their belief in our business and our ability to capitalise on the opportunities ahead, driven by our exceptional, purpose-built, fully automated 200mm manufacturing footprint.”

As the pioneers of silicon carbide – a more energy-efficient material than traditional silicon – and creators of the most advanced semiconductor technology on earth, Wolfspeed leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations.

Wolfspeed expects to move through the Chapter 11 process swiftly and emerge by the end of the third quarter of 2025.

“We remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course,” concluded Mr Feurle. “I am confident that the restructuring process will better position Wolfspeed to meet the growing demands of the semiconductor market.”

News: Wolfspeed files for bankruptcy protection to cut worsening debt

Home Depot strikes $4.3bn SRS Distribution deal

BY Richard Summerfield

The Home Depot has agreed to acquire GMS, a building-products distributor, for about $4.3bn, via its subsidiary SRS Distribution.

Under the terms of the deal, SRS Distribution will acquire all of the outstanding shares of GMS for $110 per share, which amounts to around $4.3bn. The total enterprise value of the deal, including net debt, is around $5.5bn. The $110 per-share price represents a premium of approximately 36 percent to GMS’ share price as of 18 June 2025.

Home Depot expects the deal to be completed around early 2026, subject to customary closing conditions, including regulatory approvals and the tender of a majority of the shares of GMS common stock then outstanding on a fully diluted basis. If the tender offer is successfully completed, a wholly owned subsidiary of SRS will merge with and into GMS, and all of the outstanding shares of GMS that were not tendered in the tender offer will be converted into the right to receive the same $110 per share in cash offered to GMS shareholders in the tender offer. Home Depot expects to fund the transaction through cash on hand and debt.

“The Home Depot acquired SRS as a platform for growth, and SRS continues to demonstrate exceptional execution and strong performance,” said Ted Decker, chair, president and chief executive of The Home Depot. “In our first year of working together, we’ve captured significant synergies, including cross-selling new products and service offerings to both Home Depot and SRS customers, advancing Home Depot’s enterprise trade credit program through the SRS platform, and many other initiatives designed to drive the customer value proposition and operational efficiency. This success gives us confidence that the addition of GMS to the SRS platform will allow us to create even greater value for our customers.”

“The combination of GMS and SRS will provide the residential and commercial Pro customer with more fulfillment and service options than ever before,” said Dan Tinker, chief executive of SRS. “Together, we’ll create a network of more than 1,200 locations and a fleet of more than 8,000 trucks capable of making tens of thousands of jobsite deliveries per day. GMS is an industry leader with a proven track record of growth, and we look forward to welcoming the entire GMS team to SRS and capturing the exciting opportunity ahead.”

“We are excited to join with SRS and The Home Depot, and we believe this transaction delivers significant value to our customers, suppliers and team,” said John C. Turner, Jr., president and chief executive of GMS. “Since GMS’s founding, we have never strayed from our commitment to be the best distributor in our markets and provide outstanding service for our customers. We look forward to providing an even wider breadth of product offerings and services while delivering superior value to our professional contractor customers as part of SRS and The Home Depot family. We are confident that this transaction positions GMS to capitalize on the promising opportunities ahead and accelerate our growth.”

The move for GMS is notable for Home Depot as the company is attempting to draw more sales from contractors and other home professionals. GMS, founded in 1971, operates more than 300 distribution centres offering wallboard, ceilings, steel framing and complementary products, along with nearly 100 tool sales, rental and service centres across the US and Canada. Home Depot acquired SRS Distribution in 2024 for $18.25bn, in the largest acquisition in its history. SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers in recent years.

News: Home Depot targets contractors, rivals with $4.3 billion deal for GMS

Advent to acquire Spectris for £3.8bn

BY Richard Summerfield

Private equity (PE) group Advent International has agreed to buy industrial company Spectris in a £4.4bn deal, marking one of the biggest recent takeovers of a London-listed business.

The deal will see Spectris’s shareholders receive £37.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as “fair and reasonable”. The offer represents a premium of almost 85 percent to the company’s share price on 6 June, the day before Advent’s interest first emerged. Advent’s offer values the group’s equity at about £3.8bn and gives it an enterprise value of £4.4bn, including debt.

The deal for Spectris comes after the company noted that it had rejected a “preliminary proposal” from PE group KKR earlier this month in favour of continuing discussions with Advent. KKR said it had been “engaging constructively” with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. KKR has urged Spectris shareholders to withhold action on Advent’s offer as it considers a formal bid.

“The Spectris management team have transformed the Spectris Group into a leading, sustainable business with high quality premium precision measurement solutions that enable customers to solve some of their greatest challenges,” said Mark Williamson, chairman of Spectris. “The Board remains confident in Spectris’ strategy and the opportunities that will be delivered over the medium term, but believes that Advent’s offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6 percent to the undisturbed share price. The Board believes that the offer will benefit Spectris’ stakeholders and the operational and financial resources of Advent are expected to enhance opportunities for our employees and the Company.”

“Since 2019, we have repositioned Spectris as a focused, high quality, compound growth business with advantaged positions in attractive end markets,” said Andrew Heath, chief executive of Spectris. “I would like to recognise the exceptional contribution of my colleagues - their talent, insight and commitment continues to drive our success. The next chapter of Spectris’ development will further fuel their ambition and provide new opportunities.

“Advent's offer recognises the quality of Spectris, our talented people, and our strong growth prospects,” he continued. “In light of a strong set of intentions set out today, the Board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives.”

“Acquiring Spectris is Advent’s vote of confidence in British engineering and innovation,” said Shonnel Malani, managing partner at Advent International. “As active partners, we are dedicated to accelerating Spectris’ growth and enhancing its leadership in precision measurement. With its talented people and proven track record of driving breakthroughs across industries, we are poised to invest in its continued success, pushing the boundaries of technological progress, expanding its global reach, and delivering transformative solutions to the world’s most dynamic sectors.”

News: Spectris snubs KKR for $5.9 billion Advent buyout