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M&A Roundup: Naver Makes Crypto Move, Grindr Climbs, Rogue Ales Collapses

MarketDash Editorial Team
9 days ago
From Saudi Aramco's terminal sale to SoftBank's chip play, here's what moved in dealmaking this week. Plus, Naver takes control of Korea's biggest crypto exchange while Rogue Ales closes up shop for good.

Fresh Deals on the Table

Saudi Aramco has tapped Citigroup (C) to run the sale of its oil export and storage terminals business—a multibillion-dollar mandate that's a meaningful win for CEO Jane Fraser as she reshapes the firm and pushes deeper into Middle Eastern markets. A formal sale process could kick off as early as next year, with major infrastructure funds already circling, according to Bloomberg News.

Electricite de France (EDF) is looking to offload between 50% and all of its U.S. renewable energy unit, CEO Bernard Fontana told Reuters. Fontana, who won parliamentary approval to lead the French state-owned utility in April, is refocusing the company on domestic nuclear projects and supplying affordable power to French industry.

Cohen & Gresser, a New York law firm that once represented convicted sex offender Ghislaine Maxwell, is shopping a $40 million stake to private equity firms, the Financial Times reports.

HealthVerity, a Philadelphia-based health data analytics company, has brought on Evercore to explore strategic options, including a potential sale, according to Axios.

Digital wealth management platform FNZ Group Ltd. is weighing an auction of its German custody banking arm, FNZ Bank Deutschland. The unit could fetch over €500 million ($576 million). FNZ originally bought the business from Commerzbank in 2019 for €154 million, and it now manages roughly €140 billion in assets.

Deals in Motion

Naver Corp. is acquiring Dunamu Inc.—the company behind South Korea's dominant crypto exchange Upbit—in an all-stock transaction that reshapes the country's digital finance landscape. Dunamu chairman Song Chi-hyung will become the largest shareholder, though he and the vice chair will delegate their voting rights. That leaves Naver with effective control, holding 46.5% of votes. The acquisition transforms Naver Financial into a full-fledged money issuer and accelerates development of a won-based stablecoin. The timing is notable: crypto markets have shed more than $1 trillion in value recently, but Dunamu's business remains heavily dependent on trading activity. Revenue for the first nine months of the year climbed 22% to 1.19 trillion won, with nearly 98% coming from its platforms, including Upbit, Upbit NFT, and Securities Plus.

Grindr (GRND) shares kept climbing after controlling shareholder George Raymond Zage III pledged to buy more stock on the open market, following the collapse of his $3.5 billion buyout attempt. Zage and partner James Lu, who together own 64% of the company, pulled the offer after Grindr's special committee flagged uncertainty around financing and management's preference to stay public. Recent analyst upgrades have set 12-month price targets at $21 to $26 per share—well above what Zage and Lu originally offered.

Sinclair (SBGI) has made an offer to buy the remaining 90.1% of E.W. Scripps (SSP) it doesn't already own for roughly $553 million in cash and stock. The bid values Scripps at $7 per share: $2.72 in cash and $4.28 in stock. The proposal comes just one day after President Donald Trump said he wouldn't be happy if the FCC lifted national ownership caps on broadcasters—a regulatory change Sinclair would need to complete the deal without divesting stations.

Done Deals

SoftBank Group has closed its $6.5 billion acquisition of U.S. chip startup Ampere Computing, expanding its portfolio of AI-focused semiconductor assets. Founded by former Intel executive Renee James, Ampere develops Arm-based processors for data centers and has landed major customers and top engineering talent. SoftBank said the deal's financial impact is still under review. The purchase deepens SoftBank's push into AI hardware: the company already controls Arm Holdings (ARM), whose chip designs power much of the electronics world and a growing share of server chips, and owns UK-based Graphcore, another key player in advanced AI components.

Global Sports Capital Partners has become the first U.S. private equity firm to invest in a Mexican sports league, according to Sports Business Journal. The firm is committing $100 million over seven years to the country's professional American football league, Liga de Fútbol Americano (LFA). The deal was sparked by former NFL player Ryan Kalil and former NBA star Blake Griffin, who introduced the league to GSCP after acquiring a controlling stake in the Osos Monterrey franchise earlier this year. Under the agreement, GSCP will take over day-to-day operations and lead the league's commercial expansion. The LFA currently has eight teams, with plans to grow further.

S&P Global (SPGI) completed its $1.8 billion acquisition of With Intelligence, a provider of private markets data and analytics. Motive Partners was the seller.

Bankruptcy Watch

Just two weeks before Thanksgiving, Rogue Ales & Spirits abruptly shut down four pubs in Oregon, laying off 47 employees and leaving many stunned. The brewery's Chapter 7 bankruptcy filing shows $5.6 million in assets stacked against $19.6 million in liabilities, signaling imminent liquidation. Rogue had already closed its distillery and struggled with pandemic-related challenges, including earlier location closures in Portland. The company owes significant back rent, taxes, and federal alcohol duties. Rogue, one of Oregon's most recognized beer brands, joins a growing list of chains struggling in the post-Covid retail landscape—JoAnn Fabrics, Hooters, Forever 21, and Macy's (M) have all faced store closures or bankruptcy filings.

Back to News

M&A Roundup: Naver Makes Crypto Move, Grindr Climbs, Rogue Ales Collapses

MarketDash Editorial Team
9 days ago
From Saudi Aramco's terminal sale to SoftBank's chip play, here's what moved in dealmaking this week. Plus, Naver takes control of Korea's biggest crypto exchange while Rogue Ales closes up shop for good.

Fresh Deals on the Table

Saudi Aramco has tapped Citigroup (C) to run the sale of its oil export and storage terminals business—a multibillion-dollar mandate that's a meaningful win for CEO Jane Fraser as she reshapes the firm and pushes deeper into Middle Eastern markets. A formal sale process could kick off as early as next year, with major infrastructure funds already circling, according to Bloomberg News.

Electricite de France (EDF) is looking to offload between 50% and all of its U.S. renewable energy unit, CEO Bernard Fontana told Reuters. Fontana, who won parliamentary approval to lead the French state-owned utility in April, is refocusing the company on domestic nuclear projects and supplying affordable power to French industry.

Cohen & Gresser, a New York law firm that once represented convicted sex offender Ghislaine Maxwell, is shopping a $40 million stake to private equity firms, the Financial Times reports.

HealthVerity, a Philadelphia-based health data analytics company, has brought on Evercore to explore strategic options, including a potential sale, according to Axios.

Digital wealth management platform FNZ Group Ltd. is weighing an auction of its German custody banking arm, FNZ Bank Deutschland. The unit could fetch over €500 million ($576 million). FNZ originally bought the business from Commerzbank in 2019 for €154 million, and it now manages roughly €140 billion in assets.

Deals in Motion

Naver Corp. is acquiring Dunamu Inc.—the company behind South Korea's dominant crypto exchange Upbit—in an all-stock transaction that reshapes the country's digital finance landscape. Dunamu chairman Song Chi-hyung will become the largest shareholder, though he and the vice chair will delegate their voting rights. That leaves Naver with effective control, holding 46.5% of votes. The acquisition transforms Naver Financial into a full-fledged money issuer and accelerates development of a won-based stablecoin. The timing is notable: crypto markets have shed more than $1 trillion in value recently, but Dunamu's business remains heavily dependent on trading activity. Revenue for the first nine months of the year climbed 22% to 1.19 trillion won, with nearly 98% coming from its platforms, including Upbit, Upbit NFT, and Securities Plus.

Grindr (GRND) shares kept climbing after controlling shareholder George Raymond Zage III pledged to buy more stock on the open market, following the collapse of his $3.5 billion buyout attempt. Zage and partner James Lu, who together own 64% of the company, pulled the offer after Grindr's special committee flagged uncertainty around financing and management's preference to stay public. Recent analyst upgrades have set 12-month price targets at $21 to $26 per share—well above what Zage and Lu originally offered.

Sinclair (SBGI) has made an offer to buy the remaining 90.1% of E.W. Scripps (SSP) it doesn't already own for roughly $553 million in cash and stock. The bid values Scripps at $7 per share: $2.72 in cash and $4.28 in stock. The proposal comes just one day after President Donald Trump said he wouldn't be happy if the FCC lifted national ownership caps on broadcasters—a regulatory change Sinclair would need to complete the deal without divesting stations.

Done Deals

SoftBank Group has closed its $6.5 billion acquisition of U.S. chip startup Ampere Computing, expanding its portfolio of AI-focused semiconductor assets. Founded by former Intel executive Renee James, Ampere develops Arm-based processors for data centers and has landed major customers and top engineering talent. SoftBank said the deal's financial impact is still under review. The purchase deepens SoftBank's push into AI hardware: the company already controls Arm Holdings (ARM), whose chip designs power much of the electronics world and a growing share of server chips, and owns UK-based Graphcore, another key player in advanced AI components.

Global Sports Capital Partners has become the first U.S. private equity firm to invest in a Mexican sports league, according to Sports Business Journal. The firm is committing $100 million over seven years to the country's professional American football league, Liga de Fútbol Americano (LFA). The deal was sparked by former NFL player Ryan Kalil and former NBA star Blake Griffin, who introduced the league to GSCP after acquiring a controlling stake in the Osos Monterrey franchise earlier this year. Under the agreement, GSCP will take over day-to-day operations and lead the league's commercial expansion. The LFA currently has eight teams, with plans to grow further.

S&P Global (SPGI) completed its $1.8 billion acquisition of With Intelligence, a provider of private markets data and analytics. Motive Partners was the seller.

Bankruptcy Watch

Just two weeks before Thanksgiving, Rogue Ales & Spirits abruptly shut down four pubs in Oregon, laying off 47 employees and leaving many stunned. The brewery's Chapter 7 bankruptcy filing shows $5.6 million in assets stacked against $19.6 million in liabilities, signaling imminent liquidation. Rogue had already closed its distillery and struggled with pandemic-related challenges, including earlier location closures in Portland. The company owes significant back rent, taxes, and federal alcohol duties. Rogue, one of Oregon's most recognized beer brands, joins a growing list of chains struggling in the post-Covid retail landscape—JoAnn Fabrics, Hooters, Forever 21, and Macy's (M) have all faced store closures or bankruptcy filings.

    M&A Roundup: Naver Makes Crypto Move, Grindr Climbs, Rogue Ales Collapses - MarketDash News