Long Lake closes Amex GBT purchase at $9.50 a share
AAR signed for a controlling stake in MRO Holdings, while CareTrust completed the first tranche of a 45-home UK purchase agreement.
Long Lake Management completed its all-cash acquisition of Global Business Travel Group, the company operating American Express Global Business Travel, in a transaction valuing the business at approximately $6.3 billion. Stockholders received $9.50 a share in cash. Amex GBT’s common stock ceased trading, and the business became privately held under Long Lake. The completion followed the May 4 announcement and stockholder approval on August 3.
Another take-private cleared an approval step but remained pending. Integer Holdings received early termination of the Hart-Scott-Rodino waiting period for its sale to an affiliate of investment funds managed by KKR. The agreement provides $127 a share in cash and an approximately $5.7 billion enterprise value. Stockholder approval, other regulatory approvals and customary conditions remain outstanding. Integer said it continues to expect completion by the end of 2026.
Madison Square Garden Sports advanced a separation through board approval of its New York Rangers spin-off. Shareholders will receive one share of MSG Rangers Class A or Class B common stock for every two shares of the corresponding MSG Sports class. MSG Sports said it expects to complete the transaction on October 26, separating the Rangers and Knicks into distinct public companies.
### Aerospace purchases close; AAR signs for control
TransDigm completed its purchase of Prince & Izant from Industrial Growth Partners for approximately $1.066 billion in cash, including certain tax benefits. The agreement had been signed on July 27. Prince & Izant manufactures brazing alloys and specialty metal components, with most revenue coming from aftermarket sales. Its applications include aircraft engine fuel nozzles and rocket engines, alongside products serving turbine, transportation and other markets.
TTM Technologies also completed a cash acquisition, paying $1.1 billion for EPIQ Design Solutions. Epiq supplies open-architecture, AI-enabled software-defined radios, high-performance radio-frequency products and radiation-tolerant space compute solutions. Its products support signals intelligence and electronic warfare applications. The completed transaction transfers a business focused on aerospace and defense technologies to TTM, whose existing products include mission systems, RF components and advanced interconnect products.
AAR’s agreement has a different ownership structure: a 65% controlling interest in MRO Holdings, with mixed consideration. The transaction carries an implied enterprise value of $4.0 billion and an equity value of approximately $1.8 billion. AAR said it expects the acquisition to close in its fiscal third quarter ending February 2027, subject to regulatory approvals and other customary closing conditions.
### Property deals divide completed and pending transfers
Brixmor Property Group agreed to purchase grocery-anchored shopping centers from Slate Grocery REIT in a $2.34 billion asset transaction. The acquisition includes 23 centers in markets Brixmor already occupies, with acquired properties divided between wholly owned holdings and a joint venture with Everview. Brixmor said it expects completion in the first quarter of 2027, subject to Slate unitholder approval and other customary conditions.
CareTrust REIT’s agreement with LNT Care Developments Holdings covers 45 UK care homes for approximately £1.1 billion, with the transfer split into stages. The first closing occurred October 1: 24 homes constructed within the past two years were acquired for approximately £576 million, or about $764 million, excluding transaction costs. The remaining 21 homes are under development and carry approximately £504 million in consideration, payable upon completion and receipt of regulatory approvals. CareTrust said it anticipates those approvals on a rolling basis throughout 2027.
Getty Realty completed its entire 41-property purchase from Refuel Operating Company for $260.9 million. The convenience-store asset acquisition was accompanied by four long-term, unitary net leases with Refuel, making the operator Getty’s third-largest tenant. The transaction was Refuel’s first portfolio sale-leaseback, pairing the completed real estate transfer with continued occupancy under the concurrent leases.
### Purchase agreements carry different payment terms
Valley National Bancorp agreed to acquire Bluevine for approximately $340 million, with consideration comprising about 75% cash and 25% Valley common stock. Valley said it expects the transaction to close in early 2027. Completion remains subject to standard regulatory approvals and the satisfaction or waiver of other customary closing conditions.
Grindr’s agreement to buy PurposeMed also uses cash and stock, with total consideration of $250 million. Grindr said it expects completion in the fourth quarter of 2026, subject to applicable closing conditions. The company did not disclose an exchange ratio or the split between cash and stock.
Hormel Foods agreed to acquire value-added chicken producer Brakebush Brothers for approximately $1.055 billion. Hormel said it expects completion during the first quarter of its fiscal 2027, subject to customary closing conditions, including regulatory approval. The company did not disclose whether the purchase consideration consists of cash, stock or a combination.