Deals

Deals Roundup for Week of Oct. 26, 2026

The Tip Desk · October 31, 2026 · 3 min read

EQT agreed to acquire Range Resources in stock, Thrive Holdings signed a $15.3 billion enterprise-value deal for ADT, and RadNet’s ONRAD agreement includes up to $210 million in contingent consideration.

ADT signed a definitive agreement to be acquired by Thrive Holdings in an all-cash transaction valued at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Stockholders would receive $10 per share upon completion, taking the security and smart-home company private. ADT’s board unanimously approved the agreement. The cash price represents a 45.6% premium to ADT’s unaffected closing share price of $6.87 on Oct. 27.

DoorDash’s definitive agreement to acquire Maplebear, known as Instacart, carries a different payment structure. The $65-per-share consideration is payable in at least 75% cash and up to 25% DoorDash common stock, subject to election and proration mechanics.

Energy agreements span stock, cash and refinery ownership

EQT and Range Resources entered into a definitive merger agreement under which EQT would acquire Range entirely in stock. The companies put the combined company’s pro forma enterprise value at more than $50 billion. That figure describes the combined business’s enterprise value; the agreement’s consideration consists entirely of shares.

Ovintiv signed an all-cash agreement to acquire Logan Energy for C$1.40 per share. Total consideration is approximately $890 million, or C$1.26 billion, including expected net debt at closing. Logan’s assets currently produce approximately 20,000 barrels of oil equivalent per day. The assets include two new oil batteries and interests in two natural-gas processing facilities, giving the transaction a defined infrastructure component alongside the producing properties.

Valero’s agreement concerns ownership of a former refinery site. Its Valero Refining-Texas subsidiary agreed to acquire all outstanding equity interests in LYB Houston Hub Holdings from a LyondellBasell subsidiary for $320.5 million, subject to closing adjustments. LYB Houston indirectly owns an approximately 700-acre facility beside Valero’s Houston refinery. Closing requires customary conditions, including expiration or termination of the Hart-Scott-Rodino waiting period. Valero said it expects the transaction to close by the end of 2026.

Contingent payments and partial ownership

RadNet’s definitive agreement to acquire ONRAD combines fixed consideration with a performance-dependent payment. At closing, ONRAD shareholders would receive $350 million in cash and 5 million RadNet common shares, subject to customary adjustments. An additional earnout worth up to $210 million depends on achievement of target EBITDA for 2027. RadNet can pay that earnout in cash, common stock or both. RadNet said it expects closing in early 2027, subject to customary regulatory review and closing conditions.

Two other agreements involve partial ownership. A. O. Smith announced definitive agreements under which CPE would acquire an 81% interest in its China business. A. O. Smith would retain a 19% stake and a long-term brand license, leaving it with a minority interest after the proposed majority-stake transfer.

Applied Materials entered into an accelerated share purchase agreement to increase its holding in BE Semiconductor Industries, or Besi, to approximately 20% of outstanding shares. Delivery remains subject to expiration or termination of the applicable Hart-Scott-Rodino waiting period. Applied initially invested in Besi in April 2025 and said it currently has no intention to increase its stake beyond approximately 20% or seek board representation.

DoubleVerify shareholders approve merger; LCI backs Patrick deal

DoubleVerify moved an existing transaction through a shareholder vote. On Oct. 29, stockholders adopted its August merger agreement with Neptune BidCo US and its merger subsidiary. Neptune is the parent company of Nielsen Company (US). Approximately 94% of votes cast supported adoption, representing more than 75% of outstanding DoubleVerify shares as of the record date. DoubleVerify said it continues to expect closing by the first quarter of 2027, subject to customary closing conditions.

LCI Industries’ board, meanwhile, unanimously determined that Monomoy Capital Partners’ unsolicited, nonbinding proposal to acquire LCI for $101 per share in cash did not constitute a superior proposal and was not reasonably likely to lead to one. LCI reiterated its support for its merger with Patrick Industries, leaving the existing merger as the transaction endorsed by its board.