Deals

Deals Roundup for Week of Nov. 9, 2026

The Tip Desk · November 14, 2026 · 3 min read

Surgery Partners amended its HealthSpan Partners merger agreement to provide $25 per share in cash plus conditional ticking fees. Installed Building Products completed its Old Dominion Group acquisition at a stated $698 million enterprise value, with consideration funded through cash and shares.

Surgery Partners raised the cash consideration in its HealthSpan Partners merger agreement following an unsolicited competing proposal, while Installed Building Products completed its purchase of Old Dominion Group using cash and stock. The transactions carried different qualifications: Surgery Partners’ maximum payout depends on approval and closing dates, while IBP’s stated enterprise value reflects a deduction for closing payments to employees and management.

Cash agreements include contingent payments

Surgery Partners and HealthSpan Partners amended their agreement to provide $25 per share in cash. Eligible shareholders could receive up to another $1.61 per share in ticking fees, bringing maximum consideration to $26.61 per share and enterprise value to approximately $6.0 billion. The amendment followed a competing, nonbinding proposal, updated November 8, offering $28 per share in cash.

The ticking fee applies if requisite shareholder approval has been obtained but the merger has not closed by March 1, 2027. It accrues at 10% annually on the $25 consideration, in equal monthly installments paid in arrears. The maximum assumes approval before March 1 and closing on the October 23, 2027 outside date. Bain Capital affiliates would roll their shares into equity in the acquiring entity and receive neither cash consideration nor ticking fees.

Charles River Laboratories signed definitive agreements to acquire Frontage Holdings’ bioanalysis and drug metabolism and pharmacokinetics operations in Exton, Pennsylvania, for approximately $470 million in cash, subject to customary adjustments. Another $75 million is contingent on future business performance. The purchase encompasses two sites totaling approximately 150,000 square feet and employing about 340 people, including a CLIA-certified central laboratory. Charles River said it expects closing in the first half of 2027, subject to shareholder and regulatory approvals and other customary conditions.

Archrock agreed to acquire HiVolt Energy Holdings in an all-cash transaction worth up to $450 million. The agreement provides for $415 million at closing, subject to working-capital, indebtedness, cash and other contractual adjustments, plus $35 million in earnout incentives tied to commercial milestones. HiVolt’s business includes power generation, battery storage, fuel pipelines and private-line infrastructure. Under the merger agreement, HiVolt would survive as a wholly owned subsidiary of Archrock Services.

CNH retains a stake; IBP completes its acquisition

CNH signed an agreement to sell a 70% interest in its Construction Equipment business to Kobelco Construction Machinery, a wholly owned subsidiary of Kobe Steel. The transaction values the business at $1 billion on an enterprise-value basis. CNH is to receive cash and retain 30% ownership in the resulting joint venture, with Kobelco becoming the majority owner. CNH Capital will remain part of CNH.

Installed Building Products completed its acquisition of Old Dominion Group, a mechanical and industrial installer of insulation, firestopping and complementary products. IBP stated an enterprise value of $698 million, reflecting a $725 million aggregate purchase price less $27 million in transaction bonuses and management incentive funding payable at closing. Approximately 60% of consideration was cash and 40% was IBP common stock issued to ODG shareholders. ODG generated approximately $370 million in revenue during the 12 months ended September 30, 2026.

Select Water Solutions reported two completed transactions with different timing. During the third quarter of 2026, it completed the recapitalization and sale of a majority interest in Peak Rentals. After the September 30 quarter-end, it closed its acquisition of Pilot Water Solutions, adding to its water midstream operations in the Delaware Basin.

Approval milestones leave two mergers pending

NOVAGOLD’s arrangement received Supreme Court of British Columbia approval on November 9, following requisite shareholder approvals. The transaction includes the acquisition of Paulson Advisers and affiliates’ 40% interest in Donlin Gold, taking ownership from 60% to 100%, and the establishment of Delaware-incorporated NovaGold Corporation as the new parent. NOVAGOLD said it expects the arrangement and related transactions to become effective December 1, subject to customary closing conditions.

Trump Media & Technology Group reported that the SEC had declared effective its Form S-4 registration statement for its proposed merger with TAE Technologies. The merger remained subject to customary regulatory and closing conditions, including approval by Trump Media shareholders.