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Constellation Energy Corp. is in talks to acquire Calpine Corp. in a deal that could be worth around $30 billion, making it one of the largest deals in the power generation sector. Calpine, which was taken private in 2017, operates numerous facilities across the US and Canada, generating electricity from natural gas and geothermal resources. The potential acquisition is seen as a strategic move by Constellation to expand its power generation capabilities in response to increasing electricity demand driven by factors such as data centers and electrification trends. The finalization of the deal is still pending and subject to change. [Extracted from the article]

Cantor Fitzgerald & Co. has expanded its financial institutions group by hiring Vishal Sitapara from Jefferies Financial Group Inc. as a managing director and Chuck Thompson from Cavu Securities as a partner and head of markets and advisory. The firm's Global Head of Investment Banking, Sage Kelly, highlighted the growth potential in M&A and capital markets activity, particularly in mid-cap and regional banks for 2025. Cantor's recent hires follow the addition of professionals from Citigroup Inc. and Truist Financial Corp. earlier in the year. [Extracted from the article]

Alejandro Przygoda, the co-head of global investment banking at Jefferies Financial Group Inc., is leaving the firm, as reported by Bloomberg. Przygoda, who also serves as the global head of the bank's financial institutions group, has not disclosed his next steps. Having joined Jefferies in 2021 after a tenure at Credit Suisse, Przygoda is a seasoned insurance dealmaker with experience at Greenhill and UBS Group AG. The Jefferies financial services team has been involved in notable deals this year, including Mubadala Capital's acquisition of CI Financial Corp. and a $1 billion investment in New York Community Bancorp led by Liberty Strategic Capital. [Extracted from the article]

Arthur J. Gallagher & Co. is in advanced discussions to acquire AssuredPartners for approximately $12 billion, according to a source familiar with the matter. The deal, which could be announced soon, follows reports last year that AssuredPartners' private equity owners were exploring a full sale of the company. The potential acquisition reflects the growing revenue of insurance brokers amid rising inflation, particularly in high-value assets like homes and cars. The deal, if finalized, would mark a significant development in the insurance industry. [Extracted from the article]

EQT AB is collaborating with Financial Technology Partners to explore the sale of Banking Circle, a payments-services provider based in Luxembourg, with an estimated value of $3 billion to $4 billion. The sales process is expected to begin in the first quarter of 2025, potentially attracting interest from private equity firms, credit card companies, and banks. While no final decision has been made, EQT may consider retaining the business or selling a minority stake. Banking Circle offers advanced cross-border payment services aimed at reducing costs through real-time transactions in multiple currencies. [Extracted from the article]

BlackRock Inc. is close to acquiring HPS Investment Partners, a move that would significantly boost its presence in private credit and alternative assets. The deal, valued at $12 billion or more, would be funded by a mix of cash and stock. BlackRock's CEO Larry Fink has been actively expanding the firm's presence in private markets, with recent acquisitions including Global Infrastructure Partners and Preqin. The acquisition of HPS would position BlackRock as a major player in the private credit market, competing with industry leaders like KKR & Co. and Apollo Global Management Inc. [Extracted from the article]

Global Payments Inc. is considering selling its payroll and Active Network businesses after a strategic review. The Atlanta-based company is working with financial advisers to find potential buyers for these assets, which were acquired in 2017 for about $1.2 billion. Global Payments aims to focus on growth areas and return $7.5 billion to shareholders over the next three years by divesting businesses that generate $500 million to $600 million in revenue. [Extracted from the article]

Ally Financial Inc. is considering selling its credit card business, which it acquired three years ago. The Detroit-based company is working with a financial adviser to find potential buyers for the unit, which had about $2.1 billion in credit card loans at the end of the third quarter. This potential sale would represent a strategic move in a competitive market where Ally competes with major players like Capital One Financial Corp. [Extracted from the article]

Perella Weinberg Partners Capital Management LP, along with Innovatus Capital Partners, is considering selling Flagship Credit Acceptance LLC, an auto-finance provider that could potentially be valued at around $400 million. Flagship Credit helps non-prime auto shoppers secure financing and was created through a merger with CarFinance Capital in 2014. Other Wall Street firms have also shown interest in auto loans, such as KKR & Co. and Warburg Pincus. No final decisions have been made regarding the potential sale of Flagship Credit. [Extracted from the article]

Blackstone Inc. and Warburg Pincus are considering selling IntraFi, a fintech company that helps individuals protect their bank deposits. The potential sale could reach $12 billion or more, with interest from financial technology firms and the possibility of an initial public offering. IntraFi, founded in 2002, operates a marketplace used by over 3,000 financial institutions in the US to safeguard deposits up to $250,000. The company's revenue surged in 2023 after the collapse of several regional banks. [Extracted from the article]

Bremer Financial Corp., Minnesota's fourth-largest bank by deposits, is up for sale, with financial advisers seeking a buyer for the Saint Paul-based lender. The bank, owned by the Otto Bremer Trust and Bremer employees, had about $1.35 billion of equity capital as of June 30. The potential sale follows a legal dispute between the trust and the bank, which was resolved in July. The sale reflects a trend of small and midsize bank mergers as institutions aim to compete with larger rivals. [Extracted from the article]

Elliott Investment Management and Southwest Airlines Co. are reportedly close to reaching a settlement to avoid a proxy fight over control of the airline's board. The settlement may involve Elliott receiving several board seats but not a majority. While details are not public, the potential agreement could be announced soon. Southwest CEO Bob Jordan's status and the impact on the board remain uncertain. Elliott had nominated eight directors and called for a special shareholder meeting, marking its first US proxy fight since 2017. Southwest and Elliott had initiated settlement talks, as reported by Bloomberg News. [Extracted from the article]

Starboard Value LP CEO Jeffrey Smith criticized Pfizer Inc. for over $20 billion in value destruction, citing failures in delivering new blockbuster drugs and mismanagement of acquisitions. Smith highlighted Pfizer's stock price drop and lackluster returns on research and development spending compared to peers. Starboard, with a $1 billion stake in Pfizer, aims to prompt a turnaround at the company. Additionally, Starboard has taken a stake in Kenvue Inc., seeking changes to boost the Tylenol maker's stock price by focusing on its strong brand portfolio. [Extracted from the article]

Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury timepiece retailer to pursue a significant share buyback and consider listing in the US. The activist investment firm engaged with Watches of Switzerland last month, proposing a buyback of £25 million to £50 million, which was reportedly well received. Gatemore also advocates for a US listing to provide American investors with exposure to the Rolex brand and suggests exploring acquisitions in the US and other watch retailers. Shares of Watches of Switzerland have declined by over a third this year, but rose slightly in London trading following Gatemore's involvement. [Extracted from the article]

Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury timepiece retailer to pursue a robust share buyback and consider listing in the US. The activist investment firm engaged with Watches of Switzerland last month, with managing partner Liad Meidar stating that their message was well received. Watches of Switzerland has not commented on individual shareholder views, but their shares have declined over 12% in the past year, with a market value of approximately £1 billion ($1.4 billion). [Extracted from the article]

Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury timepiece retailer to pursue a robust share buyback and consider a US listing. The activist investment firm revealed its position in the London-listed company and engaged with Watches of Switzerland to convey its recommendations. Watches of Switzerland has not publicly commented on the specifics of Gatemore's proposals. Shares of Watches of Switzerland have experienced a decline of over 12% in the past year, resulting in a market value of approximately £1 billion ($1.4 billion). [Extracted from the article]

Starboard Value LP CEO Jeffrey Smith criticized Pfizer Inc. for a perceived $20 billion in value destruction due to a lack of new blockbuster drugs. Smith highlighted Pfizer's share price decline and questioned the company's costly acquisitions that have not yielded expected returns. Starboard has taken a position in Pfizer to push for a turnaround, while also investing in Kenvue Inc. to enhance the consumer products company's stock performance. Smith praised Kenvue's strong brand portfolio but suggested a focus on skin and beauty products for future growth. [Extracted from the article]

Atlantic Union Bankshares Corp. has agreed to acquire Sandy Spring Bancorp for $1.6 billion in stock, with Sandy Spring investors receiving 0.9 shares of Atlantic Union stock for each share they own. This consolidation reflects a trend of mergers among small and midsize banks, driven by challenges such as tepid loan growth and narrow net interest margins. The deal will expand Atlantic Union's branch network in the mid-Atlantic region and increase its wealth assets under management by over $6.5 billion, positioning it as a prominent regional bank. [Extracted from the article]

Southwest Airlines and activist investor Elliott Investment Management are in discussions to potentially settle their differences without a proxy fight for control of the airline's board. Elliott has criticized Southwest's leadership and strategy, calling for changes. Southwest has announced policy tweaks, such as selling assigned seats and introducing a premium fare option, to revitalize operations. The talks are ongoing, and Southwest's shares have risen about 7% this year. [Extracted from the article]

Southwest Airlines and activist investor Elliott Investment Management are in talks to potentially settle their differences without a proxy fight for control of the airline's board. Elliott has criticized Southwest's leadership and performance, leading to proposed changes in strategy and leadership. Southwest has announced major policy changes, such as selling assigned seats and introducing a premium fare option, in response to Elliott's pressure. The discussions are ongoing, and Southwest has taken steps to address shareholder concerns, including a stock buyback plan and appointing new board members. [Extracted from the article]

Elliott Investment Management and Southwest Airlines Co. are in discussions to potentially settle their differences and avoid a proxy fight for control of the airline's board. Elliott has proposed a framework that would grant it representation on Southwest's board without full control. The talks are ongoing, but not finalized, and could potentially lead to a resolution. Elliott had nominated eight directors to the Southwest board and called for a special shareholder meeting, citing the need for strategy and leadership changes at the airline. [Extracted from the article]

Bank of America has merged its fintech investment banking team with its technology practice, reflecting the growing importance of software in the financial services industry. Around 50 bankers will be moved into the bank's existing tech group. Fintech encompasses various types of financial-oriented tech companies, such as payments providers and online brokers, which are becoming more closely aligned with traditional technology. The move is part of a broader organizational change that saw Kevin Brunner appointed to run technology, media, and telecom banking. [Extracted from the article]

Several asset management firms, including Sixth Street, Bridgepoint Group, First Eagle Investment Management, and Tikehau Capital, are reportedly interested in acquiring Kline Hill Partners, a firm specializing in secondaries bets. The potential deal could value Kline Hill at around $500 million. Kline Hill manages over $4.2 billion in assets and is seeking a partner to enhance its platform and capabilities as a liquidity provider for private equity assets. This interest in Kline Hill comes amidst a trend of consolidation in the alternative asset management industry. [Extracted from the article]

Vista Equity Partners is reportedly considering selling Finastra's Treasury and Capital Markets business, and has enlisted the help of Evercore Inc. to facilitate the sale. The division is estimated to be worth at least $2 billion and generates around $200 million in annual earnings. However, no final decision has been made and Vista may choose not to proceed with the sale. Finastra, a London-based fintech company, was formed in 2017 through a merger between Misys Group and D+H Corp. The Treasury and Capital Markets unit provides software for financial institutions to process trades and manage risk and compliance. [Extracted from the article]

Central Pacific Financial Corp. is in discussions to raise $1 billion from alternative asset managers, including Warburg Pincus, Centerbridge Partners, and Atlas Merchant Capital, to help acquire American Savings Bank FSB from Hawaiian Electric Industries Inc. The deal would provide capital to the combined entity and help Hawaiian Electric recover from significant losses incurred after last year's wildfires. While an agreement could be announced soon, no final agreement has been reached, and discussions may still fall through. The potential deal highlights private equity's renewed interest in the US banking sector. [Extracted from the article]

Cantor Fitzgerald has hired Seth Heaton from Citigroup and Chris Sanger from Truist Financial Corp. to provide advice on deals involving financial institutions. Heaton, who was the head of North American banks at Citigroup, and Sanger, who was previously head of banks at Truist Securities, will join Cantor Fitzgerald later this year. Heaton has experience working on transactions such as the merger between Sterling Bancorp and Webster Financial Corp. Sanger recently left Truist and previously worked at Credit Suisse, Evercore Inc., UBS Group AG, and Deutsche Bank. [Extracted from the article]

Wells Fargo has hired Ricardo McKenzie, a capital markets banker from Royal Bank of Canada, to run their private capital markets division. McKenzie, who previously worked at JPMorgan Chase, will join Wells Fargo as a managing director and report to the co-heads of equity capital markets. This move is part of Wells Fargo's efforts to strengthen its investment bank and compete with other major banks in advising companies on mergers and capital markets transactions. [Extracted from the article]

Evercore Inc. is expanding its financial institutions advisory practice by hiring two senior bankers from Goldman Sachs and Morgan Stanley. Eric Neveux, who was a partner at Goldman Sachs, will join Evercore as a senior managing director. Graham Nix will also join as a senior managing director from Morgan Stanley. These hires reflect Evercore's focus on financial institutions investment banking as a growing area, particularly in the wake of increased deal activity among asset managers, banks, specialty lenders, and insurers. Evercore has recently worked on significant financial services deals, including Truist Financial Corp.'s sale of its insurance brokerage arm and BlackRock Inc.'s purchase of Global Infrastructure Partners. [Extracted from the article]

Sandy Spring Bancorp Inc., a small bank based in Maryland, is considering takeover talks with potential buyers. The bank has been working with financial advisers and has held discussions with suitors, including Atlantic Union Bankshares Corp. However, no deal is imminent, and Sandy Spring could choose to remain independent. Mergers among small banks have been increasing due to challenges such as tepid loan growth and anemic net interest margins. Regulators are also more open to smaller bank mergers. Sandy Spring and Atlantic Union have complementary branch-footprints in the mid-Atlantic region, making them potential merger partners. [Extracted from the article]

Evercore Inc. has reported record second-quarter revenue due to a rebound in dealmaking, resulting in a surge in advisory fees. The firm's adjusted net revenue increased by 38% from the previous year to $695.3 million, with advisory fees rising by 52% to $568.2 million. CEO John S. Weinberg expressed optimism about the market recovery and the firm's ability to provide a broader range of products to a more diverse set of clients. The increase in revenue was attributed to the firm's expansion of senior managing directors and their success in securing mandates on big deals. This report provides insight into how boutique advisory firms performed in the quarter, with other firms such as Moelis & Co. and Lazard Inc. set to report their results as well. [Extracted from the article]

Comerica Inc., a business-focused regional lender, experienced a significant drop in its shares after announcing that it will likely lose its contract to issue the Direct Express debit card for the US Treasury. This contract, which expires in early 2025, provides Comerica with access to a large amount of cheap and reliable deposits. The loss of this contract could have a negative impact on the bank's stock and earnings per share. Comerica also lowered its guidance for net interest income for this year. [Extracted from the article]

Cipher Mining Inc., a US-based Bitcoin miner, is considering a potential sale after receiving interest from potential buyers. The demand for data centers has increased significantly, making Bitcoin miners attractive targets for acquisition. Cipher is currently working with advisers to assess buyer interest. While the company's shares rose following the news, it is still in the early stages of deliberation and there is no certainty that a sale will be pursued. The shortage of data-center space has led to AI firms targeting crypto-mining companies to enhance their computing capabilities through acquisitions. [Extracted from the article]

Goldman Sachs Group Inc. has announced plans to reduce its stock repurchases after the Federal Reserve's stress test required the bank to set aside more capital. The bank expressed disagreement with the results and stated that it will engage with regulators to better understand their determinations. The stress-capital buffer increase for Goldman Sachs was primarily driven by lower fee income. The bank's regulatory minimum CET1 ratio has climbed to 13.9% from 13%. [Extracted from the article]

Bain Capital and Reverence Capital Partners have reached an agreement to acquire Envestnet Inc., a software firm focused on wealth management. The deal, valued at $3.5 billion on an equity basis and $4.5 billion including debt, will make Envestnet a private company. Strategic partners including BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors will also invest in the transaction. Envestnet offers software and data to help wealth managers and banks manage investments, overseeing nearly 20 million accounts and $6 trillion in assets. Private equity firms have shown increased interest in software and financial technology sectors due to reliable cash flows and acquisition potential. [Extracted from the article]

BlackRock, the world's largest money manager, is set to acquire private capital database provider Preqin for $3.2 billion in cash. This acquisition will enhance BlackRock's ability to analyze data and manage risks in the fast-growing private assets market. Private markets are expected to reach nearly $40 trillion by the end of the decade, driving demand for relevant data. The transaction is expected to close by the end of the year, pending regulatory approvals. [Extracted from the article]

BlackRock Inc., the world's largest money manager, is close to finalizing a £2 billion ($2.5 billion) deal to acquire Preqin, a private capital database provider. This acquisition is part of BlackRock's strategy to expand into alternative assets and private markets investing. Preqin's database is one of the largest and most popular in the industry, tracking fund performance, deals, and portfolio companies. While the deal is still being negotiated and may not be finalized, it represents BlackRock's continued efforts to diversify its offerings beyond stocks and bonds. [Extracted from the article]

Riot Platforms Inc. is seeking to take over Bitfarms Ltd., a rival Bitcoin miner, and has called for a special meeting of shareholders to vote on three new board nominees. Riot had previously made a $950 million offer to buy Bitfarms, but withdrew it in order to push for boardroom changes and engage in good-faith negotiations. Bitfarms now has 21 days to set a date for the special meeting, where shareholders can vote on removing the company's chairman, interim CEO, and incumbent director. Riot has nominated three candidates for the Bitfarms board. The consolidation in the crypto-mining sector has increased as large-scale Bitcoin mining companies try to acquire smaller rivals amid declining profits. Riot has one of the world's largest Bitcoin mining farms in Texas. [Extracted from the article]

Wells Fargo & Co. has hired Christina Bresani from William Blair & Co. to lead its mid-cap mergers and acquisitions group. Bresani, who was previously a managing director and head of corporate advisory at William Blair, will join Wells Fargo in New York as a managing director. This move is part of Wells Fargo's efforts to recruit senior investment bankers and compete with other major banks. [Extracted from the article]

Carlyle Group Inc. is planning to sell off several investments as the private equity market begins to recover. Brian Bernasek, co-head of Americas corporate private equity at Carlyle, stated that they have a number of businesses they are looking to exit and have ongoing discussions for the second half of this year and into next year. The improved market conditions, including strong credit markets and stable interest rates and equity markets, are giving dealmakers more confidence to engage in transactions. Carlyle has already sold four companies this year, including video game publisher Jagex. [Extracted from the article]

Bakkt Holdings Inc., a digital-asset marketplace launched by the parent company of the New York Stock Exchange, is considering a potential sale or breakup, according to anonymous sources. The company has been working with a financial advisor to explore strategic options, but no final decision has been made. Bakkt offers various services, including trading and custody, and holds a BitLicense from the New York State Department of Financial Services. The digital-asset sector is experiencing consolidation, with some firms expanding while others recover from a previous industry-wide downturn. Bakkt's stock has risen 15% and its market value is approximately $300 million. [Extracted from the article]

OneWater Marine Inc. is currently in discussions to acquire MarineMax Inc., its larger rival, in an all-cash deal worth $40 per share. If the deal goes through, the combined company would be valued at approximately $2.5 billion, including debt. The boat dealership industry in the US is highly fragmented, making it a suitable market for consolidation. The potential merger would result in significant cost savings and long-term earnings growth. OneWater Marine Inc. has been expanding rapidly through acquisitions in recent years and describes itself as one of the largest premium marine retailers in the US. MarineMax Inc., based in Clearwater, Florida, has 130 locations and also operates a luxury boating charter service. Both companies' stocks have experienced declines this year. [Extracted from the article]

Riot Platforms Inc. has made a $950 million offer to acquire Bitfarms Ltd., a smaller Bitcoin miner. Riot's offer consists of $2.30 per share in cash and stock, representing a 20% premium over Bitfarms' pre-offer trading price. Riot currently holds a 9.25% stake in Bitfarms and plans to call a vote to add directors to the Canadian company's board. This potential acquisition comes as the Bitcoin mining industry faces challenges due to a recent code update that will result in reduced revenue for miners. If the deal goes through, it would create the largest Bitcoin miner globally and significantly increase Riot's Bitcoin production. Bitfarms' shares rose 3.3% in Toronto, while Riot's shares rose 4% in New York. Bitfarms recently fired its interim CEO, and Riot plans to request a special meeting of shareholders to appoint new independent directors. [Extracted from the article]

Envestnet Inc., a provider of wealth-management software, is attracting interest from potential buyers including Advent International and GTCR, according to anonymous sources. Envestnet has been working with a financial adviser to explore options, and while there is no certainty that Advent or GTCR will pursue a transaction, Envestnet could also attract interest from other suitors. Private equity firms have been showing increased interest in the software and financial technology sectors, which offer reliable cash flows and potential for growth through acquisitions. Envestnet offers software and data to wealth managers and has a large client base. [Extracted from the article]

Admiral Acquisition Ltd., led by Martin Franklin, has agreed to acquire industrial-services provider ASP Acuren Holdings Inc. for $1.85 billion. The deal is the largest blank-check deal of the year and involves the purchase of the business from American Securities. Admiral raised $550 million in 2023 and will delist from the London Stock Exchange and apply to list on the New York Stock Exchange after the deal closes. Acuren provides testing, engineering, and lab-testing services to industrial end markets. [Extracted from the article]

Nasdaq Inc. is considering selling Solovis, a company that provides portfolio-management software and services, as part of its efforts to streamline its operations after its acquisition of Adenza. Nasdaq is working with a financial adviser to explore options for the unit and has received interest from potential buyers. The company may choose to retain the business instead. Nasdaq has been diversifying its revenue sources beyond its traditional exchange business, and the acquisition of Solovis in 2020 expanded its offerings in cloud-based portfolio management. [Extracted from the article]

According to John W. Rogers, founder of Ariel Investments and a major shareholder in Paramount Global, the company should consider other proposals before merging with Skydance Media, owned by David Ellison. Rogers suggests that a deal with Apollo Global Management Inc. and Sony Group Corp. could be a better outcome for investors, as they are larger and more proven companies. Rogers also expresses surprise and disappointment at the departure of Paramount CEO Bob Bakish during merger discussions. Paramount, the parent company of CBS and MTV, is currently in exclusive talks with Skydance. [Extracted from the article]

UMB Financial Corp. has agreed to acquire Heartland Financial USA Inc. in a $2 billion all-stock deal, making it the largest regional-bank deal of the year. Under the agreement, Heartland shareholders will receive 0.55 UMB shares for each of their shares. The acquisition will expand UMB's core services in both existing and new markets, and the two companies have complementary branch footprints in the Midwest and Southwest US. The deal is expected to be completed in the first quarter of next year and will result in UMB having almost $65 billion of assets. [Extracted from the article]