A series of US dealmaking and restructuring developments on November 13 spanned media, financial services, pharmaceuticals and retail. Fox Corporation completed its acquisition of Roku, while Morgan Stanley plans to buy shareholder-records platform Vinyl Equity. Separately, CorMedix agreed to acquire most of Heron Therapeutics’ assets, and children’s apparel retailer The Children’s Place filed for Chapter 11 bankruptcy protection. The transactions highlight companies reshaping their businesses through acquisitions as some retailers face mounting liquidity pressure.
Fox completes Roku acquisition
Fox Corporation (NASDAQ: FOXA) has completed its acquisition of Roku (NASDAQ: ROKU), bringing Fox’s sports, news and local programming together with Roku’s connected-TV platform. The deal expands Fox’s presence in streaming and connected television.
Fox expects the combination to generate about $400 million in annual cost synergies within two years. The company also expects the acquisition to increase free cash flow per share in the second full year after closing. Those targets will be key measures of the integration’s progress; actual results will depend on how effectively the businesses are combined and the projected savings are realized.
Morgan Stanley plans Vinyl Equity purchase
Morgan Stanley (NYSE: MS) plans to acquire Vinyl Equity, a US Securities and Exchange Commission-registered transfer agent that provides a digital platform for managing shareholder records. The companies did not disclose the purchase price. The transaction remains subject to customary closing conditions and is expected to close in the first quarter of 2027.
The proposed deal would link Morgan Stanley’s financial services business with technology for shareholder records and transfer-agent services. With no price disclosed, the scale of the acquisition and its potential financial impact on Morgan Stanley cannot yet be assessed.
CorMedix to acquire most of Heron’s assets
CorMedix (NASDAQ: CRMD) has agreed to acquire nearly all of Heron Therapeutics’ (NASDAQ: HRTX) assets. Consideration includes $145 million in cash upfront, about 14.6 million shares of CorMedix common stock and potential performance payments of up to $55 million. CorMedix will also pay royalties on sales of certain Heron products.
The acquisition would add four commercially available drugs to CorMedix’s portfolio. It is expected to close in the first quarter of 2027. The mix of cash, stock and contingent payments means the final cost will also depend on the agreed conditions and sales of the relevant products.
More deals advance as The Children’s Place seeks Chapter 11 protection
Chicago-based Craveworthy Brands signed a definitive agreement to acquire New England Authentic Eats, the parent company of Papa Gino’s Pizzeria. The companies did not disclose the deal value and expect to complete the transaction by December 31. It would be Craveworthy’s largest acquisition to date.
Semiconductor and advanced-materials supplier Entegris acquired Advanced Abrasives Corporation, a maker of precision abrasive products; the price was not disclosed. Installed Building Products, which installs building products, completed its acquisition of Old Dominion Group at a valuation of $698 million, expanding its commercial and industrial business.
In the energy sector, Bayou Midstream II and EIV Capital completed their acquisition of Argent Gas Solutions. Argent operates natural-gas gathering, compression and processing assets across three counties in the northeastern Bakken region of North Dakota. Arko Petroleum also completed its acquisition of fuel distributor U.S. Petroleum Partners. The consideration includes about $200 million in cash, the value of inventory and approximately 2 million shares of Arko Petroleum Class A common stock, valued at about $30 million and to be held in escrow.
The Children’s Place, a children’s apparel retailer, filed for Chapter 11 bankruptcy protection. As of August 1, the company reported $742.3 million in assets and $881.3 million in liabilities. It attributed the filing to declining sales and profitability, competitive and promotional pressures, rising costs and significant liquidity constraints. Its reported liabilities exceed its assets, underscoring how operating pressure has translated into balance-sheet and cash-flow challenges.