DoorDash is acquiring Instacart, creating a combined company with roughly the same share of the US online grocery market as Walmart.
2:33 PMFinancial Times21 stories from 11 sources
Platform scale and strategic pivots drive a contested deal day
Day’s Recap
Supporting Articles
Evonik is expected to reject BASF’s improved offer, valued at about €11bn, while keeping open the possibility of future discussions. BASF is seeking to combine the businesses into a Germany-based chemicals champion.
8:13 PMFinancial TimesMonte dei Paschi investors overwhelmingly rejected proposed acquisitions of Banca Generali and Banco BPM. The votes blocked the chief executive's plan to use the deals as a defense against Intesa Sanpaolo's proposed €35 billion takeover.
11:46 AMFinancial TimesGE Vernova agreed to acquire high-voltage equipment manufacturer Trench Group for $9 billion. Executives said the deal will position the company to benefit from rising electricity demand as gas turbine orders slow.
1:40 PMUtility Dive
OpenAI-backed Thrive Holdings is acquiring ADT in a $15.3 billion deal and plans to bring AI into the home security business.
3:56 PMTechCrunch
Thrive Holdings, led by Joshua Kushner, agreed to acquire ADT in an all-cash deal valued at $7.6 billion. The transaction would take ADT private and is expected to close in the first quarter of 2027.
12:03 PMThe Verge
Ambuja Cements’ Q2 FY27 net profit fell 90% year on year to Rs 114 crore, largely because the prior-year period included a Rs 1,697 crore income tax provision reversal. Revenue rose 10% to Rs 6,113 crore, while shareholders approved the proposed merger of ACC and Orient Cement with Ambuja, subject to approvals and expected completion in FY27.
5:13 AMEconomic Times2:33 PMFinancial Times
DoorDash buys Instacart just as AI rewrites the menu
Summary
DoorDash is acquiring Instacart, creating a combined company with roughly the same share of the US online grocery market as Walmart.
The deal would consolidate two major digital grocery platforms and give DoorDash greater scale across
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The acquisition would turn DoorDash into a grocery competitor on Walmart's scale in online sales.
4 stories · 4 sources
8:13 PMFinancial Times
Evonik set to reject BASF’s sweetened €11bn takeover bid
Summary
Evonik is expected to reject BASF’s improved offer, valued at about €11bn, while keeping open the possibility of future discussions. BASF is seeking to combine the businesses into a Germany-based chemicals champion.
Evonik’s likely rejection blocks BASF’s immediate path to a landmark deal, despite the higher price.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The decision could reshape the next phase of consolidation among Europe’s major chemicals companies.
11:46 AMFinancial Times
Monte dei Paschi investors reject CEO’s plan to fend off Intesa’s €35bn takeover
Summary
Monte dei Paschi investors overwhelmingly rejected proposed acquisitions of Banca Generali and Banco BPM. The votes blocked the chief executive's plan to use the deals as a defense against Intesa Sanpaolo's proposed €35 billion takeover.
The rebuke removes Monte dei Paschi's main defensive strategy and leaves Intesa's approach harder to
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Shareholders have narrowed Monte dei Paschi's options and increased the likelihood that Intesa can advance its takeover bid.
1:40 PMUtility Dive
GE Vernova in $9B deal to buy high-voltage manufacturer as gas turbine orders slow
Summary
GE Vernova agreed to acquire high-voltage equipment manufacturer Trench Group for $9 billion. Executives said the deal will position the company to benefit from rising electricity demand as gas turbine orders slow.
The acquisition shifts GE Vernova’s growth strategy toward grid equipment, where electrification and new loads
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal reflects a broader investment pivot from building power plants to expanding the grid that connects them.
3:56 PMTechCrunch
OpenAI-backed Thrive Holdings acquires ADT
Summary
OpenAI-backed Thrive Holdings is acquiring ADT in a $15.3 billion deal and plans to bring AI into the home security business.
The transaction would give an AI-backed owner control of a large installed home security platform,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal connects frontier AI investment with a mass-market home hardware and monitoring network.
12:03 PMThe Verge
Joshua Kushner’s Thrive Holdings is acquiring ADT for $7.6 billion
Summary
Thrive Holdings, led by Joshua Kushner, agreed to acquire ADT in an all-cash deal valued at $7.6 billion. The transaction would take ADT private and is expected to close in the first quarter of 2027.
The deal removes ADT from public markets and gives Thrive control to pursue a longer-term
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
ADT's next phase will be shaped by private ownership, which may enable operational changes but reduces public-market visibility.
5:13 AMEconomic Times
Ambuja Cements Q2 Results: Net profit tanks 90% YoY to Rs 114 crore on tax reversal effect; revenue rises 10%
Summary
Ambuja Cements’ Q2 FY27 net profit fell 90% year on year to Rs 114 crore, largely because the prior-year period included a Rs 1,697 crore income tax provision reversal. Revenue rose 10% to Rs 6,113 crore, while shareholders approved the proposed merger of ACC and Orient Cement with Ambuja, subject to approvals and expected completion in FY27.
The reported profit collapse overstates the deterioration in underlying operations because of the one-time tax
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Ambuja’s headline profit is distorted, but the approved consolidation could materially change its competitive position in India’s cement market.
Other Developments
A curated list of other prominent stories from this day.
HappyCo acquired Banner Technologies to connect property maintenance operations with capital expenditure planning. The deal followed Lone View Capital's investment in HappyCo in September.
5:16 PMHousing Wire
Lumentum shares rose 5.5% in premarket trading after reports that Marvell Technology is close to acquiring the optical networking company. Analysts view the potential combination as strategically coherent.
4:31 PMMarketWatchThe article examines whether a slowing market is contributing to a decline in mergers and acquisitions.
4:16 PMFinancial Times
Rivian and Volkswagen are expanding their joint venture to include an AI assistant. The companies have not disclosed whether the expansion will increase the venture's existing $5.8 billion value.
4:05 PMTechCrunchRaizen is considering selling part of its fuel distribution business while giving shareholder Shell a meaningful stake in the profitable unit. The restructuring would separate the business operationally while preserving Shell's influence over its ownership and governance.
1:53 PMBloomberg MarketsInternational Paper reported a $55 million hit from higher energy, fuel and recovered fiber costs. The company will use an investor day next week to outline the separation of its European business, DS Smith.
11:00 AMPackaging DiveProAmpac's president and chief technology officer discuss the company's acquisition of TC Transcontinental, along with plans for active packaging, artificial intelligence and expansion in meat and cheese markets. They also outline their expectations for mergers and acquisitions through 2027.
10:49 AMPackaging Dive
Deepgram acquired Daily, the company behind the open-source Pipecat framework, to strengthen its voice AI infrastructure. Deepgram said it will keep Pipecat open source.
9:00 AMTechCrunch
Kipp plans to accelerate its US expansion after an investor group led by The Lifetime Value Company and its founders acquired the fintech platform. Kipp will continue operating independently under co-founders Chanan Lavi and the existing leadership team.
8:00 AMPYMNTSRocco Basilico rejected a €3.5 billion offer for his 12.5% stake in Delfin, the family investment company that controls a major holding in EssilorLuxottica. The decision blocks a potential transfer of one of the family's most valuable ownership positions.
7:29 AMBloomberg Markets
Journey Beyond has launched Island Connections to unify the SeaLink marine operations it recently acquired. The acquisition adds 14 tourism brands and expands the operator's national portfolio of ferry, marine, and experiential travel businesses.
5:12 AMBreaking Travel News5:16 PMHousing Wire
HappyCo buys Banner Technologies
Summary
HappyCo acquired Banner Technologies to connect property maintenance operations with capital expenditure planning. The deal followed Lone View Capital's investment in HappyCo in September.
The acquisition expands HappyCo's platform from maintenance workflows into longer-term property investment decisions. That gives
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal reflects growing demand for software that links day-to-day property operations with investment planning.
4:31 PMMarketWatch
All the reasons Marvell investors are ‘freaking out’ as Lumentum deal rumors swirl
Summary
Lumentum shares rose 5.5% in premarket trading after reports that Marvell Technology is close to acquiring the optical networking company. Analysts view the potential combination as strategically coherent.
The deal would bring Lumentum's optical technology closer to Marvell's data-center and networking portfolio. Investors
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A transaction would give Marvell a broader hardware stack for the rapidly expanding AI data-center market.
4:16 PMFinancial Times
Why the slowdown in Wall Street deals?
Summary
The article examines whether a slowing market is contributing to a decline in mergers and acquisitions.
Deal activity appears to be losing momentum as market conditions become less supportive of large
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A weaker M&A market could signal tighter financing, lower valuations, and a broader retreat from corporate expansion.
4:05 PMTechCrunch
Rivian expands joint venture with VW to include AI assistant
Summary
Rivian and Volkswagen are expanding their joint venture to include an AI assistant. The companies have not disclosed whether the expansion will increase the venture's existing $5.8 billion value.
The addition moves the partnership beyond vehicle software and into the driver-facing AI layer, giving
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The expanded venture shows automakers treating AI assistants as core vehicle infrastructure rather than an optional feature.
1:53 PMBloomberg Markets
Raizen Business Split Gives Shell Some Rights Over Fuel Unit
Summary
Raizen is considering selling part of its fuel distribution business while giving shareholder Shell a meaningful stake in the profitable unit. The restructuring would separate the business operationally while preserving Shell's influence over its ownership and governance.
The key shift is that Raizen is using a partial sale and a carve-out to
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Raizen is turning a valuable operating division into a source of capital while giving Shell a stronger position in its future.
11:00 AMPackaging Dive
International Paper talks cost challenges ahead of DS Smith split
Summary
International Paper reported a $55 million hit from higher energy, fuel and recovered fiber costs. The company will use an investor day next week to outline the separation of its European business, DS Smith.
The cost shock weakens earnings just as International Paper prepares to divide the business and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Higher input costs raise the execution risk of the DS Smith split and could affect how investors value both businesses.
10:49 AMPackaging Dive
ProAmpac execs talk 2027 M&A, innovation predictions
Summary
ProAmpac's president and chief technology officer discuss the company's acquisition of TC Transcontinental, along with plans for active packaging, artificial intelligence and expansion in meat and cheese markets. They also outline their expectations for mergers and acquisitions through 2027.
The TC Transcontinental acquisition gives ProAmpac a larger platform from which to pursue packaging growth
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Packaging M&A is shifting beyond scale toward technology, product performance and targeted food-sector exposure.
9:00 AMTechCrunch
Deepgram acquires Pipecat-maker Daily to bolster its voice AI infrastructure
Summary
Deepgram acquired Daily, the company behind the open-source Pipecat framework, to strengthen its voice AI infrastructure. Deepgram said it will keep Pipecat open source.
The acquisition brings Daily's real-time voice tooling into Deepgram's speech AI stack while preserving access
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Voice AI companies are consolidating the infrastructure needed to move from speech models to full production applications.
8:00 AMPYMNTS
Kipp Targets US Expansion After LTVCo Acquisition
Summary
Kipp plans to accelerate its US expansion after an investor group led by The Lifetime Value Company and its founders acquired the fintech platform. Kipp will continue operating independently under co-founders Chanan Lavi and the existing leadership team.
The acquisition gives Kipp new backing for US growth while preserving operational control with its
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal gives Kipp a stronger platform to enter the US while signaling investor confidence in founder-led fintech growth.
7:29 AMBloomberg Markets
Ray-Ban Heir Rejects $3.9 Billion Offer for Stake in Family Firm
Summary
Rocco Basilico rejected a €3.5 billion offer for his 12.5% stake in Delfin, the family investment company that controls a major holding in EssilorLuxottica. The decision blocks a potential transfer of one of the family's most valuable ownership positions.
The rejected bid preserves the existing ownership structure and keeps Delfin's stake in EssilorLuxottica within
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The decision limits near-term deal prospects around a strategically important stake in the world's largest eyewear company.
5:12 AMBreaking Travel News
Journey Beyond Expands National Tourism Portfolio and Launches Island Connections
Summary
Journey Beyond has launched Island Connections to unify the SeaLink marine operations it recently acquired. The acquisition adds 14 tourism brands and expands the operator's national portfolio of ferry, marine, and experiential travel businesses.
The acquisition materially broadens Journey Beyond's control over Australia's tourism distribution, while the new brand
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Australia's experiential tourism market is consolidating around operators that can package transport and attractions across multiple destinations.
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