Commentary & Deal Flow

+++Corrects bad number in the YTD deal count cell in the HY volume tables: 262 (not 302)+++

After clearing the calendar yesterday, the US high yield new issue market turned quiet today. No new deals were announced or priced today, and no countable deals are left on the calendar for pricing this week (marketing for GM3 runs through next Tuesday and Strive preferred stock, scheduled to price tomorrow, will not be counted towards volume). 

The European high yield calendar has also cleared for the week, but one roadshow deal has already been added to the calendar for next week. 

Announced this morning in the European high yield new issue market was LSF13 Constantine Acquisition GmbH (ContiTech) EUR400m minimum 7yNC3 sr sec notes, roadshow Thursday-Tuesday. 

With no deals priced today, the US high yield new issue deal flow for the week remains three deals (three tranches) for $2.15bn, which is only at the bottom end of this week’s US high yield new issue volume, which ranged from $2bn-$7bn (mostly centered around the $2bn-$5bn range). Our guess was $5bn. With the week almost over and no countable deals left on the calendar, this is likely to be the final volume for the week. 

At $6.78bn, October has made slow but steady progress towards this month’s syndicate desk estimates. It is already halfway to the low end of October estimates, which ranged from $12.5bn to $25bn (almost equally distributed in that range). Our guess was $20bn.

We are adding another deal to the forward calendar. Amwins Group Inc (AMWINS) is currently in the loan market with $1.2bn incremental term loan B and expects to also issue $750m sr sec notes. Via GS+. B1/B+ (stable/stable). Oct biz: (loan commitments due 12pm 10/22). 

The proceeds of the bonds and loans, along with $300m of cash on hand, will be used to fund the acquisition of Steadfast Group's underwriting agency business. Amwins, Dragoneer and KKR are acquiring Steadfast for A$6 per share (approx A$7.7bn or US$5.52bn total). Immediately following closing, the consortium will immediately on-sell Steadfast's underwriting agency business to Amwins, while Starboard BidCo, owned by KKR and Dragoneer, will retain Steadfast's insurance broking business. Closing is expected in Dec 2026. Equity sponsors: Dragoneer (33.1%), PSP (16.4%) and Genstar 9.2% (41.3% is owned by its employees). 

Amwins is a global distributor of specialty insurance products and services (property and casualty and other products). HQ: Charlotte, NC. (Acquisition announced 08/21/2026).

Also, there were two M&A deals announced this morning that will/may be financed in the high yield market. Penske Automotive Group Inc (PAG) announced that it will take private the remaining shares that it  or Mitsui & Co Ltd does not currently own. Motown Acquisition Corp, a group consisting of Penske Corp and Mitsui & Co Ltd will acquire the public shares outstanding at $212.00 per share in cash representing an enterprise value of $16.3bn. Pre announcement, Penske Corp already owned ~52% and Mitsui owned ~20% of PAG. At closing, Penske will own ~64% and Mitsui will own ~36%. 

JPM/BofA/WFS have provided a 1 year sr unsec bridge loan for $1.8bn to backstop the debt financing. This bridge loan will be reduced by up to $1.8bn of additional sr sub notes and/or up to $1.1bn additional term loans. Penske Corp and Mitsui will provide up to $2.2bn in cash equity. Closing is expected in Q1 2027. 

Biz: an international transportation services company that operates automotive and commercial truck dealerships principally in the US, the UK, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. HQ: Bloomfield Hills, MI.

And CCC Intelligent Solutions Holdings Inc (CCC) announced that it will be acquired by GTCR and Elliot Investment Management LLP for $7.75 per share in cash ($4.6bn equity value $6.1bn enterprise value). The LBO deal will be funded with cash equity, pfd equity and new debt. JPM/Citi have committed to provide the debt financing. No further details on the debt financing were disclosed. Closing is expected in Q1 2027. CCC is a leading SaaS and AI platform powering the multi-trillion-dollar insurance and repair economy. HQ: Chicago, IL.

The US high yield secondary market rallied following treasuries today. UST yields fell sharply across the curve (10y UST yield -12bps to 5.08%), while stocks gapped higher (DJIA +556; S&P +25; NASDAQ +20). The US high yield cash market was up a 1/4 point, with several beaten down names up more. Coreweave’s 9.75% notes due 10/01/2031 were trading as low as $78 this morning but ended the day 5 1/2 points higher at $83.50. 

The CDX HY46 was up over an 1/8 of a point to 106.333.

All of this week’s new issues were better in the secondary market today. The best performer was INEOS Energy, up 3/4 of a point since yesterday’s close and pricing. The rest were up 3/8 - 1/2 a point since pricing.

CFR High Yield Forward Calendar

===================== [ 10/12/2026 Week ] ===============

Strive Inc (ASST) $500m SEC registered 15% Series A perpetual preferred stock, 5m shares at $100 (liquidation preference initially $100). NCL except for certain adverse tax scenarios or if <25% of the number of shares of SATS issued in this offering or in any future offering remain outstanding. Redemption price is equal to the Liquidation Preference as of the business day before the date the related redemption notice is sent, plus accumulated and unpaid regular dividends, if any, that will have accrued to, and including, the redemption date. Unrated. Ranking: Senior to dividend and liquidation junior stock, including Class A and Class B common stock. Junior to liquidation and dividend senior stock, including SATA perpetual preferred stock, as well as any future indebtedness of Strive. Structurally junior to any obligations and capital stock of Strive's subsidiaries.Via Barc/Cantor jt books, Clear Street as lead manager, B. Riley/H.C. Wainwright/Maxim/StoneX as co-managers. Fixed Dividend: cumulative dividends at 15.00% per annum on the Stated Amount, payable every business day beginning on November 9, 2026, in cash when, as and if declared by Strive’s board of directors, out of funds legally available for payment. The issuer cannot pay any dividends on common stock if it has not made the most recent business-day dividend payment on SATS. Settles T+2. Small group meetings 10/14-10/15. Pricing 10/16. UOP: GCP, including the acquisition of bitcoin and bitcoin-related products, working capital, purchase of income generating assets to grow business, other capital expenditures, and/or repurchases of shares of Class A common stock or SATA stock, and fund acquisitions of businesses, assets or technologies. Biz: a structured finance company focused on disciplined capital allocation and long term value creation. They have strategically adopted bitcoin as its hurdle rate for capital deployment because of our fiduciary duty to maximize  long-term value for stockholders and compound purchasing power over time. Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, manages over $2.8 billion in assets. HQ: Dallas, TX.

Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=e14945c9. Entry code: SATS2026. 

===================== [ 10/19/2026 Week ] ===============

On 10/14/26 GM3 mandated Barc+ to arrange a series of fixed income investor meetings across Asia Pacific, Europe and the United States, commencing on Oct 15. Expected to follow, subject to  market conditions is: GEAR M NSW HCC Pty Ltd (GM3) US$500m 144A/Reg S 1st lien sr sec partially amortizing fixed rate notes due 2031 (5y) (WAL ~4.6y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 35%. . Amortization schedule: 4% before or on April 2028, 5% Oct 2029, 6% April 2030, 7% Oct 2030, 8% April 2031, 70%  at maturity Oct 2031. NR/ BB-/BB- (stable/stable). Via Barc/BofA/DB as jt glocos/Mandiri Securities jt books. No reg rights. NY law. List Singapore. DSRA: funded with one semi-annual interest payment at closing. DSRA must be maintained at all times at no less than one semi-annual coupon amount, and will be secured in favor of the bondholders. CoC at 101 with one-notch downgrade by either S&P of Fitch.  Roadshow across Asia Pacific, Europe and the US Oct 15-20. DB is the logistics coordinator globally. UOP: along with a new US$100m 5yNC1 term loan and US$31m existing liquidity, to repay the US$600m private credit acquisition term loan facility and cancel the acquisition facility in full. Biz: GM3 is a leading Australian premium metallurgical coal producer, with key shareholders including Golden Energy and Resources Pte Ltd (c.51%), JSW Steel (c.30%), Posco (c.12%) and M Resources (c.7%). GM3, formerly Illawarra Metallurgical Coal, was acquired from South32 in 2024 for $1.65 billion by a consortium of Indonesia’s Widjaja family-controlled Golden Energy and Resources Ltd and Australian miner M Resources Ltd. It is headquartered in Brisbane, Australia. 

Netroadshow direct link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=5576100d__;Iw!!KE2hBTbTeqtRsZdp!UXw02tyRgxcx5MXQ_7oy-1sHiNkBTecjbQ1JXwQ6Y1qBaJ6ZvYqqAIyiV6WLcNveHQwxS4nRJyYpVmE$. Entry code: REV_GM326.

LSF13 Constantine Acquisition GmbH (ContiTech) (CNTTCH) min. EUR400m Reg S sr sec notes. NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. SMR at 100 if the acquisition has not closed by 11/01/27. Expect B1/B/BB- (stable/stable/positive). Via Barc (B&D)/Jefferies/UBS jt glocos and physical books/BNP/Santander jt glocos and jt books/BBVA/ Intesa/JPM/Natixis/NatWest/RBI jt books, Helaba co-mgrs. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Investor call at 1:15pm UKT 10/15 (also fixed income investor meetings 10/16, 10/19, 10/20). UOP: Total deal size EUR2.35bn equivalent, alongside min. EUR500m EUR TLB, min. US$750m USD TLB and EUR1,370m equity contribution, proceeds will be used to finance the acquisition of ContiTech from Continental AG by Lone Star Funds for EUR4bn, fund EUR150m cash to balance sheet, and pay transaction fees and expenses. Closing expected Q4 2026 (Acquisition announced 06-July-2026). Equity sponsor: Lone Star Funds. Biz: Globally leading pure-play engineered rubber producer, with #1 and #2 positions across principal product groups comprising Conveying Solutions, Fluid Handling Solutions, Power Transmission Solutions, Damping Solutions, and LivTec, serving predominantly aftermarket replacement demand off a large installed base, to a diverse customer base across end-markets and geographies. HQ: Hanover, Germany. (Acquisition announced 06-July-2026).

Global Investor Call Registration: https://www.netroadshow.com/events/login/1PeTHmohY9pNluiQGAPqiIKzHGGY555Fvht9N. NetRoadshow & OM Link: www.netroadshow.com/nrs/home/#!/?show=83726ccf.

Note: No Price Progression section (IPT/price talk) was included in this update, so no "current stage pricing" paragraph is shown — this reflects a pre-launch roadshow announcement. 

====================== [ October ] ===============

Amwins Group Inc (AMWINS) $750m sr sec notes. Via GS+. B1/B+ (stable/stable). Oct biz: (loan commitments due 12pm 10/22). UOP: along with $300m of cash on hand and $1.2bn incremental term loan B to fund the acquisition of Steadfast Group's underwriting agency business (Amwins, Dragoneer and KKR are acquiring Steadfast for A$6 per share (approx A$7.7bn or US$5.52bn total). Immediately following closing, the consortium will immediately on-sell Steadfast's underwriting agency business to Amwins, while Starboard BidCo, owned by KKR and Dragoneer, will retain Steadfast's insurance broking business). Closing is expected in Dec 2026. Equity sponsors: Dragoneer (33.1%), PSP (16.4%) and Genstar 9.2% (41.3% is owned by its employees). Biz: a global distributor of specialty insurance products and services (property and casualty and other products). HQ: Charlotte, NC. (Acquisition announced 08/21/2026).

====================== [ 2026 / 2027 ] ===============

The Brink's Co (BCO) $2.124bn sr notes. Via MS. (Existing sr unsec notes were affirmed at Ba3/BB/BB+ (stable/stable/stable)). UOP: along with cash on hand, to fund the acquisition of NCR Atleos Corp (NATL) for $6.6bn implied value, consisting of $2.2m in cash ($30.00 per share in cash) and 13.3m BCO cmn shares (0.1574 cmn share of BCO per NATL share) ($50.40 per share total implied value), and the assumption of $2.6bn NATL debt. MS has provided a $2.124n bridge loan to fund the cash portion and refinance NATL's debt (BCO will also use cash on hand) (The bridge loan originally was $4.5bn total size consisting of $2.276bn sr unsec bridge loan to fund the cash portion of the acquisition, $873m sr sec bridge loan backstopping the amend and extend of NCR Atleos term loan A with BofA, and $1.35bn sr sec bridge loan backstopping the $1.35bn 9.50% sr sec notes due 2029, in case Brink's and NCR Atleos do not receive the requisite consents from the noteholders to keep the bond outstanding). Closing is expected in Q1 2027. Biz: provider of cash management, secure logistics and security services. HQ: Richmond, VA. (Acquisition announced 02/26/2026).

++++09/11/2026 update: The UK Competition and Markets Authority initiated its first-phase inquiry into the acquisition.

++++06/30/26 update: BCO and NATL shareholders approve the merger.

++++05/12/26 update: the FTC granted early termination of the HSR waiting period.

+++04/07/26 update: on 03/31/36 Brink's increased its existing $2.225bn term loan A with a new $1.025bn delayed-draw term loan via BofA and increased its revolver by $600m. This financing will replace a portion of the bridge loan.

+++03/11/26 update: NCR Atleos announced they had received the requisite consents and amended the CoC definition on its 9.50% sr sec notes due 2029.

+++03/05/26 update: NCR Atleos Corp commenced a consent solicitation with respect to its $1.35bn 9.50% sr sec notes due 2029. The Proposed Amendments seek to amend the defined term “Change of Control” to provide that the Mergers will not constitute a Change of Control and to add or amend certain other defined terms contained in the Indenture related to the foregoing.

The amended and restated credit agreement increases the size of the existing credit facility from $2.225 billion to $3.85 billion. The increase is structured as a $1.025 billion delayed draw term loan and a $600 million increased revolving credit commitment, and the proceeds are intended to be used to fund part of the cash consideration for Brink’s potential acquisition of NCR Atleos Corporation (“NCR Atleos”), refinance indebtedness of NCR Atleos, and fund general corporate purposes. The amended and restated credit agreement will mature on March 31, 2031. Pricing is expected to remain at Term SOFR + 150 basis points through the consummation of Brink’s proposed acquisition of NCR Atleos, subject to Brink’s consolidated net leverage ratio in accordance with the terms of the amended and restated credit agreement. The acquisition remains subject to customary closing conditions, including regulatory approval and shareholder approvals from both companies.

Fertitta Gaming/Caesars Entertainment Inc (FRTITA) $1.675bn sr sec notes. UOP: along with $500m sr sec incremental term loan A-1, $1.675bn sr sec incremental term loan B-2, and $750m 1y sr sec bridge loan (also $2bn revolver), to fund the acquisition of Caesars Entertainment Inc (CZR) by Fertitta Entertainment Inc for $31.00 per share in cash representing an equity value of $5.7bn or an enterprise value of $17.6bn including the assumption of approx $11.9bn net debt. Fertitta plans on funding the transaction with $2.7bn equity financing provided by Fertitta Entertainment and committed debt financing obtained from 10 banks. MS/GS are financial advisors to Fertitta. The new entity will be a wholly owned sub of Fertitta Gaming Holdco LLC. Biz: gaming, entertainment, and restaurants. HQ: Houston, TX. (Acquisition announced 05/28/2026).

Rocket Lab Corp (RKLB) US$ TBD notes. UOP: to fund the acquisition of Iridium Communications Inc (IRDM) for $54 per share ($27.00 in cash and the rest in RLKB shares) for a total enterprise value of approx $8bn. DB/WFS have committed to provide a $3.6bn 1 year bridge loan to backstop the financing of the deal, which is expected to consist of debt and equity financing and cash on hand. Biz: a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. HQ: Long Beach, CA. (Acquisition announced 06/29/26).

+++08/13/26 update: HSR period has lapsed. RKLB and IRDM are seeking to amend IRDM's $1.75bn term loan, which would allow it to remain in place. This would reduce the bridge loan. RKLB also announced a new $1.944bn at-the-market equity program. Amounts raised there will also reduce the commitments under the bridge loan.

Dream Finders Homes Inc (DFH) up to $900m sr notes. B1/BB-//BB- (review for downgrade/Watch negative/negative). Via BofA/GS. UOP: along with a $800m Land Bank Facility with Lewis Investment Management, $450m of $1,000 pfd equity and possibly other common equity, to fund the acquisition of Beazer Homes USA Inc (BZH) for $33.50 per share in cash or a total enterprise value of $2.2bn. BofA/GS are providing a $900m bridge loan to backstop the permanent sr note and possible common equity financing. Closing is expected in Q4 2026. Biz: single-family homebuilder. HQ: Jacksonville, FL. (Acquisition announced 08/07/26). 

++++09/09/2026 update: Dream Finders announces that it is soliciting consents from Beazer Homes bondholders to amend the indenture to eliminate the CoC provision for this acquisition.

Curium US Holdings LLC possible bonds. UOP: along with new equity financing, to fund the acquisition of Lantheus Holdings Inc (LNTH) for $102.50 per share in cash, plus another potential CVR of $12 per share or potential total consideration of approx $12bn. Jefferies is lead financial advisor to Curium, along with JPM and PTT PartnersClosing is expected in Q2 2027. Equity sponsor: CapVest Partners.  Biz: a leading global radiopharmaceutical company. HQ: Bedford, MA. (Acquisition announced 08/03/2026).

Solstice Advanced Materials Inc (SOL, SOLADV) $ TBD notes. (existing sr unsec Ba2/BB+/ BB+ (stable/Watch negative/Watch negative)). Via GS. UOP: along with cash on hand, to fund the acquisition of Element Solutions Inc (ESI) for $50.10 per share in a cash and stock transaction for a total valuation of $14.5bn including the assumption of net debt. Element shareholders will own around 44% of the combined company. The transaction consists of $10.00 per share in cash and 0.500 in Solstice shares per ESI share. Solstice obtained a $4.7bn bridge facility via GS to help fund the cash portion of the transaction. Closing is expected in H1 2027.  Biz: is a global, differentiated advanced materials company and a leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. HQ: Morris Plains, NJ.  (Acquisition announced 07/06/2026).

Nuvei Corp US$750m sr sec notes. UOP: along with $1.5bn sr sec term loan, to fund the acquisition of Payoneer (PAYO) for US$7.40 per share in cash or a total equity value of approx $2.75bn. BMO/RBC/Barc/UBS/WFS are providing $2.7bn committed financing for the transaction (including $200m cash flow bridge loan and $250m incremental revolver). Closing is expected mid 2027. Biz: develops electronic payment infrastructure. HQ: Montreal, QC. (Acquisition announced 06/15/26).

Dana Inc (DAN) $ TBD notes. UOP: fund the Reverse Morris Trust merger with Eaton's mobility business with an enterprise value of $5.1bn (the combined company will have an enterprise value of over $10bn). Dana will pay a $1.1bn distribution to Eaton. Eaton shareholders will own at least 50.1% and Dana shareholders will own approximately 49.9% of the combined company at closing. GS has committed to provide a $2.6bn bridge loan backstop the $1.1bn distribution and repay certain existing Dana debt. The permanent financing is expected to include term loans and sr notes. Closing is expected in Q1 of 2027. (Acquisition announced 06/11/26).

Veris Residential Inc (VRE) $2.08bn notes. UOP: repay the $2.08bn bridge loan incurred to fund the acquisition of Veris for $19.00 per share in cash ($3.4bn enterprise value) by Affinius Capital and Vista Hill Partners, which contributed $1.07bn in cash equity. GS/UBS provided the $2.08bn bridge loan. Biz: a REIT that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast US. HQ: Jersey City, NJ. (Acquisition announced 02/23/26. Closed 05/27/26).

Hapag-Lloyd AG (HPLGR) up to US$2.5bn notes. Existing sr unsec Ba1/BB+. UOP: along with cash on hand, to fund the acquisition of ZIM Integrated Shipping Services Ltd for US$35.00 per share in cash or approx US$4.2bn total consideration. Closing is expected by the end of 2026. Biz: leading liner shipping company. HQ: Hamburg, Germany. (Acquisition announced 02/16/26). 

++++08/10/26 update: the Israeli government meeting to review the sale of ZIM has been postponed to 09/09/26 with the majority currently expected to oppose the sale.

Option Care Health Inc (OPCH) possible notes. UOP: fund the acquisition of Option Care Health (B2/B) by McKesson Corp (MCK) (A3/BBB+/A-) and CD&R for $32.05 per share in cash representing an enterprise value of $5.8bn. Option Care Health will remain a separate company, led by its own management. CD&R will hold a majority interest of approximately 51% in Option Care Health and McKesson will invest approximately $1.4 billion for a minority interest of approximately 49%. The  transaction also establishes a framework for McKesson’s future acquisition of CD&R’s interest in Option Care Health, subject to specified conditions and regulatory approvals. Following the closing of the transaction, McKesson intends to account for its minority interest in Option Care Health using the  equity method of accounting, recording its share of Option Care Health’s net  income or loss in Other Income, net. The parties have obtained an equity commitment letter of $2.873bn ($1.4bn from McKesson and $1.475 from CD&R) and a debt commitment letter of up to $3.15bn from BofA/Barc/GS/Jefferies/WFS, as well as up to $500m in revolving commitments to help fund the purchase price. Closing is expected in H1 2026. Biz: is the nation’s largest independent provider of home and  alternate site infusion services. HQ: Bannockburn, IL (Acquisition announced 10/06/2026).

The Boots Group possible notes. UOP: fund Wittington Investments Ltd (the investment holding company of the Weston Family) acquisition of a 50% interest (with operational control) in Boots (retail operations in the UK and Ireland, and a pharmaceutical whole business in Germany) from Sycamore Partners and the Pessina family for $8.9bn total purchase price including assumed debt. Fairfax Financial will partner with Wittington and buy a 50% equity stake for $2.3bn. CIBC and MS are providing the acquisition debt financing to Wittington. Closing is expected in Q1 2026. Biz: a pharmacy-led health and beauty retail business in the UK and Ireland, with a pharmaceutical wholesale business in Germany. HQ: London, UK. 

Crescent Energy Co (CRGY, CRGYFN) possible notes. UOP: fund the acquisition of Eagle Ford assets from Devon Energy Corp (DVN) for $4.22bn in cash ($3.85bn net of certain items). The deal will be funded with cash on hand, a $1bn public offering of common stock, which is priced 10/08/26, and new debt. JPM/RBC have provided a $2bn bridge loan to backstop the deal. (Crescent Energy Finance's existing sr unsec notes are rated B1/BB-/BB-). Closing is expected in Q4 or early 2027. Biz: oil and gas E&P. HQ: Houston, TX. In its press release CRGY said, the deal maintains a strong balance sheet and progress toward investment grade ratings. A balanced financing structure, greater scale and strong free cash flow generation support debt reduction and continued progress toward an investment-grade credit profile.

Penske Automotive Group Inc (PAG) up to $1.8bn sr sub notes. Via JPM/BofA/WFS jt books. UOP: take private the remaining shares that PAG  and Mitsui & Co Ltd does not currently own. Motown Acquisition Corp, a group consisting of Penske Corp and Mitsui & Co Ltd will acquire the public shares outstanding at $212.00 per share in cash representing an enterprise value of $16.3bn. Pre announcement, Penske Corp already owned ~52% and Mitsui owned ~20% of PAG. At closing, Penske will own ~64% and Mitsui will own ~36%. JPM/BofA/WFS have provided a 1y sr unsec bridge loan for $1.8bn to backstop the debt financing. This bridge loan will be reduced by up to $1.8bn of additional sr sub notes and/or up to $1.1bn additional term loans. Penske Corp and Mitsui will provide up to $2.2bn in cash equity. Closing is expected in Q1 2027. Biz: an international transportation services company that operates automotive and commercial truck dealerships principally in the US, the UK, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. HQ: Bloomfield Hills, MI. (Acquisition announced 10/15/2026).

CCC Intelligent Solutions Holdings Inc (CCC) possible notes. UOP: fund the LBO of CCC by GTCR and Elliot Investment Management LLP for $7.75 per share in cash ($4.6bn equity value $6.1bn enterprise value). The deal will be funded with cash equity, pfd equity and new debt. JPM/Citi have committed to provide the debt financing. Closing is expected in Q1 2027. Biz: a leading SaaS and AI platform powering the multi-trillion-dollar insurance and repair economy. HQ: Chicago, IL. (Acquisition announced 10/15/2026).