Deal Dispatch: Four Roses, Quantum Computing, Travis Kelce - Air France (OTC:AFLYY), Alkermes (NASDAQ:ALKS)

New On The Block

Japan's Kirin Holdings is looking to cut a deal on Kentucky bourbon brand Four Roses at around $1 billion. The problem? Young people aren’t drinking as much these days. Trade tensions with Canada, a key bourbon buyer, haven't helped either. Four Roses is likely to attract strategic buyers, The Financial Times reports, but the big drink conglomerates might skip this auction due to their own cocktail of problems.

Quantum computing companies are eager to sell equity stakes to the U.S. Commerce Department, according to the Wall Street Journal. The targets? IonQ (NYSE:IONQ), Rigetti (NASDAQ:RGTI), D-Wave (NYSE:QBTS), Quantum Computing (NASDAQ:QUBT), and Atom Computing (NASDAQ:ATOM). They’re following earlier stakes in Intel (NASDAQ:INTC), MP Materials, and Lithium Americas. Unlike the TARP-era interventions during a financial crisis, these equity purchases involve public companies without an emergency, raising concerns about government influence on boards and executives, especially given Donald Trump's history of leveraging businesses in trade negotiations. Critics note some companies, like Intel, didn't need the funds, and while stocks have risen, the investments are seen as more worrisome than celebratory.

Updates From The Block

Activist investor Jana Partners, along with NFL star Travis Kelce and other investors, now holds about 9% of Six Flags (NYSE:FUN), valued at $200 million. At a recent conference, Jana managing partner Scott Ostfeld outlined the company’s plan to boost its share price, which had dropped 50% year-to-date. Ostfeld is banking on Kelce’s involvement to enhance park attendance and the brand’s appeal, per the Wall Street Journal.

Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) announced its acquisition of a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) for $2.6 billion, valuing CCBA at $3.4 billion. The deal, set to close in early 2026, gives Coca-Cola HBC control of 36-40 bottling plants and 17,000 employees across 14 sub-Saharan African countries. CCBA currently accounts for about 40% of Coca-Cola’s beverage volume in Africa.

Alkermes (NASDAQ:ALKS) agreed to acquire narcolepsy drugmaker Avadel Pharmaceuticals (NASDAQ:AVDL) for $2.1 billion, or $18.50 per share.

GE Vernova (NYSE:GEV) plans to acquire the remaining 50% stake of transformer maker Prolec GE from Xignux for $5.3 billion.

Blackstone (NYSE:BX) and TPG are acquiring Hologic for up to $18.3 billion, including debt. The deal will see the companies buy all outstanding Hologic shares at $76 per share in cash. This price reflects a 46% premium over Hologic’s May 23 closing price. The transaction is expected to close in the first half of 2026, pending approvals. Hologic's CEO, Stephen MacMillan, stated the deal will accelerate growth and improve access to medical technologies.

National Fuel Gas Company (NYSE:NFG) is acquiring CenterPoint Energy‘s (NYSE:CNP) Ohio natural gas local distribution company (LDC). The $2.62 billion deal includes 5,900 miles of pipelines. The transaction is expected to close in the fourth quarter of 2026, pending customary approvals.

Tokyo-based power generator JERA is buying shale pipeline assets from Williams (NYSE:WMB) and Blackstone-backed GeoSouthern Energy for a total of $1.5 billion.

Off The Block

Delta Air Lines (NYSE:DAL), Korean Air, and Air France-KLM (OTC:AFLYY) have officially acquired stakes in WestJet. The deal closed on Oct. 22. Private equity firm Onex Partners sold 25% of Canada's second-largest airline, with Delta purchasing 15%, Air France-KLM acquiring 2.3%, and Korean Air taking 10%. Onex’s parent company retains a 75% stake.

Bankruptcy Block

PrimaLend Capital Partners, a Plano, Texas-based lender to auto dealerships, filed for bankruptcy. The company, which focused on subprime borrowers, struggled with missed interest payments on its debt. It’s now seeking a sale in bankruptcy court and will continue servicing loans.

The filing signals broader stress in the subprime lending sector, prompting analysts to express caution.

PrimaLend's bankruptcy comes amid growing concerns about risk in credit markets. The most recent notable failures amid rising car loan delinquencies include Tricolor Holdings and First Brands Group.

Despite the bankruptcy, PrimaLend plans to continue its operations, with financing from existing lenders. The company listed assets and liabilities under $500 million. It also has strong ties to major financial institutions, including Canadian Imperial Bank of Commerce and Amarillo National Bank.

For the previous edition of Deal Dispatch, click here.

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