Deal Dispatch: DoorDash Buys Instacart For $17B, Thrive Holdings Acquires ADT, SalesForce Nabs Rune Technologies

New On The Block

• Stem Inc. (NYSE:STEM) has launched a formal review of strategic alternatives to maximize shareholder value, including a potential sale of the company, asset sales, a merger, refinancing or recapitalization. The AI-enabled clean energy software company has hired Guggenheim Securities as financial advisor, alongside Gibson Dunn and Davis Polk as legal advisors.

• Artiva Biotherapeutic’s Inc. (NASDAQ:ARTV) is evaluating internal options and potential strategic alternatives intended to maximize stockholder value. The board hired Leerink Partners to assist in the strategic evaluation process. These alternatives may include a merger, business combination, sale or licensing of assets, dissolution and liquidation. There can be no assurance that the evaluation will result in any transaction or particular outcome.

Updates From The Block

• DoorDash (NASDAQ:DASH) has agreed to acquire Instacart (NASDAQ:CART) in a deal valuing the grocery delivery company at approximately $17 billion in equity value, or $65 per share. At least 75% of the consideration will be in cash, with the remainder potentially paid in DoorDash stock. The deal will likely close in late 2027 or the first half of 2028.

• Thrive Holdings acquired ADT Inc. (NYSE:ADT) in an all-cash deal valuing the home security company at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. The transaction should close in the first quarter of 2027, pending shareholder and regulatory approvals. ADT will become privately held and delist from the New York Stock Exchange.

• PPC, a family-focused investment firm, has agreed to sell EDP, a provider of propane distribution services, to private equity firm Platinum Equity for an undisclosed price. The transaction is expected to close next month.

• Blue Matter, a consulting firm serving the life sciences industry, has acquired Cognite, a healthcare communications agency that provides scientific, medical and commercial communications services to pharmaceutical and biotech companies. The deal terms remain undisclosed.

• Industrial Growth Partners has agreed to sell AdvancedPCB Holdings, a printed circuit board manufacturer, to Amphenol Corp. (NYSE:APH). The transaction is subject to U.S. regulatory approvals and customary closing conditions.

• RadNet has agreed to acquire teleradiology and radiology staffing provider ONRAD for $350 million in cash, 5 million shares of RadNet common stock and a potential additional $210 million earnout. The deal aims to address rising demand for medical imaging and a shortage of radiologists by combining ONRAD’s staffing and interpretation services with RadNet’s DeepHealth AI tools. The transaction should close by early 2027.

• Oak Hill Capital has agreed to acquire Wyyerd Group Holdings, LLC, a fiber broadband provider operating in Arizona and Southern California, from global investment firm Carlyle (NASDAQ:CG). Financial terms of the transaction were not disclosed. The transaction is expected to close in January 2027, subject to customary regulatory approvals and closing conditions.

• Salesforce has agreed to acquire Rune Technologies, a provider of logistics and sustainment software for the U.S. military and allied nations. Financial terms of the transaction remain undisclosed. The transaction will close during the fourth quarter of Salesforce’s fiscal 2027.

• Third Space Partners has acquired Quest Events, a provider of drape and modular scenic solutions for live events. The private equity firm, which focuses on businesses in the experience economy, did not disclose financial terms of the transaction.

Off The Block

• 5th Century Partners, a private investment firm, completed the sale of its portfolio company Radon Medical Imaging to Leonard Green & Partners. The transaction terms were not disclosed.

Bankruptcy Block

• FitLab Inc. and more than 20 affiliated companies, including Y7 Studios, Yoga Vida, Mile High Run Club, RPM Fitness and Ragnar Events, filed for Chapter 11 bankruptcy. The Newport Beach-based fitness and sports lifestyle company reported between $10 million and $50 million in assets and $100 million to $500 million in liabilities.

• Amity Behavioral Health Network LLC filed for Chapter 11 bankruptcy in the Southern District of Florida. The behavioral health company filed under Subchapter V, a streamlined restructuring process designed for qualifying small businesses. 

For the previous edition of Deal Dispatch, click here.

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