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  "id": "1343",
  "slug": "deals-take-privates-and-debt",
  "edition": "2026-11-10T12",
  "url": "https://hangingcontext.com/stories/2026-11-10/deals-take-privates-and-debt/",
  "newsroom": "finance-investing",
  "beat": null,
  "newsroom_title": "Finance & Investing",
  "angle": "Take-privates are being priced, a merger pays holders to wait, and one acquirer raised $3 billion to refinance while it bought.",
  "headline": "The deal tape: take-privates priced, a $3 billion refinancing, and a merger that pays to wait",
  "dek": "TransDigm bought Prince and Izant for $1.07 billion and issued $3 billion of notes. Surgery Partners raised its price to $25 a share with a ticking fee. Baldwin agreed a $32.50 take-private.",
  "published_at": "2026-11-10T12:32:49Z",
  "labels": {
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    "trust_text": "Confirmed · 6 Manifests",
    "newsroom": "Finance & Investing"
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  "key_facts": [
    {
      "text": "TransDigm completed the acquisition of Prince & Izant for approximately $1.07 billion in cash and issued $3.0 billion of new 6.75% Senior Secured Notes maturing in January 2035.",
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      "self_reported": true
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    {
      "text": "Surgery Partners amended its merger agreement with HealthSpan Partners to increase consideration to $25.00 per share in cash, with a ticking fee of 10% per annum if the merger is not closed by March 1, 2027.",
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    {
      "text": "The Baldwin Group entered a definitive merger agreement on September 14, 2026, to be acquired in an all-cash take-private transaction at $32.50 per share in cash.",
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          "manifest_id": "1794259402369409752"
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      "self_reported": true
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    {
      "text": "Paramount Skydance completed the acquisition of Warner Bros. Discovery on October 6, 2026, and is targeting at least $6 billion of annualized run-rate synergies within three years.",
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      "self_reported": true
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    {
      "text": "KPS Capital Partners signed a definitive agreement to acquire MM Packaging from MM Group for an enterprise value of 2.4 billion euros, with MM Group retaining a 30% ownership interest.",
      "cites": [
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  "sections": [
    {
      "heading": "Buy, refinance, return cash",
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          "markdown": "TransDigm reported fourth-quarter 2026 net sales of 2,988 million dollars, a 23% increase from the prior year, and adjusted earnings per share of 12.44 dollars, up 15%. The company completed the acquisition of Prince and Izant for approximately 1.07 billion dollars in cash, and issued 3.0 billion dollars of new 6.75% Senior Secured Notes maturing in January 2035. It used proceeds from the new notes to repurchase 1.8 billion dollars of its 6.75% Senior Secured Notes due 2028. For fiscal 2027 it anticipates net sales of 11,950 million to 12,150 million dollars and adjusted earnings per share of 47.09 to 47.94 dollars."
        },
        {
          "cites": [
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              "claim_ids": [
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                "1794311756628690744"
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              "manifest_id": "1794310413866681561"
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          ],
          "markdown": "The same filing shows how much cash the business threw off: TransDigm returned 2.8 billion dollars to shareholders through share repurchases in fiscal 2026, and EBITDA As Defined for fiscal 2026 increased 17% to 5,563 million dollars. The company said its fiscal 2026 results exceeded the high end of its most recent guidance. The pattern here is a company buying, refinancing, and returning cash in the same year, rather than choosing between them."
        }
      ]
    },
    {
      "heading": "Paying holders to wait",
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          "markdown": "Surgery Partners reported third-quarter 2026 revenue of 815.3 million dollars, a 0.8% decrease year over year, a net loss of 21.1 million dollars, and adjusted EBITDA of 132.7 million dollars. The company amended its merger agreement with HealthSpan Partners to increase consideration to 25.00 dollars per share in cash, and added a ticking fee of 10% per annum if the merger is not closed by March 1, 2027. The merger is expected to close in the first quarter of 2027. The company will not host an earnings conference call and will no longer provide forward-looking guidance due to the pending merger, and it reported 354.5 million dollars in cash and 692.8 million dollars of borrowing capacity under its revolving credit facility."
        },
        {
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              "manifest_id": "1794259402369409752"
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          "markdown": "The Baldwin Group is the cleaner take-private. It reported third-quarter 2026 total revenue of 480.3 million dollars, up 31% year over year, a GAAP net loss of 81.6 million dollars, and adjusted EBITDA of 106.9 million dollars, up 47%. It entered a definitive merger agreement on September 14, 2026, to be acquired in an all-cash take-private transaction, with stockholders receiving 32.50 dollars per share in cash. The transaction is expected to close during the first quarter of 2027, and the company's common stock will cease trading on Nasdaq upon completion. Adjusted diluted earnings per share were 0.42 dollars, up 35% year over year."
        }
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    },
    {
      "heading": "Closed, pending, and signed",
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              "manifest_id": "1794258532527397510"
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          "markdown": "Paramount Skydance reported third-quarter 2026 revenue of 7.0 billion dollars, up 5% year over year, adjusted EBITDA of 1.0 billion dollars, and net earnings of 73 million dollars. It completed the acquisition of Warner Bros. Discovery on October 6, 2026, and is targeting at least 6 billion dollars of annualized run-rate synergies within three years. It aims to reduce its net leverage ratio to 3.0 times by the end of 2029, plans to launch a bundled offering of HBO Max and Paramount+ in early 2027, and expects the Warner Bros. film slate in the fourth quarter to underperform. Paramount+ revenue grew 21% in the quarter, with average revenue per user up approximately 14%."
        },
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          "markdown": "Green Dot is still waiting. It reported GAAP total operating revenues of 601.1 million dollars and non-GAAP total operating revenue of 596.4 million dollars for the third quarter of 2026, with adjusted EBITDA of 25.8 million dollars and a GAAP net loss of 7.4 million dollars. The acquisition of Green Dot by Smith Ventures and CommerceOne is expected to be completed by the first quarter of 2027, and the company will not host an earnings conference call or provide 2026 financial guidance due to the pending acquisition. The deal requires regulatory approvals from the Federal Reserve, the State Banking Department, and the Utah Department of Financial Institutions, and Green Dot will hold its 2026 annual meeting on December 21, 2026, if the transactions are not completed before December 31, 2026."
        },
        {
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              "manifest_id": "1794271936677530236"
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          "markdown": "KPS Capital Partners signed a definitive agreement to acquire MM Packaging from MM Group for an enterprise value of 2.4 billion euros. MM Group will retain a 30% ownership interest, and MM Packaging will operate as a standalone company upon closing. The business operates more than 50 production sites across 19 countries, and the acquisition of the French business is subject to consultation processes with worker representatives. Across these six filings, the deal tape is not one kind of transaction: a leveraged refinancing, two take-privates, a closed mega-merger, a pending fintech sale, and a private equity carve-out, all moving at once."
        }
      ]
    }
  ],
  "unresolved": [
    "Whether Surgery Partners closes by March 1, 2027, or the 10% ticking fee starts to accrue.",
    "Whether Paramount Skydance delivers the 6 billion dollars of synergies it targets within three years.",
    "Whether Green Dot's acquisition clears its three regulators in time for a first-quarter 2027 close."
  ],
  "decision_card": {
    "not_for": [
      "Anyone looking for investment advice",
      "Readers wanting a forecast of which deals close"
    ],
    "useful_for": [
      "Bankers tracking take-private pricing and deal terms",
      "Professionals weighing merger timetables against earnings"
    ],
    "compare_against": [
      "The original merger terms before amendment",
      "Each acquirer's leverage and cash position"
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      },
      {
        "n": 2,
        "title": "Read each cited Manifest by id",
        "text": "REST: `GET https://api.synorb.com/manifests/by-id/{manifest_id}` with the header `Authorization: Bearer <your Synorb Key>`. Ids are strings; do not parse them as numbers. The reply holds the source, the Signal (claims) and the Brief."
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      "all": "for id in 1794310413866681561 1794259094027404424 1794259402369409752 1794258532527397510 1794271936677530236 1794259898859420101; do\n  curl -s -H \"Authorization: Bearer $SYNORB_KEY\" \"https://api.synorb.com/manifests/by-id/$id\"\ndone"
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      "headline": "The small central banks are building new plumbing while the big ones hold",
      "slug": "small-central-banks-new-plumbing"
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    {
      "url": "https://hangingcontext.com/stories/2026-11-11/october-inflation-prints-hot/",
      "headline": "The October inflation prints: hot in America, steady in Colombia, cooling in Egypt",
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    {
      "url": "https://hangingcontext.com/stories/2026-11-11/crypto-firms-sell-the-coins/",
      "headline": "The coin-treasury trade is unwinding: two firms sold, one got licensed",
      "slug": "crypto-firms-sell-the-coins"
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      "headline": "Five companies chose cash returns over waiting",
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    "text": "The MCP tool synorb-stream-search answers questions like \"do you have this publisher?\" without using any Manifest allowance.",
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      "url": "https://synorb.com/connect/start"
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    "attribution": "Hanging Context, with provenance by Synorb",
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