Deal Dispatch: Public Storage Buys National Storage For $10.5B, Mastercard Acquires BVNK, Domino's Franch

New On The Block

Warburg Pincus is exploring a potential sale of Exeter Finance, a subprime auto lender, for an estimated price between $2.5 billion and $3 billion. Discussions are ongoing. Warburg acquired Exeter from Blackstone in 2021.

Mawson Infrastructure Group launched a review of strategic alternatives. The digital infrastructure company is considering a sale or joint venture to maximize long-term shareholder value.

GSI Technology has concluded its review of strategic alternatives with no deal in the works. The company determined that its “standalone strategy is in the best interests of stockholders at this time.” GSI plans to grow its high-performance memory and compute business and invest in initiatives that drive long-term growth.

Perma-Pipe International Holdings also concluded its review of strategic alternatives. Instead, it will pursue an expansion initiative to accelerate growth by entering the U.S. Northeast region. Perma-Pipe plans to prioritize investments to expand its presence in the rapidly evolving AI data center sector, both in the U.S. and internationally.

Unilever is considering a sale to McCormick & Co for a potential valuation of $33 billion. No financing deals have been approved; however, the deal is likely to be structured as a Reverse Morris Trust, a tax-free merger.

Mastercard has agreed to acquire stablecoin infrastructure startup BVNK for $1.8 billion, including $300 million in contingent payments. Founded in 2021, BVNK is the stablecoin-powered financial stack for enterprises. Its financial products enable global businesses to send, receive, and manage funds. The transaction should close before the end of the year and is subject to regulatory review and other customary closing conditions.

Public Storage (NYSE:PSA) has purchased National Storage Affiliates (NYSE:NSA) in an all-stock transaction valued at $10.5 billion. The transaction could close in the third quarter, subject to the approval of NSA equity holders. Immediately prior to closing, Public Storage and the limited partners in NSA's OP will form a joint venture.

3M, in partnership with Bain Capital, has agreed to purchase Madison Fire & Rescue from Madison Industries. The $1.95 billion transaction is expected to close in the second half of 2026. 3M revealed that it is spinning off its Scott Safety unit, which makes a breathing apparatus, into a new joint venture. The company will collect $700 million in cash upon closing and will retain a 50.1% ownership, while the remaining share will be held by the private-equity firm Bain.

The merger between Nexstar Media Group (NASDAQ:NXST) and Tegna (NYSE:TGNA) can proceed, the Federal Communications Commission (FCC) said. Last August, Nexstar announced plans to purchase Tegna for $6.2 billion; however, the deal required FCC approval due to a rule limiting how many local news stations a single company can own.

Community West Bancshares (NASDAQ:CWBC) is merging with United Security Bancshares (NASDAQ:UBFO). Upon merger completion, the combined company will have approximately $5 billion in total assets and will operate Banking Centers in 13 Central California counties, representing 31 communities. The closing of the transaction is expected to be completed in the second quarter of 2026, subject to approval by the shareholders of both companies.

IBM (NYSE:IBM) finalized its acquisition of data streaming platform Confluent. According to the agreement, IBM has purchased all issued and outstanding common shares of Confluent at $31 per share in cash, giving the deal an enterprise value of roughly $11 billion.

GE Healthcare (NASDAQ:GEHC) completed its acquisition of medical imaging software provider Intelerad for a base purchase price of $2.3 billion in cash. Intelerad will operate as part of GE HealthCare's Imaging business and continue to serve its enterprise imaging solution customers in the US, Canada, the UK, and Oceania.

B&G Foods (NYSE:BGS) merged with broth and stock business Del Monte Foods Corporation II and its affiliates, including brands College Inn and Kitchen Basics, for $110 million in cash.

Sarasota Glass & Mirror has merged with All Glass & Windows, a portfolio company of Cross Rapids Capital. The acquisition closed on February 12 with assistance from M&A advisory services firm Generational Group.

Domino’s Pizza has filed for Chapter 11 bankruptcy protection as the pizza franchise seeks to reorganize its business. Assets were listed at $100k to $1 million, with liabilities between $1 to $10 million.

Spandex clothing brand The Lycra Company has filed for Chapter 11 bankruptcy in Texas in an effort to reduce its $1.2 billion debt, Reuters reported. According to court documents, the company's lenders have agreed to supply $75 million in new funding and wipe out most of its existing $1.53 billion debt. The company stated this restructuring process will not impact its manufacturing activities, customers, suppliers, or employees.

American Mattress is facing mounting pressure to liquidate after creditors moved to convert its Chapter 11 bankruptcy into Chapter 7, citing ongoing losses, unpaid obligations, and a lack of a viable turnaround plan. The debtor’s parent, AFM Mattress Company LLC, filed its Chapter 11 petition on July 6, 2025, listing $1 million to $10 million in assets and liabilities and seeking to reorganize its business and restructure debt.

A chapter is closing. New Jersey-based distributor of books Baker & Taylor has filed for Chapter 11 bankruptcy protection. The company reports $1 million to $10 million in assets and $100 million and $500 million in liabilities. Funds are available for unsecured creditors.

Blockfills, a Chicago-based cryptocurrency lender, has filed for Chapter 11 bankruptcy. The company reports $50 million to $100 million in assets and $100 million to $500 million in liabilities.

Fintech firm Mobility Capital Finance (MoCaFi) filed for Chapter 7 bankruptcy and is beginning the formal liquidation process. CEO Wole Coaxum announced on LinkedIn: "This is not the outcome we worked toward." The company saw a "dramatic shift" in its operating environment following the loss of a major program that was central to its revenue model, the founder explained.

Caffe Nero acquired the assets of Compass Coffee for $4.76 billion after the company filed for Chapter 11 bankruptcy in January. The U.S. Bankruptcy Court deal approved by the deal and includes the acquisition of Compass's roastery and 15 retail stores.

Ferrari Importing D.B.A. GAMMA Sports has filed for Chapter 11 bankruptcy. The 50-year-old sports and athletic goods manufacturing company lists assets and liabilities between $1 million and $10 million. Filings show that the company has between 50 and 99 creditors.

Saks Global has obtained an additional $300 million from its $1.75 billion bankruptcy financing package, Reuters reported. The luxury retailer also announced that an ad hoc group of bondholders has endorsed its five-year business strategy. Saks entered Chapter 11 bankruptcy in January. The new funding should help restore supplier ties and give the company room to renegotiate its debts.

For the previous edition of Deal Dispatch, click here.

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