Nvidia Agrees $12.9B Hugging Face Deal as Victory Capital, McKesson, Apollo Lead M&A Surge

Mumbai, Aug 28: Mergers and acquisitions gained momentum across global markets, with major deals announced across the technology, asset management, healthcare and aviation sectors. Nvidia’s reported move to acquire AI platform Hugging Face highlights the growing push towards deeper integration across the artificial intelligence ecosystem. Meanwhile, several other high-value transactions announced today underscore renewed corporate deal-making activity across diverse industries. 

Nvidia Agrees $12.9B Hugging Face Acquisition to Expand Open-Source AI Reach 

Nvidia has agreed to acquire Hugging Face, the open-source AI platform used by developers to share and work with models and tools, for $12.9 billion. A source familiar with the matter also confirmed that the acquisition had been part of recent discussions. The deal would expand Nvidia’s presence beyond AI chips into software, models and developer infrastructure.  

Hugging Face CEO Clément Delangue has advocated open models, including for AI cybersecurity. If completed, the acquisition would rank among Nvidia’s largest. Nvidia shares surged 8.54% to $227.58 in after-hours trading, after reaching a session high of $229.10 and a low of $220.95. 

Victory Capital Strikes $7B First Eagle Deal to Build $571B Asset Management Platform 

Victory Capital Holdings (NASDAQ: VCTR) agreed to acquire 100% of First Eagle Investments for approximately $7.0 billion, comprising about $4.4 billion in cash, $2.0 billion in newly issued equity and the assumption of $575 million of existing senior secured notes. The combination is expected to create an asset manager with approximately $571 billion in client assets.  

First Eagle had $222 billion in assets under management as of July 31, 2026, including a $41 billion CLO and alternative credit platform. Victory expects the deal to be approximately 35% accretive to 2027 adjusted EPS, with about $280 million in expense synergies. Shares traded at $58.34, up 2.1%. 

McKesson Signs $2.25B Precision Medicine Group Deal to Expand Oncology Services 

McKesson Corporation (NYSE: MCK) agreed to acquire Precision Medicine Group for approximately $2.25 billion, strengthening its oncology, clinical research and biopharmaceutical commercialisation capabilities. Precision Medicine Group provides biomarker intelligence, laboratory services, global clinical research, market access consulting and commercialisation support.  

Following completion, the business will join McKesson’s Oncology & Multispecialty segment. The transaction remains subject to customary closing conditions, including regulatory clearances. McKesson recently reported first-quarter fiscal 2027 earnings and revenue above estimates, supported by its pharmaceutical and oncology businesses. McKesson shares traded at $612.45, down 0.75%, with a high of $618.90 and a low of $610.20. 

Astrum Space to Go Public Through $1B SPAC Combination with Black Spade Acquisition III 

Astrum Space entered into a business combination with Black Spade Acquisition III (NYSE: BIII), valuing Astrum at approximately $1 billion. Black Spade has about $172.5 million in trust, assuming no shareholder redemptions, while existing Astrum shareholders are expected to own more than 80% of the combined company.  

Astrum is developing a satellite-to-device network for the Asia-Pacific region and holds 25 MHz of contiguous L-band spectrum at 1467–1492 MHz. Its NEASTAR-1 satellite is targeted for launch between late 2028 and the first quarter of 2029. The transaction is expected to close by the end of 2026. Black Spade shares traded at $10.07, up 0.65%. 

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Volato and Alignment Engine Agree $500M Merger to Build AI Infrastructure Platform 

Volato Group (NYSE American: SOAR) agreed to merge with Alignment Engine in a transaction valuing Alignment Engine at approximately $500 million. The deal would reposition Volato around AI infrastructure, high-performance computing and data centre development. Alignment Engine’s Ohio industrial campus currently has 154 megawatts of available power, with plans to expand capacity to 480 megawatts.  

The site is intended to support GPU computing, AI training and inference workloads. The merger is expected to close shortly after execution, subject to applicable conditions, and does not require Volato stockholder approval. Volato shares traded at $0.202, down 16.80%, after reaching $0.245 and $0.195. 

Salesforce and Anthropic Launch Claudeforce as Salesforce Shares Rise 21.88% 

Salesforce (NYSE: CRM) and Anthropic expanded their partnership with Claudeforce, an integration allowing sales professionals to access Salesforce information and perform tasks through Anthropic’s Claude chatbot. The service launches with 37 pre-built sales skills, including capabilities to compose emails and update records, with further Claude, Salesforce and Slack integrations planned.  

The companies are also developing Enterprise Frontier Safeguards to manage permissions and protect customer data. Claudeforce is initially being tested with selected pilot customers before a wider preview. Anthropic’s annualised revenue run rate reportedly reached $65 billion at the end of July. Salesforce shares surged 21.88% to $250.60, reaching $252.30 and $245.80. 

Apollo Acquires Co-Controlling Atlantic Aviation Stake at Nearly $10B Valuation 

Apollo Global Management (NYSE: APO) is acquiring a co-controlling stake in Atlantic Aviation from KKR (NYSE: KKR), valuing the fixed-base operator at nearly $10 billion. Apollo-managed funds will become a significant investor, while KKR-managed funds remain a substantial shareholder.  

Atlantic Aviation provides aircraft fuelling, hangar leasing and other services for corporate and general aviation customers across the United States. Apollo has originated more than $155 billion in infrastructure transactions and financings over the past five years, while KKR’s infrastructure business manages more than $120 billion in assets. Apollo shares traded at $133.59, down 0.06%, while KKR shares rose 0.49% to $148.72. 

Standard Nuclear Secures TRISO Fuel Agreement with Antares Nuclear Through 2035 

Standard Nuclear (NYSE: STDN) signed a binding agreement to supply Antares Nuclear with between one and eight metric tons of uranium of TRISO fuel through 2035. The fuel will support Antares’ microreactors, designed for defence, space and commercial applications. Standard Nuclear operates licensed TRISO fabrication facilities in Oak Ridge, Tennessee.  

Antares has received more than $600 million in funding and achieved initial criticality of its Mark-0 microreactor in 2026 under the Department of Energy Reactor Pilot Program. It plans to produce electricity from an advanced reactor in 2027 and target military deployments from 2028. Standard Nuclear shares traded at $18.45, up 0.22%, with a high of $18.60. 

Enbridge Forms C$2.7B JV with KKR and Apollo for Westcoast Pipeline Expansion 

Enbridge (TSX: ENB) agreed to form a joint venture with KKR and Apollo to invest approximately C$2.7 billion ($1.95 billion) in its Westcoast natural gas pipeline system in British Columbia. KKR and Apollo will fund the Aspen Point and Sunrise projects, while Enbridge receives C$700 million in cash and retains majority ownership and operational control.  

The 2,900-kilometre system currently has capacity of 3.6 Bcf/d. Aspen is expected to add 535 mmcf/d, while Sunrise will add 300 mmcf/d, lifting total capacity to 3.9 Bcf/d. Enbridge shares traded at C$68.45, up 1.2%. 

Rainier Acquisition Prices $75M Nasdaq IPO Targeting Life Sciences 

Rainier Acquisition Corporation priced its IPO at $10.00 per unit, offering 7.5 million units for gross proceeds of approximately $75 million before expenses. Each unit includes one Class A ordinary share and one-quarter of a redeemable warrant, with each whole warrant exercisable at $11.50 per share. The units are expected to trade under RNAQU, while the shares and warrants are expected to trade separately under RNAQ and RNAQW. Rainier is a SPAC targeting businesses across therapeutics, diagnostics, genomics, precision medicine and biomanufacturing. The SEC declared the registration statement effective on August 26, 2026. 

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Spinnova Files for Proposed US IPO and Nasdaq Dual Listing 

Spinnova Plc (Nasdaq First North Growth Market Finland: SPINN) filed a Form F-1 registration statement with the SEC for a proposed US IPO and dual listing on Nasdaq. The company has not yet determined the number of securities or price range, but is targeting preliminary gross proceeds of at least $15 million, or approximately €13 million.  

Proceeds are expected to support the ramp-up of its Eteläportti facility, technology commercialisation and general corporate purposes. Spinnova develops textile fibre from wood pulp and waste streams and has worked with brands including Adidas and ECCO. The offering is expected in September or October 2026. Shares traded at €6.85, up 6.70%. 

Moderna Plans $2B Convertible Notes Offering to Support Growth 

Moderna (NASDAQ: MRNA) announced plans to offer $2 billion of Convertible Senior Notes due 2032 through a private placement, with an option for purchasers to acquire another $300 million. The notes will be senior unsecured obligations and will not bear regular interest. Moderna may settle conversions in cash, shares or a combination of both.  

Proceeds are expected to fund capped call transactions and general corporate purposes, including potential oncology investment and debt repayment. The capped calls are designed to reduce potential dilution from conversions. The initial cap price is expected to represent at least a 150% premium over the share price on the pricing date. Moderna shares fell 5.28% to $141.76, trading between $149.80 and $140.50. 

Jazz Pharmaceuticals Prices $1.1B Exchangeable Notes Offering 

Jazz Pharmaceuticals (NASDAQ: JAZZ) priced $1.1 billion of 1.875% exchangeable senior notes due 2032, increasing the offering from $1 billion. The issuer also granted an option for another $150 million. The notes will pay interest semi-annually at 1.875% and mature on September 15, 2032. The initial exchange price is approximately $355.24 per share, representing a premium of around 42.5%. Jazz expects net proceeds of about $1.079 billion and agreed to repurchase approximately $225 million of shares from note purchasers at $249.29 per share. Jazz shares traded at $251.33, up 0.82%, with a high of $253.00. 

Pluri Raises $3.3M Through Registered Direct Offering 

Pluri (NASDAQ: PLUR) entered into a registered direct offering of 2,228,940 common shares at $1.50 per share, generating approximately $3.3 million in gross proceeds. The company will also issue warrants covering the same number of shares, with an exercise price of $1.65. The warrants become exercisable six months after issuance and expire five and a half years after issuance. Pluri plans to use the proceeds for working capital and general corporate purposes. The company operates a three-dimensional cell expansion platform across Human Health & Longevity and FoodTech & Bio-Farming. Pluri shares traded at $1.48, down 6.22%. 

Biomerica Announces $2.23M Private Placement 

Biomerica (NASDAQ: BMRA) agreed to sell 1,393,705 shares at $1.60 per share through a private placement expected to generate approximately $2.23 million in gross proceeds. The financing includes no warrants or discounted securities and involves institutional and individual investors, including the company’s CEO and board members.  

Following completion, approximately 4.589 million shares are expected to be outstanding, with the newly issued shares representing about 30.4% of pro forma shares. Proceeds will support operations and strengthen the balance sheet while the board evaluates strategic opportunities. Biomerica shares jumped 22.43% to $1.62, reaching a high of $1.68 and a low of $1.55. 

BranchOut Food Prices $2.79M Public Offering 

BranchOut Food (NASDAQ: BOF) priced an underwritten public offering of 820,588 shares at $3.40 per share, targeting gross proceeds of approximately $2.79 million. All shares are being sold by the company. The underwriters have received a 30-day option to purchase up to an additional 15% of the shares for over-allotments.  

BranchOut intends to use the net proceeds for working capital and general corporate purposes, including operating expenses and capital expenditure. The offering is expected to close around August 28, 2026, subject to customary conditions. BranchOut develops and markets plant-based dried fruit and vegetable snacks. Its shares traded at $3.35, up 3.90% on the day. 

Nordson Raises Dividend 15% for 63rd Consecutive Annual Increase 

Nordson Corporation (NASDAQ: NDSN) approved a 15% increase in its quarterly dividend to $0.94 per share from $0.82. The dividend will be payable on October 2, 2026, to shareholders of record on September 10. The increase marks Nordson’s 63rd consecutive year of annual dividend growth, extending one of the longest records among listed companies.  

Nordson is a precision technology company headquartered in Westlake, Ohio, with operations and support offices in more than 35 countries. The company highlighted its diversified portfolio and geographic presence as part of its capital deployment strategy. Nordson shares traded at $245.60, down 0.87%. 

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Unum Group Authorises $1B Share Repurchase Programme 

Unum Group (NYSE: UNM) authorised a new $1 billion share repurchase programme beginning September 1, 2026. The existing programme continues through August 31, after which subsequent purchases will occur under the new authorisation. Repurchases may be made through open-market transactions, privately negotiated deals, accelerated share repurchases or Rule 10b5-1 plans.  

The board can suspend, modify or terminate the programme at any time. Unum reported $13.1 billion in revenue in 2025 and paid $8.3 billion in benefits. The company provides workplace benefits and insurance through its Unum and Colonial Life brands. Unum shares traded at $92.84, up 1.45%, with a high of $93.50 and a low of $91.80. 

Vicor Approves New $150M Share Repurchase Authorisation 

Vicor Corporation (NASDAQ: VICR) approved a new $150 million share repurchase authorisation, replacing its previous programme. The authorisation has no expiration date and does not require the company to repurchase a specific amount of shares. Purchases may be conducted through open-market transactions under Rule 10b-18 or Rule 10b5-1 trading plans.  

The timing and volume will depend on share price, market conditions and other considerations. Vicor specialises in high-performance power conversion modules and is headquartered in Andover, Massachusetts. Its shares traded at $142.30, up 3.32%, after reaching a high of $143.80 and a low of $140.20. 

Artelo Biosciences Announces 1-for-9 Reverse Stock Split 

Artelo Biosciences (NASDAQ: ARTL) announced a 1-for-9 reverse stock split, with split-adjusted trading scheduled to begin at the Nasdaq market open on August 31, 2026. Every nine shares will be combined into one share, with outstanding warrants and other derivatives adjusted accordingly.  

Approximately 547,774 shares are expected to remain outstanding after the split. The company said the action is intended to increase its share price and improve marketability and liquidity. Artelo is a clinical-stage pharmaceutical company developing therapies involving lipid-signalling pathways. Its shares traded at $0.6347, down 10.68% on the day. 

AWS and Nvidia Expand Partnership with 2 Million Additional GPUs 

Amazon Web Services and Nvidia announced an expansion under which AWS plans to deploy an additional 2 million Nvidia GPUs across its global infrastructure during 2027–2028, including AI factories. The companies are also deepening work across CPUs, networking, open models, data processing and robotics. AWS plans to introduce Nvidia Vera CPU-based infrastructure and build AI factories for the US government using Nvidia’s AI stack, including 100,000 GPUs, for federal and national-security workloads. Amazon Robotics is also integrating Nvidia’s Jetson, Omniverse and Isaac technologies for warehouse automation. The expansion reinforces the companies’ long-running collaboration in AI and accelerated computing. 

Target Hospitality Wins $250M Hyperscaler Data Centre Contract 

Target Hospitality (NASDAQ: TH) announced a multi-year contract expected to generate approximately $250 million in revenue through August 2030 for a top-five hyperscaler data centre project in West Texas. The project will support approximately 1,100 people, with initial occupancy expected in the third quarter of 2026. Target expects less than $15 million in capital investment to modify existing assets. It raised 2026 revenue guidance to $435 million–$445 million, up 6% at the midpoint, and adjusted EBITDA guidance to $105 million–$115 million, up 22% at the midpoint. The company has secured more than $1.7 billion in multi-year awards since January. Shares rose 11.80% to $18.76, reaching $19.20 and $17.80. 

Nvidia’s $12.9 billion acquisition of Hugging Face signals a strategic push into open-source AI software, while Victory Capital’s $7 billion First Eagle deal creates a $571 billion asset management powerhouse. McKesson’s $2.25 billion Precision Medicine acquisition strengthens its oncology services, and Apollo’s near $10 billion Atlantic Aviation stake underscores infrastructure investment appetite. AWS and NVIDIA’s 2 million GPU expansion highlights surging AI compute demand. Corporate actions including Unum’s $1 billion buyback, Nordson’s 63rd consecutive dividend increase, and multiple IPOs and financings reflect continued capital market activity. 

Source 

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• https://www.nasdaq.com/market-activity/index/sox 
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