BOJ Hikes to 1.25%; Buffett Steps Down as Berkshire Chair

This week’s qualifying small-to-medium practice deals are thin among the candidates, but two stories stand out: a DSO’s rapid multi-site expansion and a biotech reverse merger with fresh capital for a dermatology drug.

Motor City Dental Partners grows to 58 locations. Motor City Dental Partners has expanded from 12 practices to a 58-location DSO, according to Group Dentistry Now’s September spotlight. The report does not disclose the financial terms or timeline of individual acquisitions. However, the growth trajectory illustrates the continued pace of DSO roll-up activity in the Midwest market. CEO Dr. [name not disclosed in source] led the expansion.

North Immunology goes public via Aethlon reverse merger. North Immunology is merging with Aethlon Medical in a reverse merger deal that brings the startup $180 million in capital. The company holds a dual-acting bispecific antibody targeting atopic dermatitis and eczema. Reverse merger activity has spiked recently as sentiment toward biotech public listings has improved. North Immunology plans to use the capital to advance its inflammation drug candidate.

Note on excluded candidates. The Intermountain Health acquisition of two Idaho hospitals totaled over $1.2 billion across ownership and real estate — a large nonprofit system transaction that falls outside this newsletter’s small-to-medium practice focus. Similarly, the Electra biotech IPO and pharma partnership deals reported this week are outside the practice-sale scope of Section 1.

Markets face a packed set of macro signals this week, from a historic central bank move in Japan to a leadership change at one of America’s most iconic companies.

Bank of Japan raises rates to highest level since 1995. The Bank of Japan lifted its benchmark interest rate to 1.25%, the highest since 1995. The yen fell sharply after the decision. Hawkish comments from BoJ Governor Kazuo Ueda failed to arrest the currency’s slide. The move signals continued policy normalization in Japan even as global growth concerns linger.

Warren Buffett steps down as Berkshire Hathaway chairman. Warren Buffett, 96, will step down as chairman of Berkshire Hathaway. His son Howard Buffett will succeed him in the role. Buffett had already handed over CEO duties less than a year ago. The transition marks a generational shift at one of the world’s most closely watched conglomerates.

French bond risk hits a 14-year high. A key measure of French bond risk rose to one percentage point for the first time in 14 years. Investors cite France’s large budget deficit and ongoing political uncertainty as drivers. The move adds pressure to European sovereign debt markets more broadly. It also draws fresh attention to fiscal risks across the eurozone.

Oil falls for a third straight day. Crude oil dropped for a third consecutive session as supply concerns eased. Traders are watching the next round of US-Iran diplomatic talks, which could further shape the supply outlook. Meanwhile, Russian farmers plan to plant less winter wheat as Black Sea port flows remain stalled — a dynamic that could lift global grain prices into 2027. Energy and commodity volatility continues to complicate M&A deal structures, with the global opportunity set valued at $137 billion but deals harder to execute, according to consultancy Rystad Energy.

Tech outperforms as equity markets stabilize. US technology stocks led equity markets to a calmer close after a turbulent week. HSBC’s chief multi-asset strategist noted that equity markets have fully priced in higher interest rates and that global earnings strength continues to support stocks. Still, commentary from multiple market observers points to mounting concern about money supply dynamics, US Treasury market stress, and the dollar’s long-term role — themes worth watching even if hard data remains mixed.