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AI brief of an SEC Form 8-K · United States Brent Oil Fund, LP (BNO)

United States Brent Oil Fund: parent TMC agrees to all-cash sale to Madison Dearborn

Neutral Impact 5 of 5 m&a Written later

The Marygold Companies (TMC), which owns the general partner of United States Brent Oil Fund, agreed on September 25, 2026 to be acquired by private equity firm Madison Dearborn Partners in an all-cash deal that would make TMC privately held. The transaction is expected to close in the first half of 2027 or earlier, but the filing states there is no guarantee it will be completed on that timeline or at all.

Key points

  • Deal is an all-cash transaction with Madison Dearborn Partners, announced September 25, 2026
  • Expected close: first half of 2027 or earlier, subject to TMC stockholder approval, regulatory approvals and change-of-control approvals
  • TMC common stock would no longer be listed on the New York Stock Exchange after closing
  • TMC and MDP indicate that TMC's transformation strategy to refocus USCF's business will be pursued after closing

The filing

CompanyUnited States Brent Oil Fund, LP (BNO)
Form8-K, current report
Filed with the SECSep 25, 2026, 5:27 PM ET
Accession number0002071876-26-000217

Items reported: 1.01 Material Definitive Agreement

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 25, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.