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M&A News: Global M&A Deals Week of July 14 to 20, 2025
- IMAA
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The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
From July 14 to July 20, global mergers and acquisitions (M&A) activity totaled 618 announced deals, representing a combined value of USD 50.82 billion. Thirteen of these transactions were valued above USD 500 million, collectively amounting to USD 39.46 billion and representing 78% of the total deal value for the week.
The most notable deal was Waters Corporation’s USD 17.5 billion acquisition of BD’s Biosciences & Diagnostics Unit. This strategic merger is set to create a next-generation leader in life sciences and diagnostics, expanding Waters’ addressable market to approximately USD 40 billion. The integration brings together complementary capabilities across liquid chromatography, mass spectrometry, diagnostic systems, and flow cytometry. Waters’ expertise in bioseparations and chemistry, coupled with BD’s strengths in biologics, regulatory experience, and clinical market presence, is expected to accelerate product innovation, expand diagnostic capabilities, and advance automation in multiplex testing using Waters’ LC-MS technologies. The merged entity will continue to operate under the Waters name and remain listed on the New York Stock Exchange.
Week-over-week comparisons show a 2% increase in deal volume, rising from 605 to 618 transactions, while total deal value grew by 7%, up from USD 47.64 billion to USD 50.82 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of July 14 to 20, 2025 in detail:
Deal No. 1: Waters Corporation to Acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company for USD 17.50 Billion
Deal No. 2: Partners Group Holding AG; TPG Capital, L.P.; GIC Private Limited; Mubadala Investment Company PJSC to Acquire Techem GmbH for USD 7.81 Billion
Deal No. 3: Talen Generation, LLC to Acquire Guernsey Power Station LLC; Moxie Freedom LLC for USD 3.50 Billion
Deal No. 4: Starwood Property Trust, Inc. to Acquire Fundamental Income Properties, LLC for USD 2.20 Billion
Deal No. 5: Huntington Bancshares Incorporated to Acquire Veritex Holdings, Inc. for USD 1.90 Billion
Deal No. 1:
Waters Corporation to Acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company for USD 17.50 Billion
Waters Corporation, a global life sciences instrument manufacturer, has entered into an agreement to acquire BD’s Biosciences & Diagnostic Solutions business in a transaction valued at USD 17.5 billion.
The deal will be executed through a reverse Morris trust, with BD spinning off its biosciences and diagnostics division, which will then merge with Waters. The combination aims to strengthen their shared capabilities in high-volume testing and regulated, fast-growing end markets.
BD’s Biosciences & Diagnostic Solutions business specializes in flow cytometry, molecular diagnostics, and automated microbiology systems that drive innovation in laboratory research and clinical testing. With strong recurring revenue and exposure to fast-growing areas like infectious disease testing and immunology research, the unit is projected to generate approximately USD 3.4 billion in revenue for calendar year 2025. The business plays a critical role in advancing both scientific research and clinical care through innovative tools and platforms.
The merger is anticipated to double Waters’ total addressable market to around USD 40 billion and increase annual recurring revenue to more than 70%, with over 80% of total revenue coming from well-established brands. Waters plans to apply its proven commercial and operational model to accelerate performance across the newly combined business—driving gains in instrument replacement, service plan adoption, digital engagement, and new product development.
The transaction is expected to close by the end of the first quarter of 2026. Upon completion, BD shareholders will own approximately 39.2% of the combined company, while Waters shareholders will hold about 60.8%. Barclays is acting as financial advisor to Waters, while Citi serves as BD’s lead financial advisor with additional support from Evercore.
Deal No. 2:
Partners Group Holding AG; TPG Capital, L.P.; GIC Private Limited; Mubadala Investment Company PJSC to Acquire Techem GmbH for USD 7.81 Billion
Swiss-based private markets investment firm Partners Group, alongside minority investors GIC, TPG Rise Climate, and Mubadala, has agreed to acquire Techem, a global provider of digitally enabled energy and efficiency solutions for the real estate sector, in a transaction valued at EUR 6.7 billion (USD 7.81 billion).
Techem, headquartered in Eschborn, Germany, offers a wide range of services including energy monitoring, resource management, residential health, and energy contracting for property managers and owners of multi-tenant buildings. The company serves over 440,000 customers across 18 countries and manages more than 13 million residential units. With approximately 62 million devices installed globally, Techem plays a key role in supporting the decarbonization of buildings—an industry responsible for roughly 40% of global CO₂ emissions.
The new ownership group plans to accelerate Techem’s growth by enhancing its digital infrastructure, expanding its portfolio of smart metering and submetering solutions, and introducing new digital services that improve building performance and energy efficiency across Europe.
The transaction is expected to close in the second half of 2025, pending regulatory clearances and other customary conditions.
Deal No. 3:
Talen Generation, LLC to Acquire Guernsey Power Station LLC; Moxie Freedom LLC for USD 3.50 Billion
Independent power producer Talen Energy is expanding its generation portfolio through the USD 3.5 billion acquisition of two combined-cycle gas-fired power plants (CCGTs) within the PJM power market. The facilities include Caithness Energy’s Moxie Freedom Energy Center in Pennsylvania and the Guernsey Power Station in Ohio, which is jointly owned by Caithness Energy and BlackRock.
As part of the deal, Talen will also acquire equity interests in the Guernsey plant held by mid-market infrastructure funds managed by Global Infrastructure Partners (GIP), a subsidiary of BlackRock.
The acquisition strengthens Talen’s fleet with the addition of modern, highly efficient, baseload H-class CCGTs located in strategic markets. These assets will increase Talen’s annual generation capacity from 40 terawatt hours (TWh) to 60 TWh, supporting the company’s ability to deliver reliable, scalable, and low-carbon power solutions to hyperscale data centers and other large commercial customers.
Both the Moxie and Guernsey transactions are expected to close in the fourth quarter of 2025. RBC Capital Markets and Citi are acting as co-lead financial advisors to Talen, with Lazard advising Caithness and Morgan Stanley & Co. LLC serving as the lead financial advisor to Global Infrastructure Partners.
Deal No. 4:
Starwood Property Trust, Inc. to Acquire Fundamental Income Properties, LLC for USD 2.20 Billion
Starwood Property Trust has announced the acquisition of Fundamental Income Properties in a deal valued at USD 2.2 billion, further expanding its footprint in the net lease real estate sector.
Fundamental, currently owned by Brookfield Asset Management, is a vertically integrated net lease real estate platform led by a highly experienced management team. Its portfolio includes 467 properties totaling 12 million square feet across 44 states, 56 industries, and 92 tenants. The assets feature strong credit profiles, supported by a 17-year weighted average lease term and average annual rent escalations of 2.2%, reflecting strong tenant credit quality and long-term income stability.
This acquisition strengthens Starwood Property Trust’s position as a global real estate leader by expanding its net lease platform and enhancing its capital deployment capabilities across diverse asset classes. The combined expertise and financial resources of Starwood and Fundamental will enable the pursuit of high-quality, risk-adjusted opportunities in the growing net lease market.
The transaction is expected to close on or around July 23, 2025. BofA Securities is serving as financial advisor to Starwood Property Trust, while Wells Fargo and Evercore are advising Brookfield Asset Management.
Deal No. 5:
Huntington Bancshares Incorporated to Acquire Veritex Holdings, Inc. for USD 1.90 Billion
Huntington Bancshares has entered into an all-stock agreement to acquire Veritex Holdings in a deal valued at USD 1.9 billion, representing a major step in strengthening its presence in the Texas market.
Veritex, based in Dallas, operates over 30 branches in key markets such as Dallas/Fort Worth and Houston. The bank offers a diverse range of commercial and retail banking services, focusing on small to mid-sized businesses, entrepreneurs, and professionals. Its offerings include commercial lending, real estate financing, treasury solutions, and digital banking, all built on a relationship-focused approach.
As of the first quarter of 2025, Veritex reported approximately USD 13 billion in assets, USD 9 billion in loans, and USD 11 billion in deposits. Huntington’s leadership views the acquisition as an opportunity to deepen its reach in one of the fastest-growing regional economies in the country.
Following the close of the transaction, expected in early Q4 2025, Veritex’s branches and teams will operate under the Huntington Bank brand. Evercore and Commerce Street Capital, LLC are acting as financial advisors to Huntington, while Keefe, Bruyette & Woods, a Stifel Company, is advising Veritex.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of July 14 to 20, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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