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2025 Top Global M&A Deals July to December
- IMAA
IMAA’s 2025 Top Global M&A Deals industry coverage offers an overview of the year’s most significant M&A transactions across eight key industries. This monthly M&A activity overview provides the top 5 M&A deals for each industry, which offers a clear view of major market movements and highlights key players in each sector.
These monthly M&A insights can benefit M&A practitioners, corporate strategists, investment bankers, legal advisors, C-level executives, investors, and policymakers. It aids in identifying market trends, investment opportunities, and strategic decision-making, while also serving as a valuable resource for academic research in finance, business strategy, and economics.
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M&A Activity per Industry
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M&A Activity in the Consumer Products and Services Industry
The top global M&A deals in this industry list include companies that manufacture and sell goods or services directly to the end consumer, covering a wide array of products from household items to personal care.
JULY
Consumer Products and Services
Deal 1: Iveco Group N.V. (Netherlands) was acquired by Tata Motors Limited (India) for USD 4.39 billion.
Tata Motors Limited to Acquire Iveco Group N.V.
Tata Motors has agreed to acquire Italy’s Iveco Group for EUR 3.8 billion (USD 4.39 billion), marking its largest acquisition to date. This move follows Iveco Group’s decision to divest its defence business to Leonardo, allowing both companies to focus on their respective core areas. This acquisition highlights Tata Motors’ strategy to expand its presence in global commercial and industrial vehicle markets.
Iveco Group is a manufacturer of commercial vehicles, buses, and powertrain systems. It operates through several key brands, including IVECO for trucks, IVECO BUS for passenger transport, and FPT Industrial for engine and drivetrain technologies. With a presence in over 160 countries, the company is committed to advancing sustainable and innovative transportation solutions.
The combination of Tata Motors and Iveco Group brings together complementary product portfolios with limited overlap in operations or geography. The merged entity is expected to sell more than 540,000 units annually and generate around EUR 22 billion in revenue, with contributions from Europe (50%), India (35%), and the Americas (15%), as well as growing exposure to emerging markets in Asia and Africa.
Leveraging their collective supplier networks and technological strengths, the combined company aims to accelerate the rollout of advanced, sustainable mobility solutions. The transaction is expected to unlock significant growth opportunities and create long-term value for customers, partners, and shareholders.
The deal is expected to close in the second quarter of 2026, subject to regulatory approvals. Goldman Sachs is acting as financial advisor to Iveco Group, while Tata Motors is being advised exclusively by Morgan Stanley.
Deal 2: International Interactive business of Bally's Corporation. (United States) was acquired by Intralot S.A. Integrated Lottery Systems and Services (Greece) for USD 3.18 billion.
Intralot S.A. Integrated Lottery Systems and Services to Acquire International Interactive business of Bally's Corporation
Greek gaming company Intralot is acquiring Bally’s International Interactive business, the digital gaming division of Bally’s Corporation, in a cash and stock deal valued at EUR 2.7 billion (USD 3.18 billion).
Bally’s International Interactive business operates across regulated markets in the UK, Europe, and North America, offering a broad range of online casino products, including slots, bingo, poker, and live dealer games. The acquisition strengthens Intralot’s position as a digital gaming operator and lottery technology provider, expanding its presence in key growth markets.
The combined entity is set to benefit from strong momentum in both iGaming and lottery, with the global total addressable market projected to reach USD 187 billion by 2029, supported by compound annual growth rates of 14% and 5%, respectively. Intralot’s stable B2B lottery operations, coupled with Bally’s established B2C presence—particularly in the UK—create opportunities for cross-segment expansion.
By integrating Intralot’s LotosX and PlayerX platforms with Bally’s Vitruvian analytics system, the group aims to enhance customer engagement, data-driven marketing, and overall platform performance. Financially, it expects to generate EUR 1.1 billion in revenue with a 38% EBITDA margin (pre-synergies), supported by recurring lottery income, high contract renewal rates, and strong iGaming profitability.
The transaction is expected to close in the fourth quarter of 2025. Deutsche Bank is advising Intralot, while Citizens JMP Securities, Goldman Sachs Bank Europe SE, and Jefferies International are advising Bally’s.
Deal 3: WK Kellogg Co (United States) was acquired by Ferrero International S.A. (Luxembourg) for USD 3.10 billion.
Ferrero International S.A. to Acquire WK Kellogg Co
Ferrero Group, the global confectionery company behind brands like Nutella and Ferrero Rocher, has agreed to acquire WK Kellogg Co in an all-cash deal valued at approximately USD 3.1 billion (USD 23 per share). The acquisition builds on Ferrero’s track record of expanding in the U.S. market and enhances its presence and product offering across North America.
WK Kellogg Co is a North American food company focused on ready-to-eat cereals, with a well-established brand lineup that includes Frosted Flakes, Froot Loops, Corn Flakes, and Rice Krispies. Created in 2023 following its separation from Kellogg Company, WK Kellogg operates across the U.S., Canada, and the Caribbean with a focused strategy on growing its cereal business.
The acquisition gives Ferrero control over the production, marketing, and distribution of WK Kellogg’s brands in these markets. It aligns with Ferrero’s broader growth strategy of entering new categories and reaching more eating occasions while continuing to build consumer relevance through established brands.
In North America, Ferrero and its related companies employ over 14,000 people across 22 manufacturing sites and 11 offices. Its local portfolio includes household names such as Nutella, Kinder, Tic Tac, and Ferrero Rocher.
Upon completion of the deal, WK Kellogg will become a wholly owned subsidiary of Ferrero, and its shares will be removed from trading on the New York Stock Exchange. Lazard is acting as lead financial advisor to Ferrero, with BofA Securities as co-advisor. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to WK Kellogg.
Deal 4: Postobon S.A.(Colombia) was acquired by The Central America Bottling Corporation (Guatemala) for USD 2.80 billion.
The Central America Bottling Corporation to Acquire Postobon S.A.
Guatemala’s Central America Bottling Corporation (CBC) has acquired Postobón, Colombia’s largest beverage company, in a transaction valued at USD 2.8 billion. The acquisition strengthens CBC’s presence in the Latin American beverage industry and includes Postobón’s key brands such as Colombiana and Lux.
Postobón, part of the Organización Ardila Lülle business group, is a leading beverage producer with a diverse portfolio that spans carbonated soft drinks, bottled water, fruit juices, teas, malt beverages, sports and energy drinks. Its well-known brands include Postobón, Colombiana, Manzana, Pepsi (under license), Agua Cristal, and Lux. With a nationwide distribution network and strong brand recognition, the company has established itself as one of the most influential players in the Latin American beverage sector.
Through this acquisition, Postobón becomes part of CBC, one of the region’s largest bottlers and distributors. CBC’s extensive reach spans 35 markets and 16 countries, providing significant opportunities to scale Postobón’s brands and enhance its regional growth strategy.
Deal 5: Ceconomy AG (Germany) was acquired by JD.com, Inc. (China) for USD 2.50 billion.
JD.com, Inc. to Acquire Ceconomy AG
JD.com, one of China’s largest e-commerce platforms, has announced plans to acquire Germany’s Ceconomy AG, the parent company of electronics retail chains MediaMarkt and Saturn, in a deal valued at EUR 2.2 billion (USD 2.5 billion). The transaction marks a significant step in JD.com’s efforts to expand its footprint in Europe’s consumer electronics market.
Through the MediaMarkt and Saturn brands, JD.com will gain access to Ceconomy’s extensive operations, which include one of Europe’s largest online platforms for electronic goods as well as a physical retail network of more than one thousand stores across eleven countries. In 2024, the company reported revenues exceeding EUR 22 billion, with digital channels accounting for roughly one quarter of total sales.
JD.com plans to combine its advanced technology, logistics expertise, and data-driven retail capabilities with Ceconomy’s established retail presence to accelerate growth and broaden market opportunities. This integration is expected to strengthen Ceconomy’s business trajectory while positioning JD.com to compete more directly with global rivals such as Amazon and Alibaba in the European market.
The deal is expected to close in the first half of 2026. Upon completion, JD.com intends to delist Ceconomy from the stock exchange. Lazard is acting as exclusive financial advisor to Ceconomy, while Deutsche Bank and Goldman Sachs are advising JD.com.
August
Consumer Products and Services
Deal 1: JDE Peet's N.V. (Netherlands) was acquired by Keurig Dr Pepper Inc. (United States) for USD 18.40 billion.
Keurig Dr Pepper Inc. to Acquire JDE Peet's N.V.
Keurig Dr Pepper (KDP) has agreed to acquire Dutch coffee group JDE Peet’s in a EUR 15.7 billion (USD 18.4 billion) deal, positioning the U.S. beverage giant as a major force in the global coffee market.
Based in the Netherlands, JDE Peet’s manages a portfolio of prominent brands such as Jacobs, L’OR, Tassimo, Douwe Egberts, and Peet’s Coffee. With operations in more than 100 countries, it is one of the world’s largest pure-play coffee and tea companies, serving both retail and out-of-home channels.
Following completion of the deal, KDP plans to separate into two U.S.-listed public companies: Beverage Co., a scaled challenger in North America’s refreshment beverages sector, and Global Coffee Co., which will emerge as the world’s largest standalone coffee business. Each company will pursue distinct growth strategies, financial frameworks, and capital allocation models, creating tailored opportunities for investors.
The acquisition will broaden KDP’s coffee portfolio, enhancing scale, resilience, and global reach. The combined business is expected to generate around USD 400 million in cost synergies over three years and deliver earnings per share accretion beginning in the first year after closing.
The deal is expected to close in the first half of 2026, with Lazard and Morgan Stanley advising KDP and BofA Securities advising JDE Peet’s.
Deal 2: Foundation Building Materials, Inc. (United States) was acquired by Lowe's Companies, Inc. (United States) for USD 8.80 billion.
Lowe's Companies, Inc. to Acquire Foundation Building Materials, Inc.
Lowe’s is strengthening its presence in the professional builders market through the USD 8.8 billion acquisition of Foundation Building Materials (FBM), a major North American distributor of specialty construction products.
FBM supplies a wide range of specialty building materials, including drywall, steel framing, ceiling systems, insulation, and related products. Its customer base spans large residential and commercial contractors engaged in both new construction and renovation projects. With more than 370 distribution centers across the United States and Canada, FBM couples its broad product portfolio with service capabilities that help streamline complex projects and ensure reliable delivery.
The acquisition supports Lowe’s Total Home strategy by expanding resources available to professional customers. With FBM’s distribution scale and expertise, Lowe’s expects to deliver faster order fulfillment, integrate advanced digital tools, strengthen its trade credit platform, and unlock cross-selling opportunities across both businesses. This positions Lowe’s to capture a greater share of the USD 250 billion professional building materials market while further differentiating its value proposition for Pro customers.
The transaction is scheduled to close in the fourth quarter of 2025. Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Lowe’s, while RBC Capital Markets is acting as exclusive financial advisor to FBM.
Deal 3: Trail Blazers, Inc. (United States) was acquired by A group led by Tom Dundon (United States) for USD 4.25 billion.
A group led by Tom Dundon Acquired Trail Blazers, Inc.
The Portland Trail Blazers are set to be acquired by a consortium led by Tom Dundon, owner of the NHL’s Carolina Hurricanes, in a transaction valued at USD 4.25 billion.
Joining Dundon in the bid are Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, a Portland native and co-CEO of Collective Global. The group has emphasized that the franchise will remain in Portland, with no plans for relocation.
The transaction follows a wave of high-profile NBA ownership changes. Over the past two years, franchises including the Milwaukee Bucks, Phoenix Suns, and Dallas Mavericks have been sold, while 2025 saw record-breaking deals with the Los Angeles Lakers changing hands for USD 10 billion and the Boston Celtics for USD 6.1 billion.
With significant financial resources, proven leadership in sports management, and partners committed to the city, Dundon’s acquisition is expected to usher in a new chapter for the Trail Blazers.
A closing timeline has not been provided, with the transaction still awaiting approval by the NBA Board of Governors.
Deal 4: FG Merger II Corp. (United States) was acquired by Boxabl Inc. (United States) for USD 3.50 billion.
Boxabl Inc. to Acquire FG Merger II Corp.
Boxabl, an American construction technology company specializing in modular housing, has announced plans to go public through a merger with FG Merger II Corp., a special purpose acquisition company (SPAC), in a transaction valued at USD 3.5 billion.
The company develops foldable housing units designed for transport on standard trailers and rapid assembly within hours. Its flagship product, the Casita, is a compact 361-square-foot studio featuring a full kitchen, bathroom, and essential utilities. This versatile unit addresses a range of needs, including affordable housing, workforce living arrangements, and emergency shelter. Beyond the Casita, Boxabl is advancing modular designs that are stackable and connectable, enabling configurations for townhomes, multifamily buildings, or larger single-family residences.
To date, Boxabl has raised over USD 230 million from a broad base of more than 50,000 investors. The company’s innovative construction approach has attracted significant market and industry attention, underscoring its potential to transform homebuilding and delivery.
The proposed merger is anticipated to increase Boxabl’s manufacturing capabilities, accelerate its research and development efforts, and support its expansion into international markets. Maxim Group LLC serves as exclusive financial advisor to Boxabl, while Loeb & Loeb LLP acts as transaction counsel for FG Merger II Corp.
Deal 5: Hanesbrands Inc. (United States) was acquired by Gildan Activewear Inc. (Canada) for USD 2.20 billion.
Gildan Activewear Inc. to Acquire Hanesbrands Inc.
Gildan Activewear has agreed to acquire Hanesbrands in a cash-and-stock transaction worth USD 2.2 billion, reinforcing its expansion in the basic apparel market.
Hanesbrands is a global clothing company with a portfolio that includes well-established names such as Hanes, Champion, Playtex, Bali, Maidenform, and Wonderbra. Its offerings span innerwear, activewear, and hosiery, sold through mass retailers, department stores, specialty outlets, and online platforms, with an emphasis on affordability, comfort, and wide consumer access.
By integrating Hanesbrands, Gildan will expand its scale and strengthen its supply chain, positioning the combined company among the world’s largest sellers of everyday apparel by volume. The transaction is expected to provide Hanesbrands with stronger financial and operational resources, opening opportunities for product innovation, portfolio expansion, and broader international distribution.
The acquisition is targeted for completion in late 2025 or early 2026. Morgan Stanley & Co. LLC and CIBC Capital Markets advised Gildan, while Goldman Sachs & Co. LLC served as lead financial advisor to Hanesbrands.
September
Consumer Products and Services
Deal 1: FIFCO’s beverage and retail businesses: Distribuidora La Florida (Costa Rica) / Heineken Panamá (Panama) / Nicaragua Brewing Holding (Nicaragua) / Fifco México (Mexico) was acquired by Heineken N.V. (Netherlands) for USD 3.20 billion.
Heineken N.V. to Acquire FIFCO’s beverage and retail businesses: Distribuidora La Florida / Heineken Panamá / Nicaragua Brewing Holding / Fifco México
Dutch brewing giant Heineken has agreed to acquire FIFCO’s beverage and retail operations in a USD 3.2 billion deal, significantly expanding its presence in Central America, particularly in Costa Rica and Panama, and tapping into growing opportunities in the regional beverage market.
The acquisition gives Heineken full ownership of Distribuidora La Florida, including its beverage, food, and retail divisions, which operate more than 300 outlets in Costa Rica, such as Musmanni & Musi.
The deal also includes a 75% stake in Nicaragua Brewing Holding, which owns part of Compañía Cervecera de Nicaragua, the country’s leading beverage company. In addition, it covers Heineken Panama and FIFCO’s beyond-beer operations in Mexico.
The transaction adds a diversified portfolio to Heineken’s business, including Costa Rica’s iconic beer brand Imperial, a major soft drink business with proprietary brands, and the PepsiCo bottling license. By integrating FIFCO’s established brands, local market expertise, and sustainability practices, Heineken aims to advance its EverGreen strategy and expand revenue streams across Central America.
The deal is expected to close in the first half of 2026. UBS AG is serving as financial advisor to Heineken.
Deal 2: Performance Predictions LLC (United States) was acquired by Allwyn International AG (Switzerland) for USD 2.60 billion.
Allwyn International AG to Acquire Performance Predictions LLC (dba PrizePicks)
European gaming operator Allwyn is acquiring a 62.3% stake in U.S. daily fantasy sports (DFS) platform PrizePicks in a deal valued at up to USD 2.6 billion. The transaction includes an upfront payment of USD 1.6 billion, with an additional USD 1 billion in performance-based contingent payments.
PrizePicks, headquartered in Atlanta, Georgia, offers a simplified and engaging DFS experience through “pick ’em”-style contests. Users predict whether individual athlete statistics will be above or below projected values. The platform operates as a skill-based gaming service, enabling it to function in U.S. jurisdictions where traditional sports betting may be limited. As of 2025, PrizePicks is available in 45 states and Washington, D.C., and has expanded into esports, featuring titles such as League of Legends and Counter-Strike.
The acquisition represents a strategic move for Allwyn to extend its reach beyond traditional lottery operations and strengthen its footprint in the U.S. gaming market. Leveraging Allwyn’s scale and resources, PrizePicks is expected to accelerate growth, innovate its offerings, and engage a broader audience.
The deal is expected to close in the first half of 2026, with PrizePicks continuing to operate as a standalone brand within Allwyn. Moelis & Company LLC serves as financial advisor to PrizePicks, while Freshfields US LLP is providing legal counsel to Allwyn.
Deal 3: Tampa Bay Rays Baseball Ltd (United States) was acquired by An ownership group led by business executive Patrick Zalupski (United States) for USD 1.70 billion.
An ownership group led by business executive Patrick Zalupski Acquired Tampa Bay Rays Baseball Ltd
An ownership group led by executive Patrick Zalupski has acquired the Tampa Bay Rays for USD 1.7 billion.
Joining Zalupski in the purchase are Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, founder of the Fast Forward Sports Group and owner of two minor league baseball teams. Zalupski will serve as the group’s MLB control person and co-chair of the Rays alongside Cosgrove, while Babby assumes the role of chief executive officer within the ownership team.
With the sale finalized, the Rays can now focus on longstanding challenges that have troubled previous ownership for nearly two decades, including plans for a new stadium and maintaining a competitive roster. In 2024, the team’s home stadium, Tropicana Field, suffered roof damage from Hurricane Milton, prompting the Rays to play the 2025 season at Steinbrenner Field, the Yankees’ spring training stadium in St. Petersburg. With a capacity of just 11,026, it is the smallest ballpark in Major League Baseball. The Rays’ current use agreement with St. Petersburg extends through the 2028 season.
Zalupski’s group becomes the third ownership team in the franchise’s history since it joined MLB in 1995.
Deal 4: The ODP Corporation (United States) was acquired by Atlas Holdings LLC (United States) for USD 1.00 billion.
Atlas Holdings LLC to Acquire The ODP Corporation
Atlas Holdings is acquiring The ODP Corporation in an all-cash transaction valued at approximately USD 1 billion, taking the company private.
The ODP Corporation provides a wide range of business products, services, and technology solutions through its B2B distribution network and omnichannel platform. The company operates under the Office Depot, OfficeMax, ODP Business Solutions, and Veyer brands, serving businesses of all sizes across North America with office supplies, technology, furniture, and print services.
With Atlas Holdings’ industry knowledge, operational expertise, and proven track record in scaling portfolio companies, the partnership is expected to accelerate ODP’s B2B growth initiatives and strengthen its market position.
The deal is anticipated to close by the end of 2025. J.P. Morgan Securities LLC is the exclusive financial advisor to The ODP Corporation, and Lazard advises Atlas Holdings.
Deal 5: Canada One Auto Group Inc. (Canada) was acquired by Eagers Automotive Limited (Australia) for USD 687.50 million.
Eagers Automotive Limited to Acquire Canada One Auto Group Inc.
Australia’s Eagers Automotive is set to acquire a 65% stake in CanadaOne, one of Canada’s largest automotive dealership groups, for AUD 1.04 billion (USD 687.5 million). The acquisition marks Eagers’ entry into the Canadian market and is intended to support long-term growth and expansion opportunities.
CanadaOne, headquartered in Edmonton, Alberta, operates 42 franchised dealerships across five provinces, offering new and used vehicles, parts, and maintenance services. CEO Pat Priestner, who will retain the remaining 35% stake, continues to lead the company, which focuses on delivering high-quality customer experiences and maintaining strong local community relationships.
The partnership combines Eagers’ global automotive retail expertise and financial resources with CanadaOne’s operational excellence and deep local market knowledge, creating a robust growth platform in Canada. The collaboration is expected to enhance operational synergies, foster innovation, and explore new opportunities in automotive retail and mobility solutions.
The transaction is expected to close in the first quarter of 2026, pending regulatory and OEM approvals.
October
Consumer Products and Services
Deal 1: Organization of Football Prognostics S.A. (Greece) was acquired by Allwyn International AG (Switzerland) for USD 10.37 billion.
Allwyn International AG to Acquire Organization of Football Prognostics S.A.
Gaming and entertainment group Allwyn International is acquiring Greek state-backed betting operator OPAP in an all-share transaction valued at approximately USD 10.37 billion, marking one of the largest deals in the global gaming industry. The merger will create the second-largest publicly listed lottery and gaming company worldwide.
OPAP, headquartered in Athens, is Greece and Cyprus’s dominant gaming operator and one of the most established in the global betting industry. The company holds exclusive rights to operate numerical lotteries and sports betting games in Greece, along with licenses for video lottery terminals (VLTs) and online gaming. It also maintains an extensive nationwide retail network and continues to invest in digital expansion to enhance customer engagement.
The merger combines OPAP’s strong market presence in Greece with Allwyn’s international portfolio, forming a group with diverse, high-growth operations across Europe, the United States, and other key markets. The deal also strengthens their longstanding partnership, which began in 2013, with Allwyn currently owning a 51.78% stake in OPAP.
Following completion, the merged company will operate under the Allwyn name and continue to trade on the Athens Stock Exchange, with potential additional listings in London or New York. Under the proposed structure, Allwyn will hold approximately 78.5% of the combined entity, while OPAP shareholders will own the remaining 21.5%.
The transaction is subject to shareholder approval, with completion expected between Q4 2025 and Q1 2026.
Deal 2: Creed Fragrance (France) was acquired by L'Oréal S.A. (France) for USD 4.66 billion.
L'Oréal S.A. to Acquire Creed Fragrance
Gucci owner Kering SA is selling its beauty business, including its flagship Creed fragrance brand, to L’Oréal in an all-cash transaction valued at USD 4.66 billion.
The deal gives L’Oréal ownership of the Creed brand and exclusive rights to develop fragrance and beauty products for 50 years under Kering’s fashion houses, including Bottega Veneta and Balenciaga. In addition, the companies are forming a 50/50 joint venture to explore opportunities at the intersection of luxury, wellness, and longevity.
Under L’Oréal’s stewardship, Kering’s fashion houses will be able to accelerate the development of fragrances and cosmetics, achieve greater scale in this segment, and unlock long-term potential, similar to the growth of Yves Saint Laurent Beauté under L’Oréal. The partnership further strengthens L’Oréal’s position as a global leader in the beauty industry while creating new avenues in wellness and luxury experiences.
The move aligns with Kering CEO Luca de Meo’s strategy to reduce the group’s debt and sharpen focus on its core fashion business.
The deal is expected to close in the first half of 2026. Kering was advised by Evercore and Centerview, while L’Oréal was advised by Bank of America and Rothschild.
Deal 3: Coca-Cola Beverages Africa (Pty) Ltd (South Africa) was acquired by Coca-Cola HBC AG (Switzerland) for USD 2.60 billion.
Coca-Cola HBC AG to Acquire Coca-Cola Beverages Africa (Pty) Ltd
Coca-Cola HBC is acquiring a 75% stake in Coca-Cola Beverages Africa (CCBA) for USD 2.6 billion.
CCBA is the largest Coca‑Cola bottler in Africa, operating across 14 countries and accounting for approximately 40% of the continent’s total Coca‑Cola volume. The company is a leading player in the non-alcoholic ready-to-drink (NARTD) category, offering a portfolio of more than 40 global and local brands.
The acquisition significantly strengthens Coca-Cola HBC’s footprint in Africa by combining two major bottlers. It adds 14 African markets to HBC’s existing operations in Nigeria (since 1951) and Egypt (since 2022). Upon completion, Coca-Cola HBC will represent two-thirds of Africa’s total Coca‑Cola system volume and reach over 50% of the continent’s population.
This transaction enhances Coca-Cola HBC’s scale and diversification in high-growth markets, tapping into favorable demographics and creating new opportunities for long-term growth.
The deal is expected to close by the end of 2026.
Deal 4: Genting Malaysia Berhad (Malaysia) was acquired by Genting Berhad (Malaysia) for USD 1.60 billion.
Genting Berhad to Acquire Genting Malaysia Berhad
Genting Berhad has proposed to acquire the remaining 50.64% stake in Genting Malaysia Berhad for USD 1.6 billion, taking the company private. The transaction involves approximately 2.87 billion shares.
Genting Malaysia is a leading player in the leisure and hospitality sector, operating integrated resorts, casinos, hotels, and entertainment facilities in Malaysia, including the renowned Resorts World Genting complex, as well as properties in the United States, the United Kingdom, and the Bahamas.
The proposed acquisition would consolidate Genting Berhad’s ownership of its Malaysian-listed casino and entertainment subsidiary, streamlining group operations and enhancing strategic alignment. Privatization is expected to provide Genting Malaysia with greater flexibility to execute long-term plans and initiatives without the constraints of public market pressures.
Genting is currently competing to develop a USD 5.5 billion integrated resort in New York, and this move is viewed as a strategic step to strengthen its financial position in support of the project.
The offer is conditional upon Genting Berhad securing sufficient acceptances to raise its stake above the 50% threshold. Once the offer becomes unconditional, Genting will be obligated to accept all valid acceptances submitted by the closing date.
Deal 5: JHCC Holdings, LLC (United States) was acquired by Boyd Group Services Inc. (Canada) for USD 1.30 billion.
Boyd Group Services Inc. to Acquire JHCC Holdings, LLC
Boyd Group Services has announced the acquisition of Joe Hudson’s Collision Center for USD 1.3 billion, marking its expansion into two new U.S. states.
Joe Hudson’s Collision Center is a leading provider of automotive repair services, specializing in collision repair, paintless dent removal, and auto body restoration. Operating multiple locations across the Midwest, the company supports both individual and commercial clients with comprehensive vehicle repair, insurance claim assistance, and high-quality refinishing services.
The acquisition will add 258 collision centers across 18 states in the U.S. Southeast, increasing Boyd Group’s total locations to 1,273 and strengthening its position as a major player in the fragmented North American collision repair market.
Boyd anticipates generating annualized run-rate synergies of approximately USD 35–45 million, achieving roughly half of these synergies in the near term, with full realization expected by 2028.
The deal is expected to close in Q4 2025, with RBC Capital Markets advising Boyd and Harris Williams LLC and BofA Securities advising Joe Hudson’s Collision Center.
November
Consumer Products and Services
Deal 1: Kenvue Inc. (United States) was acquired by Kimberly-Clark Corporation (United States) for USD 40.00 billion.
Kimberly-Clark Corporation to Acquire Kenvue Inc.
Global consumer goods company Kimberly-Clark announced plans to acquire Kenvue, a major player in the consumer health sector, in a USD 40 billion transaction that will form a USD 32 billion global health and wellness powerhouse. The acquisition signals a major strategic shift for Kimberly-Clark as it expands beyond its traditional paper and hygiene products to strengthen its presence in the broader consumer health market.
Kenvue, established in 2023 following its separation from Johnson & Johnson, operates as a global consumer health company with a portfolio that includes Tylenol, Kleenex, Listerine, and Band-Aid. Based in Skillman, New Jersey, Kenvue serves more than 175 markets worldwide and focuses on science-driven products across over-the-counter medicine, skincare, and personal care, all designed to improve everyday health and wellness.
The combination brings together complementary portfolios featuring ten billion-dollar brands that collectively reach nearly half of the global population. The merged business will have an expanded product offering and geographic reach, enhancing its exposure to fast-growing categories driven by rising consumer demand for health and wellness products.
Once completed, the transaction will position Kimberly-Clark ahead of Unilever in global health and wellness revenue, second only to Procter & Gamble.
The deal is anticipated to close in the second half of 2026, with PJT Partners LP and J.P. Morgan Securities LLC advising Kimberly-Clark, while Centerview Partners LLC and Goldman Sachs & Co. LLC advise Kenvue.
Deal 2: TreeHouse Foods, Inc. (United States) was acquired by InvestIndustrial (United Kingdom) for USD 2.90 billion.
InvestIndustrial to Acquire TreeHouse Foods, Inc.
TreeHouse Foods is being acquired by the European investment group Investindustrial in an all-cash deal valued at USD 2.9 billion, taking the company private.
TreeHouse Foods is a major manufacturer of private-label food and beverage products, operating a network of about 26 production facilities across the U.S. and Canada. Its portfolio spans sauces, dressings, soups, snacks, and beverages, serving a wide range of retail and foodservice customers across North America.
Post-acquisition, TreeHouse will operate independently within Investindustrial’s portfolio, becoming its newest platform in the global food and beverage sector. The deal expands Investindustrial’s footprint in North America, bringing its total network to over 85 manufacturing facilities and 16,000 employees.
This strategic acquisition underscores TreeHouse’s established position in the private-label market and its potential for steady, long-term growth within the sector.
The transaction is expected to close in the first quarter of 2026.
Deal 3: Cantor Equity Partners III, Inc. (United States) was acquired by AIR Limited (United Arab Emirates) for USD 1.70 billion.
AIR Limited to Acquire Cantor Equity Partners III, Inc.
AIR Limited, a global producer of flavored hookah products and owner of the Al Fakher brand, has announced plans to go public through a merger with Cantor Equity Partners III. The move aligns with rising global interest in social inhalation products as part of evolving consumer lifestyle preferences.
AIR operates eight manufacturing facilities across the UAE and Europe, with additional production supported by third-party partners, enabling distribution in more than 90 markets worldwide. The company expanded its North American footprint in 2022 with the acquisition of US-based online hookah retailer SouthSmoke.com, strengthening its reach across both business-to-business and direct-to-consumer channels and enhancing its digital presence in the region.
Al Fakher remains AIR’s flagship brand and the largest name in flavored hookah globally, serving approximately 14 million consumers as of 2024 and accounting for more than 60% of the US market. The global flavored hookah molasses market is estimated to be worth between USD 15 billion and USD 20 billion in 2025.
Following the transaction, AIR plans to deploy its cash generation and deal proceeds to support product innovation, enter new geographies, broaden category offerings, and accelerate digital initiatives.
The transaction is expected to close in the first half of 2026. Upon completion, the combined company, AIR Global Limited, will be incorporated in Jersey and listed on NASDAQ under the ticker symbol AIIR, with a projected enterprise value of approximately USD 1.7 billion.
Deal 4: Concert Golf Partners, LLC (United States) was acquired by Bain Capital, LP (United States) for USD 1.37 billion.
Bain Capital, LP to Acquire Concert Golf Partners, LLC
Bain Capital has acquired Clearlake Capital’s stake in Concert Golf Partners in a transaction valued at approximately USD 1.37 billion, positioning the private club operator for its next stage of growth in the US market.
Concert Golf Partners owns and manages a portfolio of 39 private golf and country clubs across the United States. Based in Lake Mary, Florida, the company focuses on enhancing the member experience across golf, dining, fitness, and social events, while investing in facility upgrades and long-term asset quality. Its strategy emphasizes expansion near major population centers while preserving the unique identity of each club.
Since its investment in 2022, Clearlake Capital has supported Concert Golf’s expansion through a series of acquisitions and operational initiatives, resulting in substantial growth in both revenue and profitability. During this period, Concert Golf completed 14 add-on acquisitions, broadening its footprint and strengthening its position as a diversified private club platform.
Bain Capital’s investment, led by its Private Equity and Real Estate teams, is intended to support Concert Golf’s continued expansion and long-term strategic objectives.
Moelis & Company LLC served as financial advisor to Clearlake Capital, while Goldman Sachs & Co. and Rothschild & Co. acted as financial advisors to Bain Capital in connection with the transaction.
Deal 5: Seven casino real estate and operating assets of Golden Entertainment, Inc. (United States) was acquired by VICI Properties Inc. (United States) for USD 1.16 billion.
VICI Properties Inc. to Acquire Seven casino real estate and operating assets of Golden Entertainment, Inc.
S&P 500 REIT VICI Properties has agreed to acquire the land, real estate, and associated improvements of seven casino properties from Golden Entertainment, collectively referred to as the Golden Portfolio, for a total consideration of USD 1.16 billion.
The Golden Portfolio comprises The STRAT Hotel, Casino & Tower on the northern end of the Las Vegas Strip; Arizona Charlie’s Decatur and Arizona Charlie’s Boulder serving the Las Vegas locals market; the Aquarius Casino Resort and Edgewater Casino Resort in Laughlin, Nevada; and the Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump, Nevada. Together, these properties include approximately 362,000 square feet of gaming space, more than 6,000 hotel rooms, 4,306 slot machines, and 78 table games.
The transaction is structured as a sale-leaseback arrangement, under which Golden Entertainment will continue to operate the properties under an initial 30-year lease, with four optional five-year renewal periods. The deal supports VICI’s continued expansion in Nevada while allowing Golden to simplify its ownership structure and focus on operating efficiency under a privately managed model.
For VICI, the acquisition further diversifies its Nevada real estate portfolio and increases exposure to the Las Vegas local segment, one of the largest US gaming markets. Nevada remains an attractive jurisdiction due to its established regulatory framework and favorable tax environment, with the Las Vegas locals market ranking as the second-largest gaming market in the US by gross gaming revenue in 2024.
The transaction is expected to close in mid-2026 with Deutsche Bank Securities Inc. acting as financial advisor to VICI Properties.
December
Consumer Products and Services
Deal 1: UniFirst Corporation (United States) was acquired by Cintas Corporation (United States) for USD 5.20 billion.
Cintas Corporation to Acquire UniFirst Corporation
Cintas has renewed its bid to acquire rival UniFirst Corporation, proposing a USD 5.2 billion all-cash transaction priced at USD 275 per share, matching the offer it made roughly nine months earlier. The renewed approach underscores Cintas’ continued interest in consolidating the uniform and facility services market and expanding its scale.
UniFirst provides workplace uniforms, protective apparel, and facility services through rental, cleaning, and managed programs across the United States, Canada, and parts of Europe. The company supplies uniforms, safety and protective garments, facility-related supplies, and first-aid and safety solutions, supporting customers across diverse industries with large, geographically distributed workforces.
If completed, the transaction would result in a combined platform serving well over one million business customers across the US and Canada. Cintas’ track record of steady organic growth, coupled with UniFirst’s operational footprint, is expected to enhance processing capacity and route density, supporting operational efficiencies and improved customer service.
The proposed transaction remains subject to the negotiation of a definitive agreement and customary closing conditions, including approval by UniFirst shareholders. Davis Polk & Wardwell LLP is serving as legal counsel to Cintas, while FGS Global is acting as its strategic communications advisor.
Deal 2: LG Energy Solution's Assets including building and its infrastructure in Ohio, USA (United States) was acquired by Honda Development and Manufacturing of America, LLC (United States) for USD 2.90 billion.
Honda Development and Manufacturing of America, LLC to Acquire LG Energy Solution's Assets including building and its infrastructure in Ohio, USA
South Korea’s LG Energy Solution has agreed to sell its stake in the buildings and infrastructure assets of its Ohio electric-vehicle battery joint venture to Honda for USD 2.85 billion. The transaction covers the plant’s buildings and related infrastructure but excludes the land and manufacturing equipment.
The Ohio battery plant spans more than 2 million square feet and forms part of a joint investment by LG Energy Solution and Honda, backed by an estimated investment of roughly USD 4.4 billion. The facility is intended to manufacture advanced pouch-format lithium-ion battery cells for Honda’s next generation of electric vehicles in North America, with a planned annual output of approximately 40 GWh.
Battery production at the site is expected to begin next year to support Honda’s North American EV portfolio, with flexibility built into the project to allow for potential expansion into energy storage system applications in the future. While Honda will assume full ownership of the battery plant’s building assets, the automaker is also prioritizing the rollout of new hybrid models as part of its broader, long-term electrification strategy.
For LG Energy Solution, the divestment is intended to streamline operations within the joint venture and improve overall efficiency. The transaction is expected to be completed by 28 February 2026.
Deal 3: Domestic & General Services Limited (United Kingdom) was acquired by Asurion, LLC (United States) for USD 2.74 billion.
Asurion, LLC to Acquire Domestic & General Services Limited
US-based Asurion will acquire Domestic & General, a leading appliance care provider across the UK and Europe, in a transaction valued at GBP 2.1 billion (USD 2.74 billion), forming one of the world’s most comprehensive providers of protection services for appliances and connected devices.
Domestic & General offers warranty, repair, replacement, and maintenance services for household appliances and consumer electronics. The company supports its 6.8 million subscribers through a network of roughly 25,000 independent repair engineers and long-standing partnerships with major brands and retailers, including Whirlpool, Sky, Hoover-Candy, and John Lewis.
By combining Asurion’s global scale and technology-driven service capabilities with Domestic & General’s strong appliance care platform, the merged entity is positioned to address the increasing convergence of home technology and appliances. Asurion will further strengthen its presence in the USD 154 billion connected home devices market, enhancing its ability to deliver integrated protection solutions.
The acquisition also supports Asurion’s broader vision of becoming the “CTO of the home,” offering seamless, intelligent support across all connected devices and appliances to make technology more reliable, efficient, and sustainable for millions of households.
For Domestic & General, joining Asurion provides access to advanced digital tools, global service infrastructure, and innovations such as predictive diagnostics, intelligent logistics, and AI-enabled service models—capabilities that will accelerate its growth trajectory.
The transaction is expected to close in mid-2026. Upon completion, Domestic & General will continue to operate under its own brand as a distinct business unit within Asurion. Goldman Sachs & Co. LLC is serving as Asurion’s lead financial advisor.
Deal 4: Diageo Kenya Limited (Kenya) was acquired by Asahi Group Holdings, Ltd. (Japan) for USD 2.30 billion.
Asahi Group Holdings, Ltd. to Acquire Diageo Kenya Limited
Japanese brewer Asahi is acquiring Diageo’s Kenyan operations for approximately USD 2.3 billion, a transaction that includes the UK-based group 65% stake in East African Breweries Limited (EABL). The deal marks a significant strategic entry for Asahi into the African alcoholic beverages market.
EABL is a well-established branded alcohol beverage company in East Africa, with a strong operating presence in Kenya, Uganda, and Tanzania. Its products are distributed across more than 10 markets in Africa and internationally. The company’s portfolio combines well-known local brands with globally recognized spirits, including Tusker, Guinness, Bell Lager, Chrome Vodka, Johnnie Walker, Captain Morgan, and Smirnoff.
The transaction also covers Diageo’s 53.68% stake in UDV (Kenya) Limited, a spirits producer and importer based in Kenya. Asahi plans to maintain the heritage and identity of established local brands while selectively introducing products from its international portfolio to meet evolving consumer demand across East Africa.
This acquisition represents the largest investment by a Japanese brewing group in the African alcohol beverage sector to date. It positions Asahi as a long-term partner for EABL, bringing capital, operational expertise, and global brand capabilities to support the company’s next phase of growth.
Deal 5: Advanced Driver Assistance Systems (ADAS) business of ZF Friedrichshafen AG (Germany) was acquired by Harman International Industries, Incorporated (United States) for USD 1.77 billion.
Harman International Industries, Incorporated to Acquire Advanced Driver Assistance Systems (ADAS) business of ZF Friedrichshafen AG
ZF Group is divesting its Advanced Driver Systems (ADAS) business to Harman International in a transaction valued at EUR 1.5 billion (USD 1.77 billion). Harman, a global automotive technology company with a strong presence in connected car systems and in-vehicle experiences, will acquire the unit as part of its strategy to expand further into safety-critical automotive electronics.
ZF’s ADAS business develops integrated solutions across sensors, computing platforms, and software designed to enhance vehicle safety and support higher levels of driving automation. Its systems enable vehicles to perceive their surroundings, process data in real time, and respond accordingly—helping reduce accident risk and improve driver assistance through tightly integrated hardware and software architectures.
For Harman, the acquisition adds advanced safety and automation capabilities to its existing strengths in connectivity, digital cockpits, and in-vehicle systems. The combined portfolio allows automakers to access a more unified offering that brings together perception, intelligence, connectivity, and interior technologies into a cohesive driver and passenger experience.
From ZF’s perspective, the divestment supports its focus on core businesses and disciplined portfolio optimization. Proceeds from the sale are expected to materially reduce financial liabilities, strengthening the group’s balance sheet and enhancing flexibility for long-term, profitable growth.
The transaction is expected to close in the second half of 2026.
M&A Activity in the Software and IT Industry
The top global M&A deals in this sector are at the heart of the digital revolution. This industry list includes companies that develop software, provide IT services, and offer technological solutions driving innovation and efficiency.
July
Software and IT
Deal 1: CyberArk Software Ltd. (Israel) was acquired by Palo Alto Networks, Inc. (United States) for USD 25.00 billion.
Palo Alto Networks, Inc. to Acquire CyberArk Software Ltd.
Palo Alto Networks is set to acquire Israeli cybersecurity firm CyberArk Software in a transaction valued at USD 25 billion, marking a significant strategic move into the identity security space. The deal underscores Palo Alto’s ambition to broaden its cybersecurity platform and strengthen its position in identity and access protection.
According to the terms of the agreement, CyberArk shareholders will receive USD 45.00 in cash and 2.2005 shares of Palo Alto Networks common stock for each share they hold.
CyberArk is a globally recognized cybersecurity company specializing in identity security and privileged access management. Its technology is designed to safeguard credentials, secrets, and privileged accounts across both cloud and on-premises environments. CyberArk’s solutions help enterprises defend against threats targeting both human and machine identities, ensuring secure access to critical systems and sensitive information.
Through this acquisition, Palo Alto Networks plans to integrate CyberArk’s identity-focused solutions into its AI-driven security platform. The move is expected to accelerate Palo Alto’s long-term strategy of delivering comprehensive, unified protection across users, devices, and automated systems. By bridging gaps in identity management, the combined offering aims to simplify operations and deliver a more holistic defense against emerging cyber threats.
The transaction is slated to close in the second half of Palo Alto Networks’ fiscal year 2026. J.P. Morgan Securities LLC is serving as financial advisor to Palo Alto Networks, while Qatalyst Partners is advising CyberArk.
Deal 2: Core Scientific, Inc. (United States) was acquired by CoreWeave, Inc. (United States) for USD 9.00 billion.
CoreWeave, Inc. to Acquire Core Scientific, Inc.
CoreWeave, a U.S.-based cloud infrastructure company specializing in AI workloads, has entered into an all-stock agreement to acquire Core Scientific in a deal valued at approximately USD 9 billion. The transaction represents a strategic move to bring data center operations in-house, allowing CoreWeave to strengthen its infrastructure control, support long-term revenue growth, and improve operational scalability amid accelerating demand for AI and high-performance computing (HPC) solutions.
Under the terms of the deal, shareholders of Core Scientific will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific they hold.
Core Scientific operates one of the largest fleets of high-efficiency data centers in North America, specializing in Bitcoin mining and infrastructure services for blockchain networks. The company also provides hosting for third-party clients, with a strong emphasis on low-cost and sustainable power sources.
Post-acquisition, CoreWeave will gain control of approximately 1.3 gigawatts (GW) of existing power capacity across Core Scientific’s national data center portfolio, with the option to expand by more than 1 GW. This expanded infrastructure base is expected to accelerate CoreWeave’s ability to deploy AI and HPC workloads at scale.
The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals. Goldman Sachs & Co. LLC is advising CoreWeave, while Moelis & Company LLC and PJT Partners LP are acting as financial advisors to Core Scientific.
Deal 3: WNS (Holdings) Limited (United States) was acquired by Capgemini SE (France) for USD 3.30 billion.
Capgemini SE to Acquire WNS (Holdings) Limited
Capgemini has announced its intention to acquire WNS in a cash transaction valued at approximately USD 3.3 billion. The deal is set to position Capgemini as a global leader in Agentic AI-powered intelligent operations and significantly strengthen its business process services capabilities.
WNS is a trusted partner in digital business transformation, combining deep domain expertise with capabilities in business process management, analytics, AI, and technology. The company delivers industry-specific solutions across eight sectors, using highly automated platforms to drive better business outcomes. WNS serves over 700 clients globally, including major names such as United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods.
The acquisition will enhance Capgemini’s presence in key markets, particularly the United States, where WNS has a well-established footprint. It is expected to generate immediate cross-selling opportunities through the combination of complementary service offerings and client portfolios. Financially, the transaction is projected to increase Capgemini’s normalized earnings per share (EPS) by 4% in 2026 before synergies, and by 7% in 2027 after synergies are realized.
The deal is expected to close by the end of the year, subject to customary regulatory approvals and closing conditions.
Deal 4: Governmentjobs.com, Inc. (United States) was acquired by Canada Pension Plan Investment Board (Canada), and EQT AB (publ) (Sweden) for USD 3.00 billion.
Canada Pension Plan Investment Board; EQT AB to Acquire Governmentjobs.com, Inc. (NEOGOV)
EQT, together with Canada Pension Plan Investment Board (CPP Investments), has agreed to acquire Neogov, a U.S.-based provider of cloud human resources software for the public sector, in a transaction valued at USD 3 billion.
Neogov delivers HR solutions to nearly ten thousand public sector organizations, including state and municipal governments, educational institutions, and public safety agencies. Its platform provides an integrated suite of applications that manage the entire employee lifecycle, including recruitment, onboarding, performance management, professional development, and compliance monitoring. By offering a centralized system designed specifically for public sector needs, Neogov helps agencies improve efficiency while ensuring adherence to complex policy and regulatory frameworks.
The investment reflects EQT and CPP Investments’ focus on mission-critical software with strong growth potential. Their experience in scaling enterprise platforms and access to broad advisory networks are expected to help Neogov expand its market presence and advance innovation in workforce management in the U.S. public sector.
The transaction remains subject to customary closing conditions and regulatory approvals. Moelis & Company LLC served as exclusive financial advisor to Neogov, while Jefferies LLC advised EQT and CPP Investments.
Deal 5: NAVEX Global, Inc. (United States) was acquired by Goldman Sachs Asset Management (United States), and L.P.; Blackstone Inc. (United States) for USD 2.50 billion.
Goldman Sachs Asset Management, L.P.; Blackstone Inc. to Acquire NAVEX Global, Inc.
A Goldman Sachs-led consortium has agreed to acquire a majority stake in NAVEX, a global provider of ethics, risk, and compliance management SaaS solutions, in a deal valued at USD 2.5 billion. Blackstone will also join the investor group as a significant minority shareholder.
NAVEX delivers governance, risk, and compliance (GRC) solutions to more than 13,000 organizations worldwide. Its NAVEX One platform offers an integrated suite of tools for compliance training, policy and incident management, whistleblower reporting, and third-party risk oversight, helping companies enhance ethical standards, regulatory adherence, and risk management capabilities.
The acquisition aligns with NAVEX’s strategy to strengthen its market position through global expansion, continued growth of the NAVEX One platform, and targeted mergers and acquisitions.
BC Partners, currently NAVEX’s majority owner, will retain a notable minority interest, while Vista will fully divest its stake.
Goldman Sachs Alternatives received legal counsel from Weil, Gotshal & Manges, while NAVEX was advised by J.P. Morgan and Simpson Thacher & Bartlett LLP.
August
Software and IT
Deal 1: Dayforce Inc. (United States) was acquired by Thoma Bravo, L.P. (United States) for USD 12.30 billion.
Thoma Bravo, L.P. to Acquire Dayforce Inc.
Thoma Bravo, a software-focused private equity firm, has agreed to acquire Dayforce in an all-cash deal worth USD 12.3 billion, taking the company private. The Abu Dhabi Investment Authority (ADIA) will participate in the transaction as a significant minority investor.
Dayforce is a cloud-based human capital management (HCM) platform that integrates payroll, workforce scheduling, benefits administration, human resources, and talent management into a single system. The platform provides organizations with real-time access to workforce data, enabling streamlined operations, regulatory compliance, and improved employee management. As of June, more than 6,900 organizations worldwide rely on Dayforce.
Thoma Bravo’s backing is expected to accelerate Dayforce’s expansion, strengthen customer value, and advance its use of artificial intelligence within the HCM space.
The transaction is expected to be completed in early 2026. Evercore is acting as exclusive financial advisor to Dayforce, while Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are advising Thoma Bravo.
Deal 2: Enverus, Inc. (United States) was acquired by Blackstone Inc. (United States) for USD 6.50 billion.
Blackstone Inc. to Acquire Enverus, Inc.
Blackstone has signed a definitive agreement to acquire Enverus, a major provider of energy data and analytics, in a deal valued at up to USD 6.5 billion, making it one of Blackstone’s largest transactions of the year.
Enverus operates the largest SaaS-based energy analytics platform, delivering data-driven insights, intelligence tools, and industry solutions for the oil and gas, power and renewables, and commodity trading markets. The company serves more than 8,000 customers in 50 countries, including over 95% of U.S. energy producers and 40,000 suppliers, offering capabilities that support exploration, production optimization, market intelligence, and strategic decision-making.
The acquisition aligns with Blackstone’s investment focus on rising electricity demand and the global energy transition, following recent transactions involving Potomac Energy Center, Sediver, Westwood Professional Services, and Trystar.
The transaction is expected to close by the end of the year 2025, subject to customary approvals. Citi and Morgan Stanley & Co. LLC advised Enverus and current owner Hellman & Friedman, while RBC Capital Markets LLC advised Blackstone.
Deal 3: Sapiens International Corporation N.V. (Israel) was acquired by Advent International, L.P. (United States) for USD 2.50 billion.
Advent International, L.P. to Acquire Sapiens International Corporation N.V.
Advent International has agreed to acquire Sapiens, a SaaS-based software provider for the insurance sector, in a transaction valued at USD 2.5 billion.
Sapiens, an Israel-based software provider, delivers SaaS solutions that power core insurance systems and digital platforms worldwide. Its offerings span property and casualty, life, and workers’ compensation, as well as reinsurance, regulatory compliance, analytics, digital engagement, and decision management. By integrating AI and advanced automation, Sapiens enables insurers to modernize operations, improve efficiency, and enhance customer experience. With a presence in more than 30 countries, the company serves insurers of all sizes, from regional carriers to global enterprises.
The acquisition represents a pivotal step in Sapiens’ growth strategy, providing the scale and backing needed to accelerate its innovation pipeline and strengthen its global footprint. By combining Sapiens’ advanced technology with Advent’s financial and operational expertise, the partnership aims to drive digital transformation across the insurance technology landscape, fostering new solutions and improved outcomes for customers.
Once completed, Sapiens will be taken private and delisted. The transaction is expected to close between Q4 2025 and Q1 2026. William Blair & Company L.L.C. is acting as financial advisor to Sapiens, while Citi is serving as financial advisor to Advent International.
Deal 4: Verint Systems Inc. (United States) was acquired by Thoma Bravo, L.P. (United States) for USD 2.00 billion.
Thoma Bravo, L.P. to Acquire Verint Systems Inc.
Thoma Bravo is set to acquire Verint Systems in a USD 2 billion all-cash deal, adding another major software buyout to its portfolio as private equity firms increasingly target AI-enabled platforms to drive growth in a challenging economic environment.
Verint Systems develops software solutions that help organizations strengthen customer engagement, improve workforce efficiency, and harness AI-driven insights. Its cloud-based platform streamlines contact center operations and supports clients across financial services, telecommunications, retail, and government sectors. With operations in more than 175 countries, the company serves a broad and diverse global customer base.
After the acquisition, Verint will be combined with Calabrio, another customer experience technology provider owned by Thoma Bravo. The integration will create a scaled leader in the USD 50 billion Customer Experience (CX) automation market, combining complementary platforms to serve organizations of all sizes with advanced CX solutions.
The transaction is expected to close in early 2026, pending regulatory approvals and customary conditions.
Deal 5: MeridianLink, Inc. (United States) was acquired by Centerbridge Partners, L.P. (United States) for USD 2.00 billion.
Centerbridge Partners, L.P. to Acquire MeridianLink, Inc.
Centerbridge Partners is acquiring MeridianLink, a financial software provider, in a deal valued at USD 2 billion that will take the company private.
MeridianLink is a fintech company that delivers cloud-based solutions to banks, credit unions, mortgage lenders, and consumer reporting agencies. Its platform supports digital lending, account opening, credit reporting, and data verification, helping financial institutions streamline operations and improve customer onboarding and loan processing.
The transaction is expected to provide immediate value to MeridianLink’s shareholders through an attractive premium while positioning the company to strengthen its competitive edge in a fast-evolving technology landscape. With Centerbridge’s support, MeridianLink aims to accelerate product innovation, expand its use of AI and data, and enhance customer experience delivery.
The deal is expected to close in the second half of 2025. Centerview Partners LLC is serving as lead financial advisor to MeridianLink, while Goldman Sachs & Co. LLC is advising Centerbridge.
September
Software and IT
Deal 1: Electronic Arts Inc. (United States) was acquired by Silver Lake Technology Management, L.L.C. (United States), and Public Investment Fund (Saudi Arabia), and Affinity Partners Global (United States) for USD 55.00 billion.
Silver Lake Technology Management, L.L.C.; Public Investment Fund; Affinity Partners Global to Acquire Electronic Arts Inc.
Electronic Arts (EA), among the largest video game publishers globally, is being acquired by a consortium of investors that includes the Public Investment Fund (PIF), Silver Lake, and Affinity Partners in a deal valued at USD 55 billion. The transaction is expected to strengthen EA’s ability to innovate and grow as it continues to advance the future of interactive entertainment.
EA has built a diverse portfolio of internationally recognized franchises, including The Sims, FIFA, Madden NFL, Battlefield, and Apex Legends. The company develops and publishes games for console, PC, and mobile platforms, focusing on immersive experiences and live service models that foster long-term player engagement. Its internal studios, such as EA Sports, EA Games, and Respawn Entertainment, have become key contributors to the global sports, simulation, and action gaming markets.
The consortium combines extensive experience in technology, entertainment, and digital investment, along with established networks across global markets. Their partnership offers EA new opportunities to bridge physical and digital experiences, expand fan interaction, and create fresh avenues for sustainable growth.
The deal will be financed through cash contributions from PIF, Silver Lake, and Affinity Partners, along with the rollover of PIF’s current equity in EA and USD 20 billion in debt financing fully committed by JPMorgan. Each investor intends to fund its share entirely from capital under its management.
The transaction is expected to close in the first quarter of fiscal year 2027 and will transition EA into a privately held company. Goldman Sachs & Co. LLC serves as financial advisor to EA, while J.P. Morgan Securities LLC acts as financial advisor to the investor consortium.
Deal 2: China operations of WinTrix DC Group (China) was acquired by A consortium led by HEC Group (China) for USD 4.00 billion.
A consortium led by HEC Group to Acquire China operations of WinTrix DC Group (dba ChinData Group)
Bain Capital has announced the sale of WinTriX’s China Data Center operations (Chindata Group) to a consortium led by HEC Group for USD 4 billion, marking the largest merger and acquisition deal in China’s data center industry to date.
Chindata Group, headquartered in Beijing, is a leading carrier-neutral hyperscale data center provider. The company specializes in the planning, investment, design, construction, and operation of next-generation data centers across Asia-Pacific emerging markets, including China, India, and Southeast Asia. Its large-scale data center clusters in the Greater Beijing Area, Yangtze River Delta, and Greater Bay Area support the digital transformation of a wide range of industries.
The acquisition enables HEC to advance China’s national integrated computing network strategy. Following completion, HEC plans to prioritize operational continuity and stability while leveraging its expertise in liquid-cooling technology alongside Chindata’s infrastructure capabilities. This collaboration aims to create a sustainable, intelligent, and hyperscale computing ecosystem spanning green energy, AI, and operational excellence, forming a foundation for the country’s digital economy.
Chindata’s growth reflects Bain Capital’s approach of partnering with exceptional management teams to build industry-leading infrastructure platforms. Under HEC’s ownership, the company will continue to expand its scale and technical capabilities, driving the next phase of Chindata’s development and solidifying its position as a cornerstone of China’s digital infrastructure landscape.
Deal 3: Design & Engineering business of Hexagon Smart (Sweden) was acquired by Cadence Design Systems, Inc. (United States) for USD 3.16 billion.
Cadence Design Systems, Inc. to Acquire Design & Engineering business of Hexagon Smart
Cadence Design Systems has agreed to acquire Hexagon AB’s Design & Engineering (D&E) business, which includes MSC Software, in a transaction valued at EUR 2.7 billion (USD 3.16 billion). The deal, expected to close in the first quarter of 2026, will enhance Cadence’s system analysis portfolio across automotive, aerospace, industrial, and robotics applications.
Hexagon’s D&E unit is a major player in Computer-Aided Engineering (CAE) software, specializing in structural mechanics and virtual manufacturing. Its portfolio features fast, accurate non-linear solvers and seamless integration tools that support engineering workflows across multiple industries. Among its most recognized solutions are MSC Nastran and Adams—established industry standards in structural analysis and multibody dynamics. These technologies are critical for designing and validating complex systems in aerospace and automotive manufacturing, and they are increasingly relevant in robotics and physical AI, where precise modeling of real-world motion is essential.
For Cadence, the acquisition builds on its established strengths in electromagnetics, electrothermal modeling, and computational fluid dynamics, as well as its foothold in structural analysis gained through the 2024 acquisition of Beta CAE. By bringing in Hexagon’s advanced mechanical solvers, Cadence aims to deliver a unified, end-to-end multiphysics platform that supports customers seeking integrated engineering solutions.
The expanded portfolio will also extend Cadence’s reach to a broader base of aerospace and automotive OEMs and Tier 1 suppliers, strengthening its position in the fast-growing market for structural and multiphysics analysis.
Deal 4: Integral Ad Science Holding Corp. (United States) was acquired by Novacap Management Inc. (Canada) for USD 1.90 billion.
Novacap Management Inc. to Acquire Integral Ad Science Holding Corp.
Integral Ad Science (IAS), a global platform specializing in media measurement and optimization, will be acquired by private equity firm Novacap in an all-cash deal worth USD 1.9 billion. The deal positions IAS for continued expansion as it advances its investments in AI-driven technology to strengthen its capabilities and market reach.
IAS provides digital media measurement and analytics solutions that help advertisers evaluate campaign quality and effectiveness. Its technology verifies ad viewability, detects fraudulent activity, and ensures brand safety, enabling marketers to optimize performance and improve transparency across video, display, and social media channels. Over the years, IAS has become a trusted benchmark for transparency and accountability in digital advertising quality.
Following the acquisition, IAS will become a privately held company under Novacap, gaining access to additional resources to pursue its strategic objectives and enhance the value it delivers to clients.
The transaction is expected to close by the end of 2025. Jefferies LLC is acting as the exclusive financial advisor to IAS, while Evercore is advising Novacap.
Deal 5: Churchill Capital Corp X (United States) was acquired by ColdQuanta, Inc. (United States) for USD 1.40 billion.
ColdQuanta, Inc. (dba Infleqtion) to Acquire Churchill Capital Corp X
Infleqtion, a quantum computing firm, intends to go public through a merger with Churchill Capital Corp X in a deal valued at around USD 1.8 billion. The transaction aims to accelerate Infleqtion’s expansion and commercialization efforts in the quantum technology sector.
The company develops quantum hardware, software, and integrated systems powered by cold atom technology, enabling next-generation computing, sensing, and communication capabilities. Its innovations are applied across defense, telecommunications, finance, and research industries, with clients including NVIDIA, NASA, and the U.S. Department of Defense, reflecting its influence in mission-critical and national security projects.
Once completed, the merged entity will operate under the name Infleqtion and is anticipated to be listed on a North American stock exchange with the ticker symbol “INFQ.” Citigroup Global Markets Inc. will serve as the lead capital markets advisor and PIPE placement agent to Churchill X, while J.P. Morgan Securities LLC will act as financial and capital markets advisor to Infleqtion.
October
Software and IT
Deal 1: Aligned Data Centers, LLC (United States) was acquired by Global Infrastructure Management, LLC (United States), Microsoft Corporation (United States), NVIDIA Corporation (United States), and MGX Fund Management Limited (United Arab Emirates) for USD 40.00 billion.
Global Infrastructure Management, LLC; Microsoft Corporation; NVIDIA Corporation; MGX Fund Management Limited to Acquire Aligned Data Centers, LLC
A consortium led by BlackRock’s Global Infrastructure Partners (GIP) has announced plans to acquire Aligned Data Centers in a transaction valued at USD 40 billion, representing one of the largest-ever deals in the data center sector.
The investor group includes Abu Dhabi’s MGX and AIP, a partnership established by BlackRock, GIP, Microsoft, and NVIDIA to accelerate investment in next-generation AI infrastructure. The acquisition represents AIP’s first investment and a key milestone toward its goal of mobilizing and deploying USD 30 billion in equity capital.
Aligned Data Centers provides scalable, sustainable infrastructure solutions for hyperscale and enterprise clients. The company designs, builds, and operates high-capacity facilities offering colocation, build-to-scale, and adaptive infrastructure services. Its portfolio spans 50 campuses with more than 5 gigawatts of operational and planned capacity, including projects under development across major Tier I digital gateway regions in the U.S. and Latin America. Aligned has earned a strong reputation for meeting the complex and evolving requirements of hyperscalers through flexible, energy-efficient, and innovative infrastructure solutions.
The consortium combines significant expertise across AI and digital infrastructure. AIP contributes its strategic investment platform and large-scale capital formation capabilities; MGX brings global focus on AI and advanced technology investments; while GIP adds extensive experience in owning and managing complex infrastructure assets worldwide. Supported by this consortium, Aligned is expected to accelerate its expansion, enhance innovation, and deliver next-generation AI-ready data center solutions.
The transaction highlights the growing strategic importance of scalable, energy-efficient data centers in enabling the global AI and cloud ecosystem. Completion of the acquisition is expected in the first half of 2026.
Deal 2: Forsta group (United States) was acquired by Qualtrics, LLC (United States) for USD 6.75 billion.
Qualtrics, LLC to Acquire Forsta group
Qualtrics, a provider of experience management software, has agreed to acquire Press Ganey Forsta in a transaction valued at approximately USD 6.75 billion.
Press Ganey Forsta is a global healthcare analytics and experience management company that delivers data-driven insights to enhance patient, employee, and consumer experiences. Formed through the merger of Press Ganey and Forsta, the company combines deep expertise in healthcare performance measurement with advanced analytics and feedback technology to help organizations improve satisfaction, quality, and outcomes across the care continuum. It serves more than 41,000 healthcare providers in 30 countries.
The acquisition strengthens Qualtrics’ position in the healthcare sector by expanding its access to Press Ganey Forsta’s extensive hospital network and rich data assets. The combination of Qualtrics’ AI-powered experience management platform with Press Ganey Forsta’s benchmarking capabilities and healthcare specialization will create a comprehensive technology suite designed to advance customer, patient, employee, and market experience insights.
The transaction is expected to close in the coming months. BDT & MSD Partners and Centerview Partners LLC are serving as financial advisors to Qualtrics. JPMorgan Chase Bank, N.A., BMO Capital Markets, Citi, Deutsche Bank, Goldman Sachs & Co. LLC, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo have made debt commitments and are also advising Qualtrics on the deal.
Deal 3: SCSK Corporation (Japan) was acquired by Sumitomo Corporation (Japan) for USD 5.85 billion.
Sumitomo Corporation to Acquire SCSK Corporation
Sumitomo Corporation is acquiring the remaining 49.46% stake in IT services provider SCSK for USD 5.85 billion, reinforcing its strategy to accelerate digital transformation and drive AI-powered growth across its business portfolio.
SCSK Corporation delivers comprehensive IT services including system development, cloud and infrastructure management, cybersecurity, and business process outsourcing. Serving over 10,000 clients across industries such as finance, manufacturing, retail, and energy, SCSK helps organizations modernize IT systems, enhance operational efficiency, and adopt advanced technologies like artificial intelligence and automation.
With full ownership of SCSK, Sumitomo plans to consolidate digital assets and talent across the group, enabling more cohesive and large-scale digital transformation initiatives. This integration positions Sumitomo to accelerate its digital-first business model and strengthen its technology-driven capabilities.
By combining Sumitomo’s trading and industrial expertise with SCSK’s AI, IoT, and data analytics solutions, the group aims to enhance efficiency across supply chains, manufacturing, and service operations. In turn, SCSK will leverage Sumitomo’s global network to expand beyond Japan, evolving into a comprehensive provider of digital solutions on an international scale.
Deal 4: CSG Systems International, Inc. (United States) was acquired by NEC Corporation (Japan) for USD 2.90 billion.
NEC Corporation to Acquire CSG Systems International, Inc.
U.S.-based software firm CSG Systems International is set to be acquired by Japan’s NEC Corporation for USD 2.9 billion (JPY 438.5 billion), reinforcing NEC’s position as a global leader in digital transformation.
CSG provides software, business support systems (BSS), and managed services to communications, media, and entertainment companies worldwide. Its solutions span billing, customer management, digital monetization, and revenue optimization, enabling service providers to streamline operations, improve customer experiences, and deploy innovative digital offerings.
The acquisition combines complementary software and service capabilities, expanding NEC’s software-as-a-service (SaaS) portfolio, customer base, and global footprint. Integrating CSG’s proven SaaS products and established client network allows NEC to deliver greater value through a diversified product portfolio. The deal positions NEC to offer more competitive solutions in next-generation environments, including global communication service providers, and across high-growth industries such as media, financial services, healthcare, retail, and logistics.
The transaction is expected to close in 2026, with Goldman Sachs acting as financial advisor to NEC and Jefferies advising CSG.
Deal 5: Jamf Holding Corp. (United States) was acquired by Francisco Partners Management, L.P. (United States) for USD 2.20 billion.
Francisco Partners Management, L.P. to Acquire Jamf Holding Corp.
Jamf Holdings, a software company specializing in Apple device management solutions, is set to be taken private through an all-cash acquisition by private equity firm Francisco Partners for USD 2.2 billion.
The company provides a comprehensive platform for Apple-first environments, combining enterprise-grade security with an intuitive user experience while protecting personal privacy. Jamf is widely used to manage and secure Apple devices across businesses, educational institutions, and government organizations worldwide.
Francisco Partners, a global investment firm focused on technology and technology-enabled businesses, plans to use the transition to private ownership to give Jamf greater financial flexibility and strategic focus, accelerating growth, innovation, and strategic acquisitions while strengthening its market position.
The deal is anticipated to finalize in the first quarter of 2026. Citi is acting as Jamf’s exclusive financial advisor, while RBC Capital Markets serves as the lead advisor to Francisco Partners, with Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. also providing advisory services.
November
Software and IT
Deal 1: Dunamu Inc. (South Korea) was acquired by Naver Financial Corporation (South Korea) for USD 10.30 billion.
Naver Financial Corporation to Acquire Dunamu Inc.
Naver Financial, the fintech arm of Naver, has agreed to acquire Korean crypto exchange operator Dunamu in a transaction valued at KRW 15.1 trillion (USD 10.3 billion). The acquisition will create a major fintech platform by combining Naver’s payment ecosystem and AI capabilities with Dunamu’s digital-asset expertise and blockchain infrastructure.
Dunamu operates Upbit, South Korea’s most active cryptocurrency exchange, and develops a wide range of blockchain services, including node operations, data-indexing tools, and enterprise-grade Web3 solutions. Dunamu also works with enterprises to design and operate blockchain-based platforms tailored for financial services, digital identity, and other technology-driven use cases.
Through the deal, Naver intends to integrate its AI technologies and Naver Pay services with Dunamu’s blockchain systems to strengthen its position in emerging financial and technology markets. Naver has outlined plans to invest KRW 10 trillion over the next five years to expand domestic AI and blockchain infrastructure, with the integration of Dunamu expected to play a role in that broader strategy.
The transaction is targeted for completion in June 2026.
Deal 2: Chronosphere, Inc. (United States) was acquired by Palo Alto Networks, Inc. (United States) for USD 3.35 billion.
Palo Alto Networks, Inc. to Acquire Chronosphere, Inc.
Palo Alto Networks is broadening its data and security portfolio to meet the escalating demands of the AI era through its USD 3.35 billion acquisition of Chronosphere.
Chronosphere is a cloud-native observability platform engineered for large-scale, containerized, and modern cloud environments. It empowers engineering teams to monitor metrics, logs, and traces efficiently, reduce telemetry costs, and quickly pinpoint and resolve operational issues. Built to handle the intensive data workloads of AI applications, Chronosphere supports open standards such as OpenTelemetry and Prometheus, enabling scalable, high-performance observability.
Palo Alto Networks intends to integrate Chronosphere’s technology with Cortex AgentiX, its AI-driven autonomous remediation platform, strengthening its ability to offer organizations a unified, secure, and data-centric infrastructure capable of supporting both modern applications and AI workloads.
The transaction is expected to close in the second half of Palo Alto’s FY 2026. This move follows a string of strategic acquisitions, including the USD 25 billion deal to acquire CyberArk announced in July 2025.
Deal 3: Semrush Holdings, Inc. (United States) was acquired by Adobe Inc. (United States) for USD 1.90 billion.
Adobe Inc. to Acquire Semrush Holdings, Inc.
Adobe has agreed to acquire search marketing software provider Semrush in an all-cash transaction valued at USD 1.9 billion, strengthening its digital marketing offering as generative AI reshapes how consumers discover and engage with brands.
Semrush operates a SaaS platform widely used for search marketing and online visibility management, offering tools for keyword research, website audits, competitive analysis, and performance tracking. In recent years, the company has expanded beyond traditional SEO with enterprise solutions designed for generative engine optimization (GEO), including technology that tracks brand visibility within large language model outputs such as ChatGPT and Gemini, alongside conventional search results. Semrush has seen strong momentum in its enterprise business, delivering 33% year-over-year growth in enterprise annual recurring revenue in its latest quarter and counting major global brands among its customers.
As generative AI increasingly acts as a gateway between brands and consumers, the ability to manage visibility across both AI-driven platforms and traditional search has become critical. The acquisition brings Semrush into Adobe’s Digital Experience ecosystem, complementing products such as Adobe Experience Manager, Adobe Analytics, and Adobe Brand Concierge. Together, Adobe and Semrush aim to provide marketers with an integrated view of brand presence across owned channels, AI interfaces, search engines, and the broader web.
The transaction is expected to close in the first half of 2026. Centerview Partners is acting as exclusive financial advisor to Semrush, while Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Adobe.
Deal 4: Raptor Technologies, LLC (United States) was acquired by Warburg Pincus LLC; JMI Management, L.P. (United States) for USD 1.80 billion.
Warburg Pincus LLC; JMI Management, L.P. to Acquire Raptor Technologies, LLC
Warburg Pincus is acquiring a majority stake in Raptor Technologies from Thoma Bravo in a deal valued at USD 1.8 billion. JMI Equity, a long-standing investor in Raptor, will also reinvest alongside Warburg Pincus as part of the transaction.
Raptor Technologies, based in the United States, provides software solutions designed to enhance safety in K–12 schools. Its platform includes tools for visitor and volunteer management, emergency response, and compliance tracking, helping schools maintain secure and well-managed learning environments. The company’s solutions are currently used by around 60,000 schools in 55 countries.
Under Thoma Bravo’s ownership, Raptor expanded globally and solidified its position as a leading provider of school safety solutions. With the support of Warburg Pincus and JMI Equity, the company is well positioned to continue its growth and innovation in the sector.
The transaction is expected to be completed in January 2026.
Deal 5: Douzone Bizon Co., Ltd. (South Korea) was acquired by EQT Private Capital Asia (Sweden) for USD 930.00 million.
EQT AB to Acquire Douzone Bizon Co., Ltd.
EQT is acquiring a 37.6% stake in Douzone Bizon for approximately USD 930 million, representing a sizable investment in South Korea’s enterprise software sector.
Douzone Bizon is a Korean provider of ERP and business software, offering cloud-based solutions that cover accounting, tax, compliance, and workplace management. The company serves a broad range of domestic customers across industries, helping businesses digitize core operations and meet local regulatory requirements.
The deal reflects EQT’s long-term approach to technology investments, with plans to focus on operational improvements and reinvestment rather than short-term returns. EQT is expected to support business development over several years following the transaction.
Earlier in the year, EQT acquired networking and recruitment platform Remember & Company for approximately KRW 500 billion (USD 343 million). Given Remember’s extensive professional data assets and user base, market participants see potential opportunities for collaboration between the two businesses, particularly in enterprise data and human capital–related solutions.
The transaction, which ranks among the larger private equity investments in Korea’s IT services sector this year, remains subject to customary regulatory approvals.
December
Software and IT
Deal 1: Confluent, Inc. (United States) was acquired by International Business Machines Corporation (United States) for USD 11.00 billion.
International Business Machines Corporation to Acquire Confluent, Inc.
IBM has agreed to acquire data infrastructure specialist Confluent in an all-cash transaction valued at USD 11 billion, equivalent to USD 31 per share. The acquisition strengthens IBM’s position across artificial intelligence and data management, where real-time data availability is increasingly critical to scalable AI deployment.
Confluent develops a cloud-native data streaming platform based on Apache Kafka that allows enterprises to continuously capture, process, and distribute data across applications and environments. Its technology enables real-time analytics, event-driven workflows, and operational monitoring, addressing data fragmentation challenges that increasingly constrain agentic and AI-based systems. Over the past four years, Confluent’s total addressable market has expanded significantly, doubling from approximately USD 50 billion to USD 100 billion by 2025, reflecting growing demand for real-time data infrastructure.
The acquisition aligns closely with IBM’s hybrid cloud and AI strategy. By combining Confluent’s real-time data streaming capabilities with IBM’s AI infrastructure software and automation portfolio, the group is positioned to deliver more integrated, end-to-end solutions for enterprises seeking to operationalize AI at scale.
The transaction is expected to generate meaningful product and commercial synergies, with IBM’s global go-to-market platform providing an avenue to accelerate adoption and revenue growth across Confluent’s offerings.
Completion of the transaction is targeted for mid-2026, subject to customary regulatory approvals and closing conditions.
Deal 2: Clearwater Analytics Holdings, Inc. (United States) was acquired by Permira Advisers Ltd. (United Kingdom), Warburg Pincus LLC (United States), and Temasek Holdings (Private) Limited (Singapore) for USD 8.40 billion.
Permira Advisers Ltd.; Warburg Pincus LLC; Temasek Holdings (Private) Limited to Acquire Clearwater Analytics Holdings, Inc.
An investor group led by Permira and Warburg Pincus is acquiring Clearwater Analytics in an all-cash transaction valued at USD 8.4 billion. The consortium also includes Temasek and has strong backing from Francisco Partners.
Clearwater Analytics delivers cloud-native investment accounting, reporting, and analytics solutions to insurers, asset managers, and institutional investors. Its platform consolidates and reconciles complex, multi-asset-class investment data, enabling clients to automate accounting processes, enhance portfolio oversight, strengthen risk management, and meet regulatory reporting requirements through a unified system.
The acquisition provides Clearwater with a strong foundation for its next phase of expansion. Leveraging deep financial technology experience, Permira and Warburg Pincus aim to support the company amid a market environment increasingly shaped by AI, data-driven decision-making, and automation.
The transaction is expected to close in the first half of 2026. PJT Partners is advising Clearwater, while Goldman Sachs & Co. LLC is advising the investor consortium.
Deal 3: Armis Inc. (United States) was acquired by ServiceNow, Inc. (United States) for USD 7.75 billion.
ServiceNow, Inc. to Acquire Armis Inc.
Armis, a cybersecurity company specializing in cyber exposure management and cyber-physical security, is being acquired by ServiceNow in an all-cash transaction valued at USD 7.75 billion. The deal aligns with ServiceNow’s efforts to deepen its security capabilities and broaden its addressable market across enterprise risk, resilience, and operations.
Armis helps organizations to manage cyber risk across the full attack surface, including IT environments, operational technology (OT), medical devices, and connected assets. Its agentless platform provides continuous visibility, risk assessment, and threat detection across enterprise networks, helping companies, governments, and critical infrastructure operators identify vulnerabilities and secure IoT, medical, and cloud-based assets without installing software on devices.
Cybersecurity remains a top strategic priority for corporate leaders as AI adoption accelerates. Global end-user spending on information security is projected to increase by 12.5% in 2026 to approximately USD 240 billion, driven by a rising threat landscape and the expanding use of AI and generative AI technologies.
The combination of Armis and ServiceNow is expected to create an integrated, end-to-end security exposure and operations platform that delivers unified visibility, intelligence, and automated response across the entire technology estate. The acquisition is expected to significantly expand ServiceNow’s security and risk solutions opportunity while accelerating its transition toward more autonomous, proactive cybersecurity capabilities.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions. Tidal Partners is serving as lead financial advisor to ServiceNow, alongside J.P. Morgan Securities LLC and Barclays.
Deal 4: Celestial AI Inc. (United States) was acquired by Marvell Technology, Inc. (United States) for USD 3.25 billion.
Marvell Technology, Inc. to Acquire Celestial AI Inc.
Marvell Technology is acquiring optical-interconnect innovator Celestial AI in a transaction valued at USD 3.25 billion, advancing Marvell’s strategy to strengthen connectivity solutions for next-generation AI and cloud data-center infrastructure.
Celestial AI develops optical interconnect technology that enhances the speed, efficiency, and scalability of advanced computing systems. Its core innovation, the Photonic Fabric platform, enables scale-up architectures by allowing large AI clusters to communicate both within and across racks through high-bandwidth, low-latency, and energy-efficient optical links. This technology reduces power consumption while supporting the growing data-movement demands of modern AI workloads.
As AI accelerates the transformation of data-center design, system architectures are expanding from single-rack configurations to multi-rack deployments connecting hundreds of accelerators through seamless, high-performance fabrics. Celestial AI is working closely with hyperscale customers and ecosystem partners preparing to incorporate its Photonic Fabric chiplets into next-generation systems. Based on this momentum, Marvell expects these chiplets to be co-packaged with custom XPUs and scale-up switches, enabling the first large-scale commercial rollout of optical interconnects for scale-up computing.
The acquisition strengthens Marvell’s position in this emerging market and extends its technology portfolio into a new semiconductor segment centered on optical connectivity. It expands the company’s addressable market, enhances its leadership in high-performance interconnect solutions, and accelerates development of a unified connectivity platform for AI and cloud customers.
Marvell anticipates meaningful revenue from Celestial AI starting in the second half of fiscal 2028, projecting an annualized run rate of USD 500 million by the fourth quarter of fiscal 2028 and USD 1 billion by the fourth quarter of fiscal 2029.
The transaction is expected to close in the first quarter of 2026, with Citi serving as Marvell’s exclusive financial advisor.
Deal 5: Encora Digital LLC (United States) was acquired by Coforge Limited (India) for USD 2.35 billion.
Coforge Limited to Acquire Encora Digital LLC
Indian IT services company Coforge has agreed to acquire Encora for USD 2.35 billion. The transaction significantly expands Coforge’s scale and strengthens its capabilities in high-growth digital segments.
Encora specializes in digital engineering, with expertise spanning product development, cloud-native architectures, data engineering, and AI-driven platforms. The company supports end-to-end software development for technology-led enterprises and large organizations, with delivery operations across the Americas, Europe, and Asia. Its long-standing partnerships with Amazon Web Services, Microsoft, Google, and Snowflake further reinforce its positioning in cloud and data transformation programs.
The acquisition materially enhances Coforge’s exposure to AI-led engineering, data, and cloud services, which are expected to serve as the core growth drivers of the combined business. By FY27, these segments are projected to contribute approximately USD 2.0 billion in revenue, led by AI-driven product engineering at more than USD 1.25 billion, followed by cloud services at around USD 500 million and data engineering exceeding USD 250 million. This revenue mix aligns with accelerating enterprise demand for scalable, intelligence-led digital solutions.
In addition, Coforge’s Hi-Tech and Healthcare verticals are expected to achieve meaningful scale immediately following the transaction. The acquisition significantly strengthens the company’s near-shore delivery capabilities in Latin America, supported by an engineering and AI talent pool of more than 3,100 subject-matter experts primarily serving US clients. It also expands Coforge’s presence in the US West and Midwest regions, which accounted for roughly 25% of its US revenues prior to the deal. Post-integration, the combined entity will manage forty-five client relationships generating more than USD 10 million each, providing a strong foundation for scalable growth.
The transaction remains subject to customary closing conditions and regulatory approvals. BDA Partners acted as exclusive financial adviser to the transaction, while JSA and Khaitan & Co. served as legal advisers to Coforge and Encora, respectively.
M&A Activity in the Media and Entertainment Industry
The top global M&A deals in this list include businesses involved in content production, distribution, and various forms of entertainment, reflecting the evolving ways people consume media and engage with entertainment.
July
Media and Entertainment
Deal 1: International Interactive business of Bally's Corporation. (United States) was acquired by Intralot S.A. Integrated Lottery Systems and Services (Greece) for USD 3.18 billion.
Intralot S.A. Integrated Lottery Systems and Services to Acquire International Interactive business of Bally's Corporation
Greek gaming company Intralot is acquiring Bally’s International Interactive business, the digital gaming division of Bally’s Corporation, in a cash and stock deal valued at EUR 2.7 billion (USD 3.18 billion).
Bally’s International Interactive business operates across regulated markets in the UK, Europe, and North America, offering a broad range of online casino products, including slots, bingo, poker, and live dealer games. The acquisition strengthens Intralot’s position as a digital gaming operator and lottery technology provider, expanding its presence in key growth markets.
The combined entity is set to benefit from strong momentum in both iGaming and lottery, with the global total addressable market projected to reach USD 187 billion by 2029, supported by compound annual growth rates of 14% and 5%, respectively. Intralot’s stable B2B lottery operations, coupled with Bally’s established B2C presence—particularly in the UK—create opportunities for cross-segment expansion.
By integrating Intralot’s LotosX and PlayerX platforms with Bally’s Vitruvian analytics system, the group aims to enhance customer engagement, data-driven marketing, and overall platform performance. Financially, it expects to generate EUR 1.1 billion in revenue with a 38% EBITDA margin (pre-synergies), supported by recurring lottery income, high contract renewal rates, and strong iGaming profitability.
The transaction is expected to close in the fourth quarter of 2025. Deutsche Bank is advising Intralot, while Citizens JMP Securities, Goldman Sachs Bank Europe SE, and Jefferies International are advising Bally’s.
Deal 2: Operadora de Centros de Espectáculos, S.A. de C.V. (Mexico) was acquired by Live Nation Entertainment, Inc. (United States) for USD 646.00 million.
Live Nation Entertainment, Inc. to Acquire Operadora de Centros de Espectáculos, S.A. de C.V.
Live Nation Entertainment is acquiring an additional 24% stake in OCESA, Mexico’s leading live entertainment company, in a transaction valued at USD 646 million.
OCESA (Operadora de Centro de Espectáculos S.A.), headquartered in Mexico City, is one of the largest live entertainment promoters in Latin America. The company organizes concerts, music festivals, theater productions, and sporting events, while also managing venues and ticketing operations through Ticketmaster Mexico, which distributes about 20 million tickets annually. Its portfolio includes 13 venues across Mexico and thousands of promoted events each year.
Live Nation first secured a controlling 51% interest in OCESA in December 2021. Following this latest deal, CIE (Corporación Interamericana de Entretenimiento), OCESA’s former parent, will continue to hold a 25% stake.
This additional investment reinforces Live Nation’s position in Mexico, where concert attendance has soared more than threefold since 2019, emphasizing the country’s growing influence in the global live entertainment industry.
The transaction is expected to close by the end of August.
Deal 3: BANDAI NAMCO Holdings Inc. (Japan) was acquired by Sony Group Corporation (Japan) for USD 464.00 million.
Sony Group Corporation to Acquire BANDAI NAMCO Holdings Inc.
Sony has acquired a 2.5% stake in Bandai Namco for USD 464 million, marking a step toward strengthening its content strategy and expanding collaboration with the Japanese entertainment group.
Bandai Namco, based in Tokyo, operates across video games, toys, anime, digital entertainment, and amusement facilities. The company is behind iconic global franchises such as Pac-Man, Tekken, Dragon Ball, and Gundam, and has become a central player in shaping worldwide pop culture.
Through the transaction, Sony purchased 16 million shares from existing Bandai Namco shareholders. The deal positions the two companies to capitalize on the growing global demand for Japanese intellectual property, particularly the accelerating popularity of anime.
The collaboration also includes initiatives to support creators, joint development of entertainment technologies and services, as well as potential co-investments and business alliances designed to deepen fan engagement.
Deal 4: RCD Espanyol de Barcelona S.A.D. (Spain) was acquired by Velocity Sports Limited (United Kingdom) for USD 152.00 million.
Velocity Sports Limited to Acquire RCD Espanyol de Barcelona S.A.D.
Velocity Sport Limited, the sports investment company that owns Premier League club Burnley, has acquired RCD Espanyol in a deal worth USD 152 million.
Based in Barcelona, Espanyol is one of Spain’s oldest professional football clubs, playing its home matches at the RCDE Stadium in Cornellà de Llobregat. The team finished 14th in La Liga during the 2024–25 season and will compete in the upcoming campaign under head coach Manolo González. With a history that includes multiple Copa del Rey victories, Espanyol is recognized for its deep Catalan roots and long-standing rivalry with FC Barcelona.
Espanyol had been majority-owned by Chinese conglomerate Rastar Group since 2015. While ceding control, Rastar will continue its involvement through a 16.45% stake in Velocity Sport Limited.
The acquisition places Espanyol and Burnley under the same investment group, giving Velocity Sport Limited a presence in both La Liga and the Premier League, while each will continue to operate independently.
Deal 5: Allente Group AB (Sweden) was acquired by Viaplay Group AB (Sweden) for USD 113.00 million.
Viaplay Group AB to Acquire Allente Group AB
Swedish media and entertainment company Viaplay Group will assume full ownership of Allente Group by acquiring the remaining 50% stake from Telenor for USD 113 million (SEK 1.1 billion).
Allente, established in 2020 through the merger of Viasat Consumer and Canal Digital (a Telenor subsidiary), is a leading TV distributor in the Nordic region. Headquartered in Oslo and Stockholm, the company delivers satellite TV, IPTV, streaming, and broadband services to households across Sweden, Norway, Denmark, and Finland, offering a broad mix of entertainment and connectivity solutions.
The acquisition is expected to create new opportunities for both companies, including a broader customer base, strengthened product and service portfolios, and operational synergies such as cross-platform offerings and enhanced market reach.
The deal is scheduled to close in the second half of 2025, with DNB Carnegie acting as financial advisor to Viaplay Group.
August
Media and Entertainment
Deal 1: TEGNA Inc. (United States) was acquired by Nexstar Media Group, Inc. (United States) for USD 6.20 billion.
Nexstar Media Group, Inc. to Acquire TEGNA Inc.
Nexstar Media has agreed to acquire Tegna for USD 6.2 billion, including debt, a deal that will significantly expand its scale and strengthen its position in the competitive U.S. broadcasting landscape.
Tegna currently owns 64 television stations across 51 markets, making it one of the country’s largest independent broadcasters. Its network affiliations with NBC, CBS, ABC, and FOX provide extensive coverage in local news, sports, and entertainment. In addition to broadcasting, Tegna also manages digital assets and advertising services, including Premion, its over-the-top (OTT) advertising platform.
Following the acquisition, Nexstar will operate 265 full-power stations in 44 states and Washington, D.C., reaching 80% of U.S. television households and serving 132 of the 210 designated market areas. This scale will enhance Nexstar’s ability to deliver both local and national advertising solutions, offering brands greater reach across broadcast and digital platforms.
The deal is anticipated to close in the second half of 2026. Nexstar is being advised by BofA Securities, J.P. Morgan Securities LLC, and Goldman Sachs & Co. LLC, while Allen & Company LLC is advising Tegna.
Deal 2: Trail Blazers, Inc. (United States) was acquired by A group led by Tom Dundon (United States) for USD 4.25 billion.
A group led by Tom Dundon Acquired Trail Blazers, Inc.
The Portland Trail Blazers are set to be acquired by a consortium led by Tom Dundon, owner of the NHL’s Carolina Hurricanes, in a transaction valued at USD 4.25 billion.
Joining Dundon in the bid are Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, a Portland native and co-CEO of Collective Global. The group has emphasized that the franchise will remain in Portland, with no plans for relocation.
The transaction follows a wave of high-profile NBA ownership changes. Over the past two years, franchises including the Milwaukee Bucks, Phoenix Suns, and Dallas Mavericks have been sold, while 2025 saw record-breaking deals with the Los Angeles Lakers changing hands for USD 10 billion and the Boston Celtics for USD 6.1 billion.
With significant financial resources, proven leadership in sports management, and partners committed to the city, Dundon’s acquisition is expected to usher in a new chapter for the Trail Blazers.
A closing timeline has not been provided, with the transaction still awaiting approval by the NBA Board of Governors.
Deal 3: Northern Data AG (Germany) was acquired by Rumble Inc. (United States) for USD 1.17 billion.
Rumble Inc. to Acquire Northern Data AG
Rumble, a video platform and cloud hosting company, has announced plans to acquire Germany’s Northern Data, a provider of artificial intelligence (AI) and high-performance computing (HPC) solutions, in a transaction valued at USD 1.17 billion.
Northern Data, headquartered in Frankfurt, operates GPU clusters in Europe through its Taiga Cloud division, with more than 22,000 GPUs deployed. Its Ardent Data Centers unit has approximately 250MW of capacity either online or under development across eight data centers in the United States and Europe, with a mix of colocation and owned facilities expected to be completed by 2027.
If completed, the deal would represent a transformational shift for Rumble, positioning it as a global AI cloud leader. The company intends to integrate Taiga’s GPU-as-a-service operations and Ardent’s data center infrastructure with its own platform, significantly expanding its AI and cloud computing capabilities while reinforcing its focus on data privacy and digital sovereignty.
Tether, Northern Data’s majority shareholder, has expressed support for the proposed acquisition. Northern Data’s board has begun evaluating the offer, and discussions remain ongoing. Guggenheim Securities LLC is serving as financial advisor to Rumble.
Deal 4: Wallapop, S.L. (Spain) was acquired by NAVER Corporation (South Korea) for USD 435.20 million.
NAVER Corporation to Acquire Wallapop, S.L.
South Korea’s Naver is fully acquiring Wallapop, Spain’s largest consumer-to-consumer (C2C) marketplace, by purchasing the remaining 70.5% stake it does not already own for USD 435.2 million. The deal will establish Wallapop as both a strategic user base and an operational hub for Naver’s expansion into the European market.
Wallapop, with more than 19 million monthly active users, is the leading C2C platform in Spain and also operates in Italy and Portugal. The platform enables individuals to buy and sell secondhand goods ranging from electronics and furniture to clothing and vehicles, encouraging sustainable consumption through reuse while fostering a community-driven marketplace.
Naver plans to enhance Wallapop’s services by integrating its search, advertising, and AI technologies. Leveraging user and transaction data alongside advanced AI capabilities, the company aims to develop new user experiences and unlock additional business opportunities.
This acquisition extends Naver’s global C2C presence—complementing platforms such as Poshmark, KREAM, and SODA across North America, Korea, and Japan—into Europe, accelerating its growth in the secondhand and recommerce sector.
Naver has been building its European footprint since 2016 through indirect investments, including its contributions to Korelya Capital, an investment firm founded by former French Minister of Digital Economy Fleur Pellerin.
Deal 5: Television Stations of Allen Media Group, Inc. (United States) was acquired by Gray Media, Inc. (United States) for USD 171.00 million.
Gray Media, Inc. to Acquire Television Stations of Allen Media Group, Inc.
Gray Media is acquiring 10 television stations from Allen Media Group for USD 171 million, a move that will expand its presence in seven existing markets and create new duopolies designed to strengthen local service through expanded news, weather, and sports programming.
The portfolio includes affiliates of ABC, NBC, CBS, and Fox, such as WAAY in Huntsville, Alabama; WSIL in Paducah–Cape Girardeau–Harrisburg; WEVV in Evansville, Indiana; WFFT in Fort Wayne, Indiana; WCOV in Montgomery, Alabama; KADN in Lafayette, Louisiana; WTVA in Columbus–Tupelo, Mississippi; WREX in Rockford, Illinois; WTHI in Terre Haute, Indiana; and WLFI in West Lafayette, Indiana. Concentrated primarily in the South and Midwest, these stations complement Gray’s portfolio of approximately 180 stations across 113 markets by establishing multiple duopolies.
The acquisition will also bring Gray into three new markets: Columbus and Tupelo in Mississippi, Terre Haute in Indiana, and West Lafayette in Indiana. In each of these markets, Gray will acquire the local station that held the highest all-day ratings in 2024.
The deal is expected to close in the fourth quarter of 2025. Moelis & Co. acted as exclusive financial advisor to Allen Media Group.
September
Media and Entertainment
Deal 1: Electronic Arts Inc. (United States) was acquired by Silver Lake Technology Management, L.L.C. (United States), and Public Investment Fund (Saudi Arabia), and Affinity Partners Global (United States) for USD 55.00 billion.
Silver Lake Technology Management, L.L.C.; Public Investment Fund; Affinity Partners Global to Acquire Electronic Arts Inc.
Electronic Arts (EA), among the largest video game publishers globally, is being acquired by a consortium of investors that includes the Public Investment Fund (PIF), Silver Lake, and Affinity Partners in a deal valued at USD 55 billion. The transaction is expected to strengthen EA’s ability to innovate and grow as it continues to advance the future of interactive entertainment.
EA has built a diverse portfolio of internationally recognized franchises, including The Sims, FIFA, Madden NFL, Battlefield, and Apex Legends. The company develops and publishes games for console, PC, and mobile platforms, focusing on immersive experiences and live service models that foster long-term player engagement. Its internal studios, such as EA Sports, EA Games, and Respawn Entertainment, have become key contributors to the global sports, simulation, and action gaming markets.
The consortium combines extensive experience in technology, entertainment, and digital investment, along with established networks across global markets. Their partnership offers EA new opportunities to bridge physical and digital experiences, expand fan interaction, and create fresh avenues for sustainable growth.
The deal will be financed through cash contributions from PIF, Silver Lake, and Affinity Partners, along with the rollover of PIF’s current equity in EA and USD 20 billion in debt financing fully committed by JPMorgan. Each investor intends to fund its share entirely from capital under its management.
The transaction is expected to close in the first quarter of fiscal year 2027 and will transition EA into a privately held company. Goldman Sachs & Co. LLC serves as financial advisor to EA, while J.P. Morgan Securities LLC acts as financial advisor to the investor consortium.
Deal 2: Performance Predictions LLC (United States) was acquired by Allwyn International AG (Switzerland) for USD 2.60 billion.
Allwyn International AG to Acquire Performance Predictions LLC (dba PrizePicks)
European gaming operator Allwyn is acquiring a 62.3% stake in U.S. daily fantasy sports (DFS) platform PrizePicks in a deal valued at up to USD 2.6 billion. The transaction includes an upfront payment of USD 1.6 billion, with an additional USD 1 billion in performance-based contingent payments.
PrizePicks, headquartered in Atlanta, Georgia, offers a simplified and engaging DFS experience through “pick ’em”-style contests. Users predict whether individual athlete statistics will be above or below projected values. The platform operates as a skill-based gaming service, enabling it to function in U.S. jurisdictions where traditional sports betting may be limited. As of 2025, PrizePicks is available in 45 states and Washington, D.C., and has expanded into esports, featuring titles such as League of Legends and Counter-Strike.
The acquisition represents a strategic move for Allwyn to extend its reach beyond traditional lottery operations and strengthen its footprint in the U.S. gaming market. Leveraging Allwyn’s scale and resources, PrizePicks is expected to accelerate growth, innovate its offerings, and engage a broader audience.
The deal is expected to close in the first half of 2026, with PrizePicks continuing to operate as a standalone brand within Allwyn. Moelis & Company LLC serves as financial advisor to PrizePicks, while Freshfields US LLP is providing legal counsel to Allwyn.
Deal 3: Integral Ad Science Holding Corp. (United States) was acquired by Novacap Management Inc. (Canada) for USD 1.90 billion.
Novacap Management Inc. to Acquire Integral Ad Science Holding Corp.
Integral Ad Science (IAS), a global platform specializing in media measurement and optimization, will be acquired by private equity firm Novacap in an all-cash deal worth USD 1.9 billion. The deal positions IAS for continued expansion as it advances its investments in AI-driven technology to strengthen its capabilities and market reach.
IAS provides digital media measurement and analytics solutions that help advertisers evaluate campaign quality and effectiveness. Its technology verifies ad viewability, detects fraudulent activity, and ensures brand safety, enabling marketers to optimize performance and improve transparency across video, display, and social media channels. Over the years, IAS has become a trusted benchmark for transparency and accountability in digital advertising quality.
Following the acquisition, IAS will become a privately held company under Novacap, gaining access to additional resources to pursue its strategic objectives and enhance the value it delivers to clients.
The transaction is expected to close by the end of 2025. Jefferies LLC is acting as the exclusive financial advisor to IAS, while Evercore is advising Novacap.
Deal 4: Tampa Bay Rays Baseball Ltd (United States) was acquired by An ownership group led by business executive Patrick Zalupski (United States) for USD 1.70 billion.
An ownership group led by business executive Patrick Zalupski to Acquire Tampa Bay Rays Baseball Ltd
An ownership group led by executive Patrick Zalupski has acquired the Tampa Bay Rays for USD 1.7 billion.
Joining Zalupski in the purchase are Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, founder of the Fast Forward Sports Group and owner of two minor league baseball teams. Zalupski will serve as the group’s MLB control person and co-chair of the Rays alongside Cosgrove, while Babby assumes the role of chief executive officer within the ownership team.
With the sale finalized, the Rays can now focus on longstanding challenges that have troubled previous ownership for nearly two decades, including plans for a new stadium and maintaining a competitive roster. In 2024, the team’s home stadium, Tropicana Field, suffered roof damage from Hurricane Milton, prompting the Rays to play the 2025 season at Steinbrenner Field, the Yankees’ spring training stadium in St. Petersburg. With a capacity of just 11,026, it is the smallest ballpark in Major League Baseball. The Rays’ current use agreement with St. Petersburg extends through the 2028 season.
Zalupski’s group becomes the third ownership team in the franchise’s history since it joined MLB in 1995.
Deal 5: Vimeo, Inc. (United States) was acquired by Bending Spoons US Inc. (United States) for USD 1.38 billion.
Bending Spoons US Inc. to Acquire Vimeo, Inc.
Vimeo, a U.S.-based video hosting and services platform, is set to be acquired by Bending Spoons, one of Europe’s largest mobile app developers, in an all-cash transaction valued at USD 1.38 billion.
Vimeo allows users to upload, share, and view high-quality videos, with a focus on professional and creative content rather than mass social networking. The platform offers ad-free viewing, advanced privacy settings, customizable video players, and a suite of tools for creators, including analytics, collaboration features, and monetization options. Its user base spans individual creators, businesses, and organizations, with subscription plans providing enhanced features and additional storage.
Bending Spoons, known for mobile applications like Evernote and Meetup, plans to retain and operate Vimeo long-term. The company intends to make strategic investments in the U.S. and other priority markets, focusing on both creator and enterprise segments. Key priorities include improving platform performance and reliability, expanding advanced features to a wider audience, and developing innovative, responsible AI-enabled capabilities.
The transaction is expected to close in the fourth quarter of 2025. Allen & Company LLC serves as financial advisor to Vimeo, while J.P. Morgan and Wells Fargo act as joint lead financial advisors, and BNP Paribas advises Bending Spoons.
October
Media and Entertainment
Deal 1: Grindr Inc. (United States) was acquired by Grindr majority shareholders George Raymond Zage III and James Fu Bin Lu (United States) for USD 3.46 billion.
Grindr majority shareholders George Raymond Zage III and James Fu Bin Lu to Acquire Grindr Inc.
Grindr, a leading dating and social networking platform for the LGBTQ+ community, has received a buyout proposal valued at USD 3.46 billion (USD 18 per share) from two of its board members, George Raymond Zage III and James Fu Bin Lu.
Founded in 2009, Grindr connects gay, bisexual, transgender, and queer individuals through location-based technology that enables real-time interaction, dating, and community engagement. The platform has grown into one of the most widely used apps within the LGBTQ+ community, serving millions of users across more than 190 countries.
Zage and Lu initially acquired Grindr in June 2020 and later oversaw its public listing in November 2022. Together, they are part of an investor group that holds over 60% of the company’s outstanding shares, with Lu serving as board chair and Zage as a director.
Grindr confirmed that a special committee of its board has received the proposal and, with the assistance of independent legal and financial advisors, is currently evaluating the offer.
Deal 2: AOL Inc. (United States) was acquired by Bending Spoons S.p.A. (Italy) for USD 1.50 billion.
Bending Spoons S.p.A. to Acquire AOL Inc.
Italian technology firm Bending Spoons is set to acquire AOL, the web portal and email service provider, from Yahoo for USD 1.4 billion, as part of its strategy to revitalize the AOL brand.
AOL is a digital media and technology company offering online services, content, and advertising solutions. It ranks among the world’s top ten email providers, with around 8 million daily users and 30 million monthly active users. Last month, AOL officially discontinued its dial-up internet service after 30 years.
Bending Spoons plans to make substantial investments to strengthen AOL’s products and business operations. This acquisition adds another globally recognized brand to the Bending Spoons portfolio, following its recent agreement to acquire Vimeo.
The transaction is expected to close by the end of the year. Greenhill, a Mizuho affiliate, and Wells Fargo served as financial advisors to Bending Spoons, while J.P. Morgan Securities LLC and Allen & Company LLC advised Yahoo.
Deal 3: TrueCar, Inc. (United States) was acquired by Fair Holdings, Inc. (United States) for USD 227.00 million.
Fair Holdings, Inc. to Acquire TrueCar, Inc.
TrueCar, the automotive digital marketplace, is set to be acquired by Fair Holdings, an entity led by TrueCar founder Scott Painter, in a transaction valued at USD 227 million.
TrueCar connects car buyers and sellers through its nationwide network of Certified Dealers, providing access to a broad inventory and enabling a personalized, efficient online auto-shopping experience. The platform leverages its network of over 8,500 franchised and independent dealers to bring transparency and convenience to the car-buying process.
Fair Holdings has indicated that it is in discussions with financial and strategic partners to co-invest in the transaction, forming a syndicate of experienced leaders and institutions across automotive retail, finance, and technology. This group is expected to provide operational expertise, industry insights, and long-term support to help scale TrueCar’s business and drive innovation in its next phase of growth.
Following the completion of the deal, Scott Painter will return as Chief Executive Officer, steering the company into its new chapter.
The transaction is expected to close in the fourth quarter of 2025 or in early 2026. Morgan Stanley & Co. LLC is serving as TrueCar’s exclusive financial advisor, while B. Riley Securities, Inc. is advising Fair Holdings.
Deal 4: The Free Press (United States) was acquired by Paramount Skydance Corporation (United States) for USD 150.00 million.
Paramount Skydance Corporation Acquired The Free Press
Paramount has announced the acquisition of digital media startup The Free Press for USD 150 million.
The Free Press is a rapidly growing, independent, subscription-based media company. Over the past 12 months, it has achieved revenue growth of 82% and expanded its subscriber base by 86%, reaching 1.5 million total subscribers, including more than 170,000 paid members.
The Free Press will retain its independent brand and operations, continuing to produce reporting, video and audio podcasts, and host events for its expanding community of subscribers. Co-founder and CEO Bari Weiss will join CBS News as editor-in-chief.
The acquisition combines CBS News’s extensive scale and reach with The Free Press’s innovative, culture-shaping approach to journalism. The move aligns with Paramount’s broader strategy to modernize content and engage audiences directly, delivering trusted, high-quality journalism in new and dynamic ways.
Deal 5: Television Federal S.A. (Argentina) was acquired by A holding company led by Rosario-based businessman Gustavo Scaglione and José Luis Manzano. (Argentina) for USD 100.00 million.
A holding company led by Rosario-based businessman Gustavo Scaglione and José Luis Manzano to Acquire Television Federal S.A.
Paramount has sold its television network Televisión Federal (Telefé) to Argentine businessmen Gustavo Scaglione and Jose Luis Manzano for approximately USD 100 million.
Telefé is Argentina’s leading entertainment brand, offering a diverse mix of programming across genres such as entertainment, fiction, sports, and news, alongside multiple business lines. The network reaches 44 million households in Argentina, covering 95% of the population, and produces more than 3,500 hours of Spanish-language content annually, including nine of the top ten programs airing locally. Telefé also manages a content library exceeding 33,000 hours. Its pay-TV channel, Telefé Internacional, is distributed worldwide to over 8 million subscribers across more than 20 countries, and its digital platform, Mi Telefé, enables streaming of its content online.
Scaglione leads a holding company that controls more than 30 media outlets nationwide, including newspapers, television channels, radio stations, and streaming services. The acquisition provides the holding company with ownership of Telefé’s main headquarters in Buenos Aires and its three regional affiliates in Rosario, Santa Fé, and Córdoba, marking one of the most significant media transactions in Argentina in recent years.
Finalized on October 23, the transaction returns Argentina’s leading television network to local ownership after years of international control. The Raine Group, Quantum Finanzas, and G5 Partners served as financial advisors to Paramount, while Integra Capital S.A. advised the acquiring holding company.
November
Media and Entertainment
Deal 1: A Paradise Acquisition Corp. (Hong Kong) was acquired by Enhanced Ltd. (United States) for USD 1.20 billion.
Enhanced Ltd. to Acquire A Paradise Acquisition Corp.
Enhanced Ltd. (Enhanced) is set to go public through a business combination with A Paradise Acquisition Corp., bringing its sports and performance-focused platform to the public markets. The transaction values the company at approximately USD 1.2 billion and is intended to provide capital to support its long-term growth strategy.
Enhanced operates an elite sports competition and performance innovation business centered on health optimization and longevity. Its model combines elite athletics, consumer products, health technology, and media into a single premium platform. The company’s flagship event, the Enhanced Games, allows athletes to compete either with or without performance enhancements, within a regulated framework that emphasizes informed choice and strict clinical and medical oversight.
The company plans to generate revenue through a diversified model aligned with growing demand for sports entertainment, performance enhancement, and longevity solutions. Brand partnerships linked to the annual Enhanced Games are expected to form the foundation of the sports business, while media and broadcasting arrangements offer additional growth potential driven by global interest in the competition.
Alongside live events, Enhanced is developing a telehealth and direct-to-consumer business focused on performance medicine and longevity products. Proceeds from the transaction are expected to fund expansion across live events, media production, and consumer offerings.
Berenberg is acting as financial advisor to Enhanced, while Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is serving as financial advisor to A Paradise Acquisition Corp.
Deal 2: Telegraph Media Group Limited (United Kingdom) was acquired by Daily Mail and General Trust plc (United Kingdom) for USD 655.00 million.
Daily Mail and General Trust plc to Acquire Telegraph Media Group Limited
Daily Mail and General Trust (DMGT), the owner of the Daily Mail, has agreed to acquire rival publisher Telegraph Media Group for GBP 500 million (USD 655 million). The deal would bring together two established UK news publishers, forming a larger right-of-centre media business within the British newspaper landscape.
Telegraph Media Group is the publisher of The Daily Telegraph and The Sunday Telegraph, alongside their digital platforms. The business focuses on news, opinion, and lifestyle coverage and has increasingly shifted toward digital subscriptions as print demand declines.
Under DMGT’s ownership, the Telegraph is expected to accelerate its international growth strategy, with particular emphasis on expanding its presence in the United States. DMGT has stated that The Daily Telegraph will continue to operate with full editorial independence from its other media titles.
The agreement follows the withdrawal of a competing bid from U.S.-based RedBird Capital Partners. A RedBird–IMI consortium had acquired Telegraph Media Group and The Spectator in 2023, but the transaction was later blocked after the UK government prohibited foreign state involvement in domestic newspaper ownership.
DMGT has indicated that the acquisition structure complies with the UK’s Foreign State Influence rules, with no foreign state capital involved in the funding of the transaction.
Deal 3: Mercedes-Benz Grand Prix Limited (United Kingdom) was acquired by CrowdStrike CEO George Kurtz (United States) for USD 300.00 million.
CrowdStrike CEO George Kurtz to Acquire Mercedes-Benz Grand Prix Limited
Mercedes-AMG Petronas Formula One Team CEO and Team Principal Toto Wolff has sold a 15% stake in the team to George Kurtz, CEO of cybersecurity firm CrowdStrike, for approximately USD 300 million. The transaction makes Kurtz a minority co-owner of the Formula One team.
Mercedes-AMG Petronas is one of the most successful teams in modern Formula One with a strong competitive record, including 115 race wins and eight consecutive Constructors’ Championships between 2014 and 2021. The team is widely recognized for its focus on engineering precision and advanced performance systems.
Kurtz’s personal investment builds on the existing partnership between Mercedes-AMG Petronas and CrowdStrike, which began in 2019, and reflects the growing involvement of technology leaders in global motorsport. In addition to his ownership stake, Kurtz will serve as a technology advisor, supporting the team’s use of data analytics, simulation, and AI-driven development as Formula One becomes increasingly technology-intensive.
Following the transaction, the team’s ownership structure remains the same, with Mercedes-Benz and INEOS each retaining one-third stakes alongside Kurtz’s interest. The deal underscores the deepening link between advanced technology and competitive motorsport, particularly in areas related to data, cybersecurity, and performance optimization.
Deal 4: Catalina Marketing Japan KK (Japan) was acquired by BIPROGY Inc. (Japan) for USD 254.21 million.
BIPROGY Inc. Acquired Catalina Marketing Japan KK
Japan’s BIPROGY has announced the acquisition of Catalina Marketing Japan for JPY 40.5 billion (USD 254.2 million) as part of its strategy to strengthen its position in the retail media market and expand data-driven marketing capabilities.
Catalina Marketing Japan is a data-led marketing company that provides targeted digital and in-store advertising solutions for retailers and consumer packaged goods companies. The business uses purchase data and analytics to deliver personalized promotions, measure campaign performance, and improve marketing effectiveness and customer engagement.
Through the acquisition, BIPROGY gains access to CMJ’s nationwide retail media network and extensive purchasing data. Combined with BIPROGY’s existing retail digital transformation, AI, and data solutions, the deal is expected to accelerate the development of consumer-focused marketing services, support more sophisticated applications such as demand forecasting, promotion optimization, and automated ordering, and create new offerings for the broader distribution industry, while also laying the groundwork for expansion across Asia.
Deal 5: TuneIn Holdings, Inc. (United States) was acquired by Stingray Group Inc. (Canada) for USD 175.00 million.
Stingray Group Inc. to Acquire TuneIn Holdings, Inc.
Canada-based Stingray Group has agreed to acquire TuneIn for USD 175 million, expanding its presence in digital audio streaming and strengthening its advertising capabilities. The transaction brings together Stingray’s media and advertising expertise with TuneIn’s global audio distribution platform.
TuneIn operates a global audio service offering live radio, sports, news, podcasts, and on-demand content to more than 75 million monthly active listeners. The platform provides access to over 100,000 radio stations and audio channels and is distributed across more than 200 platforms and connected devices, including over 50 in-vehicle systems, reaching audiences in more than 100 countries. TuneIn’s subscription offering also includes ad-free access to premium news content from major broadcasters such as CNN, Fox News Radio, MSNBC, CNBC, and Bloomberg.
The acquisition is expected to materially expand Stingray’s digital audio reach and accelerate growth in streaming services, while enhancing its advertising offering through TuneIn’s targeted audio, video, and display ad technology. The combination adds a profitable and growing digital asset to Stingray’s portfolio and is expected to lift pro forma revenue beyond USD 400 million.
The deal is expected to close by the end of 2025. TuneIn will continue to operate under its existing brand following completion. National Bank Capital Markets is acting as financial advisor to Stingray, while Houlihan Lokey Capital, Inc. is serving as financial advisor to TuneIn.
DECEMBER
Media and Entertainment
Deal 1: Warner Bros. Discovery, Inc. (United States) was acquired by Netflix, Inc. (United States) for USD 72.00 billion.
Netflix, Inc. to Acquire Warner Bros. Discovery, Inc.
Streaming giant Netflix announced a landmark USD 72 billion cash-and-stock agreement to acquire Warner Bros., marking one of the most significant transactions in the entertainment industry.
Over the years, Warner Bros. has grown into a major global media player, building a diverse catalog of films, television series, and animated content. Its portfolio includes widely recognized franchises such as DC, Harry Potter, and Game of Thrones.
The transaction covers Warner Bros’ film and television studios, as well as premium assets such as HBO and the HBO Max streaming platform. HBO Max, together with Discovery+, reaches an estimated 128 million subscribers globally. This combined footprint gives Netflix an opportunity to access a substantial audience base and integrate high-value content into its ecosystem.
For Netflix, the deal significantly strengthens its production infrastructure and increases its U.S. studio capacity, supporting long-term growth in original content creation. Bringing in Warner Bros’ vast library, together with HBO’s premium programming, broadens the depth and range of titles available to subscribers. This strategic expansion enhances Netflix’s ability to diversify its offerings and deliver a richer viewing experience across global markets.
The agreement follows a competitive bidding process that included Comcast and Paramount Global, both of which submitted updated proposals in the final stages. The transaction is expected to be completed within 12 to 18 months, pending regulatory review. Moelis & Company LLC and Wells Fargo are advising Netflix, while Allen & Company, J.P. Morgan, and Evercore are advising Warner Bros. Discovery.
Deal 2: TAE Technologies, Inc. (United States) was acquired by Trump Media & Technology Group Corp. (United States) for USD 6.00 billion.
Trump Media & Technology Group Corp. to Acquire TAE Technologies, Inc.
Trump Media & Technology Group is merging with TAE Technologies in a USD 6 billion all-stock transaction, aligning TMTG’s access to capital with TAE’s advanced fusion technology to address the rising energy demands driven by AI infrastructure.
TAE Technologies is a US-based fusion energy company working to develop carbon-free, commercially viable nuclear fusion. Its approach uses advanced plasma physics and hydrogen–boron fuel to produce energy with minimal radioactive byproducts. After more than 25 years of R&D, TAE has made meaningful progress in reducing the size, complexity, and cost of fusion systems.
Beyond its core fusion program, TAE operates two partially owned subsidiaries. TAE Power Solutions develops high-performance energy storage and power management systems for AI data centers, industrial applications, and electric mobility. TAE Life Sciences focuses on a targeted radiotherapy platform designed for cancer treatment. The company employs more than 400 people, including 62 PhD-level specialists, and holds over 1,600 issued patents.
The merger aims to accelerate the development of fusion power for next-generation computing. The combined company plans to begin constructing a 50-megawatt fusion facility next year, with future plants envisioned to produce 350 to 500 megawatts each. Initial power generation is targeted for 2031.
The deal is expected to close in mid-2026, with shareholders of each company owning approximately 50% of the combined group. Yorkville Securities is acting as lead financial and M&A advisor to Trump Media, with Clear Street as financial advisor, while Barclays is advising TAE Technologies.
Deal 3: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Alphabet Inc. to Acquire Intersect Power, LLC
Alphabet, the parent of Google, has agreed to acquire data center and energy infrastructure company Intersect Power LLC in an all-cash transaction valued at approximately USD 4.75 billion, including the assumption of debt. Google already holds a minority interest in Intersect from an earlier funding round.
Intersect Power develops, owns, and operates utility-scale renewable energy and energy storage assets across the United States, with a primary focus on solar generation and battery storage. The company supplies clean power and capacity to utilities, corporate customers, and data center operators, with a growing emphasis on meeting the energy demands of AI and cloud computing infrastructure through long-term power solutions.
The transaction includes Intersect’s management team and multiple gigawatts of energy and data center projects that are under construction or in advanced stages of development, many of which stem from its existing partnership with Google. Intersect is also expected to continue evaluating emerging technologies that can broaden and diversify energy supply while supporting Google’s expanding US data center footprint.
The acquisition underscores Alphabet’s strategy to secure long-term, reliable, and affordable energy in partnership with utilities and developers, supporting the expansion of data center capacity without transferring additional costs to grid customers.
Following completion, Intersect will continue to operate as a standalone business under its existing brand. Certain assets are excluded from the transaction, including operating projects in Texas and both operating and in-development assets in California.
The transaction is expected to close in the first half of 2026.
Deal 4: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Meta Platforms, Inc. to Acquire Butterfly Effect Pte. Ltd. (doing business as Manus)
Meta Platforms has announced the acquisition of Singapore-based AI startup Manus AI in a transaction valued at approximately USD 2 billion, as it looks to expand automation capabilities across its consumer and enterprise offerings.
Founded in China, Manus AI has gained recognition for developing autonomous AI agents that can plan, execute, and complete complex tasks with minimal human input. Unlike traditional conversational systems, its technology supports end-to-end workflows across functions such as research, data analysis, software development, and operational automation, reflecting the industry’s shift toward more agent-driven AI systems.
Under the deal, Meta plans to keep Manus AI operating as an independent unit while integrating its agent technology into platforms including Facebook, Instagram, and WhatsApp, where Meta AI is already deployed. The acquisition aligns with Meta’s broader AI strategy of acquiring specialized startups to accelerate product development, strengthen talent depth, and support its wider AI roadmap, including continued advancement of its open-source Llama large language models.
Following completion of the transaction, Manus AI will wind down its services and operations in China, consolidating its activities under Meta’s global AI ecosystem.
Deal 5: Pittsburgh Penguins, Inc. (United States) was acquired by Hoffmann Family of Companies (United States) for USD 1.80 billion.
Hoffmann Family of Companies to Acquire Pittsburgh Penguins, Inc.
Hoffmann Family of Companies, owners of the Florida Everblades of the ECHL, have agreed to acquire a controlling stake in the Pittsburgh Penguins from Fenway Sports Group in a transaction valued at approximately USD 1.8 billion. The investment marks Hoffmann’s first entry into ownership of a major professional sports franchise.
The Pittsburgh Penguins are a professional ice hockey team based in Pittsburgh, Pennsylvania, competing in the National Hockey League as part of the Metropolitan Division. The franchise has built a strong legacy of on-ice success, highlighted by multiple Stanley Cup championships and a roster historically anchored by elite talent, including Sidney Crosby. The team plays its home games at PPG Paints Arena.
The sale comes as the organization enters a transitional phase, with the long-standing core of Crosby, Evgeni Malkin, and Kris Letang approaching the later stages of their careers. The trio has been central to the Penguins’ three Stanley Cup titles in 2009, 2016, and 2017, though the club has missed the playoffs since 2022 and has not advanced in the postseason since 2018.
Following the transaction, the existing executive leadership team will remain in place to ensure stability across the organization. Kyle Dubas will continue to oversee hockey operations as President of Hockey Operations and General Manager, retaining responsibility for roster construction and long-term competitive strategy.
The transaction is subject to approval by the NHL Board of Governors and other customary regulatory conditions. Hoffmann Family of Companies, a rapidly expanding, family-owned private equity group with more than 125 global brands led by brothers Geoff and Greg Hoffmann, has stated its intention to build on the foundation established under Fenway Sports Group and support management in restoring the Penguins’ competitive position.
M&A Activity in the Health Care Industry
Focused on improving health outcomes, the top global M&A deals in this industry list includes providers of medical services, manufacturers of medical equipment, and developers of healthcare technologies.
July
Health Care
Deal 1: Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company (United States) was acquired by Waters Corporation (United States) for USD 17.50 billion.
Waters Corporation to Acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company
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 2: Verona Pharma plc (United Kingdom) was acquired by Merck Sharp & Dohme LLC (United States) for USD 10.00 billion.
Merck Sharp & Dohme LLC to Acquire Verona Pharma plc
Merck, known as MSD outside the U.S. and Canada, is strengthening its presence in cardio-pulmonary care with a USD 10 billion acquisition of Verona Pharma. The move reflects Merck’s strategic focus on expanding its pipeline of innovative therapies for chronic respiratory conditions.
Verona Pharma, a UK-based clinical-stage biopharmaceutical company, specializes in inhaled treatments for respiratory diseases. Its lead product, ensifentrine—commercialized as Ohtuvayre—is a dual PDE3 and PDE4 inhibitor designed to improve breathing and reduce inflammation in patients with chronic obstructive pulmonary disease (COPD). Following its U.S. FDA approval in 2024, Ohtuvayre has experienced strong uptake and is also being studied for its potential in treating non-cystic fibrosis bronchiectasis.
By combining Merck’s commercial reach and clinical development expertise with Verona’s innovation in respiratory care, the acquisition is expected to accelerate the global impact of Ohtuvayre and support access to more patients living with COPD and related conditions.
The agreement has received unanimous approval from both companies’ boards and is anticipated to close by the end of 2025, subject to customary regulatory approvals. Merck was advised by Citi and Morgan Stanley & Co. LLC, while enterview Partners LLC served as Verona Pharma’s exclusive financial advisor.
Deal 3: Bavarian Nordic A/S (Denmark) was acquired by Permira Advisers Ltd. (United Kingdom), and Nordic Capital Epsilon Sca Sicav-raif (Sweden) for USD 3.00 billion.
Permira Advisers Ltd.; Nordic Capital Epsilon Sca Sicav-raif to Acquire Bavarian Nordic A/S
Denmark-based biotechnology company Bavarian Nordic is being acquired by a consortium led by Nordic Capital and Permira in an all-cash deal valued at USD 3 billion.
Bavarian Nordic develops, manufactures, and markets vaccines and immunotherapies, with a strong focus on infectious diseases and cancer immunology. Its portfolio includes vaccines for smallpox, monkeypox, rabies, and other viral threats, along with research programs targeting respiratory and emerging infectious diseases. The company also supplies vaccines to governments and international health organizations.
The acquisition follows Bavarian Nordic’s recent launch of the first of two clinical trials for MVA-BN, a vaccine candidate for mpox and smallpox, which is being tested in infants under two years of age as well as in pregnant and breastfeeding women.
Nordic Capital and Permira see Bavarian Nordic as a company in the midst of a strategic transformation, with considerable potential to expand its portfolio of travel and endemic vaccines. Under private ownership, the consortium intends to enhance the company’s commercial reach, accelerate innovation, and reinforce its long-term strategy through focused investments in R&D and acquisitions.
The transaction remains subject to customary closing conditions and is expected to be finalized by the fourth quarter of 2025. Citi and Nordea are serving as financial advisors to Bavarian Nordic.
Deal 4: AmWiner & Raphe Holdings, LLC (United States) was acquired by Bachem Americas, Inc. (United States) for USD 2.30 billion.
Bachem Americas, Inc. to Acquire AmWiner & Raphe Holdings, LLC
Swiss biotechnology company Bachem, through its subsidiary Bachem Americas, has acquired AmWiner & Raphe in a transaction valued at USD 2.3 billion, marking one of the largest deals in the peptide therapeutics sector this year.
AmWiner & Raphe is a contract development and manufacturing organization (CDMO) specializing in peptides and related pharmaceuticals, offering services from custom peptide synthesis to large-scale active pharmaceutical ingredient (API) production. The company manufactures critical peptide-based therapies, including tirzepatide and semaglutide, both with FDA-approved manufacturing status, supporting research and commercial supply needs.
The acquisition enables Bachem to merge its established manufacturing expertise with AmWiner’s innovative pipeline, reinforcing its ambition to lead the expanding market for peptide-based medications and strengthen its global footprint in pharmaceutical manufacturing. The deal also leverages the capabilities of the Tirzepatide Pharm Corporation, enhancing Bachem’s reach in high-demand therapeutic areas.
Strategically, the acquisition positions Bachem to compete more effectively with established CDMOs, such as Corden Pharma, and could reshape competitive dynamics with major pharmaceutical companies, including Eli Lilly.
The integration of AmWiner into Bachem’s operations is expected to maximize synergies, streamline processes, and generate substantial cost efficiencies, reinforcing Bachem’s strategic growth in peptide-based therapeutics worldwide.
Deal 5: Vicebio Limited (United Kingdom) was acquired by Sanofi (France) for USD 1.60 billion.
Sanofi to Acquire Vicebio Limited
Global pharmaceutical company Sanofi is poised to acquire Vicebio, a privately owned biotechnology firm based in the UK, in a transaction valued at up to USD 1.6 billion, including an upfront payment of USD 1.15 billion and additional milestone payments of up to USD 450 million. The acquisition strengthens Sanofi’s respiratory vaccine portfolio and enhances its capabilities in developing innovative preventive solutions.
Vicebio focuses on advanced vaccines for respiratory viral infections, utilizing its proprietary Molecular Clamp technology to stabilize viral proteins in their natural form. This approach improves immune responses and allows for high-yield, ready-to-use vaccine production. Its lead candidate, VXB-241, is a bivalent vaccine targeting Respiratory Syncytial Virus (RSV) and human metapneumovirus (hMPV), viruses that pose significant risks to vulnerable populations.
The acquisition complements Sanofi’s existing presence in influenza and RSV prevention and allows the company to offer a broader range of options for RSV and hMPV, including a non-mRNA vaccine approach. In addition, Sanofi will gain access to Molecular Clamp technology, which can support the development of next-generation multivalent vaccines against respiratory pathogens and other infectious diseases.
The transaction is expected to be finalized in the fourth quarter of 2025.
August
Health Care
Deal 1: OrganOx Limited (United Kingdom) was acquired by Terumo Corporation (Japan) for USD 1.50 billion.
Terumo Corporation to Acquire OrganOx Limited
Japan’s Terumo Corporation has acquired UK-based OrganOx for USD 1.5 billion, a move that marks its entry into the organ transplantation sector and adds a new growth driver to its medical device portfolio.
OrganOx is a medical technology company focused on improving organ preservation and transplantation. Its flagship product, the metra, is a normothermic perfusion system that keeps donor livers functioning at body temperature outside the body, extending preservation time and enabling more accurate evaluation of organ viability. The device has supported more than 6,000 liver transplants worldwide, and the company is also developing a kidney perfusion device, with commercialization expected around 2030.
Through this acquisition, Terumo plans to combine its extensive expertise in medical device development with OrganOx’s leadership in normothermic machine perfusion. The company aims to expand access to innovative preservation technologies worldwide, improve transplant success rates, increase the use of marginal donor organs, and reduce the burden on healthcare professionals by minimizing emergency and overnight procedures.
The transaction strengthens Terumo’s business portfolio and establishes a new long-term growth platform in the global transplantation market. By integrating OrganOx’s technologies across the Terumo Group, the company intends to accelerate innovation and deliver solutions that address critical challenges for both patients and providers.
Deal 2: STAAR Surgical Company (United States) was acquired by Alcon Research, LLC (United States) for USD 1.50 billion.
Alcon Research, LLC to Acquire STAAR Surgical Company
Alcon has agreed to acquire STAAR Surgical in a USD 1.5 billion transaction, strengthening its position in the global eye care market.
STAAR Surgical is a medical device manufacturer specializing in implantable lenses for vision correction. Its flagship product, the Implantable Collamer Lens (ICL), provides an alternative to laser surgery and is widely used to treat myopia, hyperopia, and astigmatism.
The acquisition complements Alcon’s existing laser vision correction business and is expected to be accretive by the second year. With the global prevalence of high myopia continuing to rise, integrating STAAR’s technology strengthens Alcon’s ability to deliver surgical solutions for patients who are not ideal candidates for procedures such as LASIK. This deal broadens Alcon’s portfolio, enabling it to offer treatment options that span the full spectrum of myopia, from contact lenses to advanced surgical interventions.
The transaction is expected to close within six to twelve months. Morgan Stanley & Co. LLC is acting as financial advisor to Alcon, while Citi is serving as exclusive financial advisor to STAAR.
Deal 3: Kangji Medical Holdings Limited (China) was acquired by TPG Inc. (United States), and Qatar Investment Authority (Qatar) for USD 1.42 billion.
TPG Inc.; Qatar Investment Authority to Acquire Kangji Medical Holdings Limited
Chinese medical device manufacturer Kangji Medical has received a USD 1.42 billion privatization offer from a consortium led by TPG and the Qatar Investment Authority, together with company founders Ming Zhong and Yinguang Shentu. If completed, the transaction would result in Kangji becoming a private company and delisting from the Hong Kong Stock Exchange.
Kangji Medical is a specialist in minimally invasive surgical (MIS) instruments, designing, producing, and marketing both disposable and reusable devices such as trocars, staplers, forceps, and other laparoscopic tools. Its products are widely used in MIS procedures across hospitals and healthcare institutions in China, positioning the company as a key domestic supplier of cost-effective surgical solutions.
The move comes amid intensifying competition in China’s medical device market and ongoing regulatory challenges. To support long-term growth, Kangji requires significant investment in research and development, commercialization, sales, and international expansion—initiatives that could weigh on near-term financial performance.
By going private, the company expects to ease short-term market pressures, enabling management to focus on strategic priorities while offering minority shareholders an opportunity to secure attractive returns during a period of market and industry uncertainty.
J.P. Morgan served as exclusive financial advisor to the consortium.
Deal 4: DBG Global Enterprises Pty Ltd (Australia) was acquired by BDT & MSD Partners, LLC (United States) for USD 1.04 billion.
BDT & MSD Partners, LLC to Acquire DBG Global Enterprises Pty Ltd
Global investment firm BDT & MSD has agreed to acquire a minority interest in DBG Global Enterprises in a transaction valued at USD 1.04 billion.
Headquartered in Australia, DBG is a diversified health, wellness, and beauty group with operations spanning pharmaceuticals, consumer health, cosmetics, precision health, and pharmacy services. Its portfolio includes well-established businesses such as Arrow Pharmaceuticals, MCoBeauty, VidaCorp, and myDNA. Through a combination of organic growth and acquisitions, DBG has established a strong presence in both prescription medicines and consumer markets.
The agreement includes an initial investment of AUD 1.6 billion for the minority stake, along with access to up to AUD 1 billion in additional capital earmarked for acquisitions. This structure makes the deal one of the largest founder-led private transactions in Australian corporate history.
BDT & MSD will serve as a long-term strategic partner to support DBG’s international expansion. The company intends to use the additional AUD 1 billion facility to pursue global acquisitions beginning in the coming year, with a focus on brands that can leverage its scale, existing platforms such as MCoBeauty and Nude by Nature, and established retail partnerships.
Deal 5: Performant Healthcare, Inc. (United States) was acquired by Machinify, Inc. (United States) for USD 670.00 million.
Machinify, Inc. to Acquire Performant Healthcare, Inc.
Performant Healthcare, a provider of technology-enabled payment integrity solutions for the healthcare sector, is being acquired by Machinify, a healthcare intelligence company and portfolio firm of New Mountain Capital, in a transaction valued at USD 670 million.
Performant Healthcare delivers payment integrity and eligibility services to Medicare, Medicaid, and commercial insurers, helping them detect and recover improper payments, reduce waste, and enhance claims accuracy. Through advanced analytics, audits, and coordination-of-benefits programs, it strengthens efficiency and minimizes financial losses for both public and private payers.
This acquisition reflects the push to modernize the U.S. healthcare system’s technology infrastructure, with a focus on building patient-centered data networks. By integrating Machinify’s Payer Operating System with Performant’s expertise and proprietary data assets, the combined business aims to deliver a more efficient and outcome-focused care model.
Together, the companies will broaden support for clients including the Centers for Medicare and Medicaid Services, state agencies, and commercial insurers, while driving timely and accurate payments at lower administrative costs.
The deal is expected to close by the end of 2025, after which Performant’s shares will be delisted from Nasdaq. Truist Securities is advising Performant, while J.P. Morgan Securities LLC is serving as financial advisor to Machinify.
September
Health Care
Deal 1: Merus N.V. (Netherlands) was acquired by Genmab A/S (Denmark) for USD 8.00 billion.
Genmab A/S to Acquire Merus N.V.
Denmark-based Genmab announced its plan to acquire Dutch biotechnology company Merus N.V. in a USD 8 billion deal that will strengthen its oncology pipeline and expand its portfolio of antibody-based cancer therapies.
Merus is a clinical-stage biotechnology company focused on developing multispecific antibody therapies for cancer. Through its proprietary Biclonics® platform, it designs full-length antibodies capable of targeting multiple tumor-related antigens, with the goal of improving treatment effectiveness and patient outcomes. Its leading drug candidate, petosemtamab, is in Phase 3 trials for head and neck cancer, while another program, zenocutuzumab, targets cancers driven by NRG1 gene fusions.
The acquisition supports Genmab’s strategic shift toward a fully owned operating model, enhancing its revenue diversity and long-term growth potential. Incorporating petosemtamab into Genmab’s late-stage portfolio aligns closely with its expertise in antibody innovation, development, and commercialization, reinforcing its position in the global oncology market.
Genmab expects the potential launch of petosemtamab in 2027, subject to clinical results and regulatory clearance, and plans to extend its use into earlier treatment settings. The company anticipates the therapy will begin contributing to EBITDA after approval, generating at least USD 1 billion in annual sales by 2029, with significant revenue growth potential beyond that period.
The transaction is expected to close in the first quarter of 2026. PJT Partners and Morgan Stanley & Co. International plc are serving as joint financial advisors to Genmab, while Jefferies LLC is acting as financial advisor to Merus.
Deal 2: Metsera, Inc. (United States) was acquired by Pfizer Inc. (United States) for USD 7.30 billion.
Pfizer Inc. to Acquire Metsera, Inc.
Pfizer has announced plans to acquire Metsera, a biotechnology company focused on weight-loss therapies, in a transaction valued at USD 7.3 billion, including future milestone payments. The acquisition is intended to strengthen Pfizer’s presence in the fast-growing obesity drug market and expand its pipeline of metabolic treatments.
Metsera’s pipeline includes injectable and oral drug candidates targeting GLP-1 and related hormone pathways, designed to improve efficacy, safety, and treatment convenience over existing options. Among its leading assets is MET-233i, an investigational amylin analog that produced up to 8.4% placebo-adjusted weight loss within 36 days in an early-stage trial. Metsera is advancing this therapy as a potential once-monthly injectable and is also progressing other candidates, including oral GLP-1 programs that are preparing to enter clinical studies.
For Pfizer, the transaction provides a new entry point into obesity treatments after discontinuing development of danuglipron due to safety and tolerability issues. The acquisition underscores Pfizer’s shift toward external innovation to access next-generation obesity therapies with differentiated profiles.
The transaction is expected to close by year-end, subject to customary approvals. Citi is serving as Pfizer’s financial advisor, while Metsera is being advised by Goldman Sachs, Guggenheim Securities, BofA Securities, and Allen & Company.
Deal 3: Zentiva Group, a.s. (Czech Republic) was acquired by GTCR LLC (United States) for USD 4.80 billion.
GTCR LLC to Acquire Zentiva Group, a.s.
Zentiva, a leading European generics pharmaceutical company, is set to be acquired by private equity firm GTCR for USD 4.8 billion from Advent International.
Based in the Czech Republic, Zentiva specializes in developing, manufacturing, and marketing generic and value-added medicines. Its broad product portfolio spans prescription and over-the-counter treatments across major therapeutic areas such as cardiovascular, central nervous system, and gastrointestinal treatments, serving markets in more than 30 countries across Europe and beyond.
GTCR, with its strong track record in the pharmaceutical sector, intends to work closely with Zentiva’s management to drive growth through innovation, strategic acquisitions, and operational improvements, supporting the company’s next stage of development.
The deal is expected to close in early 2026. Advent was advised by Goldman Sachs and PJT Partners, while GTCR was supported by Barclays Bank PLC, BNP Paribas, and Morgan Stanley & Co. LLC as financial advisors.
Deal 4: 89bio, Inc. (United States) was acquired by Roche Holding AG (Switzerland) for USD 3.50 billion.
Roche Holding AG to Acquire 89bio, Inc.
Roche has agreed to acquire 89bio, a biopharmaceutical company focused on therapies for liver and cardiometabolic diseases, in a deal valued at up to USD 3.5 billion. The transaction supports Roche’s goal of strengthening its research and development pipeline with innovative approaches to metabolic diseases.
89bio’s lead candidate, pegozafermin, is a fibroblast growth factor 21 (FGF21) analog designed to treat metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Its dual anti-fibrotic and anti-inflammatory effects, combined with a favorable safety profile, position it to address pressing medical needs linked to lipid abnormalities and metabolic dysfunction.
The acquisition highlights Roche’s commitment to advancing cardiovascular, renal, and metabolic disease (CVRM) therapies, particularly for patients managing obesity, overweight, and related complications such as MASH. Pegozafermin’s distinct mechanism of action positions it for potential use in combination therapies with incretins, offering new synergies within Roche’s CVRM portfolio.
The transaction is expected to close in the fourth quarter of 2025. Citi is acting as financial advisor to Roche, while Moelis & Company LLC and Centerview Partners LLC are advising 89bio.
Deal 5: Premier, Inc. (United States) was acquired by Patient Square Capital, LP (United States) for USD 2.60 billion.
Patient Square Capital, LP to Acquire Premier, Inc.
Healthcare-focused investment firm Patient Square Capital is set to acquire Premier Inc., a leading technology-driven healthcare improvement company, in a USD 2.6 billion deal.
Premier offers a comprehensive suite of services to hospitals, health systems, and other healthcare organizations, including group purchasing, supply chain management, data-driven insights, and operational performance support. Its solutions are designed to help healthcare providers cut costs, streamline operations, and enhance patient care, reaching more than two-thirds of providers across the United States.
The move to private ownership is expected to give Premier greater financial flexibility and resources to expand its technology-enabled offerings, pursue growth opportunities, and accelerate innovation in the evolving healthcare market.
The transaction is expected to close in the first quarter of 2026. Following completion, Premier will operate as a private company and will no longer be publicly listed. Goldman Sachs and BofA Securities are acting as financial advisors to Premier, while Jefferies LLC and Santander are advising Patient Square Capital.
October
Health Care
Deal 1: Hologic, Inc. (United States) was acquired by Blackstone Inc. (United States), TPG Global, LLC (United States) for USD 18.30 billion.
Blackstone Inc.; TPG Global, LLC to Acquire Hologic, Inc.
Blackstone and TPG have agreed to acquire medical technology company Hologic in a transaction valued at up to USD 18.3 billion, including debt, effectively taking the firm private.
Hologic develops diagnostic, imaging, and surgical technologies designed to advance women’s health. Its portfolio covers breast and skeletal health systems, gynecologic and perinatal care, and molecular diagnostics, including innovations that support the early detection of breast and cervical cancers and various infectious diseases.
Through this acquisition, Hologic is expected to benefit from Blackstone’s and TPG’s combined capital strength and healthcare expertise, enabling the company to expand its global reach and further advance innovation in women’s health technologies.
The transaction also includes minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority and an affiliate of GIC.
The deal is expected to close in the first half of 2026, following which Hologic’s common stock will be delisted from Nasdaq. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Hologic, while Citi is advising the Blackstone- and TPG-led consortium.
Deal 2: Avidity Biosciences, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 12.00 billion.
Novartis AG to Acquire Avidity Biosciences, Inc.
Swiss pharmaceutical company Novartis will acquire US-based biopharmaceutical firm Avidity Biosciences in a deal valued at USD 12 billion. The acquisition strengthens Novartis’ neuroscience portfolio with three late-stage programs targeting genetic neuromuscular diseases.
Avidity Biosciences develops RNA-based therapeutics for rare muscular and other serious disorders through its proprietary Antibody Oligonucleotide Conjugate (AOC) platform. This technology merges the targeting precision of monoclonal antibodies with the therapeutic potential of oligonucleotides, enabling the precise delivery of RNA medicines to specific tissues such as muscle cells.
Through the acquisition, Novartis will gain access to Avidity’s differentiated RNA-targeting platform and its late-stage clinical assets, including delpacibart zotadirsen (del-zota) for Duchenne muscular dystrophy, delpacibart etedesiran (del-desiran) for myotonic dystrophy type 1, and delpacibart braxlosiran (del-brax) for facioscapulohumeral muscular dystrophy.
The transaction is expected to expand Novartis’ leadership in genetic neuromuscular diseases, complementing its experience in spinal muscular atrophy and enhancing its commercialization capabilities. The deal also positions Novartis to capture multi-billion-dollar opportunities with anticipated product launches before 2030. Before completion, Avidity will spin off its early-stage precision cardiology programs into a separate company (“SpinCo”).
The acquisition is anticipated to close in the first half of 2026. Goldman Sachs & Co. LLC and Barclays Capital Inc. are serving as financial advisors to Avidity.
Deal 3: Clario (United States) was acquired by Thermo Fisher Scientific Inc. (United States) for USD 9.40 billion.
Thermo Fisher Scientific Inc. to Acquire Clario
Thermo Fisher Scientific plans to acquire clinical data company Clario in a deal valued at up to USD 9.4 billion. The transaction consists of an initial cash payment of about USD 8.87 billion, along with an additional earnout of up to USD 625 million contingent on Clario’s future performance.
Clario is a global healthcare technology company that provides advanced clinical trial data management and analytics solutions that support drug development and regulatory approvals. The company offers expertise in electronic clinical outcome assessments (eCOA), cardiac safety, respiratory analysis, and medical imaging. Partnering with pharmaceutical and biotechnology companies, Clario helps improve the quality, reliability, and efficiency of clinical trials through its digital platforms and data-driven technologies. Over the past decade, Clario has contributed to approximately 70% of FDA-approved drugs and is projected to generate about USD 1.25 billion in revenue in 2025.
Following the acquisition, Clario will be integrated into Thermo Fisher’s Laboratory Products and Biopharma Services segment. Its platform complements Thermo Fisher’s clinical research portfolio, enabling customers to gain deeper insights from patient data, streamline trial operations, and accelerate innovation in an increasingly data-intensive R&D landscape.
The acquisition will expand Thermo Fisher’s digital and analytical capabilities while strengthening its use of artificial intelligence to enhance clinical research, generate faster insights, and improve efficiency across the drug development process. By integrating Clario’s data-driven technologies, Thermo Fisher aims to advance clinical research, deliver faster results, and improve returns on R&D investments for pharmaceutical and biotech partners while helping bring new therapies to patients more efficiently.
The transaction is expected to close by mid-2026. Evercore is serving as lead financial advisor to Clario, and WilmerHale is acting as principal legal counsel to Thermo Fisher Scientific.
Deal 4: Akero Therapeutics, Inc. (United States) was acquired by Novo Nordisk A/S (Denmark) for USD 5.20 billion.
Novo Nordisk A/S to Acquire Akero Therapeutics, Inc.
Novo Nordisk has announced plans to acquire Akero Therapeutics in a transaction valued at up to USD 5.2 billion, strengthening its position in metabolic and liver disease treatment.
Akero Therapeutics is a clinical-stage biotechnology company developing treatments for severe metabolic conditions, with a main focus on nonalcoholic steatohepatitis (NASH). Its lead candidate, efruxifermin (EFX), is a long-acting analog of fibroblast growth factor 21 (FGF21) that aims to improve liver health by reducing fat accumulation, inflammation, and fibrosis while enhancing insulin sensitivity and lipid regulation. The therapy is designed as a once-weekly injectable treatment targeting the underlying metabolic dysfunction associated with NASH and related diseases.
Akero’s EFX program, which targets metabolic dysfunction-associated steatohepatitis (MASH), will complement Novo Nordisk’s expertise in GLP-1–based metabolic therapies. The acquisition will enable Novo Nordisk to leverage its global capabilities in cardiovascular and metabolic diseases to advance EFX through Phase 3 trials under the SYNCHRONY program, support commercialization efforts, and accelerate access to treatment for patients worldwide.
The transaction is expected to close by the end of the year, subject to customary approvals. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Akero Therapeutics.
Deal 5: Avadel Pharmaceuticals plc (Ireland) was acquired by Alkermes plc (Ireland) for USD 2.10 billion.
Alkermes plc to Acquire Avadel Pharmaceuticals plc
Alkermes, a global biopharmaceutical company specializing in neuroscience therapies, has agreed to acquire Avadel Pharmaceuticals for USD 2.1 billion, adding Avadel’s narcolepsy drug LUMRYZ to its portfolio.
Headquartered in Dublin, Avadel develops and commercializes innovative therapies for sleep disorders. Its FDA-approved LUMRYZ, the first once-at-bedtime oxybate therapy for narcolepsy, has seen strong uptake since its 2023 launch, with approximately 3,100 patients on treatment as of June 30, 2025.
The acquisition advances Alkermes’ strategic expansion into the sleep medicine market and positions the company to accelerate development of alixorexton, its orexin 2 receptor agonist candidate for narcolepsy and idiopathic hypersomnia, as it moves toward Phase 3 clinical trials.
Integrating Avadel’s operations is expected to generate cost synergies and operational efficiencies, supporting Alkermes’ preparation for the potential commercial launch of alixorexton.
The transaction is projected to provide immediate financial benefits and boost Alkermes’ revenue growth and profitability, with completion expected in the first quarter of 2026. J.P. Morgan is serving as exclusive financial advisor to Alkermes, while Morgan Stanley and Goldman Sachs are advising Avadel.
November
Health Care
Deal 1: Exact Sciences Corporation (United States) was acquired by Abbott Laboratories (United States) for USD 21.00 billion.
Abbott Laboratories to Acquire Exact Sciences Corporation
Global healthcare company Abbott has announced its acquisition of Exact Sciences in a USD 21 billion deal, making it one of Abbott’s largest transactions in nearly a decade. The move strengthens Abbott’s presence in diagnostics and expands its footprint into oncology-focused testing.
Exact Sciences is a molecular diagnostics company known for its non-invasive cancer screening technologies. Its portfolio includes established products like Cologuard and Oncotype DX, alongside newer innovations such as Cancerguard for multi-cancer early detection and Oncodetect for monitoring molecular residual disease and recurrence. The company uses advanced DNA and biomarker analysis to improve the accuracy and accessibility of early cancer detection, supporting better patient outcomes.
The company is expected to generate more than USD 3 billion in revenue this year and perform over 5 million tests, with the majority of its operations concentrated in the United States.
The purchase introduces a new vertical for Abbott, providing a strong foothold in the fast-growing USD 60 billion U.S. cancer-screening and precision oncology diagnostics market. Combined, the companies aim to accelerate innovation, broaden access to advanced diagnostics, and help more patients detect and manage cancer at earlier, more treatable stages.
The transaction is targeted to close in the second quarter of 2026. Morgan Stanley is acting as Abbott’s exclusive financial advisor, while Centerview Partners LLC and XMS Capital Partners, LLC are advising Exact Sciences.
Deal 2: Cidara Therapeutics, Inc. (United States) was acquired by Merck Sharp & Dohme LLC (United States) for USD 9.20 billion.
Merck Sharp & Dohme LLC to Acquire Cidara Therapeutics, Inc.
Merck has announced an all-cash acquisition of Cidara Therapeutics valued at USD 9.2 billion, or USD 221.50 per share, broadening its portfolio to include a late-stage antiviral asset.
San Diego–based Cidara Therapeutics develops long-acting therapies targeting infectious diseases. Its pipeline features rezafungin, a once-weekly antifungal, and CD388, a long-acting antiviral created using the company’s proprietary Cloudbreak™ platform, designed to provide enhanced protection against influenza and other viral infections. CD388 has received FDA Breakthrough Therapy and Fast Track designations, highlighting its potential as a transformative antiviral treatment.
The deal complements Merck’s respiratory pipeline at a time when influenza continues to be a major public health concern, causing significant illness and mortality, particularly among older adults and immunocompromised populations.
The deal is expected to close in the first quarter of 2026. BofA Securities, Inc. advised Merck, while Evercore and Goldman Sachs & Co. LLC served as financial advisors to Cidara Therapeutics.
Deal 3: Halda Therapeutics Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 3.05 billion.
Johnson & Johnson to Acquire Halda Therapeutics Inc.
Johnson & Johnson has agreed to acquire Halda Therapeutics in an all-cash transaction valued at USD 3.05 billion, securing a promising clinical-stage therapy for prostate cancer.
Halda Therapeutics is a clinical-stage biotechnology company developing a novel class of targeted cancer therapies through its proprietary RIPTAC™ platform. The platform brings a tumor-specific protein into proximity with a critical survival protein, selectively disabling it and inducing cancer cell death. Its lead candidate, HLD‑0915, is an oral therapy currently in clinical trials for prostate cancer, with global new diagnoses projected to reach 1.7 million by 2030. Halda’s pipeline also includes early-stage programs targeting breast, lung, and other solid tumors.
The acquisition strengthens Johnson & Johnson’s oncology portfolio, building on nearly two decades of innovation in prostate cancer while introducing a mechanism of action that may help overcome resistance to existing therapies. Halda’s differentiated pipeline, if successful, could provide new treatment options for patients with significant unmet needs.
The transaction is expected to close in the coming months. Centerview Partners LLC is serving as the exclusive financial advisor to Halda.
Deal 4: Intelerad Medical Systems Incorporated (Canada) was acquired by GE HealthCare Technologies Inc. (United States) for USD 2.30 billion.
GE HealthCare Technologies Inc. to Acquire Intelerad Medical Systems Incorporated
GE HealthCare has agreed to acquire Intelerad Medical Systems for USD 2.3 billion in cash as part of its strategy to expand cloud-enabled and AI-driven imaging solutions across a broad range of healthcare settings. The transaction supports GE HealthCare’s ambition to scale its digital and software offerings while strengthening its position in medical imaging informatics.
Intelerad is a medical imaging software company with a strong presence in outpatient and ambulatory care environments. Its cloud-first portfolio serves radiology and cardiology practices and is used across both inpatient and outpatient settings. In addition, Intelerad provides workflow solutions that support clinical research and trial activity, extending its relevance beyond routine diagnostic imaging.
Intelerad’s outpatient-focused footprint is expected to complement GE HealthCare’s in-hospital imaging operations, expanding its reach through a more scalable software-as-a-service model. This combination enhances GE HealthCare’s ability to support providers across the continuum of care.
The transaction combines GE HealthCare’s global medical technology and AI capabilities with Intelerad’s enterprise cloud and imaging software expertise, enabling providers to address evolving clinical and operational needs, simplify workflows, and advance digital transformation, while supporting GE HealthCare’s plan to significantly expand its cloud-enabled offerings by 2028.
GE HealthCare expects Intelerad to generate approximately USD 270 million in revenue in the first full year following completion, with around 90% derived from recurring sources. The acquisition is expected to offer an attractive financial profile, supported by Intelerad’s growth outlook, high recurring revenues, strong margins, and potential synergies.
For Intelerad, access to GE HealthCare’s global scale and established relationships with healthcare decision-makers is expected to accelerate the expansion of its connected imaging software offerings.
The transaction is expected to close in the first half of 2026. Evercore is acting as exclusive financial advisor to GE HealthCare, while UBS Investment Bank is serving in the same role for Intelerad.
Deal 5: CNL Healthcare Properties, Inc. (United States) was acquired by Sonida Senior Living, Inc. (United States) for USD 1.80 billion.
Sonida Senior Living, Inc. to Acquire CNL Healthcare Properties, Inc.
Sonida Senior Living is set to acquire CNL Healthcare Properties through a cash-and-stock transaction valued at approximately USD 1.8 billion. Upon completion, the combined platform is expected to rank as the eighth-largest senior living owner in the United States, with an estimated portfolio of about 14,700 units.
CNL Healthcare Properties is a healthcare-oriented real estate investment trust focused primarily on seniors housing and related care assets. Its portfolio consists of 69 seniors housing communities comprising 7,535 units across 26 states, providing broad geographic coverage.
Once the transaction closes, the combined entity is expected to own 153 independent living, assisted living, and memory care communities, with an enterprise value of roughly USD 3 billion. The two portfolios are complementary, strengthening Sonida’s presence in established submarkets across the South, Southeast, and Midwest, while extending its reach into growth regions such as the Mountain West and Pacific Northwest.
The transaction is anticipated to close in the first or second quarter of 2026, subject to customary approvals. RBC Capital Markets is acting as lead financial advisor to Sonida Senior Living, while KeyBanc Capital Markets is serving as exclusive financial advisor to CNL Healthcare Properties.
December
Health Care
Deal 1: OneOncology, LLC (United States) was acquired by Cencora, Inc. (United States) for USD 5.00 billion.
Cencora, Inc. to Acquire OneOncology, LLC
Cencora has agreed to acquire a majority of the outstanding equity interests it does not already own in OneOncology from TPG, valuing the transaction at approximately USD 5 billion, including debt. OneOncology operates as a physician-led national platform that supports independent oncology-focused medical specialty practices.
OneOncology partners with community oncology groups across the US, providing clinical, operational, and management support. Its platform enables practices to adopt advanced technologies, participate in clinical research, navigate value-based care arrangements, and strengthen practice operations, allowing physicians to maintain independence while enhancing care delivery.
The transaction reinforces Cencora’s pharmaceutical-focused strategy and supports its growth priorities by expanding its specialty solutions through OneOncology’s MSO and clinical capabilities, deepening collaboration with established oncology platforms, and improving patient access to complex therapies.
Following completion, OneOncology’s affiliated practices will retain a minority ownership stake. The transaction is expected to close by the end of Cencora’s fiscal second quarter of 2026. Citi is acting as lead financial advisor to Cencora, with J.P. Morgan Securities LLC also serving as financial advisor.
Deal 2: Amicus Therapeutics, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 4.80 billion.
BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc.
BioMarin is set to acquire rare disease drugmaker Amicus Therapeutics for USD 4.8 billion in cash, marking the largest transaction in BioMarin’s history. The deal is intended to broaden BioMarin’s presence in the rare disease market and support the company’s long-term growth outlook through 2030 and beyond.
Amicus Therapeutics develops and commercializes therapies for a range of rare genetic conditions. Its programs focus on correcting fundamental disease drivers such as protein misfolding and enzyme deficiencies through chaperone-based treatments and gene-directed approaches aimed at improving long-term patient outcomes.
The acquisition enhances BioMarin’s commercial portfolio with the addition of two marketed therapies for lysosomal storage disorders: Galafold (migalastat), an oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) paired with Opfolda (miglustat) for Pompe disease. Amicus also holds U.S. rights to DMX-200, an investigational small molecule in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a severe and progressive kidney disorder.
With BioMarin’s global infrastructure and financial scale, the transaction is expected to enhance the reach and accessibility of Amicus’ therapies across international markets.
The transaction is expected to close in the second quarter of 2026. Morgan Stanley & Co. LLC is serving as lead financial advisor to BioMarin, with J.P. Morgan Securities LLC also advising. Centerview Partners LLC and Goldman Sachs & Co. LLC are advising Amicus.
Deal 3: Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd (United States) was acquired by Shionogi Inc. (Japan) for USD 2.50 billion.
Shionogi Inc. to Acquire Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd.
Tanabe Pharma America has agreed to sell the global rights to RADICAVA®, including markets in Japan, the United States, and Canada, to Shionogi for USD 2.5 billion. The transaction significantly expands Shionogi’s commercial footprint in rare and specialty diseases.
RADICAVA ORS is approved by the U.S. Food and Drug Administration and other global regulatory authorities for the treatment of amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative condition with limited therapeutic options. The oral suspension formulation, together with the previously available intravenous version, has been used by more than 20,000 ALS patients in the United States, underscoring its established clinical and commercial presence.
The acquisition supports Shionogi’s strategy to build scale in high-social-impact, quality-of-life disorders and deepen its position in rare diseases. The company already has active research programs targeting conditions such as Fragile X syndrome, Jordan’s syndrome, and Pompe disease, alongside early-stage rare disease assets recently added to its pipeline. RADICAVA provides an immediate commercial platform that can accelerate the development and launch of future rare disease therapies.
The transaction is expected to be immediately accretive in FY26, contributing approximately USD 700 million in annual global revenue following completion, which is anticipated on or after April 1.
Closing is expected in the second quarter of 2026, subject to customary conditions. Centerview Partners acted as lead financial adviser to Tanabe, with Goldman Sachs also advising. Bank of America served as financial adviser to Bain Capital.
Deal 4: Dynavax Technologies Corporation (United States) was acquired by Sanofi (France) for USD 2.20 billion.
Sanofi to Acquire Dynavax Technologies Corporation
Sanofi will acquire Dynavax Technologies in an all-cash transaction valued at USD 2.2 billion, or USD 15.50 per share. The acquisition strengthens Sanofi’s vaccines franchise by adding a commercially established adult hepatitis B vaccine alongside an early-stage shingles program, combining immediate revenue contribution with longer-term pipeline potential.
Dynavax focuses on the development and commercialization of vaccines for serious infectious diseases and currently markets HEPLISAV-B, which is approved in the United States, the European Union, and the United Kingdom for the prevention of hepatitis B infection in adults aged 18 and older. The acquisition also includes Dynavax’s shingles vaccine candidate, Z-1018, which is in Phase 1/2 clinical development, along with additional vaccine research programs.
By integrating Dynavax into its global vaccines platform, Sanofi is positioned to scale the commercial reach of HEPLISAV-B while advancing the development of Z-1018 and other pipeline programs. Sanofi’s global infrastructure, development expertise, and focus on evidence-based immunization are expected to accelerate clinical progress and expand patient access across key markets.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.
Deal 5: Swixx Biopharma SA (Switzerland) was acquired by SK Capital Partners, LP (United States) for USD 1.80 billion.
SK Capital Partners, LP to Acquire Swixx Biopharma SA
SK Capital Partners has agreed to acquire a majority stake in Swixx BioPharma in a transaction valued at approximately EUR 1.5 billion (USD 1.8 billion). The investment is intended to support Swixx’s next phase of growth and accelerate its international expansion.
Swixx BioPharma provides commercialization, distribution, and market access services to innovative pharmaceutical companies, enabling the launch and scaling of specialty medicines across Central and Eastern Europe, Greece, Eurasia, several CIS countries, the Middle East, and Latin America. Operating in 45 countries, the company has built a rapidly expanding platform, with annual sales expected to exceed EUR 1.3 billion by 2026.
The partnership brings additional capital and sector expertise to support Swixx’s expansion strategy while reinforcing its role as a long-term partner to global biopharmaceutical companies seeking efficient, outsourced solutions in complex and emerging markets.
Following completion of the transaction, SK Capital will become Swixx’s lead investor. The company’s founders, along with existing private equity shareholders HBM Healthcare Investments and Mérieux Equity Partners, will reinvest alongside SK Capital and retain board representation, ensuring continuity in governance and strategy.
The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Jefferies acted as lead financial adviser to Swixx BioPharma, with Centerview Partners also advising. Rothschild & Co. is serving as sole financial adviser to SK Capital.
M&A Activity in the Pharmaceutical and Biotechnology Industry
The top global M&A deals in this industry list includes companies engaged in drug development, biotechnological research, and the production of pharmaceutical products, aiming to advance medical science and patient care.
July
Pharmaceutical and Biotechnology
Deal 1: Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company (United States) was acquired by Waters Corporation (United States) for USD 17.50 billion.
Waters Corporation to Acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company
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 2: Verona Pharma plc (United Kingdom) was acquired by Merck Sharp & Dohme LLC (United States) for USD 10.00 billion.
Merck Sharp & Dohme LLC to Acquire Verona Pharma plc
Merck, known as MSD outside the U.S. and Canada, is strengthening its presence in cardio-pulmonary care with a USD 10 billion acquisition of Verona Pharma. The move reflects Merck’s strategic focus on expanding its pipeline of innovative therapies for chronic respiratory conditions.
Verona Pharma, a UK-based clinical-stage biopharmaceutical company, specializes in inhaled treatments for respiratory diseases. Its lead product, ensifentrine—commercialized as Ohtuvayre—is a dual PDE3 and PDE4 inhibitor designed to improve breathing and reduce inflammation in patients with chronic obstructive pulmonary disease (COPD). Following its U.S. FDA approval in 2024, Ohtuvayre has experienced strong uptake and is also being studied for its potential in treating non-cystic fibrosis bronchiectasis.
By combining Merck’s commercial reach and clinical development expertise with Verona’s innovation in respiratory care, the acquisition is expected to accelerate the global impact of Ohtuvayre and support access to more patients living with COPD and related conditions.
The agreement has received unanimous approval from both companies’ boards and is anticipated to close by the end of 2025, subject to customary regulatory approvals. Merck was advised by Citi and Morgan Stanley & Co. LLC, while enterview Partners LLC served as Verona Pharma’s exclusive financial advisor.
Deal 3: Bavarian Nordic A/S (Denmark) was acquired by Permira Advisers Ltd. (United Kingdom), and Nordic Capital Epsilon Sca Sicav-raif (Sweden) for USD 3.00 billion.
Permira Advisers Ltd.; Nordic Capital Epsilon Sca Sicav-raif to Acquire Bavarian Nordic A/S
Denmark-based biotechnology company Bavarian Nordic is being acquired by a consortium led by Nordic Capital and Permira in an all-cash deal valued at USD 3 billion.
Bavarian Nordic develops, manufactures, and markets vaccines and immunotherapies, with a strong focus on infectious diseases and cancer immunology. Its portfolio includes vaccines for smallpox, monkeypox, rabies, and other viral threats, along with research programs targeting respiratory and emerging infectious diseases. The company also supplies vaccines to governments and international health organizations.
The acquisition follows Bavarian Nordic’s recent launch of the first of two clinical trials for MVA-BN, a vaccine candidate for mpox and smallpox, which is being tested in infants under two years of age as well as in pregnant and breastfeeding women.
Nordic Capital and Permira see Bavarian Nordic as a company in the midst of a strategic transformation, with considerable potential to expand its portfolio of travel and endemic vaccines. Under private ownership, the consortium intends to enhance the company’s commercial reach, accelerate innovation, and reinforce its long-term strategy through focused investments in R&D and acquisitions.
The transaction remains subject to customary closing conditions and is expected to be finalized by the fourth quarter of 2025. Citi and Nordea are serving as financial advisors to Bavarian Nordic.
Deal 4: AmWiner & Raphe Holdings, LLC (United States) was acquired by Bachem Americas, Inc. (United States) for USD 2.30 billion.
Bachem Americas, Inc. to Acquire AmWiner & Raphe Holdings, LLC
Swiss biotechnology company Bachem, through its subsidiary Bachem Americas, has acquired AmWiner & Raphe in a transaction valued at USD 2.3 billion, marking one of the largest deals in the peptide therapeutics sector this year.
AmWiner & Raphe is a contract development and manufacturing organization (CDMO) specializing in peptides and related pharmaceuticals, offering services from custom peptide synthesis to large-scale active pharmaceutical ingredient (API) production. The company manufactures critical peptide-based therapies, including tirzepatide and semaglutide, both with FDA-approved manufacturing status, supporting research and commercial supply needs.
The acquisition enables Bachem to merge its established manufacturing expertise with AmWiner’s innovative pipeline, reinforcing its ambition to lead the expanding market for peptide-based medications and strengthen its global footprint in pharmaceutical manufacturing. The deal also leverages the capabilities of the Tirzepatide Pharm Corporation, enhancing Bachem’s reach in high-demand therapeutic areas.
Strategically, the acquisition positions Bachem to compete more effectively with established CDMOs, such as Corden Pharma, and could reshape competitive dynamics with major pharmaceutical companies, including Eli Lilly.
The integration of AmWiner into Bachem’s operations is expected to maximize synergies, streamline processes, and generate substantial cost efficiencies, reinforcing Bachem’s strategic growth in peptide-based therapeutics worldwide.
Deal 5: Vicebio Limited (United Kingdom) was acquired by Sanofi (France) for USD 1.60 billion.
Sanofi to Acquire Vicebio Limited
Global pharmaceutical company Sanofi is poised to acquire Vicebio, a privately owned biotechnology firm based in the UK, in a transaction valued at up to USD 1.6 billion, including an upfront payment of USD 1.15 billion and additional milestone payments of up to USD 450 million. The acquisition strengthens Sanofi’s respiratory vaccine portfolio and enhances its capabilities in developing innovative preventive solutions.
Vicebio focuses on advanced vaccines for respiratory viral infections, utilizing its proprietary Molecular Clamp technology to stabilize viral proteins in their natural form. This approach improves immune responses and allows for high-yield, ready-to-use vaccine production. Its lead candidate, VXB-241, is a bivalent vaccine targeting Respiratory Syncytial Virus (RSV) and human metapneumovirus (hMPV), viruses that pose significant risks to vulnerable populations.
The acquisition complements Sanofi’s existing presence in influenza and RSV prevention and allows the company to offer a broader range of options for RSV and hMPV, including a non-mRNA vaccine approach. In addition, Sanofi will gain access to Molecular Clamp technology, which can support the development of next-generation multivalent vaccines against respiratory pathogens and other infectious diseases.
The transaction is expected to be finalized in the fourth quarter of 2025.
August
Pharmaceutical and Biotechnology
Deal 1: Y-mAbs Therapeutics, Inc. (United States) was acquired by SERB S.A.S. (France) for USD 412.00 million.
SERB S.A.S. to Acquire Y-mAbs Therapeutics, Inc.
SERB Pharmaceuticals, a global specialty pharmaceutical company, has announced plans to acquire Y-mAbs Therapeutics in an all-cash transaction valued at USD 412 million, reinforcing its strategic focus on rare oncology.
Y-mAbs Therapeutics is a biopharmaceutical company focused on developing antibody-based therapies for cancer in both pediatric and adult patients. Its FDA-approved therapy, DANYELZA (naxitamab), is indicated for certain patients with relapsed or refractory high-risk neuroblastoma. Alongside its commercial product, the company is advancing a pipeline of innovative candidates, including radioimmunotherapy and antibody platforms targeting tumor antigens such as GD2 and B7-H3.
SERB’s portfolio currently spans rare emergency care, orphan diseases, and CBRN preparedness, with its medicines supplied to healthcare providers worldwide. The addition of Y-mAbs and its flagship therapy DANYELZA will broaden SERB’s rare oncology portfolio while supporting long-term growth in specialized therapeutic areas.
The deal is expected to close in the fourth quarter of 2025. Rothschild & Co. is serving as exclusive financial advisor to SERB, while Centerview Partners is advising Y-mAbs.
Deal 2: scPharmaceuticals Inc. (United States) was acquired by MannKind Corporation (United States) for USD 360.00 billion.
MannKind Corporation to Acquire scPharmaceuticals Inc.
MannKind Corp is expanding its Cardiometabolic and Lung portfolio through the acquisition of scPharmaceuticals in a transaction valued at USD 360 million.
scPharmaceuticals addresses critical needs in cardiovascular and infectious diseases, with its lead product FUROSCIX. This on-body infusor delivers subcutaneous furosemide, offering heart failure and chronic kidney disease patients an alternative to traditional intravenous diuretics. The company is also advancing a pipeline of self-administered medicines aimed at improving access, lowering costs, and enhancing patient-centered care.
The acquisition supports MannKind’s strategy to build a diverse and sustainable portfolio, reinforcing its commitment to cardiometabolic conditions and orphan lung diseases. With new products and indication expansions on the horizon, the combined company is positioned to drive stronger growth and expand its long-term revenue base.
MannKind plans to capitalize on its existing commercial infrastructure and expertise to support FUROSCIX’s adoption in chronic kidney disease, while maintaining the momentum scPharmaceuticals has achieved in chronic heart failure. The addition of scPharmaceuticals’ team and capabilities will further strengthen MannKind’s ability to scale and deliver innovative solutions to patients.
The deal, expected to close in the fourth quarter of 2025, follows MannKind’s financing arrangement with Blackstone, which secured up to USD 500 million to support pipeline growth, commercial expansion, and targeted acquisitions.
Deal 3: Interius BioTherapeutics, Inc. (United States) was acquired by Kite Pharma, Inc. (United States) for USD 350.00 billion.
Kite Pharma, Inc. to Acquire Interius BioTherapeutics, Inc.
Kite Pharma is set to acquire Interius BioTherapeutics, a clinical-stage biotechnology company focused on developing in vivo CAR therapies, in a deal valued at USD 350 million.
Interius BioTherapeutics specializes in next-generation gene therapies using its proprietary lentiviral vector platform. Its technology allows the direct generation of chimeric antigen receptor T-cells and natural killer cells inside the patient through intravenous infusion, eliminating the need for preconditioning chemotherapy and complex ex vivo cell processing. The company is advancing multiple programs, including its lead candidate INT2104, which targets B-cell malignancies, and is conducting clinical trials to assess safety and efficacy.
The acquisition strengthens Kite’s position in cell therapy by integrating Interius’s in vivo platform. This approach enables CAR T-cells to be produced directly within patients, potentially providing more durable therapeutic effects and simplifying treatment delivery through a single, off-the-shelf infusion without the challenges of traditional CAR T-cell manufacturing.
With Kite’s global infrastructure and expertise, Interius is well-positioned to accelerate development across multiple therapeutic areas, broaden patient access, and deliver innovative treatments to those in need.
TD Cowen is serving as exclusive financial advisor to Kite, while Evercore is advising Interius.
Deal 4: Melinta Therapeutics, LLC (United States) was acquired by CorMedix Inc. (United States) for USD 325.00 billion.
CorMedix Inc. to Acquire Melinta Therapeutics, LLC
CorMedix has agreed to acquire Melinta Therapeutics in a transaction valued at up to USD 325 million, significantly enhancing and diversifying its commercial product portfolio.
Melinta Therapeutics is a commercial-stage biopharmaceutical company dedicated to developing and commercializing innovative therapies for acute and life-threatening conditions, with a strong focus on infectious diseases. Its portfolio includes seven marketed products addressing bacterial, fungal, and cardiovascular conditions: BAXDELA (delafloxacin), KIMYRSA (oritavancin), MINOCIN (minocycline) for injection, ORBACTIV (oritavancin), REZZAYO (rezafungin), TOPROL-XL (metoprolol succinate), and VABOMERE (meropenem/vaborbactam).
The acquisition marks a strategic milestone for CorMedix, positioning the company as a fully diversified specialty pharmaceutical firm with an extensive range of commercial and pipeline assets, particularly in acute care and anti-infective therapies.
Moelis & Company LLC is serving as exclusive financial advisor to CorMedix.
Deal 5: Pillar5 Pharma Inc. (Canada) was acquired by Prestige Consumer Healthcare Inc. (United States) for USD 109.50 billion.
Prestige Consumer Healthcare Inc. to Acquire Pillar5 Pharma Inc.
Prestige Consumer Healthcare has acquired Pillar5 Pharma, its key supplier for the Clear Eyes brand, in a transaction valued at CAD 150 million (USD 109.5 million) as part of a long-term strategy to expand eye care production capacity.
Pillar5 Pharma is a leading Canadian Contract Development and Manufacturing Organization (CDMO) specializing in sterile ophthalmic solutions as well as solid dose pharmaceuticals, including tablets and capsules. Clear Eyes represents Pillar5’s largest revenue contributor.
The acquisition allows Prestige to eliminate its reliance on external suppliers, giving the company full control over a critical component of its supply chain. By integrating Pillar5’s operations, Prestige gains direct access to a facility that produces approximately 90% of its sterile ophthalmic products, reducing risks related to geopolitical issues, regulatory delays, and quality control challenges.
The transaction is expected to close in the third quarter of fiscal 2026.
September
Pharmaceutical and Biotechnology
Deal 1: Merus N.V. (Netherlands) was acquired by Genmab A/S (Denmark) for USD 8.00 billion.
Genmab A/S to Acquire Merus N.V.
Denmark-based Genmab announced its plan to acquire Dutch biotechnology company Merus N.V. in a USD 8 billion deal that will strengthen its oncology pipeline and expand its portfolio of antibody-based cancer therapies.
Merus is a clinical-stage biotechnology company focused on developing multispecific antibody therapies for cancer. Through its proprietary Biclonics® platform, it designs full-length antibodies capable of targeting multiple tumor-related antigens, with the goal of improving treatment effectiveness and patient outcomes. Its leading drug candidate, petosemtamab, is in Phase 3 trials for head and neck cancer, while another program, zenocutuzumab, targets cancers driven by NRG1 gene fusions.
The acquisition supports Genmab’s strategic shift toward a fully owned operating model, enhancing its revenue diversity and long-term growth potential. Incorporating petosemtamab into Genmab’s late-stage portfolio aligns closely with its expertise in antibody innovation, development, and commercialization, reinforcing its position in the global oncology market.
Genmab expects the potential launch of petosemtamab in 2027, subject to clinical results and regulatory clearance, and plans to extend its use into earlier treatment settings. The company anticipates the therapy will begin contributing to EBITDA after approval, generating at least USD 1 billion in annual sales by 2029, with significant revenue growth potential beyond that period.
The transaction is expected to close in the first quarter of 2026. PJT Partners and Morgan Stanley & Co. International plc are serving as joint financial advisors to Genmab, while Jefferies LLC is acting as financial advisor to Merus.
Deal 2: Metsera, Inc. (United States) was acquired by Pfizer Inc. (United States) for USD 7.30 billion.
Pfizer Inc. to Acquire Metsera, Inc.
Pfizer has announced plans to acquire Metsera, a biotechnology company focused on weight-loss therapies, in a transaction valued at USD 7.3 billion, including future milestone payments. The acquisition is intended to strengthen Pfizer’s presence in the fast-growing obesity drug market and expand its pipeline of metabolic treatments.
Metsera’s pipeline includes injectable and oral drug candidates targeting GLP-1 and related hormone pathways, designed to improve efficacy, safety, and treatment convenience over existing options. Among its leading assets is MET-233i, an investigational amylin analog that produced up to 8.4% placebo-adjusted weight loss within 36 days in an early-stage trial. Metsera is advancing this therapy as a potential once-monthly injectable and is also progressing other candidates, including oral GLP-1 programs that are preparing to enter clinical studies.
For Pfizer, the transaction provides a new entry point into obesity treatments after discontinuing development of danuglipron due to safety and tolerability issues. The acquisition underscores Pfizer’s shift toward external innovation to access next-generation obesity therapies with differentiated profiles.
The transaction is expected to close by year-end, subject to customary approvals. Citi is serving as Pfizer’s financial advisor, while Metsera is being advised by Goldman Sachs, Guggenheim Securities, BofA Securities, and Allen & Company.
Deal 3: Zentiva Group, a.s. (Czech Republic) was acquired by GTCR LLC (United States) for USD 4.80 billion.
GTCR LLC to Acquire Zentiva Group, a.s.
Zentiva, a leading European generics pharmaceutical company, is set to be acquired by private equity firm GTCR for USD 4.8 billion from Advent International.
Based in the Czech Republic, Zentiva specializes in developing, manufacturing, and marketing generic and value-added medicines. Its broad product portfolio spans prescription and over-the-counter treatments across major therapeutic areas such as cardiovascular, central nervous system, and gastrointestinal treatments, serving markets in more than 30 countries across Europe and beyond.
GTCR, with its strong track record in the pharmaceutical sector, intends to work closely with Zentiva’s management to drive growth through innovation, strategic acquisitions, and operational improvements, supporting the company’s next stage of development.
The deal is expected to close in early 2026. Advent was advised by Goldman Sachs and PJT Partners, while GTCR was supported by Barclays Bank PLC, BNP Paribas, and Morgan Stanley & Co. LLC as financial advisors.
Deal 4: 89bio, Inc. (United States) was acquired by Roche Holding AG (Switzerland) for USD 3.50 billion.
Roche Holding AG to Acquire 89bio, Inc.
Roche has agreed to acquire 89bio, a biopharmaceutical company focused on therapies for liver and cardiometabolic diseases, in a deal valued at up to USD 3.5 billion. The transaction supports Roche’s goal of strengthening its research and development pipeline with innovative approaches to metabolic diseases.
89bio’s lead candidate, pegozafermin, is a fibroblast growth factor 21 (FGF21) analog designed to treat metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Its dual anti-fibrotic and anti-inflammatory effects, combined with a favorable safety profile, position it to address pressing medical needs linked to lipid abnormalities and metabolic dysfunction.
The acquisition highlights Roche’s commitment to advancing cardiovascular, renal, and metabolic disease (CVRM) therapies, particularly for patients managing obesity, overweight, and related complications such as MASH. Pegozafermin’s distinct mechanism of action positions it for potential use in combination therapies with incretins, offering new synergies within Roche’s CVRM portfolio.
The transaction is expected to close in the fourth quarter of 2025. Citi is acting as financial advisor to Roche, while Moelis & Company LLC and Centerview Partners LLC are advising 89bio.
Deal 5: Tourmaline Bio, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.40 billion.
Novartis AG to Acquire Tourmaline Bio, Inc.
Novartis will acquire Tourmaline Bio in a transaction valued at USD 1.4 billion, marking a major step in expanding its cardiovascular inflammation portfolio. The acquisition aligns with Novartis’ strategy to strengthen its presence in cardiovascular care by adding innovative therapies that target inflammation, a key factor contributing to the development and progression of cardiovascular diseases.
Tourmaline Bio focuses on developing therapies for immune and inflammatory conditions. Its lead candidate, pacibekitug (TOUR006), is a fully human anti-IL-6 monoclonal antibody designed to reduce systemic inflammation. The treatment is being evaluated for use in conditions such as atherosclerotic cardiovascular disease and thyroid eye disease, both driven by inflammatory processes.
Inflammation is a critical contributor to cardiovascular disease, and pacibekitug has the potential to improve outcomes for patients affected by inflammation driven disorders. The acquisition will allow Novartis to build on Tourmaline’s scientific progress and strengthen its cardiovascular research pipeline.
The transaction is expected to close in the fourth quarter of 2025, with Leerink Partners serving as the exclusive financial advisor to Tourmaline Bio.
October
Pharmaceutical and Biotechnology
Deal 1: Avidity Biosciences, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 12.00 billion.
Novartis AG to Acquire Avidity Biosciences, Inc.
Swiss pharmaceutical company Novartis will acquire US-based biopharmaceutical firm Avidity Biosciences in a deal valued at USD 12 billion. The acquisition strengthens Novartis’ neuroscience portfolio with three late-stage programs targeting genetic neuromuscular diseases.
Avidity Biosciences develops RNA-based therapeutics for rare muscular and other serious disorders through its proprietary Antibody Oligonucleotide Conjugate (AOC) platform. This technology merges the targeting precision of monoclonal antibodies with the therapeutic potential of oligonucleotides, enabling the precise delivery of RNA medicines to specific tissues such as muscle cells.
Through the acquisition, Novartis will gain access to Avidity’s differentiated RNA-targeting platform and its late-stage clinical assets, including delpacibart zotadirsen (del-zota) for Duchenne muscular dystrophy, delpacibart etedesiran (del-desiran) for myotonic dystrophy type 1, and delpacibart braxlosiran (del-brax) for facioscapulohumeral muscular dystrophy.
The transaction is expected to expand Novartis’ leadership in genetic neuromuscular diseases, complementing its experience in spinal muscular atrophy and enhancing its commercialization capabilities. The deal also positions Novartis to capture multi-billion-dollar opportunities with anticipated product launches before 2030. Before completion, Avidity will spin off its early-stage precision cardiology programs into a separate company (“SpinCo”).
The acquisition is anticipated to close in the first half of 2026. Goldman Sachs & Co. LLC and Barclays Capital Inc. are serving as financial advisors to Avidity.
Deal 2: Akero Therapeutics, Inc. (United States) was acquired by Novo Nordisk A/S (Denmark) for USD 5.20 billion.
Novo Nordisk A/S to Acquire Akero Therapeutics, Inc.
Novo Nordisk has announced plans to acquire Akero Therapeutics in a transaction valued at up to USD 5.2 billion, strengthening its position in metabolic and liver disease treatment.
Akero Therapeutics is a clinical-stage biotechnology company developing treatments for severe metabolic conditions, with a main focus on nonalcoholic steatohepatitis (NASH). Its lead candidate, efruxifermin (EFX), is a long-acting analog of fibroblast growth factor 21 (FGF21) that aims to improve liver health by reducing fat accumulation, inflammation, and fibrosis while enhancing insulin sensitivity and lipid regulation. The therapy is designed as a once-weekly injectable treatment targeting the underlying metabolic dysfunction associated with NASH and related diseases.
Akero’s EFX program, which targets metabolic dysfunction-associated steatohepatitis (MASH), will complement Novo Nordisk’s expertise in GLP-1–based metabolic therapies. The acquisition will enable Novo Nordisk to leverage its global capabilities in cardiovascular and metabolic diseases to advance EFX through Phase 3 trials under the SYNCHRONY program, support commercialization efforts, and accelerate access to treatment for patients worldwide.
The transaction is expected to close by the end of the year, subject to customary approvals. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Akero Therapeutics.
Deal 3: Avadel Pharmaceuticals plc (Ireland) was acquired by Alkermes plc (Ireland) for USD 2.10 billion.
Alkermes plc to Acquire Avadel Pharmaceuticals plc
Alkermes, a global biopharmaceutical company specializing in neuroscience therapies, has agreed to acquire Avadel Pharmaceuticals for USD 2.1 billion, adding Avadel’s narcolepsy drug LUMRYZ to its portfolio.
Headquartered in Dublin, Avadel develops and commercializes innovative therapies for sleep disorders. Its FDA-approved LUMRYZ, the first once-at-bedtime oxybate therapy for narcolepsy, has seen strong uptake since its 2023 launch, with approximately 3,100 patients on treatment as of June 30, 2025.
The acquisition advances Alkermes’ strategic expansion into the sleep medicine market and positions the company to accelerate development of alixorexton, its orexin 2 receptor agonist candidate for narcolepsy and idiopathic hypersomnia, as it moves toward Phase 3 clinical trials.
Integrating Avadel’s operations is expected to generate cost synergies and operational efficiencies, supporting Alkermes’ preparation for the potential commercial launch of alixorexton.
The transaction is projected to provide immediate financial benefits and boost Alkermes’ revenue growth and profitability, with completion expected in the first quarter of 2026. J.P. Morgan is serving as exclusive financial advisor to Alkermes, while Morgan Stanley and Goldman Sachs are advising Avadel.
Deal 4: Orbital Therapeutics, Inc. (United States) was acquired by Bristol-Myers Squibb Company (United States) for USD 1.50 billion.
Bristol-Myers Squibb Company to Acquire Orbital Therapeutics, Inc.
Pharmaceutical giant Bristol Myers Squibb is expanding its cell therapy portfolio through the acquisition of Orbital Therapeutics in an all-cash transaction valued at USD 1.5 billion.
Orbital Therapeutics specializes in next-generation in vivo RNA therapies that reprogram the immune system using circular and linear RNA, targeted delivery platforms, and AI-guided design. Its lead program, OTX‑201, is an in vivo CAR‑T therapy delivering a CD19 CAR for autoimmune diseases, representing a novel approach to immune modulation.
Through this acquisition, Bristol Myers Squibb gains access to Orbital’s proprietary RNA technology, which integrates advanced RNA engineering, delivery systems, and artificial intelligence to develop customizable therapies across a range of diseases.
The transaction adds Orbital’s RNA-based capabilities to Bristol Myers Squibb’s existing cell therapy portfolio and represents a notable step forward for Orbital in advancing RNA-focused drug development.
Covington & Burling LLP is providing legal counsel to Bristol Myers Squibb, while Centerview Partners LLC serves as the exclusive financial advisor to Orbital Therapeutics.
Deal 5: RF Acquisition Corp II (Singapore) was acquired by Nanyang Biologics Pte. Ltd. (Singapore) for USD 1.50 billion.
Nanyang Biologics Pte. Ltd. to Acquire RF Acquisition Corp II
Singapore-based Nanyang Biologics (NYB) is pursuing a public listing through its acquisition of SPAC RF Acquisition Corp II in a transaction valued at USD 1.5 billion.
NYB is an AI-driven drug discovery and biotechnology company built around its flagship Vecura AI platform, which uses the proprietary DTIGN engine to translate complex biochemical data into viable drug candidates, helping reduce development time and research costs. The company holds a growing portfolio of patents across its therapeutic pipeline and proprietary nutraceuticals, including NB-B101 for solid tumors, NB-C201 for cardiovascular health, and NB-C301 for mental health, all of which are currently in preclinical development.
NYB’s broader pipeline leverages Asia’s biodiversity, with programs spanning oncology, cardiovascular conditions, and mental health therapeutics.
For RF Acquisition Corp II, the transaction reflects confidence in NYB’s potential to deliver long-term value for patients, shareholders, and the healthcare ecosystem as the company prepares to enter public markets and advance its innovation-driven strategy.
The deal is slated to close in the first or second quarter of 2026. EarlyBirdCapital, Inc. advises RF Acquisition Corp II, and Ortoli Rosenstadt LLP serves as NYB’s U.S. counsel.
November
Pharmaceutical and Biotechnology
Deal 1: Exact Sciences Corporation (United States) was acquired by Abbott Laboratories (United States) for USD 21.00 billion.
Abbott Laboratories to Acquire Exact Sciences Corporation
Global healthcare company Abbott has announced its acquisition of Exact Sciences in a USD 21 billion deal, making it one of Abbott’s largest transactions in nearly a decade. The move strengthens Abbott’s presence in diagnostics and expands its footprint into oncology-focused testing.
Exact Sciences is a molecular diagnostics company known for its non-invasive cancer screening technologies. Its portfolio includes established products like Cologuard and Oncotype DX, alongside newer innovations such as Cancerguard for multi-cancer early detection and Oncodetect for monitoring molecular residual disease and recurrence. The company uses advanced DNA and biomarker analysis to improve the accuracy and accessibility of early cancer detection, supporting better patient outcomes.
The company is expected to generate more than USD 3 billion in revenue this year and perform over 5 million tests, with the majority of its operations concentrated in the United States.
The purchase introduces a new vertical for Abbott, providing a strong foothold in the fast-growing USD 60 billion U.S. cancer-screening and precision oncology diagnostics market. Combined, the companies aim to accelerate innovation, broaden access to advanced diagnostics, and help more patients detect and manage cancer at earlier, more treatable stages.
The transaction is targeted to close in the second quarter of 2026. Morgan Stanley is acting as Abbott’s exclusive financial advisor, while Centerview Partners LLC and XMS Capital Partners, LLC are advising Exact Sciences.
Deal 2: Cidara Therapeutics, Inc. (United States) was acquired by Merck Sharp & Dohme LLC (United States) for USD 9.20 billion.
Merck Sharp & Dohme LLC to Acquire Cidara Therapeutics, Inc.
Merck has announced an all-cash acquisition of Cidara Therapeutics valued at USD 9.2 billion, or USD 221.50 per share, broadening its portfolio to include a late-stage antiviral asset.
San Diego–based Cidara Therapeutics develops long-acting therapies targeting infectious diseases. Its pipeline features rezafungin, a once-weekly antifungal, and CD388, a long-acting antiviral created using the company’s proprietary Cloudbreak™ platform, designed to provide enhanced protection against influenza and other viral infections. CD388 has received FDA Breakthrough Therapy and Fast Track designations, highlighting its potential as a transformative antiviral treatment.
The deal complements Merck’s respiratory pipeline at a time when influenza continues to be a major public health concern, causing significant illness and mortality, particularly among older adults and immunocompromised populations.
The deal is expected to close in the first quarter of 2026. BofA Securities, Inc. advised Merck, while Evercore and Goldman Sachs & Co. LLC served as financial advisors to Cidara Therapeutics.
Deal 3: Halda Therapeutics Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 3.05 billion.
Johnson & Johnson to Acquire Halda Therapeutics Inc.
Johnson & Johnson has agreed to acquire Halda Therapeutics in an all-cash transaction valued at USD 3.05 billion, securing a promising clinical-stage therapy for prostate cancer.
Halda Therapeutics is a clinical-stage biotechnology company developing a novel class of targeted cancer therapies through its proprietary RIPTAC™ platform. The platform brings a tumor-specific protein into proximity with a critical survival protein, selectively disabling it and inducing cancer cell death. Its lead candidate, HLD‑0915, is an oral therapy currently in clinical trials for prostate cancer, with global new diagnoses projected to reach 1.7 million by 2030. Halda’s pipeline also includes early-stage programs targeting breast, lung, and other solid tumors.
The acquisition strengthens Johnson & Johnson’s oncology portfolio, building on nearly two decades of innovation in prostate cancer while introducing a mechanism of action that may help overcome resistance to existing therapies. Halda’s differentiated pipeline, if successful, could provide new treatment options for patients with significant unmet needs.
The transaction is expected to close in the coming months. Centerview Partners LLC is serving as the exclusive financial advisor to Halda.
Deal 4: Selected assets of Laboratoire Provence Canada Inc (Canada) was acquired by Crescita Therapeutics Inc. (Canada) for USD 549.00 million.
Crescita Therapeutics Inc. to Acquire Selected assets of Laboratoire Provence Canada Inc
Canadian dermatology company Crescita Therapeutics has agreed to acquire selected assets from Quebec-based Laboratoire Provence-Canada (LPC), a developer and manufacturer of cosmetics and natural health products, for USD 549 million.
The assets acquired include receivables, inventory, manufacturing equipment, customer relationships, and the intellectual property for the Bacti Control® brand. Bacti Control is a consumer hygiene brand offering disinfecting and cleaning products such as sprays, wipes, and sanitizers for personal and household use. For the year ended December 31, 2024, the brand generated approximately CAD 900,000 in sales.
Alongside the acquisition, Crescita has secured an exclusive five-year supply agreement to manufacture products for one of LPC’s largest customers previously served through its contract manufacturing operations.
Strategically, the transaction enables Crescita to integrate revenue-generating assets into its existing manufacturing platform, supporting higher production volumes, improved plant utilization, and greater operational efficiency by leveraging its in-house manufacturing capabilities.
Deal 5: SixPeaks Bio AG (Switzerland) was acquired by AstraZeneca PLC (United Kingdom) for USD 300.00 million.
AstraZeneca PLC to Acquire SixPeaks Bio AG
AstraZeneca has completed the acquisition of Swiss obesity-focused biotech SixPeaks Bio for a total consideration of up to USD 300 million. The deal consists of USD 170 million paid upfront, USD 30 million in deferred consideration, and up to USD 100 million tied to future development and regulatory milestones.
SixPeaks Bio is a Switzerland-based biotechnology company developing therapies for metabolic diseases, with a particular focus on supporting weight loss while preserving muscle mass. Its pipeline centers on antibody-based and conjugate drug candidates targeting biological pathways that regulate muscle and fat metabolism.
The company was launched in 2024 with USD 30 million in initial funding, alongside a strategic partnership with AstraZeneca that included up to USD 80 million in additional financing and provided AstraZeneca with an option to acquire the business at a pre-agreed valuation.
The acquisition aligns with AstraZeneca’s broader effort to position obesity as a chronic metabolic condition requiring medical intervention rather than a cosmetic concern. While AstraZeneca does not currently market dedicated obesity treatments, it has longstanding experience in incretin-based therapies through products such as the GLP-1 drug Bydureon and has identified weight management as a priority growth area. The company now has three obesity-related drug candidates in Phase II clinical development.
December
Pharmaceutical and Biotechnology
Deal 1: Amicus Therapeutics, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 4.80 billion.
BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc.
BioMarin is set to acquire rare disease drugmaker Amicus Therapeutics for USD 4.8 billion in cash, marking the largest transaction in BioMarin’s history. The deal is intended to broaden BioMarin’s presence in the rare disease market and support the company’s long-term growth outlook through 2030 and beyond.
Amicus Therapeutics develops and commercializes therapies for a range of rare genetic conditions. Its programs focus on correcting fundamental disease drivers such as protein misfolding and enzyme deficiencies through chaperone-based treatments and gene-directed approaches aimed at improving long-term patient outcomes.
The acquisition enhances BioMarin’s commercial portfolio with the addition of two marketed therapies for lysosomal storage disorders: Galafold (migalastat), an oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) paired with Opfolda (miglustat) for Pompe disease. Amicus also holds U.S. rights to DMX-200, an investigational small molecule in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a severe and progressive kidney disorder.
With BioMarin’s global infrastructure and financial scale, the transaction is expected to enhance the reach and accessibility of Amicus’ therapies across international markets.
The transaction is expected to close in the second quarter of 2026. Morgan Stanley & Co. LLC is serving as lead financial advisor to BioMarin, with J.P. Morgan Securities LLC also advising. Centerview Partners LLC and Goldman Sachs & Co. LLC are advising Amicus.
Deal 2: Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd (United States) was acquired by Shionogi Inc. (Japan) for USD 2.50 billion.
Shionogi Inc. to Acquire Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd
Tanabe Pharma America has agreed to sell the global rights to RADICAVA®, including markets in Japan, the United States, and Canada, to Shionogi for USD 2.5 billion. The transaction significantly expands Shionogi’s commercial footprint in rare and specialty diseases.
RADICAVA ORS is approved by the U.S. Food and Drug Administration and other global regulatory authorities for the treatment of amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative condition with limited therapeutic options. The oral suspension formulation, together with the previously available intravenous version, has been used by more than 20,000 ALS patients in the United States, underscoring its established clinical and commercial presence.
The acquisition supports Shionogi’s strategy to build scale in high-social-impact, quality-of-life disorders and deepen its position in rare diseases. The company already has active research programs targeting conditions such as Fragile X syndrome, Jordan’s syndrome, and Pompe disease, alongside early-stage rare disease assets recently added to its pipeline. RADICAVA provides an immediate commercial platform that can accelerate the development and launch of future rare disease therapies.
The transaction is expected to be immediately accretive in FY26, contributing approximately USD 700 million in annual global revenue following completion, which is anticipated on or after April 1.
Closing is expected in the second quarter of 2026, subject to customary conditions. Centerview Partners acted as lead financial adviser to Tanabe, with Goldman Sachs also advising. Bank of America served as financial adviser to Bain Capital.
Deal 3: Dynavax Technologies Corporation (United States) was acquired by Sanofi (France) for USD 2.20 billion.
Sanofi to Acquire Dynavax Technologies Corporation
Sanofi will acquire Dynavax Technologies in an all-cash transaction valued at USD 2.2 billion, or USD 15.50 per share. The acquisition strengthens Sanofi’s vaccines franchise by adding a commercially established adult hepatitis B vaccine alongside an early-stage shingles program, combining immediate revenue contribution with longer-term pipeline potential.
Dynavax focuses on the development and commercialization of vaccines for serious infectious diseases and currently markets HEPLISAV-B, which is approved in the United States, the European Union, and the United Kingdom for the prevention of hepatitis B infection in adults aged 18 and older. The acquisition also includes Dynavax’s shingles vaccine candidate, Z-1018, which is in Phase 1/2 clinical development, along with additional vaccine research programs.
By integrating Dynavax into its global vaccines platform, Sanofi is positioned to scale the commercial reach of HEPLISAV-B while advancing the development of Z-1018 and other pipeline programs. Sanofi’s global infrastructure, development expertise, and focus on evidence-based immunization are expected to accelerate clinical progress and expand patient access across key markets.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.
Deal 4: Swixx Biopharma SA (Switzerland) was acquired by SK Capital Partners, LP (United States) for USD 1.80 billion.
SK Capital Partners, LP to Acquire Swixx Biopharma SA
SK Capital Partners has agreed to acquire a majority stake in Swixx BioPharma in a transaction valued at approximately EUR 1.5 billion (USD 1.8 billion). The investment is intended to support Swixx’s next phase of growth and accelerate its international expansion.
Swixx BioPharma provides commercialization, distribution, and market access services to innovative pharmaceutical companies, enabling the launch and scaling of specialty medicines across Central and Eastern Europe, Greece, Eurasia, several CIS countries, the Middle East, and Latin America. Operating in 45 countries, the company has built a rapidly expanding platform, with annual sales expected to exceed EUR 1.3 billion by 2026.
The partnership brings additional capital and sector expertise to support Swixx’s expansion strategy while reinforcing its role as a long-term partner to global biopharmaceutical companies seeking efficient, outsourced solutions in complex and emerging markets.
Following completion of the transaction, SK Capital will become Swixx’s lead investor. The company’s founders, along with existing private equity shareholders HBM Healthcare Investments and Mérieux Equity Partners, will reinvest alongside SK Capital and retain board representation, ensuring continuity in governance and strategy.
The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Jefferies acted as lead financial adviser to Swixx BioPharma, with Centerview Partners also advising. Rothschild & Co. is serving as sole financial adviser to SK Capital.
Deal 5: Arthrosi Therapeutics, Inc. (United States) was acquired by Swedish Orphan Biovitrum AB (Sweden) for USD 1.50 billion.
Swedish Orphan Biovitrum AB (publ) to Acquire Arthrosi Therapeutics, Inc.
Swedish Orphan Biovitrum (Sobi) has agreed to acquire Arthrosi Therapeutics in a transaction valued at up to USD 1.5 billion, reinforcing its strategic focus on expanding its gout treatment portfolio and long-term growth opportunities.
Founded in 2018 and headquartered in San Diego, Arthrosi Therapeutics is a clinical-stage biotechnology company focused on developing therapies for gout and related conditions. Its lead oral candidate, pozdeutinurad (AR882), is currently in Phase 3 clinical trials and is designed to lower serum uric acid levels, reduce gout flares, and promote the resolution of tophi in patients with progressive disease, addressing key unmet needs in gout management.
The acquisition is expected to support Sobi’s mid- to long-term growth and margin profile, with pozdeutinurad potentially contributing meaningfully to revenues through the mid-2030s and beyond.
The transaction is anticipated to close in the first quarter of 2026, subject to customary conditions, with Barclays Bank PLC acting as Sobi’s financial advisor.
M&A Activity in the Energy and Power Industry
Covering both renewable and non-renewable sources, the top global M&A deals in this industry list include companies involved in power generation, energy infrastructure, and the global pursuit of sustainable energy solutions.
July
Energy and Power
Deal 1: Chart Industries, Inc. (United States) was acquired by Baker Hughes Company (United States) for USD 13.60 billion.
Baker Hughes Company to Acquire Chart Industries, Inc.
Global energy technology company Baker Hughes is advancing its energy and industrial technology strategy through the acquisition of Chart Industries, a prominent U.S.-based manufacturer of highly engineered equipment serving the clean energy and industrial gas sectors. The all-cash transaction is valued at USD 13.6 billion.
Chart Industries is a global provider of precision-engineered equipment designed for the production, storage, and transport of liquefied gases. Its solutions support a diverse range of sectors, including energy, industrial gases, aerospace, and healthcare. Widely recognized for its expertise in cryogenic technology, Chart plays a pivotal role in applications such as LNG, hydrogen, and carbon capture, aligning closely with the global shift toward cleaner energy. In 2024, Chart reported USD 4.2 billion in revenue and maintains a global footprint with 65 manufacturing facilities and more than 50 service centers.
This acquisition positions Baker Hughes to better address the growing global demand for lower-carbon, high-efficiency energy and industrial systems. It also expands the company’s footprint in high-growth sectors such as LNG, data infrastructure, and emerging energy technologies while enhancing its engineering and manufacturing capabilities.
Integrating Chart’s high-margin portfolio into Baker Hughes’ Industrial and Energy Technology segment is expected to improve earnings and support stronger overall profitability. The transaction is also anticipated to deliver meaningful value to shareholders of both companies.
The deal is expected to close by mid-2026, subject to regulatory approvals and other customary conditions. Baker Hughes is being advised by Goldman Sachs & Co. LLC, Centerview Partners LLC, and Morgan Stanley & Co. LLC, while Wells Fargo is acting as the financial advisor to Chart Industries.
Deal 2: Iberdrola Mexico, S. A. de C. V. (Mexico) was acquired by Cox ABG Group, S.A. (Spain) for USD 4.20 billion.
Cox ABG Group, S.A. to Acquire Iberdrola Mexico, S. A. de C. V.
Cox, a global leader in water and energy management, has announced its acquisition of Iberdrola Mexico in a transaction valued at USD 4.2 billion, including debt.
Iberdrola Mexico is a leading electricity company, serving millions of residential, commercial, and industrial customers. Its diversified energy portfolio includes extensive wind farms, solar parks, hydroelectric plants, and combined-cycle natural gas facilities. The deal encompasses 15 operational power plants with a total installed capacity exceeding 2,600 megawatts, comprising 1,368 megawatts of combined-cycle and cogeneration capacity, 1,232 megawatts of renewable energy assets, and a generation project pipeline of 12 gigawatts. The acquisition also includes the largest qualified user supplier in Mexico, with a 25% market share and over 20 terawatt-hours distributed across more than 500 major clients.
The acquisition enhances Cox’s presence in the Mexican market and aligns with its strategy to focus on long-term, recurring EBITDA-generating assets. By integrating Iberdrola Mexico’s platform, Cox is well-positioned to capture growth opportunities, generate operational synergies, and advance its vision of making Mexico a key hub for integrated water and energy solutions in Latin America.
The transaction remains subject to regulatory approvals.
Deal 3: Guernsey Power Station LLC (United States), and Moxie Freedom LLC (United States) was acquired by Talen Generation, LLC (United States) for USD 3.50 billion.
Talen Generation, LLC to Acquire Guernsey Power Station LLC; Moxie Freedom LLC
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 4: Tennessee local distribution business of Piedmont Natural Gas Company, Inc. (United States) was acquired by Spire Inc. (United States) for USD 2.48 billion.
Spire Inc. to Acquire Tennessee local distribution business of Piedmont Natural Gas Company, Inc.
Spire has entered into an agreement to acquire the Tennessee local distribution business of Piedmont Natural Gas, a subsidiary of Duke Energy, for USD 2.48 billion in cash. The acquisition expands Spire’s utility footprint, complementing its existing operations in Missouri, Alabama, and Mississippi.
The business operates nearly 3,800 miles of distribution and transmission pipelines and is the largest investor-owned natural gas utility in Tennessee, serving over 200,000 customers in the rapidly growing Nashville area.
Following the transaction, Nashville-area customers will be served by a new Spire business unit, Spire Tennessee. The acquisition is expected to drive strong growth through new customer additions and continued investments in system reliability, consistent with Spire’s long-term investment strategy.
The transaction is anticipated to close in the first quarter of 2026. JP Morgan Securities LLC and RBC Capital Markets LLC acted as financial advisors to Duke Energy.
Deal 5: Northwind Midstream Partners LLC (United States) was acquired by MPLX LP (United States) for USD 2.38 billion.
MPLX LP to Acquire Northwind Midstream Partners LLC
MPLX LP is expanding its operations in the Permian Basin through the USD 2.38 billion acquisition of Northwind Midstream Partners.
Northwind Midstream is a midstream energy company that specializes in the gathering, processing, and treatment of sour natural gas in Lea County, New Mexico. Its key asset, the Titan Treating Complex, currently processes 150 million cubic feet per day of sour gas, with plans to expand capacity to 440 million cubic feet per day by late 2026. The company also operates over 200 miles of gathering pipelines, five compressor stations, and acid gas injection wells for safe disposal of hydrogen sulfide and carbon dioxide. Serving over 200,000 dedicated acres, Northwind provides environmentally responsible solutions for natural gas producers in the region.
The acquisition will give MPLX access to additional gas volumes and natural gas liquids while alleviating regional constraints on sour gas treatment and carbon sequestration. It is expected to support increased drilling activity in the Delaware Basin and strengthen MPLX’s natural gas and NGL value chains.
The transaction is projected to close in the third quarter of 2025.
August
Energy and Power
Deal 1: Jafurah midstream assets of Saudi Arabian Oil Company (United Arab Emirates) was acquired by Global Infrastructure Partners (United States) for USD 11.00 billion.
Global Infrastructure Partners to Acquire Jafurah midstream assets of Saudi Arabian Oil Company
Aramco has entered into a USD 11 billion lease and leaseback agreement for its Jafurah midstream assets with a consortium led by Global Infrastructure Partners (GIP).
Jafurah, the Kingdom of Saudi Arabia’s largest non-associated gas development, holds an estimated 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. It forms a central pillar of Aramco’s strategy to expand gas production capacity by 60% between 2021 and 2030 to meet growing energy demand.
As part of the transaction, a newly established entity, Jafurah Midstream Gas Company (JMGC), will assume development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility. These assets will then be leased back to Aramco for a 20-year period. In return, JMGC will receive a tariff, granting Aramco exclusive rights to process and treat Jafurah’s raw gas.
The agreement is designed to optimize Aramco’s asset base while unlocking value from the Jafurah gas field. Aramco will retain a 51% majority interest in JMGC, with the remaining 49% held by investors led by GIP. The deal, which does not restrict Aramco’s production volumes, is expected to close in due course.
Deal 2: Duke Energy Florida, LLC (United States) was acquired by Brookfield Corporation (Canada) for USD 6.00 billion.
Brookfield Corporation to Acquire Duke Energy Florida, LLC
Duke Energy, a major U.S. utility provider, will sell a 19.7% stake in its subsidiary, Duke Energy Florida, to Brookfield in an all-cash transaction valued at USD 6 billion.
Duke Energy Florida supplies electricity to roughly 2 million customers across central and western Florida and operates as a vertically integrated utility that is central to the state’s power network. The business is an essential part of Florida’s energy system, with ongoing investments in grid modernization, renewable generation, and system reliability to meet growing demand.
The transaction, to be completed through Brookfield’s Super Core Infrastructure strategy, is expected to strengthen Duke Energy’s balance sheet, release capital for expansion in its electric and gas utility segments, and advance its clean energy objectives. Duke Energy will retain an 80.3 percent stake, ensuring operational control and continuity with its existing workforce.
Proceeds will help accelerate Duke Energy Florida’s five-year capital plan, increasing total investment in the state to more than USD 16 billion through 2029. The program will focus on infrastructure upgrades and clean energy projects. For Brookfield, the investment offers long-term exposure to a regulated utility with strong growth potential in a favorable economic and demographic environment.
The transaction remains subject to customary closing conditions. J.P. Morgan Securities LLC is advising Duke Energy, while RBC Capital Markets LLC is advising Brookfield.
Deal 3: MEG Energy Corp. (Canada) was acquired by Cenovus Energy Inc. (Canada) for USD 5.68 billion.
Cenovus Energy Inc. to Acquire MEG Energy Corp.
Cenovus Energy, one of Canada’s integrated energy producers, has announced the acquisition of MEG Energy in a transaction valued at CAD 7.9 billion (USD 5.68 billion), including debt. The deal will create one of the country’s largest oil sands companies.
MEG Energy, based in Calgary, Alberta, focuses on developing and producing thermal heavy oil from the Athabasca oil sands. The company utilizes steam-assisted gravity drainage (SAGD) technology to extract bitumen, which is blended into Access Western Blend (AWB) for market distribution. MEG operates large-scale projects such as Christina Lake and has built a reputation for pursuing operational efficiency, reducing greenhouse gas emissions, and integrating innovative environmental practices.
The combined business will have more than 720,000 barrels per day (bpd) of oil sands production, the lowest steam-to-oil ratio in the basin, and the largest contiguous land position in its highest-quality resource zone. Cenovus anticipates near-term annual synergies of approximately USD 150 million, with projected savings exceeding USD 400 million per year beginning in 2028.
The acquisition will also accelerate MEG’s growth initiatives, including the planned expansion of the Christina Lake project, which aims to increase production capacity to 135,000 bpd. This initiative will continue to progress under the combined company.
The transaction is expected to close in the fourth quarter of 2025. Cenovus is being advised by Goldman Sachs Canada Inc. and CIBC Capital Markets, while MEG Energy has appointed BMO Capital Markets as its financial advisor.
Deal 4: NorthWestern Energy Group, Inc. (United States) was acquired by Black Hills Corporation (United States) for USD 3.60 billion.
Black Hills Corporation to Acquire NorthWestern Energy Group, Inc.
Black Hills Corp. is combining with NorthWestern Energy in an all-stock merger valued at USD 3.6 billion, forming a USD 15.4 billion regulated electric and natural gas utility positioned to address growing energy demand.
NorthWestern Energy is a utility provider that delivers electricity and natural gas to roughly 800,000 residential, commercial, and industrial customers across Montana, South Dakota, Nebraska, and Yellowstone National Park.
Following the merger, the combined company will serve about 2.1 million customers across eight neighboring states—Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Its electric utility operations will support approximately 700,000 customers, with around 38,000 miles of power lines and 2.9 gigawatts of owned generation capacity from thermal, hydro, and wind sources. Its natural gas utility will reach about 1.4 million customers, operating 59,000 miles of gas pipelines. The expanded scale is expected to generate operating synergies and cost efficiencies across the business.
The merged company will adopt a new name and ticker symbol ahead of closing. The transaction is expected to be finalized within 12 to 15 months. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Black Hills, while Greenhill, a Mizuho affiliate, is advising NorthWestern.
Deal 5: Vital Energy, Inc. (United States) was acquired by Crescent Energy Company (United States) for USD 3.10 billion.
Crescent Energy Company to Acquire Vital Energy, Inc.
Crescent Energy will acquire Vital Energy in an all-stock deal valued at USD 3.1 billion, including debt, creating one of the ten largest independent energy companies in the U.S. with scaled positions and enhanced capital flexibility across key producing basins.
Vital Energy, formerly known as Laredo Petroleum, is an independent oil and gas company focused on crude oil, natural gas, and natural gas liquids development, with core operations in the Permian Basin of West Texas.
The merger will form a mid-cap operator with a larger, more diversified asset base and greater efficiencies. The combined company will benefit from a deeper inventory, broader capital allocation options, and the ability to share best operating practices across multiple basins.
Together, the businesses expect to unlock opportunities valued at more than USD 60 billion across their asset footprint. Crescent projects annual synergies of USD 90 million to USD 100 million, supporting its strategy of increasing cash flow and enhancing shareholder returns through disciplined capital management.
Upon closing, Crescent shareholders will own approximately 77% of the new entity, while Vital shareholders will hold around 23%.
The transaction is expected to close by the end of 2025. Jefferies LLC is acting as lead financial advisor to Crescent, alongside Evercore, while Houlihan Lokey and J.P. Morgan Securities LLC are serving as joint financial advisors to Vital.
September
Energy and Power
Deal 1: Sempra Infrastructure Partners, LP (United States) was acquired by KKR & Co. Inc. (United States), and Canada Pension Plan Investment Board (Canada) for USD 10.00 billion.
KKR & Co. Inc.; Canada Pension Plan Investment Board to Acquire Sempra Infrastructure Partners, LP
Sempra has reached an agreement to sell a 45% stake in Sempra Infrastructure to KKR and the Canada Pension Plan Investment Board (CPP Investments) for USD 10 billion.
Sempra Infrastructure develops and operates large-scale energy projects across North America with a growing global reach. Its portfolio centers on liquefied natural gas (LNG) and net-zero initiatives, renewable power generation, and advanced energy networks, supporting both energy security and the transition to a lower-carbon future.
Following completion, the KKR-led consortium will hold a combined 65% stake in Sempra Infrastructure, with Sempra retaining 25% and the Abu Dhabi Investment Authority (ADIA) maintaining its 10% ownership.
For Sempra, the divestment streamlines its business, reduces exposure to non-utility operations, and removes the need to issue common equity to fund its USD 56 billion capital program for 2025–2029. For KKR and CPP Investments, the transaction offers stable long-term returns, exposure to LNG growth opportunities, and a strategic position in North America’s energy transition.
The deal is expected to close between the second and third quarter of 2026. BofA Securities is acting as financial advisor to Sempra, while Citi is advising KKR.
Deal 2: PDV Holding, Inc. (United States) was acquired by Blue Water Acquisition Corp. III (United States) for USD 10.00 billion.
Blue Water Acquisition Corp. III to Acquire PDV Holding, Inc. (dba Citgo)
Blue Water Acquisition Corp. III, a special purpose acquisition company (SPAC), has submitted a USD 10 billion bid to acquire PDV Holding, the parent company of Citgo Petroleum, through a Delaware court-supervised auction. If approved, the deal would bring Citgo back to U.S. ownership and position it as a publicly listed company.
Citgo Petroleum is a major U.S. refiner, transporter, and marketer of fuels, lubricants, and petrochemicals. The company is owned by Venezuela’s state-run oil firm PDVSA, which has made Citgo central to both U.S. energy interests and geopolitical disputes.
The assets included in the auction consist of three refineries with a combined capacity of more than 800,000 barrels per day, midstream infrastructure, lubricant and blending facilities, and a retail network with over 4,000 service stations nationwide.
Proceeds from the transaction are intended to provide recovery for PDV Holding’s general creditors and fund a USD 3.2 billion settlement with holders of PDVSA’s 2020 bonds.
The outcome of the acquisition will depend on the court-supervised auction process and subsequent regulatory approvals.
Deal 3: Neoenergia S.A. (Brazil) was acquired by Iberdrola Energía, S.A.U. (Spain) for USD 2.21 billion.
Iberdrola Energía, S.A.U. to Acquire Neoenergia S.A.
Iberdrola has increased its ownership in Brazil-based Neoenergia to 84% following the purchase of an additional 30.29% stake for approximately USD 2.21 billion.
Neoenergia provides electricity to nearly 40 million people across Brazil through five distribution companies operating in the states of Bahia, Rio Grande do Norte, Pernambuco, São Paulo, Mato Grosso do Sul, and the Federal District. The company manages 18 transmission lines, over 725,000 kilometers of distribution networks, and 8,000 kilometers of transmission lines. Its renewable energy portfolio totals around 3,800 MW of installed capacity, primarily from hydroelectric sources. In addition, Neoenergia continues to invest in grid modernization and digital infrastructure to enhance operational efficiency and service reliability nationwide.
This acquisition further advances Iberdrola’s global growth strategy centered on regulated electricity networks, expanding its portfolio of over 1.4 million kilometers of power lines spanning the United States, the United Kingdom, Brazil, and Spain.
The deal is pending regulatory clearance and is expected to close within the next few months.
Deal 4: Epic Crude Holdings, LP (United States) was acquired by Plains All American Pipeline, L.P. , and Plains GP Holdings, L.P. (United States) for USD 1.57 billion.
Plains All American Pipeline, L.P.; Plains GP Holdings, L.P. to Acquire Epic Crude Holdings, LP
Plains All American Pipeline has agreed to acquire a 55% ownership interest in EPIC Crude Holdings, the operator of the EPIC Crude Oil Pipeline, in a transaction valued at USD 1.57 billion. The deal enhances Plains’ “wellhead to water” strategy in the Permian Basin and broadens its crude oil midstream portfolio.
The EPIC system links the Permian and Eagle Ford basins to Corpus Christi on the Gulf Coast, spanning approximately 800 miles of long-haul pipelines. It has an operating capacity of more than 600,000 barrels per day with opportunities for cost-efficient expansion, supported by about 7 million barrels of storage and over 200,000 barrels per day of export capacity.
By integrating EPIC’s assets with its existing network, Plains aims to strengthen its role as a leading crude oil midstream provider, broaden service offerings, and unlock value through greater scale and operational synergies.
The remaining 45% interest in EPIC Crude Holdings will continue to be held by a portfolio company of Ares Management Corporation, which will also retain its role as operator.
The transaction is expected to close in early 2026.
Deal 5: WRB Refining LP (United States) was acquired by Phillips 66 (United States) for USD 1.40 billion.
Phillips 66 to Acquire WRB Refining LP
Phillips 66 has reached an agreement to acquire the remaining 50% interest in WRB Refining LP from Cenovus Energy for approximately USD 1.4 billion, giving the company full ownership of two major U.S. refineries.
WRB Refining operates the Wood River Refinery in Roxana, Illinois, and the Borger Refinery in Texas. Phillips 66 has long served as the operating partner for both facilities. The Wood River refinery has a crude processing capacity of about 345,000 barrels per day (bpd), while Borger can process around 149,000 bpd. These refineries are capable of handling a range of crude types—from heavy and medium sour to light sweet—and primarily produce transportation fuels and other refined products.
Through this transaction, Phillips 66 aims to strengthen its integrated refining and marketing operations in a key strategic region. The company expects to realize approximately USD 50 million in annual operational and commercial synergies by fully integrating these assets into its broader downstream network. The acquisition is also anticipated to create opportunities for low-capital, high-return projects that enhance long-term shareholder value.
Cenovus Energy intends to use the proceeds from the sale to lower its net debt and increase shareholder returns through accelerated share repurchases.
The transaction is expected to be completed in the fourth quarter of 2025.
October
Energy and Power
Deal 1: Energia Group (Ireland) was acquired by Ardian SAS (France) for USD 2.93 billion.
Ardian SAS to Acquire Energia Group
Ardian has agreed to acquire Energia Group, one of Ireland’s largest energy utilities, from I Squared Capital for approximately USD 2.93 billion, marking Ardian’s latest major investment in European energy infrastructure.
Energia supplies electricity and gas to nearly 900,000 homes and businesses across Ireland. As a long-established renewable electricity provider, it generates around 17% of Ireland’s total electricity and 20% of its wind power. The company is developing 657 MW of solar capacity and 50 MW of onshore wind projects, with long-term plans exceeding 1,200 MW of additional solar capacity. Energia is also building a data center in Huntstown in partnership with Microsoft.
Under I Squared Capital, Energia evolved into a modern, diversified utility supported by a strong renewables pipeline, advanced customer solutions, and critical grid infrastructure.
Ardian’s acquisition reflects confidence in Energia’s strategic position and growth potential. Leveraging its expertise in energy infrastructure and renewables, Ardian aims to support Energia’s next phase of expansion, including renewable energy development and data center operations.
The transaction is expected to close in Q1 2026. Evercore served as financial advisor to Ardian, while Morgan Stanley, Barclays, and Santander advised I Squared Capital.
Deal 2: Ohio Natural Gas Utility Business of CenterPoint Energy, Inc. (United States) was acquired by National Fuel Gas Company (United States) for USD 2.62 billion.
National Fuel Gas Company to Acquire Ohio Natural Gas Utility Business of CenterPoint Energy, Inc.
CenterPoint Energy has agreed to sell its Ohio natural gas utility business (CNP Ohio) to National Fuel Gas Company for USD 2.62 billion, a transaction that will substantially expand National Fuel’s regulated utility portfolio.
CNP Ohio operates as a regulated natural gas distribution and transmission utility in west-central Ohio, managing approximately 5,900 miles of pipeline and serving about 335,000 residential, commercial, industrial, and transportation customers who collectively consume around 60 billion cubic feet of gas each year.
The acquisition will significantly increase National Fuel’s regulated asset base, effectively doubling its gas utility rate base and extending its footprint into Ohio—a state known for its supportive energy policies and stable regulatory environment. The expansion into an adjacent region with a similar operational structure and workforce culture is expected to enhance efficiencies and deliver value for customers, employees, and shareholders alike.
The deal will also strengthen National Fuel’s cash flow profile, supported by the company’s integrated upstream and gathering operations, which provide strong internal funding capacity for future capital investments while maintaining an investment-grade balance sheet.
For CenterPoint Energy, the divestiture aligns with its strategic plan to focus capital investments on its core regulated electric and natural gas operations across its multi-state utility footprint.
The transaction is expected to close in the fourth quarter of 2026. TD Securities (USA) LLC is serving as exclusive M&A advisor to National Fuel, with TD and Wells Fargo Securities, LLC acting as financing advisors, while Goldman Sachs & Co. LLC and Guggenheim Securities, LLC are advising CenterPoint Energy.
Deal 3: South Mansfield upstream asset in the Haynesville Shale basin (United States) was acquired by JERA Co. Inc. (Japan) for USD 1.50 billion.
JERA Co. Inc. to Acquire South Mansfield upstream asset in the Haynesville Shale basin
Japan’s largest power generation company, JERA, is acquiring the interests of Williams and GEP Haynesville II in the South Mansfield upstream asset in western Louisiana’s Haynesville Shale basin for USD 1.5 billion, reinforcing JERA’s strategy to build a diversified, resilient, and responsible asset portfolio.
The South Mansfield upstream asset is a major natural gas project in the Haynesville and Mid‑Bossier formations. It currently produces over 500 MMcf/d and includes approximately 200 undeveloped drilling locations, with plans to increase production to 1 Bcf/d in the coming years.
Under the transaction, GEP Haynesville II will continue to operate the asset under a Contract Operating Agreement, while Williams will maintain its role in gathering natural gas through the Louisiana Energy Gateway system, supporting the expected production ramp-up.
The acquisition further strengthens JERA’s U.S. presence, complementing its existing power generation portfolio and LNG offtake agreements, enhancing its position in North American energy markets.
The deal is expected to close by the end of 2025.
Deal 4: Hennessy Capital Investment Corp. VII (Cayman Islands) was acquired by ONE Nuclear Energy LLC (United States) for USD 1.00 billion.
ONE Nuclear Energy LLC to Acquire Hennessy Capital Investment Corp. VII
ONE Nuclear Energy is preparing to go public through a SPAC merger with Hennessy Capital Investment Corp. VII, in a deal valued at USD 1 billion. The combined company is expected to list on Nasdaq under the ticker ONEN.
ONE Nuclear develops large-scale energy solutions that integrate natural gas with advanced nuclear small modular reactor (SMR) technologies. The company leverages cutting-edge technologies from leading manufacturers to deliver reliable, scalable power to customers in high-energy sectors, including data centers, heavy industry, and other energy-intensive operations.
The company aims to build a pipeline of up to 15 GW of combined gas and nuclear capacity by 2032, positioning itself to meet the rapidly growing energy demand driven by AI data centers, which are projected to triple by 2030 and account for 7.5% of U.S. electricity consumption.
The deal is expected to close in the first half of 2026, subject to usual conditions. Cohen & Company Capital Markets is the exclusive financial and lead capital markets advisor to HVII, while B. Riley Securities advises ONE Nuclear.
Deal 5: Kiwetinohk Energy Corp. (Canada) was acquired by Cygnet Energy Ltd. (Canada) for USD 998.29 million.
Cygnet Energy Ltd. to Acquire Kiwetinohk Energy Corp.
Cygnet Energy, a private exploration and production company, is set to acquire Kiwetinohk Energy in an all-cash transaction valued at USD 1.4 billion, including debt.
Kiwetinohk Energy, headquartered in Calgary, operates in Western Canada’s Montney and Duvernay formations, producing liquids-rich natural gas. The company also develops renewable energy initiatives, including solar, gas-fired generation with carbon capture, and hydrogen projects. In 2025, Kiwetinohk reported production of 32,611 boe/day in Q1 and 33,217 boe/day in Q2, demonstrating strong operational momentum.
The Montney and Duvernay assets are among Canada’s most prolific shale plays, providing high-quality drilling locations and access to critical midstream infrastructure. The acquisition will combine Kiwetinohk’s production with Cygnet’s existing operations, creating a larger, more diversified company with greater scale, improved operational efficiencies, and substantial long-term resource potential.
The transaction is expected to close by the end of 2025, subject to regulatory, shareholder, and customary approvals.
November
Energy and Power
Deal 1: Clean Earth, Inc. (United States) was acquired by Veolia Environnement SA (France) for USD 3.00 billion.
Veolia Environnement SA to Acquire Clean Earth, Inc.
French energy services group Veolia has announced its acquisition of US-based environmental services company Clean Earth for USD 3.04 billion, strengthening its position in the hazardous waste segment and expanding its operational footprint in North America.
Clean Earth is a major player in the US hazardous waste market, holding more than 700 operating permits nationwide. The company provides soil remediation, waste treatment, and related environmental services to industrial, commercial, and public-sector clients, supporting the safe handling of complex waste streams in line with environmental regulations.
For Veolia, the transaction represents an important step in its ongoing transformation and financial strengthening. The acquisition is expected to significantly scale Veolia’s hazardous waste operations in the US, effectively doubling its presence in the segment and creating a nationwide platform with broader market coverage and enhanced technical capabilities.
The deal also supports Veolia’s GreenUp strategic plan, which identifies the US market and hazardous waste activities as key growth priorities. The combined business is expected to generate efficiencies through improved logistics and expanded treatment technologies, including capabilities for PFAS and other emerging contaminants.
The transaction is expected to close in mid-2026.
Deal 2: Civitas Resources, Inc. (United States) was acquired by SM Energy Company (United States) for USD 2.80 billion.
SM Energy Company to Acquire Civitas Resources, Inc.
In the latest transaction reflecting continued consolidation in the US shale sector, SM Energy has agreed to acquire Civitas Resources in an all-stock transaction valued at USD 2.8 billion.
Civitas Resources is an independent oil and gas producer with operations concentrated in the Denver-Julesburg (DJ) Basin in Colorado and the Permian Basin across Texas and New Mexico, focusing on the exploration, development, and production of hydrocarbons.
Under the terms of the agreement, Civitas shareholders will receive 1.45 shares of SM Energy for each Civitas share they own, resulting in Civitas investors holding approximately 52% of the combined company. SM Energy will issue around 126.3 million common shares to complete the transaction, with existing SM Energy shareholders retaining the remaining 48% ownership.
Following completion, the combined entity will have an enterprise value of roughly USD 12.8 billion, including debt, and control a high-quality portfolio of about 823,000 net acres, anchored by a substantial position in the Permian Basin.
The transaction is expected to create a scaled independent exploration and production company with improved operating leverage, meaningful synergies, strong free cash flow generation, and a high-quality portfolio across premium US basins, positioning the business to deliver long-term value for shareholders.
The deal is expected to close in the first quarter of 2026. Evercore is acting as financial advisor to SM Energy, while J.P. Morgan is advising Civitas Resources.
Deal 3: NuVista Energy Ltd. (Canada) was acquired by Ovintiv Canada ULC (Canada) for USD 2.70 billion.
Ovintiv Canada ULC to Acquire NuVista Energy Ltd.
Ovintiv has agreed to acquire NuVista Energy in a transaction valued at USD 2.7 billion (CAD 3.8 billion), strengthening its position in Western Canada’s Montney play and expanding its liquids-weighted production base.
NuVista Energy is a Canada-based oil and natural gas producer with core operations in Alberta’s Montney formation. The company focuses on developing unconventional, liquids-rich natural gas and condensate assets, supported by efficient field operations, disciplined capital allocation, and a long-term development strategy.
The transaction is expected to expand Ovintiv’s resource base by roughly 930 net drilling locations, measured on a 10,000-foot equivalent basis, and add about 140,000 net acres in the oil-weighted core of Alberta’s Montney formation, with around 70% of the acreage undeveloped. Production from the acquired assets is forecast to average approximately 100 thousand barrels of oil equivalent per day in 2026, including about 25 thousand barrels per day of oil and condensate.
The assets are directly adjacent to Ovintiv’s existing Montney operations and include access to established processing facilities and downstream infrastructure with meaningful spare capacity, supporting efficient integration and future development.
The transaction is expected to close by the end of the first quarter of 2026, subject to customary regulatory and closing conditions. Morgan Stanley & Co. and J.P. Morgan Securities are acting as financial advisors to Ovintiv.
Deal 4: U.S. Eagle Ford Assets of Baytex Energy Corp. (United States) was acquired by An Undisclosed Buyer for USD 2.31 billion.
An Undisclosed Buyer Acquired U.S. Eagle Ford Assets of Baytex Energy Corp.
Baytex Energy is divesting its Eagle Ford assets, which represent the entirety of its U.S. operations, to an undisclosed buyer for approximately USD 2.31 billion (CAD 3.25 billion), allowing the company to refocus on its Canadian core portfolio.
The Eagle Ford position consists of a mature, oil-weighted asset base with substantial proved and probable reserves. As of late 2024, the portfolio contained an estimated 400 million barrels of oil equivalent and delivered more than 80,000 boe/d in 2025 across light oil, condensate, natural gas liquids, and natural gas.
The sale strengthens Baytex’s balance sheet and provides greater financial flexibility to pursue its long-term strategy, which centers on capital-efficient heavy oil development and the continued build-out of its scalable Pembina Duvernay position.
The transaction is expected to close in late 2025 or early 2026, with RBC Capital Markets acting as financial advisor to Baytex.
Deal 5: Power and water generation assets of EGAs in Al Taweelah (United Arab Emirates) was acquired by Abu Dhabi National Energy Company PJSC (United Arab Emirates), and Dubal Holding LLC (United Arab Emirates) for USD 1.90 billion.
Abu Dhabi National Energy Company PJSC; Dubal Holding LLC; to Acquire Power and water generation assets of EGAs in Al Taweelah
UAE-based TAQA and Dubal Holding are forming a joint venture to acquire Emirates Global Aluminium’s Al Taweelah power and water generation assets in a transaction valued at USD 1.9 billion. The acquisition reinforces the partners’ commitment to supporting industrial growth while advancing the UAE’s clean energy goals.
The Al Taweelah complex in Abu Dhabi is a large-scale integrated facility that produces approximately 3.1 gigawatts of electricity, ranking among the largest power generation sites in the emirate. The plant also includes a desalination unit with a capacity of 23.6 million litres per day. Together, these utilities supply reliable electricity and water to EGA’s aluminium smelting operations and support the broader industrial and logistical infrastructure in the region.
As part of the agreement, TAQA Transmission will take control of EGA’s electricity network and expand the interconnection capacity from the main grid to EGA’s sites from 640 to 3,360 MVA. The upgrade, expected to be completed by 2027, will enable a higher flow of clean and renewable energy.
The joint venture has also signed a long-term power purchase agreement with Emirates Water and Electricity Company, under which EWEC will buy electricity from the Al Taweelah plant until 2049, ensuring a stable supply while supporting the integration of renewable energy into the grid.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to be finalized in the coming year.
December
Energy and Power
Deal 1: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Alphabet Inc. to Acquire Intersect Power, LLC
Alphabet, the parent of Google, has agreed to acquire data center and energy infrastructure company Intersect Power LLC in an all-cash transaction valued at approximately USD 4.75 billion, including the assumption of debt. Google already holds a minority interest in Intersect from an earlier funding round.
Intersect Power develops, owns, and operates utility-scale renewable energy and energy storage assets across the United States, with a primary focus on solar generation and battery storage. The company supplies clean power and capacity to utilities, corporate customers, and data center operators, with a growing emphasis on meeting the energy demands of AI and cloud computing infrastructure through long-term power solutions.
The transaction includes Intersect’s management team and multiple gigawatts of energy and data center projects that are under construction or in advanced stages of development, many of which stem from its existing partnership with Google. Intersect is also expected to continue evaluating emerging technologies that can broaden and diversify energy supply while supporting Google’s expanding US data center footprint.
The acquisition underscores Alphabet’s strategy to secure long-term, reliable, and affordable energy in partnership with utilities and developers, supporting the expansion of data center capacity without transferring additional costs to grid customers.
Following completion, Intersect will continue to operate as a standalone business under its existing brand. Certain assets are excluded from the transaction, including operating projects in Texas and both operating and in-development assets in California.
The transaction is expected to close in the first half of 2026.
Deal 2: TRC Companies, Inc. (United States) was acquired by WSP Global Inc. (Canada) for USD 3.30 billion.
WSP Global Inc. to Acquire TRC Companies, Inc.
WSP Global is acquiring TRC Companies in an all-cash transaction valued at USD 3.3 billion. The acquisition strengthens WSP’s presence in the power and energy market and expands its capabilities across utility-focused infrastructure and advisory services.
TRC Companies provides engineering, consulting, and advisory services across power and energy, utilities, environmental solutions, and program management. With more than five decades of operating history, the firm supports complex infrastructure projects and maintains long-standing relationships with major utility clients across the United States.
The transaction broadens WSP’s exposure to attractive end markets, deepens client engagement, and enhances service delivery across the full project lifecycle. TRC’s advisory and program management expertise complements WSP’s technical engineering strengths, creating opportunities across power engineering, environmental services, and strategic consulting. Following the acquisition, WSP’s US workforce is expected to reach approximately 27,000 employees, representing about 34% of its US revenue.
The transaction is expected to close in the first quarter of 2026. J.P. Morgan and CIBC Capital Markets are acting as financial advisors to WSP, while Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey are advising TRC Companies.
Deal 3: LLOG Exploration Company, L.L.C. (United States) was acquired by Harbour Energy plc (United Kingdom) for USD 3.19 billion.
Harbour Energy plc to Acquire LLOG Exploration Company, L.L.C.
Harbour Energy has announced the acquisition of LLOG Exploration Company, marking Harbour’s strategic entry into the US Gulf of Mexico. The transaction is valued at USD 3.2 billion, comprising USD 2.7 billion in cash and USD 0.5 billion in Harbour Energy shares.
LLOG is focused on the exploration, development, and production of oil and natural gas in the deepwater Gulf of Mexico, with particular strength in offshore asset development. Its portfolio includes a mix of producing fields and development-stage discoveries advanced through technical expertise and long-standing partnerships.
The acquired assets are concentrated in the deepwater US Gulf, including operated interests at Who Dat in Mississippi Canyon and Buckskin and Leon-Castile in Keathley Canyon. The portfolio currently produces approximately 34,000 barrels of oil equivalent per day (boepd), with Harbour expecting output to roughly double by 2028, supported by exposure to the Lower Tertiary Wilcox play.
The acquisition adds a high-quality, long-life asset base to Harbour’s portfolio, strengthening its production and cash flow growth profile. It establishes a meaningful presence in one of the world’s most established offshore basins, supported by mature infrastructure, a deep supplier ecosystem, and a stable regulatory environment. The transaction also creates a new core business unit for Harbour alongside its existing operations in Norway, the UK, Argentina, and Mexico.
Following completion, LLOG shareholders will own approximately 11% of Harbour’s voting ordinary shares, with existing Harbour shareholders retaining the remaining 89%. The transaction is expected to close in late Q1 2026. J.P. Morgan is acting as financial advisor to Harbour, while Guggenheim Securities, LLC is advising LLOG.
Deal 4: HG Energy II Production Holdings, LLC (United States) was acquired by Antero Resources Corporation (United States) for USD 2.80 billion.
Antero Resources Corporation to Acquire HG Energy II Production Holdings, LLC
Antero Resources is acquiring HG Energy’s upstream Marcellus shale assets in West Virginia in an all-cash transaction valued at USD 2.8 billion. The acquisition expands Antero’s core operating footprint and reinforces its position as a liquids-focused developer in the Marcellus.
The acquisition covers roughly 385,000 net acres located adjacent to Antero’s existing 475,000 net acres in the core Marcellus. The assets are expected to contribute approximately 850 MMcfe per day of production in 2026 and include more than 400 undeveloped drilling locations, around three-quarters of which are liquids-rich and immediately viable within Antero’s capital program.
In addition to adding scale, the assets are expected to improve Antero’s long-term capital efficiency and provide greater flexibility to direct dry gas volumes toward increasing regional demand, particularly from data center development and gas-fired power generation.
The transaction is expected to close in the second quarter of 2026. RBC Capital Markets is advising Antero Resources on the transaction, while Jefferies is acting as financial advisor to HG Energy.
Deal 5: Verdad Resources Intermediate Holdings, LLC (United States) was acquired by Japan Petroleum Exploration Co. (Japan) for USD 1.30 billion.
Japan Petroleum Exploration Co. to Acquire Verdad Resources Intermediate Holdings, LLC
Japan Petroleum Exploration (JAPEX) is expanding its US upstream presence through the USD 1.3 billion acquisition of Verdad Resources, a DJ Basin–focused operator. The transaction represents JAPEX’s largest acquisition to date and marks its first entry into operated oil and gas assets in the United States.
The assets are primarily located in the Denver-Julesburg Basin in northeastern Colorado, with additional interests in southeastern Wyoming. Production is liquids-weighted, consisting of approximately 49% light oil, 24% natural gas liquids, and 27% natural gas from the Niobrara and Codell formations. The portfolio includes more than 1,000 producing wells and a comparable inventory of future drilling locations, spanning about 125,000 gross operated acres and 127,000 gross non-operated acres.
The acquisition will be executed through JAPEX’s US subsidiary, Peoria Resources, which will oversee operations of the tight oil and gas assets in Colorado and Wyoming. Current production stands at approximately 35,000 barrels of oil equivalent per day (BOEPD), with ongoing development in the DJ Basin expected to lift output to around 50,000 BOEPD by 2030.
Strategically, the transaction supports JAPEX’s objective of scaling its North American upstream presence while applying operational experience gained from prior US investments. Direct operation of the assets is expected to materially enhance the company’s production profile and reserves, with net output projected to nearly double and proved reserves estimated to increase by roughly threefold.
Closing is anticipated toward the end of February 2026, subject to customary conditions.
M&A Activity in the Chemicals Industry
The top global M&A deals included in this industry list includes companies producing chemicals for various applications, from industrial manufacturing to consumer products, highlighting the sector’s role in global manufacturing and technological advancement.
July
Chemicals
Deal 1: Swancor Advanced Materials Co., Ltd. (China) was acquired by Shanghai Agibot Innovation Technology Co., Ltd. (China) for USD 279.00 million.
Shanghai Agibot Innovation Technology Co., Ltd. to Acquire Swancor Advanced Materials Co., Ltd.
Robotics start-up AgiBot plans to acquire a 63.62% stake in Swancor Advanced Materials for USD 279 million.
Swancor Advanced Materials specializes in advanced composite solutions such as carbon fiber- and glass fiber-reinforced materials. Its products serve key industries including wind energy, automotive, aerospace, marine, and industrial manufacturing. The company is recognized for its high-performance resins and composites that support lightweight, durable, and sustainable product development, making it an important player in renewable energy and advanced manufacturing supply chains.
Through this deal, AgiBot seeks to combine its robotics expertise with Swancor’s capabilities in corrosion-resistant materials and wind turbine components, creating opportunities for innovation across multiple sectors. The collaboration could strengthen Swancor’s portfolio with new technological applications, paving the way for more efficient and advanced solutions.
The transaction remains subject to shareholder approval and regulatory review.
Deal 2: Substantially All of the Assets and Certain Specified Liabilities of Schirm USA, Inc. (United States) was acquired by Liberation Chem-Toll, LLC (United States) for USD 60.00 million.
Liberation Chem-Toll, LLC to Acquire Substantially All of the Assets and Certain Specified Liabilities of Schirm USA, Inc.
Liberation Chem-Toll, a newly established chemical toll manufacturer owned by Schirm USA’s senior management team, has acquired substantially all of Schirm USA’s assets, along with certain liabilities, for USD 60 million.
Schirm USA operates as a contract chemical manufacturer in the United States, with facilities in North Texas and Southern Illinois that provide formulation, packaging, and warehousing services. Its operations support clients in agriculture, industrial chemicals, and specialty products, with expertise spanning liquid and dry formulations, extruded granules, pellets, and impregnated granules.
The divestment aligns with AECI’s portfolio optimization strategy, allowing the company to sharpen its focus on core mining and chemical operations while redeploying proceeds in accordance with its capital allocation framework.
The transaction is expected to be finalized on or before August 31, 2025.
Deal 3: Santa Clara Agrociencia S.A. (Brazil) was acquired by BNDES Participações S.A. - BNDESPAR (Brazil) for USD 20.53 million.
BNDES Participações S.A. – BNDESPAR to Acquire Santa Clara Agrociencia S.A.
BNDESPar, the equity investment arm of BNDES, has acquired a 19.9% stake in Santa Clara Group, a Brazilian specialty fertilizer and biopesticides company, for BRL 114 million (USD 20.53 million).
Santa Clara Group is an agribusiness company specializing in plant nutrition and crop protection. With more than five decades in the sector, it operates through divisions such as Santa Clara Agroscience, Hydromol, Linax, and Inflora Bioscience, offering fertilizers, adjuvants, and bioscience-driven solutions.
The partnership with BNDESPar will provide capital to accelerate Santa Clara’s growth and innovation initiatives. The group reinvests about 8% of its annual revenue into research and development and maintains collaborations with over 40 institutions to advance sustainable agricultural technologies.
For BNDES, the investment aligns with national policies promoting sustainable farming practices and the transition to a greener economy. The transaction does not alter Santa Clara’s ownership control or management structure.
Deal 4: Apollo Scientific Ltd (United Kingdom) was acquired by Shanghai Titan Scientific Co., Ltd. (China) for USD 7.79 million.
Shanghai Titan Scientific Co., Ltd. to Acquire Apollo Scientific Ltd
Chinese chemical supplier Shanghai Titan Scientific has announced plans to acquire UK-based specialty reagent manufacturer Apollo Scientific for USD 7.8 million in cash. The acquisition is intended to broaden Titan’s product offerings and strengthen its presence in international markets.
Apollo Scientific produces a wide array of research chemicals, including fluorochemicals, life science reagents, and spectroscopy consumables, with a portfolio exceeding 100,000 compounds. The company serves clients worldwide across pharmaceuticals, biotechnology, academic research, and chemical manufacturing. Recognized for its focus on quality, sustainability, and corporate responsibility, Apollo Scientific holds ISO 9001 and ISO 14001 certifications and has achieved a platinum EcoVadis rating, placing it among the top companies globally in its sector. Its facilities in the UK and the US enable efficient production and global distribution.
The acquisition will provide Shanghai Titan Scientific with access to innovative chemical products and a strategic overseas operations base, enhancing its competitiveness in international markets. The transaction remains subject to regulatory approval.
Deal 5: Global Helium Corp. (Canada) was acquired by 2679158 Alberta Ltd (Canada) for USD 2.90 million.
2679158 Alberta Ltd to Acquire Global Helium Corp.
Canada-based Global Helium Corp. is being acquired by 2679158 Alberta Ltd. for USD 2.9 million, taking the company private.
Global Helium Corp. specializes in the exploration, development, and production of helium resources across North America. Its portfolio includes significant helium prospects in Saskatchewan and Montana, and it is advancing operations through a joint venture in Alberta’s Manyberries helium trend.
The acquisition positions Global Helium for accelerated growth, enabling the company to strengthen its operational capabilities and strategically respond to both current and future market demands in helium production and exploration.
The transaction is expected to close in September 2025, after which Global Helium will delist from the CSE.
August
Chemicals
Deal 1: Aramids business of DuPont de Nemours, Inc. (United States) was acquired by Arclin, Inc. (United States) for USD 1.80 billion.
Arclin, Inc. to Acquire Aramids business of DuPont de Nemours, Inc.
DuPont is selling its Aramids business to materials science company Arclin for USD 1.8 billion, including the iconic Kevlar and Nomex brands.
The Aramids division specializes in high-performance aramid fibers, which are synthetic polymers renowned for their exceptional strength, heat resistance, and durability. These fibers are widely used in protective equipment such as body armor and firefighting gear, as well as in industrial applications that require high-performance materials. The business employs approximately 1,900 people across five manufacturing sites and generated net sales of USD 1.3 billion in 2024.
The acquisition significantly enhances Arclin’s technological capabilities, grants access to advanced manufacturing processes, and strengthens its position in key markets. It also expands Arclin’s global footprint and accelerates its entry into new geographic regions.
The transaction is expected to close in the first quarter of 2026. Piper Sandler & Company is serving as financial advisor to Arclin, while Centerview Partners and Goldman Sachs & Co. LLC are advising DuPont.
Deal 2: The Andersons Marathon Holdings, LLC (United States) was acquired by The Andersons, Inc. (United States) for USD 425.00 million.
The Andersons, Inc. to Acquire The Andersons Marathon Holdings, LLC
The Andersons has acquired the remaining 49.9% stake in The Andersons Marathon Holdings LLC, its joint venture with Marathon Petroleum, for USD 425 million.
TAMH operates four ethanol biorefineries across Michigan, Indiana, Ohio, and Iowa, with a combined annual production capacity of 500 million gallons. The facilities convert corn into ethanol, supplying renewable fuel to refiners, fuel blenders, and retailers. Following the acquisition, the company has been renamed The Andersons Renewables LLC.
The transaction significantly increases The Andersons’ ownership in the ethanol sector, a central component of its Renewables growth strategy. As the sole owner and operator of these assets, the company can streamline decision-making, enhance operational efficiency, and fully leverage its renewable fuel operations.
Goldman Sachs & Co. LLC served as financial advisor to The Andersons on the transaction.
Deal 3: Adhesives Business of Meridian Adhesives Group (United States) was acquired by Avery Dennison Corporation (United States) for USD 390.00 million.
Avery Dennison Corporation to Acquire Adhesives Business of Meridian Adhesives Group
Avery Dennison, a global leader in materials science and digital identification solutions, is set to acquire the Flooring Business of Meridian Adhesives Group for USD 390 million.
Meridian’s flooring adhesives business, which includes the Taylor Adhesives, Polycom, and Frontier Products brands, is a leading provider of specialty adhesives and coatings for the U.S. flooring industry. The business is projected to generate approximately USD 110 million in revenue in 2025 and demonstrates attractive operating margins.
The acquired business will be integrated into Avery Dennison’s Materials Group, enhancing its portfolio with application-focused solutions in high-value adhesive categories and positioning the brands for accelerated innovation and broader market reach.
The transaction is expected to close in the fourth quarter of 2025. Chemlink Partners LLC and Goodwin Procter LLP served as advisors to Avery Dennison, while Piper Sandler, Moelis & Company, and Weil, Gotshal & Manges LLP advised Meridian.
Deal 4: Green Plains's Obion Ethanol plant located in Rives, Tennessee (United States) was acquired by Pinnacle Ethanol, LLC (United States) for USD 190.00 million.
Pinnacle Ethanol, LLC (dba Poet, LLC) to Acquire Green Plains's Obion Ethanol plant located in Rives, Tennessee
POET, the world’s largest producer of biofuel, has announced its acquisition of Green Plains Obion, a bioethanol facility located in northwestern Tennessee, for USD 190 million in cash.
The Green Plains Obion Ethanol Plant, located in Rives, Tennessee, was commissioned in 2008 and has an annual production capacity of 120 million gallons of bioethanol. The 230-acre facility features extensive corn storage and rail infrastructure, supporting efficient logistics. In addition to ethanol, the plant produces co-products including animal feed ingredients, corn oil, and biobased carbon dioxide.
This acquisition will increase POET’s production capacity and enhance its access to southeastern markets. Strategically situated, the Tennessee facility complements POET’s existing Midwest operations, expanding its network to 35 bioprocessing plants across nine U.S. states with a combined annual bioethanol production capacity of 3.1 billion gallons.
The transaction is expected to close in the third quarter of this year. BMO Capital Markets Corp. and Moelis & Company served as financial advisors to Green Plains.
Deal 5: Polytec, Inc. (United States) was acquired by Chemtrade Logistics (Canada) for USD 150.00 million.
Chemtrade Logistics to Acquire Polytec, Inc.
Chemtrade, a key player in the industrial chemicals sector, is set to acquire Polytec, a specialist in turnkey water treatment solutions, for USD 150 million.
Polytec delivers advanced chemical solutions for water and wastewater management to industrial and municipal clients. Its portfolio includes polymers, acids, caustics, ferric and alum compounds, and specialized products like PolyBac for biological treatment. The company operates manufacturing and distribution facilities in North Carolina, Arkansas, and Georgia, ensuring efficient production and reliable service.
The acquisition of Polytec will enhance Chemtrade’s portfolio by adding a distinctive solutions platform for water treatment chemicals. By leveraging Chemtrade’s extensive North American network and established operational systems, the company can expand cross-selling opportunities across the U.S. and Canada while streamlining overall business management for greater efficiency.
The transaction is expected to close in the fourth quarter of 2025, with BMO Capital Markets acting as exclusive financial advisor to Chemtrade.
September
Chemicals
Deal 1: Envalior GmbH (Germany) was acquired by Advent International, L.P. (United States) for USD 1.42 billion.
Advent International, L.P. to Acquire Envalior GmbH
Specialty chemicals company Lanxess is selling its 40.94% stake in Envalior GmbH to its joint venture partner, Advent International, for EUR 1.2 billion (USD 1.42 billion).
Envalior GmbH was established in 2023 as a joint venture between Lanxess and Advent International, combining Lanxess’s High Performance Materials division with DSM Engineering Materials. The company produces high-performance engineering plastics and intermediates, including polyamides, polyesters, and thermoplastic composites, under brands such as Durethan, Akulon, and Pocan. Envalior serves multiple industries, including automotive, electronics, consumer goods, and healthcare, with an emphasis on innovation and sustainability. It employs roughly 4,000 people worldwide and reports annual sales of around EUR 4 billion.
Through this transaction, Lanxess is exiting its plastics venture, signaling a strategic shift toward its core specialty chemicals operations. The proceeds from the sale are expected to reduce debt, strengthen the company’s balance sheet, and enhance financial flexibility in the coming years.
The final execution of the put option, and the exact timing and terms of the sale, will be confirmed by March 2026 at the latest.
Adecoagro S.A. to Acquire PROFERTIL S.A.
Luxembourg-based sustainable production company Adecoagro is acquiring a 50% stake in Profertil S.A., a leading producer of urea and ammonia, for USD 600 million. The deal will be executed through an 80%-20% joint venture with Asociación de Cooperativas Argentinas (ACA). The remaining 50% of Profertil is owned by YPF S.A., Argentina’s largest oil and gas company.
Profertil operates one of the most efficient urea and ammonia production facilities globally, with an annual capacity of approximately 1.3 million tons of urea and 790,000 tons of ammonia, supplying about 60% of Argentina’s urea demand. ts modern industrial complex in Bahía Blanca, the country’s key petrochemical hub, benefits from competitively priced natural gas and electricity. Additionally, Profertil’s revenues are largely dollar-denominated due to the export-oriented nature of its products.
Through this partnership, Adecoagro aims to leverage Profertil’s operational efficiency and strong market position to enhance its agro-industrial platform. The acquisition is expected to ensure a more sustainable, reliable, and competitive supply of fertilizers to South American agricultural markets.
The transaction is expected to close before the end of 2025, with Rabobank serving as the sole financial advisor to Adecoagro and ACA.
Deal 3: Advanced Materials & Catalysts Segment of Ecovyst Inc. (United States) was acquired by Technip Energies N.V. (France) for USD 556.00 million.
Technip Energies N.V. to Acquire Advanced Materials & Catalysts Segment of Ecovyst Inc.
Technip Energies is enhancing its catalyst expertise and technology portfolio through the acquisition of Ecovyst’s Advanced Materials & Catalysts (AM&C) business for USD 556 million.
Ecovyst’s AM&C division develops and supplies specialized catalysts and materials for sustainable chemical processes and advanced manufacturing. It operates through two main units: Advanced Silicas, producing silica-based catalysts, functionalized silicas, and catalyst supports for high-performance plastics and industrial applications; and Zeolyst International, a 50:50 joint venture with Shell Catalysts & Technologies, which focuses on zeolite-based catalysts for refining, sustainable fuels, and emissions control. With over 40 years of expertise, three manufacturing sites across the US and Europe, and a workforce of 330 employees, the business brings extensive experience in chemicals and downstream sectors.
The acquisition expands Technip Energies’ capabilities in advanced catalysts and process technologies, which are critical in accelerating chemical reactions and improving efficiency. These catalysts have applications across traditional markets, including polyethylene and hydrocracking, as well as emerging areas such as sustainable fuels production.
The deal supports Technip Energies’ strategic growth plans for its Technology, Products & Services (TPS) segment and aims to create long-term value. The transaction is expected to close in the first quarter of 2026, with Evercore acting as Technip Energies’ financial advisor.
Deal 4: Treatt plc (United Kingdom) was acquired by Natara Global Limited (United Kingdom) for USD 211.00 million.
Natara Global Limited to Acquire Treatt plc
Natara Global, an independent manufacturer of specialty aroma chemicals and natural extracts, has agreed to acquire Treatt PLC, a leading supplier of natural extracts and ingredients, in a transformational deal valued at USD 211 million.
Treatt produces natural extracts, essential oils, and specialty ingredients for the food, beverage, fragrance, and personal care industries. The company delivers high-quality, sustainable, and tailored solutions by refining natural raw materials and operates in key markets including the US and China, enhancing the international reach of the combined business.
The acquisition brings together two complementary companies to form a leading global player in the flavor and fragrance sector, merging Natara’s strengths in specialty aroma chemicals with Treatt’s expertise in premium natural ingredients. The combined business is positioned to drive innovation, broaden its range of products, and deliver greater strategic and operational advantages, including an expanded global sales network and advanced manufacturing capabilities.
Upon completion, the deal is expected to establish a scaled leader in natural, sustainable, and health-focused flavor and fragrance solutions, reinforcing its commitment to innovation and long-term growth.
Deal 5: Water Engineering, Inc. (United States) was acquired by Kemira Oyj (Finland) for USD 150.00 million.
Kemira Oyj to Acquire Water Engineering, Inc.
Kemira, a global provider of specialty chemicals and solutions for water-intensive industries, is expanding its footprint in industrial water treatment services through the USD 150 million cash acquisition of Water Engineering.
Water Engineering delivers comprehensive water treatment solutions, including the design, engineering, and implementation of systems for industrial and municipal clients. Its offerings include equipment, chemicals, and technical services aimed at optimizing water quality, improving treatment efficiency, and ensuring compliance with environmental regulations.
The acquisition strengthens Kemira’s capabilities in boiler and cooling tower water treatment and industrial wastewater management, serving sectors such as food & beverage, manufacturing, and healthcare. It also opens opportunities to integrate Kemira’s existing products and expand cross-selling.
This move provides a solid foundation for growth in the industrial water treatment market, which is expected to outpace traditional municipal and industrial water sectors. The transaction is anticipated to close before the end of 2025.
October
Chemicals
Deal 1: Occidental Chemical Corporation (United States) was acquired by Berkshire Hathaway Inc. (United States) for USD 9.70 billion.
Berkshire Hathaway Inc. to Acquire Occidental Chemical Corporation (OxyChem)
Multinational conglomerate Berkshire Hathaway is acquiring Occidental Petroleum’s petrochemical division, OxyChem, for USD 9.7 billion in cash, marking its largest acquisition since 2022.
OxyChem, formally known as Occidental Chemical Corporation, produces a wide range of basic and specialty chemicals used across various industries and consumer applications. Its products include chlorine, caustic soda, vinyl chloride monomer, and other key materials that serve as essential components in the production of plastics, pharmaceuticals, construction materials, and water treatment solutions.
For Occidental Petroleum, the sale strengthens its financial position and supports its ongoing debt reduction strategy. The company plans to allocate USD 6.5 billion of the proceeds toward debt repayment, advancing its goal of lowering principal debt below USD 15 billion—a target set following the December 2023 announcement of its CrownRock acquisition.
Berkshire Hathaway, which currently owns a 28.2% stake in Occidental, further deepens its strategic relationship with the company through this transaction.
The deal is expected to close in the fourth quarter of 2025, after which OxyChem will operate as a subsidiary of Berkshire Hathaway. Barclays is acting as financial advisor to Occidental Petroleum.
Deal 2: MARS Parts (United States) was acquired by The RectorSeal Corporation (United States) for USD 670.00 million.
The RectorSeal Corporation Acquired MARS Parts
RectorSeal Corporation, a subsidiary of CSW Industrials, has acquired the MARS Parts division from Platinum Equity for up to USD 670 million, significantly expanding its HVAC/R product portfolio. RectorSeal, based in Texas, is known for manufacturing chemical sealants, accessories, and solutions used by professional trades across heating, cooling, plumbing, and electrical applications.
MARS is a long-established supplier of premium motors, components, and service parts for the HVAC/R aftermarket and major OEMs. Its portfolio includes high-performance, universally compatible motors, along with key electrical components such as capacitors, relays, and contactors. The business also contributes strong U.S. manufacturing capabilities and deep industry relationships.
The acquisition broadens RectorSeal’s range of high-quality HVAC/R components and strengthens its strategy to deliver innovative, reliable solutions for technicians and contractors across the professional trade.
Deal 3: Ketjen Corporation (United States) was acquired by KPS Capital Partners, LP (United States) for USD 660.00 million.
KPS Capital Partners, LP to Acquire Ketjen Corporation
U.S. specialty chemicals company Albemarle has agreed to sell a 51% stake in Ketjen Corporation’s refining catalyst solutions business to KPS Capital Partners for USD 660 million.
Ketjen is a global provider of advanced catalyst technologies that convert, treat, and clean crude oil and renewable feedstocks for the production of fuels, petrochemicals, and other essential materials used across transportation, construction, agriculture, and industrial markets. The company has around 840 employees and operates two manufacturing facilities, two research and technology centers, and two joint ventures across North and South America, Europe, and Asia. Its products play a critical role in supporting cleaner fuel production, improving yields, and enhancing processing efficiency.
KPS plans to apply its long-standing expertise in global manufacturing to foster an entrepreneurial, innovation-driven operating model at Ketjen, while providing the capital and strategic support needed to accelerate growth.
For Albemarle, the sale supports its strategic goal of sharpening its focus on core businesses, strengthening financial flexibility, and simplifying its portfolio.
Upon closing, KPS will hold a 51% controlling interest in Ketjen, while Albemarle will retain a 49% stake. KPS will also assume majority board representation and operational control.
The transaction is expected to be finalized in the first quarter of 2026. Goldman Sachs & Co. LLC is serving as Albemarle’s exclusive financial advisor.
Deal 4: Micromax Business of Celanese Corporation (United States) was acquired by Element Solutions Inc (United States) for USD 500.00 million.
Element Solutions Inc. to Acquire Micromax Business of Celanese Corporation
Element Solutions, a global diversified specialty chemical technology company, will acquire Micromax from Celanese Corporation for USD 500 million.
Micromax supplies advanced electronic inks and pastes engineered for high-performance applications, with products recognized for durability, flexibility, and reliability in demanding environments. Its portfolio spans conductive, resistive, and dielectric thick-film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials used to build multilayer circuits. The business supports customers across a wide range of industries, including aerospace, defense, and healthcare. It also operates a materials innovation platform focused on emerging technologies such as health wearables, low-earth-orbit satellites, electric vehicles, and data-center infrastructure.
The Micromax portfolio aligns with Element Solutions’ strengths in formulation science and metals expertise, particularly within its high-touch, low-capital-intensity operating model. Once the deal closes, Micromax will be integrated into the MacDermid Alpha Electronics Solutions business and reported under Element Solutions’ Electronics segment. This integration will expand the segment’s product offering across the electronics supply chain, bringing segment sales to approximately USD 2 billion.
The transaction is expected to close in the first quarter of 2026. Morgan Stanley & Co. LLC is serving as financial advisor to Celanese.
Deal 5: Oil & Gas business unit of Syensqo SA/NV (Belgium) was acquired by SNF Group (France) for USD 156.00 million.
SNF Group to Acquire Oil & Gas business unit of Syensqo SA
Syensqo is divesting its Oil & Gas Business Unit to SNF Group, a France-based specialty chemical company and global leader in polyacrylamide production, in a transaction valued at USD 156 million.
Syensqo’s Oil & Gas division is a leading provider of oilfield chemical solutions with over 35 years of experience. It offers a broad portfolio of more than 700 products spanning key segments from drilling to production, supported by a global network of manufacturing and research facilities across the Americas, Europe, and Asia.
The divestment strengthens SNF’s technology portfolio, allowing the company to provide enhanced solutions that improve operational efficiency and promote sustainable use of natural resources.
This move allows Syensqo to focus on its core specialty areas, while SNF strengthens its presence and capabilities in the oilfield chemicals sector.
The transaction is expected to close in the first quarter of 2026.
November
Chemicals
Deal 1: Axalta Coating Systems Ltd. (United States) was acquired by Akzo Nobel N.V. (Netherlands) for USD 9.20 billion.
Akzo Nobel N.V. to Acquire Axalta Coating Systems Ltd.
Dutch paint and coatings firm AkzoNobel is acquiring Axalta Coating Systems in a USD 9.2 billion deal, creating a global coatings leader with an enterprise value of USD 25 billion.
Axalta Coating Systems is a worldwide coatings company specializing in liquid and powder solutions for vehicles, industrial equipment, and architectural applications. The company provides advanced coatings to automotive OEMs and refinish markets, emphasizing durability, corrosion protection, and visual quality across industries including transportation, construction, and industrial manufacturing. With more than 150 years of experience, Axalta serves over 100,000 customers in more than 130 countries.
Under the merger, AkzoNobel shareholders will own 55% of the combined entity, and Axalta investors 45%. AkzoNobel will issue a EUR 2.5 billion special cash dividend, and both companies will contribute four directors each to the board, alongside three independent members.
The combined business will operate in over 160 countries and is expected to generate USD 600 million in run-rate synergies, with approximately 90% realized within three years of closing. The merger unites AkzoNobel’s and Axalta’s complementary portfolios to deliver a comprehensive range of coatings solutions, covering Powder, Aerospace, Refinish, Mobility, Marine and Protective, Industrial Coatings, and Decorative Paints, supported by around 100 recognized brands.
The deal is expected to close between late 2026 and early 2027, with the new company adopting a new name and ticker symbol and maintaining dual headquarters in Amsterdam and Philadelphia. Morgan Stanley advises AkzoNobel, while Evercore and J.P. Morgan Securities serve as financial advisors to Axalta.
Deal 2: OCI Ammonia Holding B.V. (Netherlands) was acquired by AGROFERT, a.s. (Czech Republic) for USD 335.00 million.
AGROFERT, a.s. to Acquire OCI Ammonia Holding B.V.
OCI Global is divesting its ammonia business, OCI Ammonia Holding, to Agrofert for EUR 290 million (USD 335 million), a transaction that strengthens Agrofert’s footprint in the European nitrogen products market.
OCI Ammonia Holding is a Netherlands-based subsidiary of OCI Global focused on the production, import, storage, and distribution of ammonia for agricultural and industrial end markets. The business operates large-scale ammonia production assets in the United States and supplies ammonia used in fertilizer production, industrial processes, and emerging low-carbon applications such as hydrogen and clean ammonia. Its asset base includes OCI Terminal Europoort, an ammonia import and storage facility in Rotterdam, and OCI Ammonia Distribution, which serves third-party customers across Europe.
Agrofert is one of Europe’s largest nitrogen fertilizer producers, with a strong footprint across Central and Eastern Europe. The acquisition is expected to expand Agrofert’s operational reach and enhance its supply and distribution capabilities in ammonia and related nitrogen products.
The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals and closing conditions.
Deal 3: Kolon ENP (South Korea) was acquired by Kolon Industries, Inc. (South Korea) for USD 67.60 million.
Kolon Industries, Inc. to Acquire Kolon ENP
South Korea’s Kolon Industries is acquiring the remaining 33.32% stake in Kolon ENP that it does not already own for approximately USD 67.6 million. The transaction is intended to sharpen the group’s focus on high-value specialty materials while improving operational efficiency through full ownership and integration.
Kolon ENP is a producer of high-performance engineering plastics, supplying materials such as polyoxymethylene (POM), compounded resins, and composite materials to advanced end markets including automotive and medical applications. The company operates manufacturing facilities in Gimcheon and serves customers in South Korea as well as export markets in China and Europe.
Full integration of Kolon ENP is expected to strengthen Kolon Industries’ materials and components business, particularly in automotive applications. Earlier this year, Kolon Industries broadened its automotive materials platform through its merger with Glotech, adding capabilities across safety systems, seating, and interior materials. The addition of Kolon ENP’s specialty plastics is expected to enhance the company’s ability to deliver tailored solutions to global customers.
The acquisition is also expected to deepen collaboration in research and development. Kolon Industries has decades of experience in advanced chemical materials that require durability, heat resistance, waterproofing, and sound insulation. Its portfolio includes high-value products such as modified polyphenylene oxide (mPPO), used in applications linked to AI accelerators. Full integration of Kolon ENP is expected to accelerate the development of next-generation engineering plastics and high-strength composite materials.
Combining procurement, manufacturing, sales, and logistics functions is expected to eliminate cost overlap, improve purchasing scale, and support stronger long-term operating performance.
Deal 4: Overseas Konstellation Company, S.A. (Spain) was acquired by Zotefoams plc (United Kingdom) for USD 42.30 million.
Zotefoams plc to Acquire Overseas Konstellation Company, S.A.
Specialty materials company Zotefoams has acquired Spain-based Overseas Konstellation Company (OKC) for EUR 36 million (USD 42.3 million), strengthening its manufacturing footprint in continental Europe and expanding its technical foam offering.
OKC is an established European producer of technical foams, with expertise in cross-linked and non-cross-linked polyolefin materials. The company operates manufacturing facilities in Anglesola and Burgos, Spain, supplying industrial customers across a range of end markets, including protective components, acoustic insulation, and specialty packaging.
The acquisition broadens Zotefoams’ customer base and product range, supporting its strategy for steady, long-term growth across new markets and applications. It also enhances Zotefoams’ ability to serve customers closer to key European industrial hubs.
Zotefoams is increasingly shifting from a raw material supplier to a solutions-focused provider by expanding its finishing and conversion capabilities. OKC’s expertise in die-cutting, precision forming, and multi-layer lamination strengthens Zotefoams’ ability to deliver integrated, high-quality solutions for customers with demanding performance requirements.
Upon closing, OKC will continue its operations at the Burgos and Anglesola sites. The existing leadership team will remain responsible for day-to-day management for at least 12 months, supporting a smooth transition and maintaining service continuity for customers and stakeholders.
Deal 5: TL Chemical Co., Ltd. (South Korea) was acquired by Taekwang Industrial Co., Ltd. (South Korea) for USD 37.70 million.
Taekwang Industrial Co., Ltd. to Acquire TL Chemical Co., Ltd.
South Korean chemical and textile group Taekwang Industrial acquired LG Chem’s minority stake in TL Chemical for approximately USD 37.7 million, resulting in Taekwang gaining full ownership of the business.
TL Chemical was formed as a joint venture between Taekwang Industrial and LG Chem to expand acrylonitrile (AN) production capacity, a key component used in synthetic rubber and other industrial materials. The company produces chemicals and elastomer materials supplied to automotive, industrial, and consumer end markets, including applications such as tires, adhesives, and molded products.
The sale forms part of LG Chem’s broader effort to streamline its portfolio and refocus its chemical and materials operations.
For Taekwang Industrial, full ownership of TL Chemical strengthens control over a strategically important production asset and supports its long-term position in key chemical value chains.
The acquisition is expected to be completed by December, after which TL Chemical will operate as a wholly owned subsidiary of Taekwang Industrial.
December
Chemicals
Deal 1: MCC Real Estate Group Co., Ltd. (China) was acquired by Minmetals Property Holding Co Ltd (China) for USD 4.42 billion.
Minmetals Property Holding Co Ltd to Acquire MCC Real Estate Group Co., Ltd.
Metallurgical Corporation of China (MCC) is undertaking a portfolio realignment by exiting its real estate business, selling its entire equity interest in MCC Real Estate to China Minmetals for CNY 31.2 billion (USD 4.42 billion). The transaction reflects MCC’s decision to concentrate resources on its primary engineering and metallurgical construction activities.
MCC Real Estate operates as MCC’s real estate development platform, undertaking large-scale urban projects that include residential communities, commercial complexes, and industrial parks. The business combines property development with infrastructure delivery by drawing on MCC’s engineering capabilities, with many projects linked to urban regeneration and mixed-use developments across China.
Separately, Minmetals will acquire MCC’s full equity interests in China ENFI Engineering, MCC Copper and Zinc, and Ramu Nico Management MCC, as well as a 67% stake in MCC Metallurgical and Chemical, for an aggregate consideration of CNY 29.4 billion (USD 4.2 billion).
Proceeds from the divestments will be directed toward reinforcing MCC’s core metallurgical construction franchise, supporting new industrialization and urbanization initiatives, and accelerating investment in engineering services, advanced materials, and high-end equipment manufacturing.
China Minmetals, a state-owned metals and mining group, is MCC’s controlling shareholder. Upon completion of the transactions, MCC’s position within the Minmetals group is expected to become more clearly defined, with a streamlined mandate centered on engineering contracting and specialized industrial services.
Deal 2: US Salt, LLC (United States) was acquired by ContextLogic Holdings Inc. (United States) for USD 907.50 million.
ContextLogic Holdings Inc. to Acquire US Salt, LLC
ContextLogic has announced the acquisition of US Salt from Emerald Lake Capital Management in a transaction valued at USD 907.5 million. The deal represents ContextLogic’s first major investment as it begins repositioning itself as a differentiated business ownership platform focused on long-term value creation.
Founded more than 130 years ago, US Salt has operated continuously from Watkins Glen, New York, and is among a small group of U.S. producers capable of manufacturing high-purity food- and pharmaceutical-grade salt. The company serves a diversified set of essential end markets, including grocery retail, food processing, pharmaceuticals, water treatment, and select industrial applications, benefiting from steady demand across economic cycles. Its industrial-grade salt is a critical input for downstream chemical and water treatment processes, positioning the company as an important supplier within broader industrial and chemical value chains.
The transaction marks a significant milestone in ContextLogic’s strategic transformation toward owning niche, competitively advantaged businesses with durable cash flows and strong management teams. Operating in an industry characterized by high barriers to entry and limited supply growth over the past 25 years, US Salt has sustained a resilient, inflation-resistant growth profile. Its strong leadership, proven operating model, consistent performance, and opportunities for future expansion—including selective acquisitions—position it as a compelling cornerstone asset within ContextLogic’s evolving platform.
Rothschild & Co acted as exclusive financial advisor to ContextLogic, while US Salt and Emerald Lake Capital Management were advised by Kirkland & Ellis LLP.
Deal 3: Liquid Nails of The Pittsburgh Paints Company (United States) was acquired by Henkel Loctite Corporation (United States) for USD 725.00 million.
Henkel Loctite Corporation to Acquire Liquid Nails of The Pittsburgh Paints Company
German chemical group Henkel has agreed to acquire Liquid Nails, a competing construction adhesive brand to its Loctite portfolio, in a transaction valued at USD 725 million.
Liquid Nails, owned by Pittsburgh Paints Company, is a widely recognized construction adhesives brand used across building, repair, and home improvement applications. Its products are designed for high-strength bonding of materials such as wood, metal, drywall, concrete, and tile, and are trusted by both professional contractors and DIY consumers for their durability and performance in interior and exterior projects.
The transaction brings together two of the largest brands in the U.S. market for liquid construction adhesives, strengthening Henkel’s competitive position in the segment. Strategically, the acquisition supports Henkel’s efforts to deepen its reach across professional and consumer channels, expand its construction adhesives portfolio, and capture operational and innovation synergies in a renovation-driven end market.
Deal 4: PROFERTIL S.A. (Argentina) was acquired by Adecoagro S.A. (Argentina), and Asociación de Cooperativas Argentinas C.L. (Argentina) for USD 635.00 million.
Adecoagro S.A. to Acquire PROFERTIL S.A.
Adecoagro is acquiring the remaining 50% interest in Profertil, South America’s largest producer of granular urea, for USD 635 million.
Profertil is among the world’s lowest-cost producers of urea and ammonia, with annual production capacity of approximately 1.3 million tonnes of urea and 790,000 tonnes of ammonia. The company supplies roughly 60% of Argentina’s urea demand and operates a modern, integrated production complex in Bahía Blanca, the country’s main petrochemical hub. Its operations benefit from reliable access to competitively priced natural gas and power, which underpins its low-cost position.
Following completion of the transaction, Adecoagro will become Profertil’s controlling shareholder, holding a 90% interest, while the remaining 10% will continue to be owned by Asociación de Cooperativas Argentinas.
The acquisition strengthens Adecoagro’s industrial footprint, enhances portfolio diversification, and supports long-term earnings stability. Profertil’s cost-advantaged position and proximity to the Vaca Muerta shale basin further enhance its ability to strengthen Argentina’s competitive standing in fertilizers and support sustainable, long-term growth.
Deal 5: Rana Gruber ASA (Norway) was acquired by Champion Iron Limited (Australia) for USD 289.00 million.
Champion Iron Limited to Acquire Rana Gruber ASA
Rana Gruber, Norway’s only iron ore producer, is being acquired by Champion Iron in a USD 289 million transaction that supports Champion’s strategy to build a globally scaled producer of high-grade iron ore.
Based in Rana in northern Norway, Rana Gruber specializes in the extraction and processing of high-quality iron ore concentrates and pellets primarily used in steelmaking. The company supplies customers across Europe and benefits from established rail and port infrastructure, access to renewable hydropower, and operations aligned with the steel industry’s shift toward lower-emission production.
The transaction provides Champion with a long-life mining asset in a stable jurisdiction, supported by a proven operating history with continuous production since the 1960s. Rana Gruber has recently produced more than 1.8 million tonnes per year of high-grade iron ore and is advancing projects to upgrade output to 65% iron-content concentrate.
The acquisition also expands Champion’s product portfolio, adding additional blends of high-grade iron ore concentrate and magnetite products used in industrial and chemical applications.
Champion has stated its intention to retain Rana Gruber as a standalone company under its existing name, with business operations continuing as usual and employees remaining in place to ensure continuity for customers, partners, and the local community.
M&A Activity in the Artificial Intelligence (AI) Industry
Representing the forefront of technological innovation, the top global deals in this industry list includes companies developing AI and machine learning technologies, reshaping industries with intelligent solutions.
July
Artificial Intelligence (AI)
Deal 1: CyberArk Software Ltd. (Israel) was acquired by Palo Alto Networks, Inc. (United States) for USD 25.00 billion.
Palo Alto Networks, Inc. to Acquire CyberArk Software Ltd.
Palo Alto Networks is set to acquire Israeli cybersecurity firm CyberArk Software in a transaction valued at USD 25 billion, marking a significant strategic move into the identity security space. The deal underscores Palo Alto’s ambition to broaden its cybersecurity platform and strengthen its position in identity and access protection.
According to the terms of the agreement, CyberArk shareholders will receive USD 45.00 in cash and 2.2005 shares of Palo Alto Networks common stock for each share they hold.
CyberArk is a globally recognized cybersecurity company specializing in identity security and privileged access management. Its technology is designed to safeguard credentials, secrets, and privileged accounts across both cloud and on-premises environments. CyberArk’s solutions help enterprises defend against threats targeting both human and machine identities, ensuring secure access to critical systems and sensitive information.
Through this acquisition, Palo Alto Networks plans to integrate CyberArk’s identity-focused solutions into its AI-driven security platform. The move is expected to accelerate Palo Alto’s long-term strategy of delivering comprehensive, unified protection across users, devices, and automated systems. By bridging gaps in identity management, the combined offering aims to simplify operations and deliver a more holistic defense against emerging cyber threats.
The transaction is slated to close in the second half of Palo Alto Networks’ fiscal year 2026. J.P. Morgan Securities LLC is serving as financial advisor to Palo Alto Networks, while Qatalyst Partners is advising CyberArk.
Deal 2: UFACTORY Technology Co., Ltd. (United States) was acquired by Cheetah Mobile Inc. (Cayman Islands) for USD 13.90 million.
Cheetah Mobile Inc. to Acquire UFACTORY Technology Co., Ltd.
China-based IT company Cheetah Mobile has acquired a 60.8% stake in UFactory Technology for USD 13.9 million, advancing its strategy to commercialize robotics.
UFactory, known for its xArm brand, specializes in the development and manufacture of collaborative robotic arms for applications spanning education, research, and industrial automation. Its portfolio includes a range of robotic arms and accessories, supported by proprietary full-stack robotics technologies, offering adaptability across diverse use cases.
The acquisition aligns with Cheetah Mobile’s strategy to expand into AI-driven service robots capable of operating in diverse physical environments.
The transaction, expected to close in the third quarter of 2025, will bring Cheetah Mobile’s ownership in UFactory to approximately 75.8%.
Deal 3: Addition Technologies Inc. (United States) was acquired by R/Ga Media Group Limited (United States) for an undisclosed amount.
R/Ga Media Group Limited to Acquire Addition Technologies Inc.
Digital marketing agency R/GA has announced its acquisition of Addition, a leading AI system design and development studio, marking the first acquisition in R/GA’s more than 50-year history.
Addition specializes in designing and building AI-powered tools, experiences, and content for global brands, including Google, NBCUniversal, Unilever, Prudential, Amazon, and The New York Times. By combining Addition’s expertise with R/GA’s existing AI strategy and product capabilities, clients gain access to specialized talent, innovative AI-driven processes, and advanced frameworks, enabling highly personalized and adaptive creative experiences.
While R/GA already possesses strong AI strategy and product capabilities, Addition brings deep, specialized expertise in AI system design and development. This acquisition strengthens R/GA’s long-term strategy to pursue strategic partnerships and continuously advance its capabilities in the rapidly evolving AI landscape.
By integrating Addition’s expertise, R/GA can now deliver AI-powered systems, services, and design frameworks that enable highly adaptive, personalized brand experiences.
The deal reinforces R/GA’s commitment to innovation, leveraging AI to drive greater creativity, efficiency, and measurable business impact for global brands.
Deal 4: Mira Security, Inc. (United States) was acquired by Darktrace Limited (United Kingdom) for an undisclosed amount.
Darktrace Limited to Acquire Mira Security, Inc.
AI cybersecurity company Darktrace has acquired Mira Security, a provider of advanced network traffic visibility solutions. The financial terms of the deal were not disclosed.
Mira Security provides Encrypted Traffic Orchestration (ETO) technology, allowing organizations to safely decrypt and inspect encrypted network traffic, including TLS and SSH, without compromising privacy or network performance.
The acquisition builds on the companies’ existing partnership, enhancing Darktrace’s ability to deliver deeper visibility into encrypted traffic, support clients in highly regulated industries, and accelerate the development of advanced cybersecurity solutions.
Together, Darktrace and Mira Security address encrypted data blind spots while maintaining optimal network performance and minimizing infrastructure complexity. Existing Mira Security partners will continue to receive support, ensuring seamless integration and uninterrupted service for the combined global customer base.
This move reflects Darktrace’s ongoing strategy of driving growth and innovation through both acquisitions and internal development, following its recent purchase of Cado Security.
Deal 5: Exafunction, Inc. (Windsurf) (United States) was acquired by Cognition AI, Inc. (United States) for an undisclosed amount.
Cognition AI, Inc. to Acquire Exafunction, Inc. (Windsurf)
Cognition AI has acquired AI coding startup Windsurf, shortly after Google recruited Windsurf’s CEO Varun Mohan, co-founder Douglas Chen, and several research leaders in a USD 2.4 billion reverse-acquihire.
Windsurf develops AI-powered tools designed to enhance developer productivity. Initially focused on optimizing GPU workloads for deep learning, the company pivoted to create its AI-native integrated development environment (IDE), the Windsurf Editor, which combines agentic AI capabilities with real-time collaboration features to help developers maintain focus and efficiency.
With this acquisition, Cognition AI gains Windsurf’s intellectual property, products, trademarks, and talented team members not joining Google, strengthening its capabilities in AI-driven development tools. In the near term, Windsurf’s team will continue advancing its IDE, while Cognition develops its AI coding agent, Devin, with plans to integrate Windsurf’s innovative technology into its broader product portfolio.
This collaboration is expected to accelerate innovation and expand opportunities for both teams in the AI software space.
august
Artificial Intelligence (AI)
Deal 1: Humanloop Ltd (United Kingdom) was acquired by Anthropic PBC (United States) for an undisclosed amount.
Anthropic PBC to Acquire Humanloop Ltd
Anthropic has acquired the co-founders and the majority of the team from Humanloop, a platform specializing in prompt management, LLM evaluation, and observability, as part of a strategic push to strengthen its enterprise offerings. The financial terms of the deal were not disclosed.
The acqui-hire brings Raza Habib, Peter Hayes, Jordan Burgess, and roughly a dozen engineers and researchers into Anthropic, enhancing the company’s capabilities in AI evaluation, monitoring, and compliance for enterprise clients.
Although Humanloop’s assets and intellectual property were not included in the transaction, the team’s expertise aligns closely with Anthropic’s “safety-first” mission and its efforts to provide enterprise and government clients with robust, reliable AI infrastructure.
This move coincides with Anthropic’s broader expansion into enterprise markets, featuring advanced agentic and coding capabilities, extended context windows, and competitive pricing to support adoption in the public sector.
By prioritizing talent acquisition over traditional asset-based deals, Anthropic positions itself to accelerate innovation and deliver stronger breakthroughs in AI technology.
Deal 2: Q-AI LLC (United States) was acquired by Messier 42 LLC (United States) for an undisclosed amount.
Messier 42 LLC to Acquire Q-AI LLC
Messier 42, a global leader in artificial intelligence and digital transformation, has announced its acquisition of Q-AI LLC, a developer of enterprise-ready and custom AI solutions designed to enhance operational efficiency across organizations.
As part of the transaction, Michael Sandoval, Founder and CEO of AI Research Corporation and a recognized expert in AI, will join Messier 42 as Chief Scientist, alongside the Q-AI LLC team.
The acquisition combines Messier 42’s successful Psychometric AI platform with Q-AI’s advanced research and development capabilities, as well as Mr. Sandoval’s expertise in AI and hybrid analytics. Together, they will deliver real-time insights, cybersecurity solutions, and large-scale data analytics for both enterprise and government clients.
This strategic move is poised to strengthen and expand Messier 42’s industry-leading Psychometric AI platform, accelerating innovation and broadening its impact across sectors.
Deal 3: Gala Labs Inc (Australia) was acquired by Creatify Lab Inc. (United States) for an undisclosed amount.
Creatify Lab Inc. to Acquire Gala Labs Inc.
U.S.-based AI advertising platform Creatify has acquired Australian martech startup Gala Labs for an undisclosed amount.
Gala Labs developed Peggy, an AI-powered marketing assistant that integrates with Slack to provide real-time insights into Facebook ad performance and competitor strategies. Peggy allows marketers to evaluate campaign effectiveness and gain actionable inspiration using natural language queries, simplifying ad research without relying on complex dashboards.
The acquisition extends Creatify’s capabilities beyond content creation to include marketing analytics and strategy. This move reflects the growing trend among marketing teams to adopt integrated platforms rather than managing multiple point solutions, accelerating consolidation in the AI-driven marketing sector.
With Gala Labs on board, Creatify users will be able to not only produce content but also identify high-performing strategies and optimize campaigns using audience data.
Deal 4: Prompt Security, Inc. (United States) was acquired by SentinelOne, Inc. (United States) for an undisclosed amount.
SentinelOne, Inc. to Acquire Prompt Security, Inc.
SentinelOne, a leader in AI-native cybersecurity, is acquiring Israeli startup Prompt Security for an undisclosed amount.
Prompt Security specializes in protecting generative AI applications for enterprises, offering a platform that delivers real-time monitoring, control, and safeguards across various AI tools. Its solutions mitigate risks such as prompt injection, data leakage, and harmful content, enabling enterprises to deploy AI technologies securely.
The acquisition supports SentinelOne’s strategy to expand its AI-native Singularity Platform to address the growing use of generative and agentic AI in the workplace. Prompt Security’s technology complements SentinelOne’s existing endpoint platform, creating an integrated layer for generative AI that delivers unique value in enterprise security.
The transaction is expected to close in SentinelOne’s third quarter of fiscal year 2026, further cementing the company’s leadership in securing modern enterprises—from endpoints to cloud, identity, and now generative and agentic AI.
Deal 5: Mission Sciences, Inc. formerly Ghostdog Inc. (United States) was acquired by The Mission Essential Group, LLC (United States) for an undisclosed amount.
The Mission Essential Group, LLC Acquired Ghostdog Inc.
Mission Essential, a leading provider of defense solutions, has acquired Ghostdog, an emerging AI-driven intelligence platform company.
Mission Sciences will continue to develop and advance Ghostdog’s flagship platform, Whispernet, which transforms intelligence collection, analysis, and dissemination. By enabling AI agents to act as collaborative teammates across the intelligence lifecycle, Whispernet enhances the flow and use of critical information across multiple domains.
The acquisition forms The Mission Group, a unified defense company combining two key players in national security and intelligence. Ghostdog has been rebranded as Mission Sciences, serving as the technology and innovation arm, while Mission Essential remains the solutions-focused division.
With this integration, The Mission Group is positioned to deliver comprehensive defense and intelligence capabilities, including frontline services, AI-powered platforms, and operational intelligence infrastructure.
SEPTEMBER
Artificial Intelligence (AI)
Deal 1: Statsig, Inc. (United States) was acquired by OpenAI, L.L.C. (United States) for USD 1.10 billion.
OpenAI, L.L.C. Acquired Statsig, Inc.
OpenAI has acquired Statsig, a software experimentation and analytics company, in an all-stock transaction valued at USD 1.1 billion, further expanding OpenAI’s Applications business.
Statsig provides a platform that enables businesses to run A/B tests, feature gates, and dynamic experiments to optimize product performance, user engagement, and overall outcomes. Its solutions are designed to simplify experimentation at scale, giving engineering and product teams actionable insights to drive faster, data-informed decisions.
As part of the acquisition, Statsig CEO Vijaye Raji will join OpenAI as technology chief for the Applications unit, reporting to Fidji Simo, the former Instacart CEO who leads OpenAI’s applications business. Statsig will continue to operate independently from its Seattle office, serving existing customers while leveraging OpenAI’s resources to accelerate its mission.
The acquisition reflects Statsig’s goal of amplifying its impact on product experimentation and coincides with the rapid growth of artificial intelligence in the software industry. The deal remains subject to customary closing conditions, including regulatory approval.
Deal 2: Aider International Ltd (New Zealand) was acquired by Karbon, Inc. (United States) for an undisclosed amount.
Karbon, Inc. Acquired Aider International Ltd
Karbon, a provider of practice management software for accounting firms, has acquired Aider International, a New Zealand company specializing in AI-powered advisory and reporting tools, for an undisclosed amount. The acquisition advances Karbon’s goal of transforming accounting practices through intelligent automation and data-driven insights.
Aider’s platform supports businesses in optimizing workflows, automating routine tasks, and leveraging data to make better decisions. Integrating these capabilities into Karbon’s system will help accounting firms accelerate period close processes, reduce manual workloads, expand advisory offerings, and enhance overall efficiency and profitability.
The deal also strengthens Karbon’s existing AI tools, including automated tax workflows, Karbon for Clients, and enhanced partner integrations, reinforcing its position as a leading platform for AI-enabled accounting practices.
With this integration, Karbon will offer an AI-powered period close experience directly within its platform, delivering a more streamlined, intelligent workflow for accounting teams.
Deal 3: Nextbillion.AI Pte. Ltd. (Singapore) was acquired by Velocitor Solutions (United States) for an undisclosed amount.
Velocitor Solutions Acquired Nextbillion.AI Pte. Ltd.
Velocitor Solutions has acquired NextBillion.ai, a global provider of AI-driven mapping and geospatial technologies, for an undisclosed amount. The acquisition strengthens Velocitor’s technology portfolio and enhances its capabilities in artificial intelligence, advanced mapping, and location-based services.
NextBillion.ai, based in Singapore, offers advanced location intelligence and mapping solutions for businesses. Its platform integrates geospatial data, AI, and real-time analytics to help organizations optimize logistics, routing, and location-based decision-making. The company’s scalable and customizable services support industries including e-commerce, transportation, and smart cities, helping clients improve operational efficiency and customer experiences.
By incorporating NextBillion.ai’s solutions, Velocitor Solutions is positioned to deliver enhanced value to clients across logistics, transportation, field services, and other sectors reliant on intelligent, real-time location data.
Both companies will continue to operate under their existing brands in the near term, with integration efforts focused on ensuring seamless service and delivering unified, innovative solutions to customers.
Deal 4: Lakera AI AG (United States) was acquired by Check Point Software Technologies Ltd. (United States) for an undisclosed amount.
Check Point Software Technologies Ltd. Acquired Lakera AI AG
Cybersecurity company Check Point Software Technologies announced its acquisition of Lakera, a prominent AI-native security platform specializing in Agentic AI applications, with the goal of providing end-to-end AI security solutions for enterprises. The financial terms of the deal were not disclosed.
Lakera provides a suite of tools to protect AI systems, including real-time threat monitoring, Lakera Guard and Lakera Red solutions, and Gandalf, a prominent red-teaming community, supported by proprietary AI technology. This approach allows defenses to evolve in line with emerging AI risks, giving enterprises confidence to deploy AI safely and at scale. Lakera serves Fortune 500 companies and operates key AI research centers in Zurich and San Francisco.
The acquisition will integrate Lakera’s runtime protection with Check Point’s AI-driven Infinity architecture, securing the full lifecycle of AI assets—including models, agents, and data—while supporting large-scale innovation without compromise.
Following the closing, Lakera will become the cornerstone of Check Point’s Global Center of Excellence for AI Security, driving research, innovation, and seamless integration of AI security capabilities across the Infinity Platform.
The transaction is expected to finalize in Q4 2025.
Deal 5: LLM Ops AB (dba FinetuneDB) (Sweden) was acquired by Opper Technology AB (Sweden) for an undisclosed amount.
Opper Technology AB Acquired LLM Ops AB (dba FinetuneDB)
Swedish AI startup Opper AI acquires FinetuneDB to enhance reliable AI agents at scale.
FinetuneDB, founded in 2023, offers a no-code platform that streamlines the fine-tuning of large language models (LLMs). It allows teams to create custom datasets, train models, and evaluate performance collaboratively, making the process faster and more accessible for businesses without deep machine learning expertise.
Opper AI, a Task-Completion API for building and deploying reliable AI agents in production, will integrate FinetuneDB’s dataset curation and training workflows into its reliability stack. This integration shortens the path from user feedback to task-optimized models, advancing Opper’s mission to scale autonomous AI agents with greater dependability.
As part of the acquisition, FinetuneDB co-founders Felix Wunderlich and Farouq Aldori will join Opper’s leadership team as Chief Growth Officer and Chief Technology Officer, respectively.
By bringing FinetuneDB into its stack, Opper AI strengthens its position as a key player in developing trustworthy, production-ready AI, shaping the future of scalable and dependable autonomous agents.
October
Artificial Intelligence (AI)
Deal 1: ezyCollect Pty Ltd. (Australia) was acquired by Sidetrade SA (France) for USD 43.00 million.
Sidetrade SA Acquired ezyCollect Pty Ltd.
France-based fintech Sidetrade has acquired EzyCollect, a leading Australian SaaS company, for approximately USD 43 million.
EzyCollect specializes in cloud-based Order-to-Cash (O2C) solutions, helping small and medium-sized businesses automate accounts receivable and manage cash flow efficiently.
The acquisition provides Sidetrade with a new growth platform in a rapidly expanding market and supports the global expansion of its agentic AI platform, Aimie, enabling enhanced financial performance management for mid-market and large enterprises. EzyCollect’s extensive SMB presence represents a significant opportunity for Sidetrade to scale its AI-driven solutions.
The combined operations will allow Sidetrade to offer continuous support across all time zones, strengthening its global follow-the-sun service model.
The deal is retroactively effective from October 1, 2025. King & Spalding LLP advised Sidetrade, while AGC Partners acted as financial advisor to EzyCollect.
Deal 2: FairNow, Inc. (United States) was acquired by AuditBoard, Inc. (United States) for an undisclosed amount.
AuditBoard, Inc. Acquired FairNow, Inc.
AuditBoard has announced the acquisition of FairNow, a purpose-built, end-to-end AI governance platform. The terms of the deal were not disclosed.
FairNow’s platform enables organizations to streamline AI governance through a centralized AI registry, dynamic risk assessments, and automated compliance tools. This integrated approach addresses key gaps in AI risk management and enhances AuditBoard’s existing capabilities. AuditBoard is already trusted by more than 50% of the Fortune 500 to manage audit, risk, and compliance functions effectively.
The acquisition coincides with the launch of Accelerate, AuditBoard’s new AI solution for GRC teams. By incorporating FairNow’s intelligent, step-by-step compliance guidance, AuditBoard strengthens its ability to help clients meet evolving global AI governance requirements and mitigate AI-related risks.
This move significantly expands AuditBoard’s platform, creating a unified, AI-first solution for enterprise-wide risk management.
Morrison & Foerster LLP served as legal advisor to AuditBoard.
Deal 3: Spleenlab GmbH (Germany) was acquired by Quantum-Systems GmbH (Germany) for an undisclosed amount.
Quantum-Systems GmbH Acquired Spleenlab GmbH
Quantum Systems, a leading European provider of unmanned systems, has acquired Spleenlab, a German AI specialist, for an undisclosed sum.
Spleenlab is recognized for its advanced machine-learning software, enabling robust perception, GPS-denied navigation, multi-object detection, and coordinated multi-platform autonomy. Its VISIONAIRY AI suite supports edge-based, real-time processing across aerial, ground, and maritime platforms.
The acquisition integrates Spleenlab’s AI and edge-perception expertise into Quantum Systems’ product and research ecosystem, strengthening the company’s ability to deliver safer and more autonomous mission systems across multiple domains. By internalizing these AI capabilities, Quantum Systems expands its software footprint and advances its mission of seamlessly combining cutting-edge hardware, software, and AI.
Spleenlab’s team will join Quantum Systems’ AI Center of Excellence, tripling its software and AI capacity. This move reinforces Quantum Systems’ commitment to delivering autonomy that performs reliably in the most challenging operational environments.
Deal 4: Kodex AI GmbH (Germany) was acquired by Cube Content Governance Limited (United Kingdom) for an undisclosed amount.
Cube Content Governance Limited Acquired Kodex AI GmbH
Berlin-based Kodex AI has been acquired by Cube, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), expanding Cube’s AI capabilities in Europe and creating new opportunities for innovation and shared insights.
Kodex AI leverages generative, agentic AI to automate and optimize regulatory compliance workflows for financial institutions. Its platform provides regulatory update monitoring, risk assessments, AI-driven report generation, and obligation mapping, enabling banks and fintechs to navigate complex regulatory environments more efficiently. Using Kodex AI, organizations can complete compliance tasks up to 95% faster while screening 20 times more regulations, reducing the risk of missing critical updates.
This acquisition represents a key step in Cube’s strategy to develop the third pillar of its AI platform—RegPlatform. Kodex AI adds co-worker functionality, allowing AI to act as a digital colleague within compliance workflows, enhancing Cube’s existing compliance and risk management foundations.
The integration of Kodex AI underscores Cube’s ambition to transform the RegTech landscape and set a new standard for regulatory automation and innovation.
Deal 5: Monolith AI Limited (United Kingdom) was acquired by CoreWeave, Inc. (United States) for an undisclosed amount.
CoreWeave, Inc. Acquired Monolith AI Limited
CoreWeave is expanding its AI cloud platform into industrial innovation through the acquisition of Monolith AI, a pioneer in applying artificial intelligence and machine learning to tackle complex physics and engineering challenges. The terms of the transaction were not disclosed.
Monolith AI, a London‑based startup, develops specialized AI tools for engineers, enabling the application of machine learning to complex physics simulations and test-data challenges. Its platform offers features such as anomaly detection, test-plan optimization, and “next-test” recommendations, helping companies reduce physical testing, accelerate R&D cycles, and drive product development and design, unlocking new competitive advantages through AI-powered innovation.
The acquisition aims to integrate Monolith’s simulation-based machine learning capabilities with CoreWeave’s AI cloud infrastructure, creating a unified platform tailored for industrial and manufacturing clients.
The transaction is subject to customary closing conditions. Rothschild & Co. is serving as financial advisor to Monolith AI.
November
Artificial Intelligence (AI)
Deal 1: Ask Sage, Inc. (United States) was acquired by BigBear.ai Holdings, Inc. (United States) for USD 250.00 million.
BigBear.ai Holdings, Inc. Acquired Ask Sage, Inc.
BigBear.ai has announced the acquisition of Ask Sage in a transaction valued at USD 250 million, strengthening its generative AI capabilities for government, defense, and intelligence customers. The deal expands BigBear.ai’s portfolio beyond decision intelligence into secure, enterprise-grade generative AI designed for highly regulated environments.
Ask Sage is an AI powered secure chat and knowledge platform developed primarily for government and enterprise use. It places strong emphasis on safety, security, and governance within the rapidly evolving area of agentic AI, referring to systems capable of autonomous reasoning and task execution. Designed for organizations handling classified and sensitive information, Ask Sage operates on a model agnostic framework and holds FedRAMP High authorization, one of the highest cloud security standards for United States government systems. The platform currently supports more than 100,000 users across approximately 16,000 government teams, as well as hundreds of commercial organizations.
This acquisition strengthens BigBear.ai’s ability to deliver trusted generative AI solutions for mission critical operations, where data protection, regulatory compliance, and controlled AI deployment are increasingly essential. As defense and intelligence agencies adopt more autonomous AI driven systems, the combined capabilities position BigBear.ai to meet rising demand for secure and scalable AI platforms.
BigBear.ai plans to integrate its existing products into the Ask Sage platform, expanding the range of applications, data sources, and automation capabilities available to users. Ask Sage’s application marketplace provides a faster path to market for future offerings and supports broader platform adoption.
The transaction is expected to close in late Q4 2025 or early Q1 2026.
Deal 2: Runebook, Inc. (United States) was acquired by Keycard Labs, Inc (United States) for an undisclosed amount.
Keycard Labs, Inc. Acquired Runebook, Inc.
Keycard, a provider of identity and access management infrastructure for AI agents, has agreed to acquire Runebook, a startup specializing in text- and voice-based AI agents built around the Model Context Protocol (MCP), for an undisclosed consideration.
Runebook focuses on simplifying the development and adoption of AI agents, particularly through its work with MCP—an open standard introduced by Anthropic to enable large language models and AI agents to securely and consistently connect with external data sources and applications. The company also developed Tome, a desktop-based large language model client that streamlines integration between local AI models and third-party services.
While MCP is rapidly emerging as a foundational layer for agent-native applications, it does not inherently address issues of trust, identity, or access control. Keycard fills this gap by providing a dedicated identity and authorization layer for agents, tools, and users. Runebook’s developer-centric products and practical experience in making MCP easier to implement will strengthen Keycard’s SDKs and one-click deployment capabilities, supporting the creation of trusted, production-ready agentic systems.
Following the acquisition, customers will be able to combine MCP-based connectivity with Keycard’s access controls and observability tools, giving organizations greater visibility and control as they deploy AI agents across enterprise environments.
Deal 3: BrightHire. Inc (United States) was acquired by Zoom Communications, Inc. (United States) for an undisclosed amount.
Zoom Communications, Inc. Acquired BrightHire Inc.
BrightHire, an AI-powered hiring platform, is being acquired by Zoom, marking the company’s expansion of its AI-first workplace strategy into recruitment and talent acquisition workflows. The transaction enhances Zoom’s presence in high-value HR use cases, although the financial terms were not disclosed.
BrightHire offers an AI-driven interview intelligence platform that enables organizations to plan, conduct, and assess interviews using recordings, transcripts, and structured insights, while keeping hiring decisions firmly human-led. Its capabilities include AI-supported job descriptions, interview notes and summaries, feedback and coaching tools, bias-reduction features, and integrations with applicant tracking systems. The platform is used by companies such as Canva, Duolingo, Instacart, and Ramp.
The acquisition supports Zoom’s multi-year effort to evolve beyond meetings into a broader, AI-driven work platform that underpins essential business workflows. By embedding interview-level insights directly into recruitment processes, BrightHire extends Zoom’s collaboration tools into hiring, helping talent teams improve both decision quality and efficiency. It also strengthens the combined Zoom Workplace and Workvivo ecosystem, enabling a more connected talent experience from candidate sourcing and structured interviews through onboarding and ongoing employee engagement.
Following completion, BrightHire will continue operating as a cross-platform solution while benefiting from Zoom’s infrastructure, scale, and AI resources.
The transaction is expected to close in the coming weeks, after which Zoom plans to further enhance BrightHire’s AI capabilities while maintaining its candidate-first approach.
Deal 4: Spindle Technologies, Inc. (United States) was acquired by Salesforce, Inc. (United States) for an undisclosed amount.
Salesforce, Inc. Acquired Spindle Technologies, Inc.
Salesforce has completed the acquisition of Spindle AI, as part of its efforts to deepen its capabilities in enterprise analytics and artificial intelligence. Although the financial details were not disclosed, the transaction underscores Salesforce’s continued investment in advanced AI capabilities amid intensifying competition across the sector.
Spindle AI brings specialized expertise in multi-agent systems, machine learning, and high-performance data applications. Its technology leverages autonomous AI agents and predictive modeling to help organizations analyze complex datasets, simulate alternative business scenarios, and support planning and forecasting across finance, operations, and strategy functions. The platform is designed to address forward-looking “what-if” questions, enabling more timely and data-driven decision-making.
The acquisition aligns with Salesforce’s broader AI strategy, particularly the expansion of its Agentforce platform, which emphasizes autonomous analytics and continuous learning.
Following completion, Spindle AI will be integrated into Agentforce to strengthen the Agent Observability and Self-Improvement pillar of Agentforce 360, supporting capabilities such as custom agentic analytics, ROI forecasting, and ongoing performance optimization.
Deal 5: Aisera, Inc. (United States) was acquired by Automation Anywhere, Inc. (United States) for an undisclosed amount.
Automation Anywhere, Inc. Acquired Aisera, Inc.
Automation Anywhere has acquired Aisera, an enterprise AI company focused on agentic solutions for autonomous IT, reinforcing its strategy to expand intelligent automation across enterprise operations. The terms of the transaction were not disclosed. The acquisition reflects a continued push toward AI-driven service management and digital workforce transformation.
Aisera delivers autonomous service and support solutions across IT, HR, customer service, and operations. Its platform combines generative AI and large language models to automate workflows, resolve service requests, and enable self-service experiences across complex enterprise environments. The technology is designed to improve operational efficiency, reduce support costs, and enhance both employee and customer experiences.
The integration of Automation Anywhere’s Agentic Process Automation (APA) with Aisera’s conversational AI capabilities creates a unified, end-to-end platform tailored for the Autonomous Enterprise. The combined offering spans the full automation lifecycle, from understanding user intent through natural language to reasoning across enterprise data, executing actions, and orchestrating outcomes across thousands of systems. This combination builds on both companies’ experience serving large global enterprises and is intended to accelerate value creation for customers and stakeholders.
Following the acquisition, Aisera and its team of more than 100 AI engineers will join Automation Anywhere. The company has committed to continued support for Aisera’s customers and products, while increasing its overall investment in agentic AI innovation.
BofA Securities, Inc. served as exclusive financial advisor to Automation Anywhere, while J.P. Morgan Securities LLC acted as exclusive financial advisor to Aisera.
December
Artificial Intelligence (AI)
Deal 1: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Meta Platforms, Inc. Acquired Butterfly Effect Pte. Ltd. (doing business as Manus)
Meta Platforms has announced the acquisition of Singapore-based AI startup Manus AI in a transaction valued at approximately USD 2 billion, as it looks to expand automation capabilities across its consumer and enterprise offerings.
Founded in China, Manus AI has gained recognition for developing autonomous AI agents that can plan, execute, and complete complex tasks with minimal human input. Unlike traditional conversational systems, its technology supports end-to-end workflows across functions such as research, data analysis, software development, and operational automation, reflecting the industry’s shift toward more agent-driven AI systems.
Under the deal, Meta plans to keep Manus AI operating as an independent unit while integrating its agent technology into platforms including Facebook, Instagram, and WhatsApp, where Meta AI is already deployed. The acquisition aligns with Meta’s broader AI strategy of acquiring specialized startups to accelerate product development, strengthen talent depth, and support its wider AI roadmap, including continued advancement of its open-source Llama large language models.
Following completion of the transaction, Manus AI will wind down its services and operations in China, consolidating its activities under Meta’s global AI ecosystem.
Deal 2: Neptune Labs, Inc. (United States) was acquired by OpenAI OpCo, LLC (United States) for USD 400.00 million.
OpenAI OpCo, LLC Acquired Neptune Labs, Inc.
OpenAI has agreed to acquire Neptune AI in an all-stock transaction valued at under USD 400 million, strengthening its capabilities in AI model training, experimentation, and monitoring.
Neptune AI develops an experiment tracking and model management platform used by machine learning researchers and engineering teams to log experiments, manage metadata, compare results, and improve reproducibility across the model development lifecycle. As training advanced AI systems is inherently iterative and exploratory, Neptune’s tools provide real-time visibility into how models evolve during training, helping teams better understand performance dynamics and complex behaviors as they emerge.
OpenAI plans to work closely with Neptune to integrate its technology more deeply into OpenAI’s training infrastructure, improving transparency into how models learn and scale. The two companies have previously collaborated on building a metrics dashboard for AI teams, establishing a foundation for deeper technical integration following the acquisition.
The transaction is expected to support more efficient development of advanced AI models across OpenAI’s research and commercial initiatives. For Neptune, joining OpenAI provides the scale, resources, and collaborative environment needed to accelerate innovation, help shape best practices in large-scale model development, and significantly expand the reach and impact of its technology.
Deal 3: Codegen, Inc. (United States) was acquired by Mango Technologies, Inc. (United States) for an undisclosed amount.
Mango Technologies, Inc. (doing business as ClickUp) Acquired Codegen, Inc.
ClickUp has acquired Codegen, an AI-powered software engineering platform, for an undisclosed amount, reinforcing its ambition to create a fully converged AI workspace.
Codegen develops technology that applies machine learning to core software engineering tasks, including code generation, transformation, and modernization. Its platform enables development teams to work more efficiently by reducing manual effort, improving code quality, and accelerating the maintenance and evolution of large and complex codebases.
The acquisition brings Codegen’s technology and engineering talent into ClickUp to support the development of advanced AI capabilities, including its Super Agents initiative—AI systems designed to reason, collaborate, and execute tasks in ways that mirror human workflows. By embedding Codegen’s AI coding agents directly into ClickUp, the platform aims to allow users to move beyond task tracking and use their work context to build, adapt, and update the software systems they depend on—effectively lowering the barrier between software usage and software creation.
Deal 4: Placekey (United States) was acquired by Senzing, Inc. (United States) for an undisclosed amount.
Senzing, Inc. Acquired Placekey
Senzing has acquired Placekey in a move aimed at expanding the use of open standards for location data interoperability. Financial terms of the transaction were not disclosed.
Placekey provides a universal identifier for physical locations, making it easier for organizations to match, enrich, and analyze place-based data across disparate systems and datasets. The service is widely used by developers, analysts, and enterprises to reduce complexity when working with geospatial data that often varies in format, completeness, and structure.
The transaction brings together two complementary approaches to data connectivity. Senzing’s platform specializes in entity resolution, enabling organizations to accurately link records related to people, companies, and relationships across multiple data sources. Placekey applies a similar principle to the physical world by standardizing how location data is joined, addressing common challenges such as inconsistent addresses and fragmented data inputs.
By combining Placekey’s location identifiers with Senzing’s AI-powered entity resolution capabilities, the acquisition is intended to simplify data integration and improve location accuracy across complex datasets. The enhanced platform supports more reliable analytics and decision-making for applications spanning artificial intelligence, geographic information systems (GIS), and other data-intensive industries where precise context across people, organizations, and places is critical.
Deal 5: Limitless AI, Inc. (United States) was acquired by Meta Platforms, Inc. (United States) for an undisclosed amount.
Meta Platforms, Inc. Acquired Limitless AI, Inc.
Meta has acquired AI wearables startup Limitless for an undisclosed sum, advancing its efforts to expand AI-enabled wearable technologies.
Limitless created a lightweight, AI-enabled pendant that can be clipped to clothing or worn as jewelry. The device records spoken interactions throughout the day, produces real-time transcripts, and uses AI to turn conversations into summaries, searchable notes, and contextual reminders—essentially acting as a digital memory companion for both structured meetings and casual discussions.
The acquisition comes as momentum builds around AI wearables and as Meta continues to invest in its own vision for hands-free, AI-supported hardware. Meta’s roadmap already includes AR and AI-integrated eyewear such as its Ray-Ban Meta and Oakley Meta smart glasses, along with early work on display-equipped lenses.
Limitless’s technology and team are expected to support Meta’s broader ambition to deliver “personal superintelligence” through everyday devices and enhance the functionality of its current wearable products. Following the transaction, Limitless will stop selling its hardware device while continuing to support existing users for up to one year to ensure a smooth transition.
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