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2025 Top Global M&A Deals January to June
- 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.
January
Consumer Products and Services
Deal 1: Sun Art Retail Group Limited (Hong Kong) was acquired by DCP Capital (China) for USD 1.58 billion.
DCP Capital to Acquire Sun Art Retail Group Limited
E-commerce giant Alibaba is selling its 78.7% majority stake in Sun Art Retail Group, a prominent hypermarket operator in China, for USD 1.58 billion (HKD 12.3 billion). The buyer is private equity firm DCP Capital Partners, acting through its subsidiary Paragon Shine.
Sun Art Retail Group is a key player in China’s hypermarket sector, operating well-established brands such as RT-Mart, RT-Super, and M-Club. These brands provide a comprehensive selection of groceries and general merchandise, catering to diverse consumer needs. Sun Art has built a strong presence across China through its extensive store network and the integration of online and offline retail strategies. By leveraging advanced digital tools and logistics capabilities, the company enhances customer convenience and reinforces its position in the highly competitive retail market.
This divestment aligns with Alibaba’s strategic focus on optimizing its asset portfolio and reallocating resources to strengthen its core business areas. The move underscores Alibaba’s intent to prioritize shareholder value while scaling back investments in physical retail—an initiative championed by former CEO Daniel Zhang. This sale marks another step in Alibaba’s broader plan to streamline its operations by merging domestic and international e-commerce activities and divesting from non-core holdings.
Despite this shift, Alibaba remains optimistic about the growth potential of China’s consumer sector. The company reiterates its commitment to driving industry-wide progress by leveraging technological innovations that elevate the consumer experience and promote high-quality growth.
Deal 2: Dowlais Group plc (United Kingdom) was acquired by American Axle & Manufacturing Holdings, Inc. (United States) for USD 1.44 billion.
American Axle & Manufacturing Holdings, Inc. to Acquire Dowlais Group plc
British automotive company Dowlais Group will be acquired by U.S. auto parts manufacturer American Axle & Manufacturing (AAM) for GBP 1.16 billion (USD 1.44 billion) in a combination of cash and stock. This acquisition will position the new entity as a significant global supplier of automotive components.
Dowlais is a leader in high-tech engineering, specializing in driveline technologies, electric vehicle solutions, precision metal parts, and hydrogen storage through its renowned GKN Automotive and GKN Powder Metallurgy businesses.
The merger will form a prominent global player in driveline and metal-forming solutions, offering a broad, powertrain-agnostic portfolio. The combined entity will serve multiple automotive segments, including internal combustion, hybrid, and electric powertrains. With projected annual revenues of around USD 12 billion and expected synergies of USD 300 million, the merger is anticipated to generate strong margins, earnings growth, cash flow, and an enhanced balance sheet.
Post-transaction, AAM shareholders will own 51% of the combined entity, while Dowlais shareholders will hold 49%.
The acquisition is slated for completion by the end of 2025. J.P. Morgan is serving as the exclusive financial advisor to AAM, while Barclays Bank and Rothschild & Co are advising Dowlais. The combined company will be headquartered in Detroit, Michigan.
Deal 3: Three highly prestigious real estate properties in Paris (France) was acquired by Ardian (France) for USD 0.86 billion.
Ardian to Acquire Three highly prestigious real estate properties in Paris
Kering SA has agreed to sell a 60% stake in three prestigious Parisian real estate assets to private equity firm Ardian in a transaction valued at USD 861 million (EUR 837 million).
The properties include the historic Hôtel de Nocé on Place Vendôme, home to Boucheron’s headquarters, as well as flagship stores for Valentino and Balenciaga on Avenue Montaigne, one of Paris’s most exclusive shopping streets.
This sale aligns with Kering’s strategic approach to real estate, which prioritizes securing prime retail locations for its brands over the long term in globally renowned luxury districts. For Ardian, the acquisition represents a rare opportunity to expand its presence in the high-end Parisian property market.
Following the deal’s completion, expected in Q1 2025, Kering will retain a 40% stake in the portfolio.
Deal 4: Simple Mills, Inc. (United States) was acquired by Flowers Foods, Inc. (United States) for USD 0.80 billion.
Flowers Foods, Inc. to Acquire Simple Mills, Inc.
Flowers Foods, a major U.S. producer of packaged bakery goods, has announced its acquisition of Simple Mills for USD 795 million. The transaction strengthens Flowers’ position in the growing better-for-you and snacking categories, which are outpacing broader market trends.
Headquartered in Chicago, Simple Mills specializes in nutrient-rich snacks and baking mixes made from whole-food ingredients. Its product range includes crackers, cookies, bars, and baking mixes, all formulated to be gluten-free, non-GMO, and free from artificial additives. The brand’s offerings are available in more than 30,000 retail locations across the country. In 2024, the company reported an estimated USD 240 million in net sales, reflecting a 14% increase from the previous year.
By joining Flowers Foods, Simple Mills will gain access to greater resources to expand its distribution, accelerate product innovation, and enhance brand visibility while staying true to its mission. Flowers has a proven history of nurturing acquired brands while maintaining their distinct identities.
Financially, the acquisition is expected to immediately contribute to Flowers’ net sales, adjusted EBITDA growth, and profit margins.
The deal is slated to close in the first quarter of 2025, after which Simple Mills will operate as an independent subsidiary. RBC Capital Markets LLC acted as the exclusive financial advisor to Flowers Foods, while Piper Sandler and Centerview Partners advised Simple Mills.
Deal 5: Nova Sea AS (Norway) was acquired by Mowi ASA (Norway) for USD 0.66 billion.
Mowi ASA to Acquire Nova Sea AS
Mowi ASA, a leading force in the global seafood industry, is acquiring an additional 46% stake in Nova Sea for approximately USD 655 million (NOK 7.4 billion), bringing its total ownership to 95%. The deal will be financed with 30% Mowi shares and 70% cash.
Nova Sea is a top salmon farmer in Northern Norway’s production area 8, overseeing the full value chain from broodstock and smolt production to harvesting and sales. The company is a significant player in the Norwegian aquaculture sector, with a projected harvest of 52,000 tonnes of salmon in 2025.
Mowi has held a substantial minority stake in Nova Sea since 1995 and is well-acquainted with its operations. With this acquisition, the two companies will reinforce their leadership in Northern Norway, one of the world’s prime salmon farming regions, with continued investments aimed at enhancing biological performance and fish health. Together, Mowi and Nova Sea are projected to harvest 157,000 tonnes of salmon in this region in 2025, contributing to a total harvest of 367,000 tonnes in Norway and 572,000 tonnes globally.
The integration of Nova Sea is anticipated to generate significant synergies, with annual savings projected to reach NOK 400 million.
The transaction is projected to close in the second half of 2025.
February
Consumer Products and Services
Deal 1: Just Eat Takeaway.com N.V. (Netherlands) was acquired by Prosus N.V. (Netherlands) for USD 4.30 billion.
Prosus N.V. to Acquire Just Eat Takeaway.com N.V.
Global tech investor Prosus is acquiring Just Eat Takeaway.com for USD 4.3 billion, aiming to establish the world’s fourth-largest food delivery group. Under the agreement, Prosus will purchase all issued and outstanding shares of Just Eat Takeaway.com at EUR 20.30 (USD 21.25) per share.
Headquartered in the Netherlands, Just Eat Takeaway.com is one of Europe’s most recognized food delivery platforms, operating in 17 international markets. It connects 61 million customers with over 356,000 local restaurant partners and holds leading market positions in several regions. The company has established strong brand recognition, particularly in the United Kingdom, Germany, and the Netherlands, where its profitable, cash-generating operations present significant growth potential—an opportunity Prosus aims to expand upon.
With extensive experience in scaling e-commerce and food delivery platforms, Prosus is well-positioned to drive Just Eat Takeaway.com’s expansion. Prosus’s global food delivery network spans over 70 countries, supporting more than one million restaurant partners. The company’s successful growth strategy at iFood in Brazil serves as a model for advancing Just Eat Takeaway.com through improvements in technology, product features, demand generation, service quality, and overall market presence.
The acquisition remains subject to customary pre-offer and offer conditions, including regulatory approvals.
Deal 2: Playa Hotels & Resorts N.V. (United States) was acquired by Hyatt Holdings Corp. (United States) for USD 2.60 billion.
Hyatt Holdings Corp. to Acquire Playa Hotels & Resorts N.V.
Hyatt is set to acquire Playa Hotels & Resorts, a prominent operator of all-inclusive resorts across Mexico and the Caribbean, for USD 2.6 billion (USD 13.5 per share), including debt. Hyatt currently holds a 9.4% stake in Playa’s outstanding shares.
Playa’s portfolio consists of 24 luxury resorts located in Mexico, Jamaica, and the Dominican Republic, with properties in prime, strategically important markets. The company operates high-end resorts under well-established brands such as Hyatt Ziva, Hyatt Zilara, and Hilton Playa del Carmen, offering exceptional accommodations and services for both leisure and corporate travelers.
With this acquisition, Hyatt seeks to strengthen its all-inclusive offerings and optimize its existing infrastructure across Mexico and the Caribbean. The company remains focused on its asset-light business model, which prioritizes global expansion through franchising and management agreements rather than owning properties directly. This approach enables Hyatt to expand its brand portfolio and revenue streams while reducing the capital and operational costs typically involved in property ownership.
Post-acquisition, Hyatt intends to pursue third-party buyers for Playa’s owned properties. The company forecasts generating at least USD 2 billion from asset sales by 2027, with asset-light earnings expected to exceed 90% on a pro forma basis by that time.
Deal 3: Metro AG (Germany) was acquired by EP Global Commerce GmbH (Czech Republic) for USD 2.10 billion.
EP Global Commerce GmbH to Acquire Metro AG
EP Global Commerce GmbH (EPGC), a holding company owned by billionaire Daniel Křetínský, is moving to take Metro AG private through a delisting offer.
Metro AG, headquartered in Düsseldorf, operates cash-and-carry stores and food service distribution for businesses such as hotels, restaurants, and caterers. The company serves customers across Europe and Asia, with a focus on professional food procurement and digital solutions for the hospitality sector.
EPGC, which holds 49.99% of Metro, is offering EUR 5.33 per share to acquire the remaining shares, valuing the deal at approximately EUR 2 billion (USD 2.1 billion). Other key shareholders collectively own 24.99% of Metro. Křetínský previously attempted a similar buyout in 2019 but did not secure enough shareholder support.
EPGC has expressed its commitment to Metro’s long-term growth, aligning with the company’s sCore strategy and related investment initiatives.
The offer is not subject to closing conditions or a minimum acceptance threshold. It requires approval from the German Federal Financial Supervisory Authority (BaFin), after which the acceptance period is expected to begin in March.
Deal 4: Alani Nutrition, LLC (United States) was acquired by Celsius Holdings, Inc. (United States) for USD 1.80 billion.
Celsius Holdings, Inc. to Acquire Alani Nutrition, LLC
Celsius Holdings, the owner of energy drink brand CELSIUS, is set to acquire health and wellness beverage company Alani Nutrition (Alani Nu) for USD 1.8 billion. This transaction brings together two rapidly expanding brands in the U.S. energy drink market, forming a functional lifestyle platform designed to meet the rising consumer demand for zero-sugar and performance-focused beverages.
Alani Nu, a brand with a strong focus on female consumers, offers a range of functional beverages and wellness products, including pre-workout supplements, protein powders, energy drinks, and wellness gummies. Its products are widely distributed online and in major retailers such as Target and GNC.
The acquisition is expected to create opportunities for category expansion, enabling Celsius to drive innovation, increase brand visibility, and accelerate growth in adjacent markets. The combined platform is expected to accelerate growth, providing the scale and resources needed for continued investment. Additionally, the integration of Alani Nu is projected to push annual sales to approximately USD 2 billion, reinforcing Celsius’ presence in the premium functional beverage market as health-conscious consumer preferences continue to evolve.
The transaction is slated to close in the second quarter of 2025, after which Alani Nu will operate under Celsius.
Deal 5: Autohome Inc. (China) was acquired by Haier Group Corporation (China) for USD 1.80 billion.
Haier Group Corporation to Acquire Autohome Inc.
Financial conglomerate Ping An is selling its 41.91% stake in Autohome, China’s largest online automotive marketplace, to consumer electronics giant Haier Group for USD 1.8 billion. The transaction aligns with Ping An’s strategic focus while expanding Haier’s involvement in the automotive sector.
Autohome operates a digital platform that provides car listings, reviews, financing options, and industry insights, connecting consumers, dealers, and manufacturers. It plays a key role in China’s automotive ecosystem by offering comprehensive services for vehicle transactions and research.
Haier established Cartech in 2021 to venture into automotive customizations, used car trading, and smart charging solutions. Following the acquisition, Haier plans to integrate Cartech with Autohome, enhancing user experience, smart hardware, and digital retail solutions.
The acquisition is expected to bring strategic changes to Autohome’s management and retail operations, strengthening its service capabilities under Haier’s leadership. Meanwhile, Ping An will continue collaborating with Autohome in after-sales services and offline marketing to support its long-term growth.
March
Consumer Products and Services
Deal 1: Walgreens Boots Alliance, Inc. (United States) was acquired by Sycamore Partners Management, L.P. (United States) for USD 10.00 billion.
Sycamore Partners Management, L.P. to Acquire Walgreens Boots Alliance, Inc.
Sycamore Partners has reached an agreement to acquire Walgreens Boots Alliance (WBA) in a USD 10 billion transaction, transitioning the global pharmacy and retail company to private ownership.
WBA operates more than 12,500 retail pharmacies across the United States, Europe, and Latin America, with key brands including Walgreens and Duane Reade in the U.S., Boots in the U.K. and select global markets, and Alliance Healthcare, its pharmaceutical wholesale division in Europe. The company has a workforce of approximately 311,000 employees worldwide.
The acquisition is intended to bolster WBA’s competitive position in pharmacy, retail, and healthcare services by integrating its pharmaceutical expertise, extensive retail footprint, and digital health initiatives with Sycamore’s strategic investments in consumer-driven businesses. WBA will continue operating under its Walgreens, Boots, and other well-established brands.
The transaction is expected to close in the fourth quarter of 2025. Centerview Partners is serving as WBA’s financial advisor, while UBS Investment Bank is the lead financial advisor. Goldman Sachs and J.P. Morgan are acting as co-lead financial advisors, with Citi and Wells Fargo advising Sycamore Partners.
Deal 2: YORK Holdings Co., Ltd (Japan) was acquired by Bain Capital Private Equity, LP (United States) for USD 5.37 billion.
Bain Capital Private Equity, LP. to Acquire YORK Holdings Co., Ltd
Bain Capital has agreed to acquire the Supermarket & Specialty Stores (SST) Business Group from Seven & i Holdings for USD 5.37 billion.
The transaction includes York Holdings, a wholly owned subsidiary of Seven & i Holdings, which oversees 31 subsidiaries and affiliates. These include major supermarket chains Ito-Yokado and York-Benimaru, as well as specialty retailers such as Loft, Akachan Honpo, and Seven & i Food Systems, which operates Denny’s in Japan.
Bain Capital plans to collaborate closely with the SST Business Group, leveraging its global and local expertise in retail and consumer goods to drive long-term growth. The firm has a strong track record in the sector, having previously invested in companies such as Kirindo and Dollarama.
Through this acquisition, Bain Capital aims to strengthen the group’s operational foundation and support its medium- to long-term expansion alongside its management and employees.
For Seven & i Holdings, this transaction is part of a broader restructuring plan that includes focusing on its core convenience store business and exploring an initial public offering (IPO) of its North American 7-Eleven operations by the end of 2026.
The deal is expected to close in September 2025. BNP Paribas is serving as the lead financial advisor to Bain Capital, with additional advisory support from Citigroup Global Markets Japan Inc. and Mizuho Securities.
Deal 3: Seiyu Co., Ltd. (Japan) was acquired by Trial Holdings Inc. (Japan) for USD 2.55 billion.
Trial Holdings Inc. to Acquire Seiyu Co., Ltd.
KKR is divesting Seiyu GK, a Japanese supermarket chain, to Trial Holdings for USD 2.55 billion. As part of the deal, Walmart will also sell its remaining 15% stake in Seiyu to Trial.
Seiyu operates a nationwide network of over 240 retail stores across Japan under different retail models, including Seiyu Supermarkets, Seiyu Hypermarkets, and Seiyu Food Halls, offering groceries, household essentials, and apparel. The company is recognized for its focus on affordability and convenience, integrating e-commerce solutions through its collaboration with Rakuten.
Since acquiring a majority stake in Seiyu, KKR and Walmart have worked together to enhance operational efficiency, expand product offerings, and improve profitability through technology-driven initiatives.
Following the acquisition, Trial Holdings plans to retain Seiyu’s branding and workforce. The deal will expand Trial’s store network to 585 locations, with annual sales expected to reach approximately JPY 1.2 trillion (USD 8 billion).
The transaction is anticipated to close in the second quarter of 2025. Under Trial’s ownership, Seiyu is well-positioned to build on its existing strengths and drive continued growth in Japan’s retail sector.
Deal 4: VNGR Beverage LLC dba Poppi (United States) was acquired by PepsiCo, Inc. (United States) for USD 1.95 billion.
PepsiCo, Inc. to Acquire VNGR Beverage LLC dba Poppi
PepsiCo is acquiring prebiotic soda brand Poppi for USD 1.95 billion, as it continues to expand its selection of health-focused beverages and cater to shifting consumer preferences. The acquisition reflects PepsiCo’s commitment to offering products that align with modern wellness trends and appeal to a new generation of consumers.
Poppi has gained rapid traction in the functional beverage space with its sodas made from apple cider vinegar, fruit juice, and prebiotic fibers like agave inulin and cassava root fiber. Designed to support digestive health, each drink contains no more than five grams of sugar, providing a low-calorie, flavorful alternative to traditional soft drinks.
Consumer demand for convenient, better-for-you beverages has never been stronger, and Poppi’s positioning complements PepsiCo’s broader efforts to reshape its product portfolio. The deal also highlights the continued rise of functional sodas, following similar moves by competitors, including Coca-Cola’s recent launch of Simply Pop.
The agreement includes a potential earnout contingent on Poppi meeting certain performance targets within a defined post-closing period. Centerview Partners LLC is serving as the lead financial advisor to PepsiCo, with J.P. Morgan Securities LLC also advising. Goldman Sachs & Co. LLC is acting as financial advisor to Poppi.
Deal 5: Bakkavor Group plc (United Kingdom) was acquired by Greencore Group plc (Ireland) for USD 1.55 billion.
Greencore Group plc to Acquire Bakkavor Group plc
Irish convenience food producer Greencore is set to acquire Bakkavor in a proposed transaction valued at GBP 1.2 billion (USD 1.55 billion), forming a major player in the chilled and ready-to-eat food sector with combined annual revenues exceeding GBP 4 billion.
Bakkavor Group, headquartered in London, is a prominent international manufacturer of fresh prepared foods, offering a wide range of products, including ready meals, salads, desserts, dips, and baked goods. The company operates 32 production sites across the UK, US, and China, with approximately 85% of its revenue generated from the UK market. It supplies leading retailers such as Tesco, Marks & Spencer, and Sainsbury’s.
The acquisition is expected to significantly alter the competitive landscape of the convenience food sector, influencing retail dynamics and intensifying competition among suppliers. The merger would create a diversified, high-capability business with an extensive product range, long-standing retail partnerships, dedicated customer teams, and enhanced capabilities across high-growth segments.
Under the proposed terms, Greencore shareholders would hold a 56% stake in the newly combined company, while Bakkavor shareholders would own the remaining 44%.
April
Consumer Products and Services
Deal 1: Deliveroo plc (United Kingdom) was acquired by DoorDash, Inc. (United States) for USD 3.89 billion.
DoorDash, Inc. to Acquire Deliveroo plc
DoorDash has proposed acquiring UK-based food delivery company Deliveroo for USD 3.9 billion, underscoring a growing trend of consolidation within the food delivery sector.
Founded in 2013, Deliveroo operates as an online platform connecting customers with local restaurants, enabling food orders for delivery via its app or website. The company is present in several countries, offering a wide variety of cuisines while providing restaurants and delivery drivers an effective way to expand their customer base.
Both DoorDash and Deliveroo have been diversifying their services, moving beyond traditional restaurant delivery to include groceries, convenience items, and innovative business models aimed at accelerating growth and profitability.
With a commanding two-thirds share of the U.S. restaurant delivery market, DoorDash is keen to extend its reach internationally. Acquiring Deliveroo would allow it to tap into the UK market and key urban centers across Europe, extending its reach into 10 new regions where it currently has no presence.
The transaction is expected to close in the fourth quarter of 2025. Goldman Sachs served as financial advisor to Deliveroo, while J.P. Morgan advised DoorDash.
Deal 2: Gianni Versace S.r.l. (Italy) was acquired by Prada S.p.A. (Italy) for USD 1.38 billion.
Prada S.p.A. to Acquire Gianni Versace S.r.l.
Luxury fashion house Prada has reached an agreement with Capri Holdings to acquire Versace for USD 1.38 billion, uniting two iconic names in Italian fashion.
Versace, based in Milan, is a globally recognized symbol of Italian luxury, renowned for its bold aesthetic. The brand’s addition to the Prada Group portfolio enhances the group’s offerings, tapping into significant growth potential and complementing its existing brands with new opportunities for value creation.
This acquisition marks the return of Versace to Italian ownership, positioning the brand to compete more effectively with larger luxury conglomerates such as LVMH and Kering SA. It also strengthens Italy’s presence in the luxury sector, which is dominated by French corporations like LVMH.
For Prada, known for its more understated aesthetic, the acquisition introduces a new level of diversity within its portfolio. Prada’s leadership emphasizes that this move adds a complementary dimension to the group, ensuring Versace retains its creative independence and cultural essence while benefiting from Prada’s operational and retail expertise.
The deal is expected to be finalized by the second half of 2025. Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE, Succursale Italia, are serving as financial advisors to Prada Group.
Deal 3: Artisan Design Group, LLC (United States) was acquired by Lowe's Companies, Inc. (United States) for USD 1.33 billion.
Lowe's Companies, Inc. to Acquire Artisan Design Group, LLC
Lowe’s Companies, Inc. has announced plans to acquire Artisan Design Group (ADG) in a transaction valued at approximately USD 1.33 billion, aiming to enhance its capabilities for professional customers and broaden its presence in the growing interior finishes market.
Artisan Design Group is a provider of interior finishing solutions, offering design and installation services for flooring, cabinetry, and countertops across residential and commercial construction projects. Headquartered in the U.S., ADG operates a network that supports both national builders and regional contractors, with a footprint spanning more than 1,700 locations in 18 states.
The acquisition is expected to accelerate Lowe’s expansion into the USD 50 billion interior finishes segment, as demand for new housing continues to rise across the United States. The deal supports Lowe’s broader strategy to meet rising housing demand by providing a more comprehensive set of services and materials to professional customers.
Combining Lowe’s scale and diverse product offerings with ADG’s established market presence in flooring, cabinets, and countertops is expected to drive growth for both companies while enhancing value for builders and property managers.
The transaction is anticipated to close in the second quarter of 2025. Centerview Partners LLC is serving as lead financial advisor to Lowe’s, with Greenhill also acting as an advisor. On ADG’s side, BMO Capital Markets is acting as lead financial advisor, alongside Goldman Sachs.
Deal 4: C.P. Pokphand Co. Ltd. (Bermuda) was acquired by Charoen Pokphand Foods Public Company Limited (Thailand) for USD 1.10 billion.
Charoen Pokphand Foods Public Company Limited to Acquire C.P. Pokphand Co. Ltd.
Thailand-based Charoen Pokphand Foods (CP Foods) is acquiring the remaining 23.8% stake in C.P. Pokphand (CPP) from Itochu Corporation for approximately USD 1.1 billion, securing full ownership of its agri-food subsidiary.
C.P. Pokphand operates in the agri-food sector, with core activities in China and Vietnam. Its business spans the production and distribution of animal feed, livestock and aquaculture farming, as well as food processing. The company also holds investments and property assets across the region.
The acquisition positions CP Foods to benefit from the expanding food market in Asia, which is projected to generate USD 73.5 billion in revenue in 2025 and grow at an annual rate of nearly 5% through 2030. Full control of CPP will allow CP Foods to streamline decision-making and more effectively implement its long-term strategic objectives.
For Itochu, the divestment is expected to contribute approximately USD 888.1 million to its net profit for the fiscal year ending 2026.
Following the completion of the deal, CP Foods will own 100% of CPP, strengthening its financial performance and improving return on equity.
Deal 5: Sizzling Platter, LLC (United States) was acquired by Bain Capital, LP (United States) for USD 1.00 billion.
Bain Capital, LP to Acquire Sizzling Platter, LLC
Bain Capital has acquired Sizzling Platter, a multi-brand restaurant franchise operator, in a transaction valued at approximately USD 1 billion, including debt, further expanding its footprint in the restaurant and retail space.
Sizzling Platter, based in Salt Lake City, Utah, began in 1963 with a single Sizzler location and has evolved into a prominent multi-brand franchise operator. Today, it oversees a network of more than 750 restaurants throughout the United States and Mexico. Its portfolio features a range of recognizable names, including Little Caesars, Wingstop, Dunkin’, Jamba, Jersey Mike’s, Cinnabon, Red Robin, and Sizzler. The company focuses on maintaining high operational standards and cultivating strong partnerships to drive the performance and expansion of the brands it manages.
Franchise restaurant businesses remain attractive to private equity investors due to their recurring royalty income and relatively low operating costs. Bain Capital has been an active player in the sector. Its previous investments include Fogo de Chão, acquired in 2023, as well as past stakes in Dunkin’, Domino’s, and Bloomin’ Brands. In early 2025, the firm also purchased the Japanese supermarket and specialty store operations of Seven & i Holdings, a Denny’s franchisee in Japan.
The acquisition is being financed by Jefferies Group and UBS.
May
Consumer Products and Services
Deal 1: Skechers U.S.A., Inc. (United States) was acquired by 3G Capital, Inc. (United States) for USD 9.42 billion.
3G Capital, Inc. to Acquire Skechers U.S.A., Inc.
Private equity firm 3G Capital is acquiring Skechers USA in a landmark transaction valued at USD 9.42 billion (USD 63 per share) in cash, marking the brand’s exit from the public market after 26 years. This deal comes as Skechers faces the challenges of high U.S. tariffs.
Skechers U.S.A., Inc. ranks as the third-largest footwear brand globally, recognized for its focus on comfort, affordability, and style. The brand serves a wide consumer base with its extensive range of casual, athletic, and work shoes. Through significant international growth and high-profile celebrity endorsements, Skechers has expanded its presence worldwide. In 2024, the company reached a record annual sales figure of over USD 9 billion, reflecting a 12.1% year-over-year growth.
This acquisition provides a strategic opportunity for Skechers to advance its position in both lifestyle and performance footwear. Analysts expect that 3G Capital’s proven approach of driving margin improvements and operational efficiencies could pave the way for the company to return to the public market in the long term.
The deal is expected to close in the third quarter of 2025. Upon completion, Skechers will be delisted from the New York Stock Exchange and transition into private ownership. J.P. Morgan Securities LLC acted as the exclusive financial advisor to 3G Capital, while Greenhill, a Mizuho affiliate, advised Skechers.
Deal 2: Foot Locker, Inc. (United States) was acquired by DICK'S Sporting Goods, Inc. (United States) for USD 2.40 billion.
DICK'S Sporting Goods, Inc. to Acquire Foot Locker, Inc.
Foot Locker, a specialty retailer of athletic footwear and apparel, is being acquired by Dick’s Sporting Goods in a transaction valued at USD 2.4 billion. This deal unites two established players in the sports retail sector, creating a global platform with expanded presence across both U.S. and international markets.
Headquartered in New York City, Foot Locker operates more than 2,400 stores across over 20 countries, including locations in North America, Europe, Asia, Australia, and New Zealand. The company owns several well-known retail brands—such as Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, and WSS—and partners with leading sportswear companies like Nike, Adidas, and Puma to serve athletes, sneaker enthusiasts, and younger consumers.
This acquisition enables Dick’s to enter international markets for the first time while enhancing its domestic presence through Foot Locker’s complementary store network. Together, the combined company plans to reach a broader customer base through diverse retail concepts and enhanced digital and in-store experiences.
The merger is expected to boost relationships with global brand partners by increasing exposure and offering more sales channels. Dick’s aims to invest in Foot Locker’s growth and anticipates up to USD 125 million in cost savings from improved procurement. The transaction should contribute to earnings in the first full fiscal year after closing.
Foot Locker will continue to operate as a standalone business unit within DICK’S portfolio, retaining its existing brands.
The acquisition is expected to be finalized in the second half of 2025. Goldman Sachs is advising Dick’s and providing committed bridge financing, while Evercore is acting as financial advisor to Foot Locker.
Deal 3: ZEEKR Intelligent Technology Holding Limited (China) was acquired by Geely Automobile Holdings Limited (China) for USD 2.20 billion.
Geely Automobile Holdings Limited to Acquire ZEEKR Intelligent Technology Holding Limited
Geely, the Chinese automotive group, plans to take Zeekr private by acquiring the remaining 34.3% stake it does not already own for USD 2.2 billion—just a year after Zeekr’s listing on the New York Stock Exchange.
Launched in 2021, Zeekr specializes in premium electric vehicles designed for performance, with models such as the Zeekr 001, 009, 007, and Zeekr X—all built on Geely’s Sustainable Experience Architecture (SEA) platform. While rooted in the Chinese market, Zeekr has been actively expanding its international footprint, targeting markets including Japan, Brazil, and Australia. The company delivered over 222,000 vehicles in 2024.
The buyout supports Geely’s broader strategy to streamline its EV operations reduce internal redundancies, and improve operational efficiency. Chairman Li Shufu noted that the integration supports Geely’s long-term objective of aligning technology development, supply chains, and global market initiatives under a cohesive framework.
This move also marks a strategic transition from aggressive expansion toward streamlined operations as Geely navigates intensifying global trade dynamics and disruption in the EV sector.
Deal 4: EOS Fitness Opco Holdings, LLC (United States) was acquired by TSG Consumer Partners, LP (United States) for USD 1.50 billion.
TSG Consumer Partners, LP to Acquire EOS Fitness Opco Holdings, LLC
Consumer-focused private equity firm TSG Consumer Partners has agreed to acquire EōS Fitness, a rapidly expanding gym chain, in a transaction valued at approximately USD 1.5 billion.
EōS Fitness, based in Dallas, operates with a high-value, low-price model, offering 24/7 gym access and memberships starting at around USD 9.99 per month. Its gyms are open 24/7 and offer a broad range of amenities, including modern strength and cardio equipment, group fitness classes, recovery zones, pools, and saunas. The company currently has over 175 locations across Arizona, California, Nevada, Texas, Utah, and Florida, with plans to grow its footprint to 250 sites by 2030. EōS serves a membership base of more than one million people across the U.S.
The acquisition builds on TSG’s successful track record in the fitness space, having previously partnered with brands like Planet Fitness and Sunshine Fitness. With TSG’s support, EōS aims to grow its presence in both existing and new markets, enhance its services, and continue promoting accessible, inclusive fitness experiences.
The deal remains subject to regulatory approvals and customary closing conditions. TSG Consumer was advised by Ropes & Gray LLP, while EōS was advised by Piper Sandler & Co. as lead financial advisor and Robert W. Baird & Co. as co-advisor.
Deal 5: SevenRooms Inc. (United States) was acquired by DoorDash, Inc. (United States) for USD 1.20 billion.
DoorDash, Inc. to Acquire SevenRooms Inc.
DoorDash has announced its acquisition of SevenRooms, a global hospitality technology company, in an all-cash transaction valued at USD 1.2 billion.
SevenRooms offers a cloud-based platform that enables restaurants, hotels, and other hospitality businesses to manage reservations, waitlists, guest profiles, online ordering, and marketing efforts. Its software is designed to give operators full ownership of guest data and experience, helping them foster customer loyalty through direct engagement and personalized service. The company supports over 13,000 venues worldwide, including major brands such as Marriott International, MGM Resorts, and Wynn Resorts.
This acquisition significantly enhances DoorDash’s commerce platform by offering its global merchant base new capabilities to drive both on-premise and delivery sales. It follows DoorDash’s recent acquisition of Deliveroo and reflects the company’s ongoing strategy to expand its global footprint and integrate more deeply into restaurant operations beyond food delivery.
For SevenRooms, joining DoorDash brings access to greater resources and broader market reach, which is expected to accelerate its innovation roadmap and deliver added value to a wider network of merchants.
The transaction is expected to close in the second half of 2025. William Blair acted as the exclusive financial advisor to SevenRooms, while A&O Shearman served as legal counsel to DoorDash.
JUNE
Consumer Products and Services
Deal 1: Toyota Industries Corporation (Japan) was acquired by Toyota Fudosan Co., Ltd. and Toyota Motor Corporation (Japan) for USD 33.00 billion.
Toyota Fudosan Co., Ltd.; Toyota Motor Corporation to Acquire Toyota Industries Corporation
Toyota Industries Corporation is going private through a USD 33 billion buyout backed by Toyota Motor and Toyota Fudosan, signaling a deepened alignment within the Toyota Group.
Toyota Industries plays a pivotal role within the group and specializes in a broad range of sectors, including materials handling equipment such as forklifts, automotive components, textile machinery, and logistics solutions.
A new holding company will be formed for the transaction. Toyota Fudosan will contribute JPY 180 billion, while Akio Toyoda, chairman of Toyota Motor, will invest JPY 1 billion. Toyota Motor itself plans to invest JPY 700 billion in non-voting preferred shares. As part of the restructuring, Toyota Motor and its affiliated suppliers—Aisin, Denso, and Toyota Tsusho—will divest their stakes in Toyota Industries and repurchase shares currently held by Toyota Industries in their own firms.
The deal highlights Toyota’s strategic push to simplify its corporate structure while retaining influence over essential supply chain operations amid the industry’s shift toward electrification and automation. In this context, Toyota Industries is enhancing its focus on smart logistics, advancing autonomous forklift technologies, logistics management software, eco-efficient powertrains, and leveraging data related to goods movement to support increasingly complex logistics demands.
Deal 2: Owned Real Estate Portfolio of Playa (Mexico, Dominican Republic, Jamaica) was acquired by Tortuga Resorts San Jose SA De CV (Mexico) for USD 2.14 billion.
Tortuga Resorts San Jose SA De CV to Acquire Owned Real Estate Portfolio of Playa
Hyatt has announced the sale of Playa Hotels & Resorts’ owned real estate assets to Tortuga Resorts for USD 2 billion. The portfolio includes 15 all-inclusive resorts located in Mexico, the Dominican Republic, and Jamaica.
Tortuga Resorts is a real estate investment and asset management firm that focuses on upscale to ultra-luxury beachfront resorts in Mexico and the Caribbean. Supported by KSL Capital Partners and Rodina, Tortuga develops and operates high-end properties and works with prominent global hotel brands through long-term management partnerships.
Alongside the sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 resorts, aligning with Hyatt’s standard all-inclusive fee structure. The remaining two properties will continue to operate under separate contractual terms.
This transaction marks a key step in Hyatt’s asset-light strategy, converting the Playa acquisition into a model centered on management fees rather than property ownership. It is expected to strengthen Hyatt’s fee-based earnings and contribute positively to shareholder value in the first full year following the deal.
The deal is anticipated to close by the end of 2025. BDT & MSD Partners is serving as Hyatt’s lead financial advisor, while Goldman Sachs & Co. LLC is advising Tortuga exclusively.
Deal 3: SpartanNash Company (United States) was acquired by C&S Wholesale Grocers, LLC (United States) for USD 1.77 billion.
C&S Wholesale Grocers, LLC to Acquire SpartanNash Company
C&S Wholesale Grocers, a major U.S. provider of wholesale grocery supply and supply chain solutions, has agreed to acquire SpartanNash in a transaction valued at USD 1.77 billion, including debt.
SpartanNash operates through two core divisions: food distribution and retail grocery. It supplies a broad range of food products and private-label items to independent retailers, national grocery chains, military commissaries, and e-commerce businesses. In addition, the company runs nearly 200 retail supermarkets under brands such as Family Fare, Martin’s, and D&W Fresh Market, supported by an extensive distribution network.
The combined entity will operate nearly 60 distribution centers across the United States and serve approximately 10,000 independent retail locations, along with more than 200 corporate-owned grocery stores. The merger aims to enhance supply chain efficiency and reduce costs, helping lower prices for consumers. Given the grocery industry’s tight average profit margin of 1.6%, the deal is expected to strengthen operational scale and deliver improved value across food and household categories.
The transaction is anticipated to close in late 2025. Solomon Partners is acting as the exclusive financial advisor to C&S, while BofA Securities, Inc. is advising SpartanNash.
Deal 4: Substantially all the assets of the International Family Care and Professional ("IFP") business of Kimberly-Clark Corporation was acquired by Suzano S.A. (Brazil) for USD 1.73 billion.
Suzano S.A. to Acquire Substantially all the assets of the International Family Care and Professional ("IFP") business of Kimberly-Clark Corporation
Brazilian pulp giant Suzano has agreed to acquire a 51% stake in Kimberly-Clark’s international tissue business for USD 1.73 billion. The transaction includes nearly all assets from Kimberly-Clark’s International Family Care and Professional (IFP) operations.
As part of the deal, the two companies will form a joint venture valued at USD 3.4 billion, focused on the production, marketing, and distribution of consumer and professional tissue products—including toilet paper, facial tissues, paper towels, and napkins—across more than 70 countries. Suzano will hold a 51% controlling interest, while Kimberly-Clark will retain the remaining 49%.
Over 40 regional brands from the IFP portfolio will be transferred to the new venture. In addition, the joint entity will enter into a long-term licensing agreement for the use of Kimberly-Clark’s global brands such as Kleenex, Scott, Cottonelle, WypAll, Viva, and Kimberly-Clark Professional.
The new company will be incorporated in the Netherlands and will include 22 manufacturing sites across 14 countries in Europe, Asia (including Southeast Asia), the Middle East, South and Central America, Africa, and Oceania. These facilities collectively have an annual tissue production capacity of roughly 1 million tonnes.
Suzano’s expertise in fiber and large-scale industrial operations is expected to complement Kimberly-Clark’s established global brands and commercial strength.
The transaction is expected to be completed by mid-2026. Centerview Partners and Goldman Sachs are acting as financial advisors to Kimberly-Clark, while Freshfields LLP is serving as legal counsel to Suzano.
Deal 5: Dr. Squatch, LLC (United States) was acquired by Unilever PLC (United Kingdom) for USD 1.50 billion.
Unilever PLC to Acquire Dr. Squatch, LLC
Unilever has announced the acquisition of U.S.-based men’s personal care brand Dr. Squatch for USD 1.5 billion, reinforcing its strategy to grow its presence in premium and high-growth categories.
Dr. Squatch offers a range of natural grooming products—including bar soaps, shampoos, deodorants, and toothpaste—and has built a strong direct-to-consumer presence. Its growth has been fueled by distinctive branding and viral marketing, which have helped the brand cultivate a loyal customer base in the U.S. market.
Through this acquisition, Unilever adds a high-performing brand with unique digital marketing capabilities to its portfolio. The move also supports Unilever’s plans to expand Dr. Squatch internationally and strengthen its position in the growing men’s personal care segment.
The transaction is expected to close later this year.
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.
January
Software and IT
Deal 1: Paycor HCM, Inc. (United States) was acquired by Paychex, Inc. (United States) for USD 4.10 billion.
Paychex, Inc. to Acquire Paycor HCM, Inc.
Paychex has agreed to acquire its competitor, Paycor HCM, in a USD 4.1 billion all-cash transaction valued at USD 22.5 per share, aiming to strengthen its AI-driven HR solutions. This acquisition is part of a broader consolidation trend in the payroll and HR industry.
The transaction unites two significant players in the human resources software and services industry. Paycor, a leading provider of human capital management (HCM), payroll, and talent management solutions, employs over 2,900 people and supports approximately 2.7 million employees across more than 49,000 U.S. clients.
Since its public listing in 2021, Paycor has made significant investments in data and artificial intelligence, strengthening its position in the upmarket. This acquisition is strategically complementary, enhancing Paycor’s AI-driven HR technology capabilities and opening new avenues for sustained long-term growth. Additionally, Paycor’s clients will benefit from Paychex’s extensive HR advisory and employee solutions.
The acquisition is anticipated to close in the first half of 2025. J.P. Morgan Securities LLC is acting as the exclusive financial advisor to Paychex, while Goldman Sachs & Co. LLC is serving in the same capacity for Paycor.
Deal 2: Enfusion, Inc. (United States) was acquired by Clearwater Analytics Holdings, Inc. (United States) for USD 1.50 billion.
Clearwater Analytics Holdings, Inc. to acquire Enfusion, Inc.
Fintech firm Clearwater Analytics plans to acquire Enfusion, a software-as-a-service (SaaS) provider specializing in investment management and hedge fund solutions, in a USD 1.5 billion cash-and-stock deal.
This acquisition will enable Clearwater to expand into the hedge fund sector by integrating two complementary platforms into a seamless, cloud-native front-to-back solution. The combination is expected to enhance efficiency, improve workflows, and deliver greater value to clients.
Clearwater primarily serves the asset management sector, though this segment accounts for only a third of its revenue. Enfusion specializes in front-office solutions with an advanced platform for asset managers, while Clearwater focuses on middle- and back-office functions such as data aggregation, accounting, compliance, and reporting. By combining their technologies and expertise, Clearwater aims to strengthen its position across asset management firms of all sizes. The deal is expected to increase Clearwater’s Total Addressable Market (TAM) by USD 1.9 billion.
The transaction is set to close in the second quarter of 2025. J.P. Morgan is advising Clearwater Analytics, while Goldman Sachs is serving as the exclusive financial advisor to Enfusion’s Special Committee.
Deal 3: Thiqah Business Service (Saudi Arabia) was acquired by Elm Company (Saudi Arabia) for USD 0.91 billion.
Elm Company to acquire Thiqah Business Service
The Public Investment Fund (PIF) is selling Thiqah Business Services Company (Thiqah), a leading provider of smart technology solutions, to Elm Company for USD 906 million.
Thiqah is a global digital services provider, collaborating with over 100 partners worldwide. The company offers a variety of services, such as data management, business consulting, customer management, and connectivity solutions, all tailored to meet the specific needs of its wide-ranging clientele.
Elm, a Saudi joint-stock company owned by PIF, focuses on delivering digital services to government agencies, businesses, and individuals. This sale is part of PIF’s overarching strategy to maximize the value of its assets, promote Saudi Arabia’s digital transformation, and contribute to the realization of Saudi Vision 2030, which aims to foster innovation, create high-skilled job opportunities, and drive economic diversification.
This transaction holds strategic significance for Elm, enabling greater integration, cost efficiencies, increased profitability, and strategic advantages for both companies and the broader market.
Elm has enlisted HSBC Saudi Arabia as its financial advisor and AS&H Clifford Chance Law Firm as its legal advisor for the deal.
Deal 4: Hispasat, S.A. (Spain) was acquired by Indra Sistemas, S.A. (Spain) for USD 0.75 billion.
Indra Sistemas, S.A. to Acquire Hispasat, S.A.
Indra Group, a Spanish defense and technology company, has acquired an 89.68% stake in satellite operator Hispasat from Redeia for EUR 725 million (USD 753 million), further solidifying its position in the European space industry.
This acquisition aligns with Indra’s strategy to expand its presence in the space sector, particularly in communications, satellite technology, and surveillance. The deal also includes Redeia’s 43% share in Hisdesat, a Spanish government satellite services provider, with Indra already holding a 7% stake. This move reflects Indra’s ongoing efforts to secure control over space-based communications, a crucial aspect for both civilian and military applications. After acquiring 100% of Deimos in 2024, Indra is now adding Hispasat and Hisdesat to its portfolio, which will be integrated into Indra Space, a newly established division focused on space innovations and technologies.
The integration of Hispasat and Hisdesat will not only enhance Indra’s satellite communications capabilities but also foster synergies in the development of advanced software and IT systems supporting space operations. These innovations are particularly valuable for strengthening secure communications, real-time surveillance, navigation, and early warning systems in defense, as well as supporting critical software-driven applications like multi-domain combat clouds and border surveillance systems.
By incorporating these satellite technologies, Indra further bolsters its digital transformation efforts, enhancing its software and IT infrastructure to better support its growing footprint in the global space industry. The transaction is expected to be finalized in the fourth quarter of 2025.
Deal 5: TTTech Auto AG (Austria) was acquired by Dutch NXP B.V. (Netherlands) for USD 0.63 billion.
Dutch NXP B.V. to Acquire TTTech Auto AG
NXP, a prominent Dutch global semiconductor manufacturer, is advancing its transition to Software-Defined Vehicles (SDVs) through the acquisition of TTTech Auto, an Austrian leader in automotive technology, for USD 625 million in cash.
TTTech Auto is recognized for its platform products and services centered on system safety and security for Software-Defined Vehicles (4SDV). The company plays a pivotal role in driving the automotive industry’s transformation by delivering platform solutions that enhance performance, safety, integration, and software updates, while enabling customers to prioritize the driving experience. With this acquisition, NXP plans to integrate TTTech Auto’s advanced safety software, MotionWise, into its NXP CoreRide platform, further advancing the transition to SDVs in the automotive sector.
This acquisition represents a key step in NXP’s broader strategy to become a leader in intelligent edge systems for the automotive and industrial IoT sectors. As the automotive industry pivots from traditional hardware-based designs to platform-centric SDVs, the market for SDVs is projected to reach 45% penetration of global auto production by 2027.
Subject to regulatory approval, the acquisition will add approximately 1,100 engineers, along with TTTech Auto’s intellectual property and assets, to NXP’s automotive division.
February
Software and IT
Deal 1: SolarWinds Corporation (United States) was acquired by Turn/River Management, L.P. (United States) for USD 4.40 billion.
Turn/River Management, L.P. to Acquire SolarWinds Corporation
Software-focused private equity firm Turn/River Capital has agreed to acquire SolarWinds Corporation in a USD 4.4 billion all-cash transaction, taking the company private.
SolarWinds is a well-established software provider specializing in solutions that help businesses manage their IT infrastructure, including networks, systems, and applications. Its diverse product portfolio includes observability tools, database management solutions, and IT service management platforms, catering to organizations of various sectors and sizes.
With Turn/River Capital’s expertise in scaling software companies and its focus on operational efficiency and customer success, the investment is expected to accelerate SolarWinds’ growth and drive further innovation. Upon completion of the deal, SolarWinds will retain its brand identity, but its common stock will be delisted from the New York Stock Exchange.
The acquisition is projected to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. LLC acted as the lead financial advisor to SolarWinds, with Jefferies LLC also providing advisory services. J.P. Morgan, Barclays, Santander, and RBC Capital Markets served as financial advisors to Turn/River Capital.
Deal 2: Global Blue Group Holding AG (Switzerland) was acquired by Shift4 Payments, Inc. (United States) for USD 2.50 billion.
Shift4 Payments, Inc. to Acquire Global Blue Group Holding AG
Shift4, a U.S.-based fintech firm, has announced plans to acquire Swiss specialty payments and technology provider Global Blue in an all-cash transaction valued at USD 2.5 billion (USD 7.50 per share). This marks Shift4’s fourth major acquisition as part of its international expansion strategy.
Global Blue specializes in tax-free shopping and payment solutions for international travelers across 52 countries. Through its proprietary mobile platform, the company facilitates VAT refunds on overseas purchases while providing retailers with payment processing and technology services to enhance customer transactions. It has built a vast network of over 400,000 premium retail and hospitality locations, linking international shoppers with merchants across Europe, Asia, and South America.
The acquisition strengthens Shift4’s position as a global unified commerce payment provider, expanding its revenue opportunities and unlocking access to new markets. Additionally, the deal opens avenues for deeper integration with Alipay+ and Weixin Pay—two of China’s most widely used payment platforms. Shift4 aims to leverage its existing relationship with Global Blue to enhance global e-commerce payment solutions, including the distribution of Alipay+, which connects merchants with 1.6 billion user accounts across 35 digital payment methods, and Weixin Pay, China’s dominant mobile payment service.
The deal is expected to close by the third quarter of 2025. Goldman Sachs & Co. LLC is serving as Shift4’s exclusive financial advisor, while J.P. Morgan Securities LLC is acting as lead financial advisor for Global Blue, supported by Deutsche Bank Securities, IFBC, Oppenheimer & Co. Inc., PJT Partners, and UBS as co-financial advisors.
Deal 3: Khazna Data Center Limited (United Arab Emirates) was acquired by Group 42 Holding Ltd (United Arab Emirates) for USD 2.20 billion.
Group 42 Holding Ltd to Acquire Khazna Data Center Limited
UAE telecom giant e& is divesting its 40% stake in Khazna Data Centers to AI firm G42 for USD 2.2 billion. The sale aligns with e&’s asset monetization strategy, enabling it to concentrate on core operations while maximizing shareholder value.
E& and G42 initially merged their data center businesses in 2022 to form Khazna, now a key provider of wholesale data center solutions in the Middle East. Khazna specializes in secure, scalable, and energy-efficient infrastructure, supporting digital transformation and cloud computing for enterprises, hyperscalers, and government clients. With a focus on sustainability and innovation, the company delivers advanced colocation services across its expanding network of data centers.
Despite exiting its ownership stake, e& will remain a strategic partner and major tenant of Khazna, collaborating on AI-driven connectivity and next-generation digital infrastructure solutions.
Separately, MGX and Silver Lake will become minority investors, joining G42, which will retain a majority stake.
The transaction is expected to close by the end of the first quarter, with proceeds earmarked for debt reduction, enhancing e&’s financial flexibility and credit profile.
Deal 4: Converge Technology Solutions Corp. (Canada) was acquired by H.I.G. Capital, LLC (United States) for USD 0.91 billion.
H.I.G. Capital, LLC to Acquire Converge Technology Solutions Corp.
U.S.-based private equity firm H.I.G. Capital has agreed to acquire Converge Technology Solutions Corp., a Canadian IT and cloud solutions provider, in an all-cash transaction valued at CAD 1.3 billion (USD 910 million).
Converge specializes in digital infrastructure, cybersecurity, advanced analytics, and managed services, delivering technology solutions to businesses and government organizations. With over 3,000 employees across more than 60 offices in Canada, the U.S., Mexico, Germany, and the UK, the company has expanded through strategic growth initiatives and collaborations with leading IT vendors.
H.I.G. intends to integrate Converge with Mainline Information Systems, a Florida-based IT consultancy from its portfolio. Mainline specializes in enterprise servers, hybrid cloud, cybersecurity, storage, and networking. The merger is expected to strengthen their combined capabilities, enhancing service offerings in data center infrastructure, security, and cloud solutions for clients and technology partners.
For Converge, the deal is expected to drive expansion, introduce new service capabilities, and strengthen its position for long-term value creation benefiting both shareholders and customers.
The transaction is subject to regulatory and court approvals, with completion anticipated in the second quarter of 2025. Following the closure, Converge will delist its common shares from public markets.
Deal 5: Micromine Pty Ltd. (Australia) was acquired by The Weir Group PLC (United Kingdom) for USD 0.83 billion.
The Weir Group PLC to Acquire Micromine Pty Ltd.
Weir Group is acquiring Micromine, an Australian mining software provider, for USD 830.75 million (GBP 657 million), expanding its digital mining capabilities and advancing its growth strategy.
Micromine is a globally recognized software company offering end-to-end solutions for the mining industry, covering exploration, mine design, planning, operational scheduling, and production across hard rock, soft rock, and underground mining. Its technology improves operational efficiency, supports data-driven decision-making, and optimizes mining workflows.
The company has achieved a 25% compound annual growth rate in recent years, with projected revenues of approximately GBP 68 million in 2025. Its business model is largely driven by recurring software-as-a-service (SaaS) subscriptions, which account for around 90% of its revenue.
The acquisition aligns with Weir’s strategy to strengthen its position in mining software and build a comprehensive digital optimization platform. Micromine’s solutions will integrate with Weir’s existing MOTION METRICSTM and NEXT intelligent technologies, advancing process optimization and providing a competitive edge.
Following the acquisition, Micromine will initially operate independently while reporting under Weir’s ESCO Division. Leveraging Weir’s extensive mining distribution network, Micromine is expected to accelerate its global expansion.
The transaction is set to close in Q2 2025 and is expected to contribute positively to Weir’s revenue growth and operating margins.
March
Software and IT
Deal 1: Wiz, Inc. (United States) was acquired by Google LLC (United States) for USD 32.00 billion.
Google LLC to Acquire Wiz, Inc.
Google is acquiring cloud security firm Wiz for USD 32 billion in cash, making it the company’s largest acquisition to date. The deal reflects Google’s focus on enhancing its cloud security capabilities as cyber threats grow more sophisticated.
Wiz offers security solutions for cloud environments, including AWS, Microsoft Azure, Google Cloud Platform, and Kubernetes. Its platform helps organizations detect vulnerabilities and security risks that could expose cloud infrastructure to cyberattacks. Since its launch in 2020, Wiz has grown rapidly, building a strong presence among Fortune 100 companies and becoming a key player in cloud security.
The acquisition is expected to strengthen Google Cloud’s security offerings, particularly as AI-driven cyber threats become more advanced. Once finalized, Wiz will be integrated into Google Cloud, enhancing its multicloud security capabilities and accelerating the adoption of AI-powered cybersecurity solutions. The deal also has the potential to drive greater adoption of multicloud strategies while fostering innovation and competition in cloud computing.
The transaction is subject to regulatory approvals and customary closing conditions.
Deal 2: Ampere Computing LLC (United States) was acquired by SoftBank Group Corp. (Japan) for USD 6.50 billion.
SoftBank Group Corp. to Acquire Ampere Computing LLC
SoftBank Group has announced plans to acquire Ampere Computing in an all-cash transaction worth USD 6.5 billion, further expanding its AI infrastructure investments.
Ampere Computing develops energy-efficient, high-performance processors designed for cloud and data center workloads. Its Arm-based server chips offer scalability and lower power consumption, positioning them as an alternative to traditional x86 processors. Major cloud providers, including Google Cloud and Microsoft Azure, rely on Ampere’s technology to support AI, big data, and cloud-native workloads. With backing from investors such as Oracle, the company continues to drive innovation and strengthen its position in the data center market.
This acquisition aligns with SoftBank’s strategy to expand its AI-focused portfolio, which includes ventures like Cristal Intelligence and Stargate. By leveraging Ampere’s expertise, SoftBank seeks to enhance its AI infrastructure capabilities and accelerate growth in the sector.
The transaction is expected to be finalized in the second half of 2025, after which Ampere will become a wholly owned subsidiary while retaining its name.
Deal 3: Fortnox AB (Sweden) was acquired by EQT AB (Sweden), and First Kraft Ab (Sweden) for USD 5.50 billion.
EQT AB; First Kraft Ab to Acquire Fortnox AB
Fortnox, a Swedish provider of cloud-based business solutions, has received a buyout proposal valued at SEK 54.9 billion (USD 5.5 billion) from a consortium led by EQT AB, with plans to take the company private.
Fortnox offers a suite of digital tools for accounting, invoicing, payroll, and financial services, catering mainly to small and medium-sized enterprises (SMEs), accounting firms, and organizations.
The bidding group consists of EQT and First Kraft AB, which is wholly owned by Olof Hallrup, Fortnox’s chairman and largest shareholder. First Kraft, which currently holds an 18.9% stake in Fortnox, will contribute its shares to the newly formed consortium with EQT.
As Fortnox enters a pivotal stage in its growth, further expansion is expected to demand substantial investment in product innovation and potential acquisitions—initiatives that come with increased operational and financial risks. The consortium believes such efforts would be more effectively pursued in a private setting.
EQT brings extensive experience in scaling software and fintech companies, supported by a strong network of industry advisors and proven value-creation capabilities. Hallrup, with deep institutional knowledge and a long-standing commitment to the company, complements EQT’s strengths. Together, the consortium aims to support Fortnox’s long-term strategy outside the public markets.
Fortnox’s board of directors has unanimously recommended that shareholders accept the offer.
Deal 4: Moveworks, Inc. (United States) was acquired by ServiceNow, Inc. (United States) for USD 2.85 billion.
ServiceNow, Inc. to Acquire Moveworks, Inc.
ServiceNow, a provider of IT service management solutions, has agreed to acquire Moveworks, an enterprise automation and AI platform, in a cash-and-stock deal valued at USD 2.85 billion.
Moveworks specializes in AI-driven automation for IT, HR, and administrative support, using natural language understanding and machine learning to enhance workplace efficiency. Its platform integrates with tools such as Slack, Microsoft Teams, and ServiceNow to improve enterprise workflows.
The acquisition will combine ServiceNow’s AI and automation expertise with Moveworks’ advanced assistant and search technology, streamlining employee interactions across business functions. Initially, the integration will focus on delivering a unified search and self-service experience, allowing employees to access support and complete tasks from a single interface. As AI-driven tools expand across HR, finance, CRM, and IT, ServiceNow’s orchestration technology will synchronize AI agents to streamline operations across departments.
This acquisition strengthens Moveworks’ ability to innovate and scale its AI-driven solutions within ServiceNow’s ecosystem, further enhancing employee and customer experiences.
The deal is expected to close in the second half of 2025. J.P. Morgan Securities LLC acted as ServiceNow’s lead financial advisor, with Tidal Partners LLC also advising on the transaction.
Deal 5: Weights and Biases, Inc. (United States) was acquired by CoreWeave, Inc. (United States) for USD 1.70 billion.
CoreWeave, Inc. to Acquire Weights and Biases, Inc.
AI hyperscaler CoreWeave plans to acquire machine learning developer platform Weights & Biases in a transaction valued at USD 1.7 billion. The move is intended to build an integrated, end-to-end ecosystem that helps AI labs and enterprises accelerate the development and deployment of new technologies.
Weights & Biases delivers a comprehensive suite of tools designed to streamline the machine learning lifecycle, including experiment tracking, performance visualization, dataset management, and collaborative workflows. Its platform integrates seamlessly with major ML frameworks such as PyTorch and TensorFlow, supporting over 1,400 organizations globally—including AstraZeneca, Canva, NVIDIA, Snowflake, Square, Toyota, and Wayve—as well as more than 30 foundation model builders like OpenAI, Meta, and Cohere. These users rely on Weights & Biases to track and optimize their model development workflows.
By combining CoreWeave’s high-performance infrastructure and managed cloud services with Weights & Biases’ developer-first ML tooling, the acquisition will enable customers to more effectively train, evaluate, and monitor AI models at scale.
The transaction is expected to close in the first half of 2025. Evercore and Morgan Stanley advised CoreWeave, while Qatalyst Partners represented Weights & Biases.
April
Software and IT
Deal 1: Worldpay, LLC (United States) was acquired by Global Payments Inc. (United States) for USD 24.25 billion.
Global Payments Inc. to Acquire Worldpay, LLC
Global Payments is acquiring rival Worldpay in a landmark USD 24.25 billion transaction from private equity firm GTCR and fintech company FIS. The deal significantly enhances Global Payments’ position as a comprehensive commerce solutions provider, expanding its capabilities across the full merchant spectrum and deepening its presence in high-growth geographies and verticals.
Worldpay is a global payment processor known for its strong foothold in the enterprise and ecommerce sectors, offering a wide range of solutions to merchants worldwide. Combined, the two companies bring together complementary payments, software, and commerce enablement offerings, with a global footprint spanning over 175 countries. The merged entity will serve more than 6 million customers, process approximately 94 billion transactions annually, and handle around USD 3.7 trillion in payment volume.
The acquisition streamlines Global Payments’ business model, sharpening its focus as a dedicated commerce solutions provider. It enhances its ability to serve enterprise and ecommerce clients, expands embedded and integrated payment solutions for software and platform partners, and strengthens its small business portfolio with offerings like Genius POS.
The deal is expected to be modestly accretive in the first-year post-closing and deliver mid- to high-single-digit accretion in subsequent years. It is also projected to generate approximately USD 600 million in annual run-rate cost synergies within three years.
As part of the transaction, GTCR will receive 59% of the consideration in cash and 41% in stock. Upon completion, GTCR will hold shares that represent 15% of Global Payments’ outstanding shares, marking a significant stake in the newly formed entity.
The transaction is expected to close in the first half of 2026. Morgan Stanley & Co. LLC served as financial advisor to GTCR, while Wells Fargo advised Worldpay.
Deal 2: Issuer Solutions business of Global Payments Inc. (United States) was acquired by Fidelity National Information Services, Inc. (United States) for USD 13.50 billion.
Fidelity National Information Services, Inc. to Acquire Issuer Solutions business of Global Payments Inc.
In a major three-way transaction, U.S.-based fintech company FIS has agreed to acquire Global Payments’ Issuer Solutions business for USD 13.5 billion. This acquisition further solidifies FIS’ position as a global fintech powerhouse, with a strong focus on serving large financial institutions.
At the same time, FIS has finalized a deal to sell its ownership stake in Worldpay to Global Payments for USD 6.6 billion in pre-tax value, marking the completion of a strategic restructuring of its business portfolio.
Issuer Solutions, recognized as a global leader in credit processing, operates in over 75 countries, processing more than 40 billion transactions annually. The business boasts strong relationships with over 170 financial institutions and corporations, positioning FIS to tap into a significant global issuer market valued at USD 28 billion, including a highly attractive USD 15 billion opportunity within the U.S.
The acquisition will enhance FIS’ existing debit processing capabilities by integrating Issuer Solutions’ extensive credit processing expertise, creating a more comprehensive offering within the banking and capital markets sector.
To finance the acquisition, FIS will leverage USD 8 billion in new debt along with the proceeds from selling its minority stake in Worldpay. The deal is expected to close in the first half of 2026.
Deal 3: GraphPad Software, LLC dba Dotmatics (United States) was acquired by Siemens AG (Germany) for USD 5.10 billion.
Siemens AG to Acquire GraphPad Software, LLC dba Dotmatics
In a strategic move to expand its AI-driven software capabilities into the life sciences sector, Siemens has announced its planned acquisition of Dotmatics, a provider of scientific R&D software, for USD 5.1 billion.
Dotmatics offers a comprehensive software platform designed to unify science, data, and decision-making across the R&D lifecycle. Its solutions enable researchers in biology, chemistry, and related fields to capture, analyze, visualize, and share data efficiently—enhancing collaboration and accelerating scientific breakthroughs. The company serves a broad range of pharmaceutical, biotech, and academic institutions, aiming to streamline workflows and improve research outcomes.
The acquisition will bolster Siemens’ position in industrial software by integrating AI-powered Product Lifecycle Management (PLM) capabilities into life sciences. This move is expected to increase Siemens’ industrial software total addressable market by USD 11 billion and supports its ONE Tech Company growth strategy, which aims to drive innovation across industries with the highest R&D investments.
Life sciences is one of the fastest-growing, innovation-intensive sectors, and this acquisition positions both companies to capitalize on that momentum. By combining Siemens’ industrial expertise, simulation technologies, and AI capabilities with Dotmatics’ specialized scientific tools, the deal establishes a unique, end-to-end digital ecosystem that bridges the gap between scientific discovery and commercial manufacturing in life sciences.
The transaction is subject to customary closing conditions and regulatory approvals. Evercore acted as the exclusive financial advisor to Dotmatics.
Deal 4: Deliveroo plc (United Kingdom) was acquired by DoorDash, Inc. (United States) for USD 3.85 billion.
DoorDash, Inc. to Acquire Deliveroo plc
DoorDash has proposed acquiring UK-based food delivery company Deliveroo for USD 3.9 billion, underscoring a growing trend of consolidation within the food delivery sector.
Founded in 2013, Deliveroo operates as an online platform connecting customers with local restaurants, enabling food orders for delivery via its app or website. The company is present in several countries, offering a wide variety of cuisines while providing restaurants and delivery drivers an effective way to expand their customer base.
Both DoorDash and Deliveroo have been diversifying their services, moving beyond traditional restaurant delivery to include groceries, convenience items, and innovative business models aimed at accelerating growth and profitability.
With a commanding two-thirds share of the U.S. restaurant delivery market, DoorDash is keen to extend its reach internationally. Acquiring Deliveroo would allow it to tap into the UK market and key urban centers across Europe, extending its reach into 10 new regions where it currently has no presence.
The transaction is expected to close in the fourth quarter of 2025. Goldman Sachs served as financial advisor to Deliveroo, while J.P. Morgan advised DoorDash.
Deal 5: HealthEdge Software, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States) for USD 2.60 billion.
Bain Capital Private Equity, LP to Acquire HealthEdge Software, Inc.
Bain Capital has agreed to acquire HealthEdge for approximately USD 2.6 billion from Blackstone, marking a significant move in its ongoing expansion into healthcare technology.
HealthEdge provides cloud-based platforms that integrate financial, administrative, and clinical functions for health insurers. Its software solutions support modernization efforts across the insurance value chain—from claims management to benefit plan design—serving more than 115 health plans and over 110 million covered lives across the United States. The company’s offerings are designed to lower administrative costs, enhance care quality, and enable insurers to adopt innovative business models in a rapidly changing healthcare landscape.
The acquisition complements Bain Capital’s broader strategy of investing in healthcare innovation. The firm, which manages USD 185 billion in assets, also owns Zelis, a healthcare payments company, and recently submitted a take-private offer for Surgery Partners.
The deal is expected to close in the second quarter of 2025. TripleTree is serving as the lead financial advisor to Bain Capital, while Evercore and UBS Investment Bank are advising Blackstone.
May
Software and IT
Deal 1: Informatica Inc. (United States) was acquired by Salesforce, Inc. (United States) for USD 8.00 billion.
Salesforce, Inc. to Acquire Informatica Inc.
CRM software provider Salesforce has announced its plan to acquire Informatica, a prominent provider of enterprise cloud data management solutions powered by AI, in an all-equity deal valued at approximately USD 8 billion. The acquisition underscores Salesforce’s commitment to expanding its AI and data infrastructure capabilities across its product suite.
Informatica specializes in cloud-native data management, offering tools that enable organizations to integrate, govern, and secure data across complex environments, including hybrid and multi-cloud systems. Its platform supports critical functions such as data quality, privacy, and metadata management, helping enterprises unlock the full value of their data for analytics, AI, and digital transformation.
By bringing Informatica into its ecosystem, Salesforce aims to reinforce the data foundation necessary for building and deploying scalable, responsible agentic AI. The integration will combine Informatica’s comprehensive offerings—including data integration, governance, metadata intelligence, and Master Data Management (MDM)—with Salesforce’s platform to create a unified architecture that allows AI agents to operate securely and effectively across the enterprise.
Following the acquisition, Salesforce intends to embed Informatica’s capabilities within its Agentforce platform and Data Cloud, creating a streamlined data pipeline and a shared system of intelligence that enhances AI-powered customer experiences. The company also plans to support Informatica’s partner network and accelerate its cloud business growth through Salesforce’s robust marketing and distribution channels.
The transaction is expected to close in the early part of Salesforce’s fiscal year 2027. J.P. Morgan Securities LLC is advising Salesforce, while Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to Informatica.
Deal 2: io Products, Inc. (United States) was acquired by OpenAI, L.L.C. (United States) for USD 6.50 billion.
OpenAI, L.L.C. to Acquire io Products, Inc.
OpenAI is set to acquire io Products Inc., a startup specializing in AI-driven hardware, co-founded by former Apple design chief Jony Ive, in an all-stock transaction valued at USD 6.5 billion. This acquisition represents OpenAI’s largest to date and will bring Ive, who is known for designing influential Apple products such as the iPhone and iPad, into a key creative position focused on developing next-generation AI hardware.
The deal will create a new hardware division within OpenAI, merging its advanced artificial intelligence technology with the design and engineering skills of Ive and his team of approximately 55 experts. This group consists of engineers, researchers, and product developers who have contributed to well-known Apple devices including the iPhone, iPad, MacBook, and Apple Watch. Ive’s design firm, LoveFrom, will remain independent while supporting design strategy efforts for both OpenAI and io Products.
By integrating io Products, OpenAI aims to develop AI-native devices that offer more intuitive and seamless interaction with tools like ChatGPT. This move aligns with CEO Sam Altman’s long-term vision of embedding AI more deeply into daily life through dedicated hardware.
OpenAI already holds a 23% stake in io Products from a prior investment. The transaction is expected to close in the summer of 2025, pending regulatory approvals.
Deal 3: E2open Parent Holdings, Inc. (United States) was acquired by WiseTech Global Limited (Australia) for USD 2.10 billion.
WiseTech Global Limited to Acquire E2open Parent Holdings, Inc.
E2open, a U.S.-based provider of cloud-based, on-demand supply chain management software, is set to be acquired by Australian logistics technology firm WiseTech Global in a USD 2.1 billion deal. The transaction underscores WiseTech’s strategic push to broaden its presence in global supply chain technology and expand into adjacent markets.
E2open delivers comprehensive solutions across supply chain planning, logistics, global trade management, and channel operations. Its platform connects over 500,000 partners across manufacturing, logistics, distribution, and sales channels, facilitating more than 18 billion transactions annually. The company serves a broad range of industries—including consumer goods, high tech, industrial manufacturing, and life sciences—helping global brands optimize procurement, transportation, and compliance. By integrating data and workflows across multi-enterprise networks, E2open enables greater visibility, coordination, and agility across the supply chain.
The acquisition is expected to expand WiseTech’s total addressable market, global reach, and product portfolio. Leveraging E2open’s technology and domain expertise, WiseTech aims to accelerate innovation in trade and logistics. The deal is anticipated to deliver strong financial returns, including earnings per share accretion in the first year post-completion.
Until the transaction is finalized, both companies will operate independently. Upon completion, E2open’s common stock will be delisted from the New York Stock Exchange.
The transaction is expected to close in the second half of 2025. Bank of America, Barclays, and Macquarie are advising WiseTech, while Rothschild & Co is serving as financial advisor to E2open.
Deal 4: Acumatica, Inc. (United States) was acquired by Vista Equity Partners Management, LLC (United States) for USD 2.00 billion.
Vista Equity Partners Management, LLC to Acquire Acumatica, Inc.
EQT has agreed to sell Acumatica, a next-generation cloud enterprise resource planning (ERP) and business management software provider, to Vista Equity Partners in a transaction valued at USD 2 billion.
Acumatica delivers cloud-based ERP solutions tailored for small to mid-sized businesses across a range of industries, including manufacturing, distribution, retail, construction, and professional services. Its scalable platform integrates key business functions—such as accounting, inventory management, customer relationship management (CRM), and project oversight—through an open, flexible architecture that provides AI-powered, real-time business insights.
The company has built a strong market presence through its differentiated, industry-specific solutions and a committed network of value-added resellers. Backed by Vista’s expertise in scaling enterprise software companies, Acumatica is poised to accelerate product innovation, strengthen partner relationships, and expand its reach across global markets.
The transaction is expected to close in the third quarter of 2025. Moelis & Company acted as financial advisor to Acumatica, while Greenberg Traurig, LLP served as legal counsel to Vista Equity Partners.
Deal 5: Itel Laboratories, Inc. (United States) was acquired by Nearmap Australia Pty Ltd (Australia) for USD 1.30 billion.
Nearmap Australia Pty Ltd to Acquire Itel Laboratories, Inc.
Nearmap, a global provider of property intelligence solutions, has announced its planned acquisition of itel in a transaction valued at USD 1.3 billion. The deal brings together two complementary players in the property and insurance technology sectors, aiming to strengthen capabilities across the claims and underwriting lifecycle.
Itel is a technology-driven company that delivers material identification and analysis services tailored to the property insurance industry. It provides objective assessments of damaged materials such as roofing, flooring, siding, and cabinetry, helping insurers, adjusters, and contractors make faster and more accurate claims decisions. Through its Renovar and Housing Headquarters divisions, itel also offers digital platforms that enhance transparency and streamline claims processes.
By combining Nearmap’s high-resolution aerial imagery and analytics with itel’s expertise in material assessment and claims data, the acquisition will deliver a unified source of insights across property portfolios. This strategic alignment is expected to drive faster claims processing, improved settlement outcomes, and proactive risk management for insurance carriers and partners.
The transaction is expected to close in the second quarter of 2025. Raymond James and Bank of America served as financial advisors to itel.
June
Software and IT
Deal 1: Melio Payments Inc. (United States) was acquired by Xero Limited (New Zealand) for USD 3.00 billion.
Xero Limited to Acquire Melio Payments Inc.
New Zealand-based software company Xero has agreed to acquire Melio, a U.S.-based B2B payments platform, in a deal valued at up to USD 3 billion. The transaction includes an upfront payment of USD 2.5 billion, with an additional USD 500 million in potential earn-out payments over three years.
Melio offers a digital platform that enables small and medium-sized businesses to manage accounts payable and receivable more efficiently. It currently serves over 80,000 U.S. SMBs and accounting firms with solutions for accounts payable, receivable, and cash flow management. The platform allows users to pay bills via bank transfers, credit cards, or checks—even if vendors are not Melio users—and integrates with major accounting software, including QuickBooks and Xero. By automating payment workflows and enhancing cash flow visibility, Melio has become a valuable tool for SMBs managing their finances.
The acquisition strengthens Xero’s U.S. presence and product capabilities by combining accounting and payments in a single, integrated solution. This addresses a major need among U.S. small businesses, with roughly 78% indicating that integrated accounting and payment tools are essential. The U.S. SMB payments market, estimated at USD 29 billion, presents a significant growth opportunity for Xero as it seeks to expand its footprint in North America.
Xero also plans to maintain and invest in Melio’s payments offering as a standalone product, leveraging its go-to-market capabilities to support and grow Melio’s existing customer base.
The transaction is expected to close within six months, subject to customary regulatory approvals and closing conditions. Following the acquisition, Melio CEO and founder Matan Bar will lead the combined U.S. business and report directly to the Xero CEO.
Deal 2: Multiven, Inc. (United States) was acquired by Photon AI Ltd. (South Africa) for USD 2.20 billion.
OpenAI, L.L.C. to Acquire io Products, Inc.
OpenAI is set to acquire io Products Inc., a startup specializing in AI-driven hardware, co-founded by former Apple design chief Jony Ive, in an all-stock transaction valued at USD 6.5 billion. This acquisition represents OpenAI’s largest to date and will bring Ive, who is known for designing influential Apple products such as the iPhone and iPad, into a key creative position focused on developing next-generation AI hardware.
The deal will create a new hardware division within OpenAI, merging its advanced artificial intelligence technology with the design and engineering skills of Ive and his team of approximately 55 experts. This group consists of engineers, researchers, and product developers who have contributed to well-known Apple devices including the iPhone, iPad, MacBook, and Apple Watch. Ive’s design firm, LoveFrom, will remain independent while supporting design strategy efforts for both OpenAI and io Products.
By integrating io Products, OpenAI aims to develop AI-native devices that offer more intuitive and seamless interaction with tools like ChatGPT. This move aligns with CEO Sam Altman’s long-term vision of embedding AI more deeply into daily life through dedicated hardware.
OpenAI already holds a 23% stake in io Products from a prior investment. The transaction is expected to close in the summer of 2025, pending regulatory approvals.
Deal 3: Resulticks (Singapore) was acquired by Diginex Limited (United Kingdom) for USD 2.00 billion.
Photon AI Ltd. to Acquire Multiven, Inc.
PhotonAI, Africa’s pioneering AI infrastructure and foundational model company, has announced its acquisition of global cyberdefense leader Multiven in an all-digital asset transaction valued at USD 2.2 billion, denominated in Boomcoin (BMC).
Multiven is a global cybersecurity company specializing in decentralized software integrity maintenance and cyber-defense services for internet infrastructure equipment and blockchain nodes. It supports a broad client base, including governments and Fortune 500 corporations such as AT&T, Barclays Bank, AB InBev, IKEA, Capgemini, Thales, Dassault Systèmes, and Orange, helping secure global internet networks through its vendor-neutral platform.
The move positions PhotonAI as the first AI company to integrate military-grade cyberdefense across its entire AI technology stack, from large language model (LLM) inference systems to decentralized data centers. With Africa’s AI market projected to generate over USD 3 trillion in economic value by 2030, PhotonAI is uniquely positioned to meet the surging demand for sovereign AI compute, cyber protection, and localized large language models. Despite strong fundamentals, mobile-first adoption, youthful demographics, and rising policy momentum, Africa still lacks critical AI infrastructure—something PhotonAI aims to provide.
The acquisition is financed through a USD 2.5 billion structured loan facility issued entirely in Boomcoin by Boom Group Holdings.
Deal 4: Couchbase, Inc. (United States) was acquired by Haveli Investment Management LLC (United States) for USD 1.50 billion.
Haveli Investment Management LLC to Acquire Couchbase, Inc.
Technology-focused private equity firm Haveli Investments has agreed to acquire Couchbase in an all-cash transaction valued at approximately USD 1.5 billion.
Couchbase provides an AI-powered NoSQL database platform built for speed, scalability, and flexibility. Its core offering, Couchbase Server, merges key-value and document database features, making it well-suited for applications that require real-time data processing, such as those in web, mobile, and IoT environments.
The acquisition aims to leverage Haveli’s operational experience in scaling enterprise software businesses alongside Couchbase’s established leadership in modern database technologies. Together, the partnership intends to expand access to high-performance database solutions for developers and enterprise clients worldwide.
The transaction is expected to be finalized in the latter half of 2025. Once completed, Couchbase will transition to a privately owned entity, and its common stock will be delisted from public markets. Morgan Stanley & Co. LLC is advising Couchbase, while Jefferies LLC is serving as the principal financial advisor to Haveli Investments.
Deal 5: Churchill Capital Corp IX (United States) was acquired by Plus Automation Inc. (United States) for USD 1.20 billion.
Plus Automation Inc. to Acquire Churchill Capital Corp IX
Plus, a developer of AI-driven virtual driver software for commercial trucks, is set to go public through a merger with Churchill Capital Corp IX in a transaction valued at approximately USD 1.2 billion. The combined entity will operate under the name PlusAI.
Based in California, Plus Automation Inc. specializes in autonomous driving technology for the long-haul trucking industry. Its flagship product, SuperDrive, is designed to boost safety, efficiency, and scalability in freight transport. The company is addressing a USD 2 trillion freight market across the U.S. and Europe.
Plus partners with global truck makers such as TRATON Group, Hyundai, and IVECO to embed its autonomous systems into factory-built vehicles. This OEM-led approach enables streamlined adoption through trusted industry channels, helping fleet operators transition toward autonomous transportation with minimal disruption.
The deal is expected to close in the fourth quarter of 2025. Citigroup Global Markets Inc. is serving as capital markets advisor to Churchill IX, while Northland Capital Markets is acting as financial advisor to Plus.
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.
January
Media and Entertainment
Deal 1: Shutterstock, Inc. (United States) was acquired by Getty Images Holdings, Inc. (United States) for USD 1.35 billion.
Getty Images Holdings, Inc. to acquire Shutterstock, Inc.
Getty Images and Shutterstock, two prominent media companies, have announced a merger of equals transaction, forming a USD 3.7 billion visual content company. Getty will pay approximately USD 1.35 billion to acquire Shutterstock.
Following the merger, the combined entity will retain the Getty Images name and continue trading under the “GETY” ticker on the NYSE. Getty’s shareholders will hold a majority stake, owning 54.7% of the new company, while Shutterstock’s stockholders will own approximately 45.3%.
The merger will enhance the content libraries of both companies, providing a more diverse and expansive selection for customers. It also presents new opportunities for contributors and underscores a continued commitment to promoting inclusive and representative content. Additionally, the strengthened financial position of the merged entity will enable increased investment in product development and innovation, fostering growth in a rapidly evolving and competitive market.
With demand for high-quality visual content increasing across various sectors, this merger is well-timed to capitalize on current trends. The combined company is projected to generate significant cost synergies, estimated between USD 150 million and USD 200 million annually by the third year after the merger.
The transaction is subject to customary closing conditions. Berenson & Company, LLC serves as the lead financial advisor to Getty Images, with J.P. Morgan Securities LLC also advising Getty. Allen & Company LLC is the exclusive financial advisor to Shutterstock.
Deal 2: Kantar Media Audiences Limited (United Kingdom) was acquired by H.I.G. Capital, LLC (United States) for USD 1.00 billion.
H.I.G. Capital, LLC to Acquire Kantar Media Audiences Limited
Kantar Group, a London-based leader in marketing data and analytics, has announced the sale of its media division, Kantar Media, to HIG Capital for approximately USD 1 billion.
Kantar Media operates in over 60 global markets, offering comprehensive solutions in audience measurement, profiling, targeting, analytics, and advertising intelligence across multiple platforms. The company serves the advertising and content sectors, delivering key insights to its clients.
This transaction marks the beginning of a new growth phase for Kantar Media, with a renewed focus on driving innovation and enhancing its role in the content and advertising industries.
HIG Capital, managing USD 67 billion in capital, has a portfolio of over 400 companies across sectors like technology, media, and telecommunications. Known for its hands-on investment approach, HIG Capital is poised to provide Kantar Media with the resources and strategic support needed to further expand and strengthen its leadership in global media measurement and analytics.
The transaction is anticipated to close later this year. J.P. Morgan and Jefferies acted as financial advisors to Kantar Group, while Morgan Stanley & Co. International served as the lead financial advisor, with ING advising HIG Capital.
Deal 3: Clear Channel Outdoor Holdings Europe-North segment (United Kingdom) was acquired by Bauer Radio Ltd (United Kingdom) for USD 0.63 billion.
Bauer Radio Ltd to Acquire Clear Channel Outdoor Holdings Europe-North segment
Clear Channel Outdoor, a major player in the out-of-home media industry, has reached an agreement to sell its Europe-North segment, Clear Channel Europe-North, to Bauer Radio, a subsidiary of Bauer Media Group, for USD 625 million.
This acquisition significantly enhances Bauer Media’s European presence and strengthens its core media operations. Clear Channel Europe’s portfolio of highly digitized assets expands Bauer Media’s reach into 12 European markets, including the United Kingdom, Belgium, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands, Norway, Poland, and Sweden. Seven of these markets are already part of Bauer Media’s established network, while five represent new territories for the company.
The transaction further amplifies Bauer Media’s growing digital capabilities and expertise, allowing it to offer advertisers additional touchpoints for more impactful campaigns across Europe. Combined, the two companies will be able to engage 350 million consumers through a network that includes 200 magazine brands, 150 audio brands, and 110,000 out-of-home sites.
The deal is expected to close in 2025. LionTree Advisers is serving as Bauer Media’s lead M&A advisor.
Deal 4: Vistar Media, Inc. (United States) was acquired by T-Mobile Advertising Solutions (United States) for USD 0.60 billion.
T-Mobile Advertising Solutions to Acquire Vistar Media, Inc.
Vistar Media, a leading provider of technology solutions for digital-out-of-home (DOOH) advertising, will be acquired by T-Mobile through its T-Mobile Advertising Solutions division in a strategic move to expand its advertising capabilities. The acquisition is valued at USD 600 million in cash.
Vistar Media offers a programmatic advertising platform that enables advertisers to purchase, manage, and optimize digital billboard and screen ads in real time across a range of public spaces. The company operates a global network of more than 1.1 million digital screens, partnering with nearly 370 out-of-home media owners and supporting over 3,000 brand advertisers.
This acquisition is set to revolutionize the DOOH industry by integrating Vistar’s end-to-end ad-tech platform and substantial scale with T-Mobile’s deep customer insights and data. As a leading marketer, connectivity provider, and operator of one of the largest in-store retail media networks, T-Mobile will empower marketers with more targeted and measurable advertising solutions.
The transaction is expected to close in Q1 2025. Allen & Company LLC is advising T-Mobile on the deal, while Canaccord Genuity is providing financial counsel to Vistar Media.
Deal 5: Team Internet Group plc (United Kingdom) was acquired by Verdane Fund Manager AB (Norway) for USD 0.39 billion.
Verdane Fund Manager AB to Acquire Team Internet Group plc
London-based Team Internet Group has received a takeover proposal from Swedish investment manager Verdane, valued at USD 391 million (GBP 315 million).
Team Internet Group is a global technology and internet services provider, focusing on digital infrastructure, domain registration, and online marketing solutions. The company manages several well-known brands in the domain and hosting industries, offering innovative tools and services that support businesses in building and growing their online presence.
Negotiations between Team Internet and Verdane, including due diligence, finalizing the offer terms, and addressing other preconditions, have made significant progress and continue to move forward. Verdane Fund Manager AB must announce its decision to proceed with the offer or confirm its decision not to proceed by March 4.
February
Media and Entertainment
Deal 1: Autohome Inc. (China) was acquired by Haier Group Corporation (China) for USD 1.80 billion.
Haier Group Corporation to acquire Autohome Inc.
Ping An is divesting its 41.91% stake in Autohome, a leading Chinese online advertising services provider, to consumer electronics giant Haier Group for USD 1.8 billion.
Autohome operates a digital platform that provides car listings, reviews, financing options, and industry insights, connecting consumers, dealers, and manufacturers. It plays a key role in China’s automotive ecosystem by offering comprehensive services for vehicle transactions and research.
Haier established Cartech in 2021 to venture into automotive customizations, used car trading, and smart charging solutions. Following the acquisition, Haier plans to integrate Cartech with Autohome, enhancing user experience, smart hardware, and digital retail solutions.
The acquisition is expected to bring strategic changes to Autohome’s management and retail operations, strengthening its service capabilities under Haier’s leadership. Meanwhile, Ping An will continue collaborating with Autohome in after-sales services and offline marketing to support its long-term growth.
Deal 2: Domain Holdings Australia Limited (Australia) was acquired by CoStar Group, Inc. (United States) for USD 1.70 billion.
CoStar Group, Inc. to Acquire Domain Holdings Australia Limited
CoStar Group, a major U.S. property data and analytics company, plans to acquire Australian property classifieds firm Domain Holdings for USD 1.7 billion (AUD 2.7 billion), expanding its global reach and solidifying its position in the real estate market.
CoStar’s platforms—CoStar, LoopNet, Apartments.com, and Homes.com—provide property listings, market insights, and research tools for investors, brokers, and consumers. The company has expanded through acquisitions, enhancing its data, analytics, and marketing services across the commercial real estate sector in North America and Europe.
Domain Holdings Australia operates real estate listing platforms, digital marketing solutions, and data analytics services. Its majority shareholder, Nine Entertainment, holds a 60% stake and views Domain as a strategic asset within its media ecosystem. Nine will assess the offer with a focus on maximizing shareholder value.
If the acquisition moves forward, CoStar is expected to follow a strategy similar to its USD 156 million purchase of Homes.com in 2021. That deal included a USD 1 billion investment in sales and marketing, which significantly increased the platform’s market share.
The transaction is subject to approval from the Foreign Investment Review Board.
Deal 3: Eon TV International Ltd and sports broadcasting rights for the Western Balkans of United Group BV (Serbia) was acquired by Telekom Srbija a.d. Beograd (Serbia) for USD 0.67 billion.
Telekom Srbija a.d. Beograd to Acquire Eon TV International Ltd and sports broadcasting rights for the Western Balkans of United Group BV
United Group, a major telecommunications and media provider in Southeastern Europe, has agreed to sell its Net TV Plus business and sports broadcasting rights for the Western Balkans to Telekom Srbija for USD 673 million.
The transaction includes the full acquisition of Eon TV International Ltd, the holding company of NetTV Plus, which operates direct-to-home (DTH) services under EoNSat and Total TV in Serbia and North Macedonia. Additionally, Telekom Srbija will acquire specific rights, licenses, and assets related to the Sport Club channels for the Western Balkans, including Bosnia and Herzegovina.
Telekom Srbija aims to enhance Telekom Srbija’s content offerings, fueling growth and solidifying its competitive position in the region.
The acquisition is expected to create synergies, boost revenue, and optimize costs, supporting Telekom Srbija’s goal of becoming a leading telecommunications provider in the region, with targeted revenues of EUR 3 billion by 2030.
The deal is expected to close in the first half of 2025. Lazard served as Telekom Srbija’s financial advisor.
Deal 4: TV & Media Business of Telia Company AB (Sweden) was acquired by Schibsted Media Ab (Norway) for USD 0.62 billion.
Schibsted Media Ab to Acquire TV & Media Business of Telia Company AB
Norwegian media company Schibsted Media Group will acquire Telia Company’s TV & Media business for USD 615 million.
The acquisition includes Sweden’s TV4 and Finland’s MTV, two of the most prominent TV brands in their respective markets. By integrating these networks, Schibsted strengthens its commitment to independent journalism, premium content, and a diverse media portfolio across the Nordic region.
TV4 will complement Schibsted’s digital media brands—Aftonbladet, Svenska Dagbladet, Omni, and Podme—broadening its reach in news, sports, and entertainment across multiple platforms in Sweden. In Finland, acquiring MTV represents a significant expansion for Schibsted, which currently operates the podcast platform Podme.
Schibsted and TVM aim to capitalize on their combined expertise in content personalization, advertising, subscription models, and media rights to drive growth and enhance audience engagement.
The transaction is expected to be completed by the third quarter of 2025.
Deal 5: Core Gaming, Inc. (United States) was acquired by Siyata Mobile Inc. (Canada) for USD 0.16 billion.
Siyata Mobile Inc. to Acquire Core Gaming, Inc.
Siyata Mobile, a global B2B provider of next-generation Push-To-Talk over Cellular (PoC) handsets and accessories, is acquiring Core Gaming in a reverse-merger deal valued at USD 160 million.
Core Gaming is an international gaming company that develops, publishes, and distributes casual mobile games. With a portfolio of over 2,000 titles available in 140 countries, it reaches 40 million monthly active users and has amassed more than 600 million downloads through its extensive global distribution network.
The company leverages AI-driven tools incorporating text, language, image, and video models to increase content production by 50%, cutting development time by over 40% while enhancing creative output and efficiency.
For Siyata, the merger aligns with its strategic goals, positioning the company for growth in digital entertainment and AI-driven content.
The transaction is expected to close in the second quarter of 2025.
March
Media and Entertainment
Deal 1: Boston Celtics (United States) was acquired by A consortium led by William Chisholm (United States), and Sixth Street Partners, LLC (United States) for USD 6.10 billion.
A consortium led by William Chisholm and Sixth Street Partners, LLC to acquire Boston Celtics
The Boston Celtics, 18-time NBA champions, are being acquired by a consortium led by William Chisholm and private equity firm Sixth Sense Partners for USD 6.1 billion, marking the highest price ever paid for a U.S. professional sports team.
In 2024, the franchise was valued at approximately USD 6 billion, ranking as the fourth-most valuable NBA team. With a strong roster, the Celtics are aiming to win consecutive championships for the first time since 2018. The team currently holds the league’s third-best record and is expected to enter the playoffs as the Eastern Conference’s No. 2 seed behind the Cleveland Cavaliers.
Chisholm, co-founder of Symphony Technology Group, is a longtime Celtics fan and originally from Massachusetts. The acquisition is also backed by billionaire Robert Hale, a minority stakeholder in the team, Bruce Beal Jr., president of Related Companies, as well as global investment firm Sixth Street.
The Grousbeck family, which has owned the Celtics since purchasing the team for USD 360 million in 2002 alongside partner Steve Pagliuca, had been considering a sale in 2024 or 2025. The transaction represents a substantial return on investment for the ownership group. Despite the change in ownership, Wyc Grousbeck will remain Celtics CEO and Governor, overseeing team operations through the 2027-2028 season.
The sale is pending approval from the NBA Board of Governors and is expected to be finalized in the summer of 2025.
Deal 2: Games Business of Niantic, Inc. (United States) was acquired by Scopely, Inc. (United States) for USD 3.50 billion.
Scopely, Inc. to Acquire Games Business of Niantic, Inc.
Mobile gaming firm Scopely is acquiring the games division of Niantic, the developer behind Pokémon GO, in a transaction valued at USD 3.5 billion.
The acquisition will bring several high-profile titles into Scopely’s portfolio, including Pokémon GO, Pikmin Bloom, and Monster Hunter Now, along with community engagement platforms Campfire and Wayfarer. Collectively, these games and services attract over 30 million monthly active players and generated more than USD 1 billion in revenue in 2024.
A key aspect of the deal is Pokémon GO, which remains a global success. Available in over 190 countries and regions, it continues to foster a dedicated player base, with users spending an average of more than 40 minutes daily exploring its augmented reality world.
As part of the transaction, Scopely will integrate Niantic’s game development team, ensuring a seamless transition and continued focus on delivering engaging, long-term gaming experiences.
Scopely’s expansion has been fueled by its 2023 acquisition by Savvy Games Group, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). This latest transaction strengthens Savvy’s strategy to build a global, multi-franchise live services platform, further cementing its presence in the gaming and esports industry.
Following the transaction, Niantic will separate its technology platform into an independent entity, Niantic Spatial Inc. The deal is subject to regulatory approvals and customary closing conditions.
Goldman Sachs & Co. LLC is serving as Niantic’s exclusive financial advisor, while J.P. Morgan is advising Scopely.
Deal 3: OfferFit, Inc. (United States) was acquired by Braze, Inc. (United States) for USD 325 million.
Braze, Inc. to Acquire OfferFit, Inc.
Braze, a customer engagement platform, has announced its agreement to acquire OfferFit, an AI decisioning company, for USD 325 million. The deal marks a significant move toward redefining marketing personalization through AI innovation.
OfferFit specializes in AI-powered personalization, using reinforcement learning to automate and optimize one-to-one customer communications. Unlike traditional A/B testing, OfferFit’s approach continuously adapts to individual user behavior, delivering tailored messages, timing, and channels in real time. Its client base spans sectors including telecommunications, retail, energy, financial services, streaming media, and travel.
This acquisition aligns with Braze’s broader vision for agentic AI, as outlined in its September 2024 announcement of Project Catalyst—an initiative aimed at enhancing customer experiences through intelligent personalization of journeys, content, and incentives. OfferFit’s multi-agent solution, which integrates with customer engagement platforms like Braze, is already designed to recommend hyper-personalized, cross-channel customer journeys.
By joining forces, Braze and OfferFit aim to accelerate the next generation of AI-driven customer engagement, combining their technologies and expertise to deliver smarter, more responsive interactions.
The transaction is expected to close in Braze’s fiscal quarter ending July 31, 2025. Goldman Sachs & Co. LLC is serving as financial advisor to Braze, while Atlas Technology Group is advising OfferFit.
Deal 4: Verivox GmbH (Germany) was acquired by Moltiply Group S.p.A. (Italy) for USD 250 million.
Moltiply Group S.p.A. to Acquire Verivox GmbH
ProSiebenSat.1, a prominent German media group, has finalized the sale of Verivox, a leading online comparison platform, to Italy’s Moltiply Group for USD 250 million. This transaction is part of ProSiebenSat.1’s broader strategy to refocus on its core TV broadcasting business.
Verivox, based in Germany, offers consumers a platform to compare and switch service providers for utilities such as electricity, gas, internet, mobile plans, insurance, and financial products. The company promotes transparency and helps users make informed decisions that lead to savings, making it one of the most trusted consumer platforms in the country.
Moltiply intends to incorporate Verivox into its Mavriq Division, which oversees various online comparison and brokerage services across Europe and Latin America. This acquisition complements Moltiply’s broader strategy to strengthen its presence in the European comparison sector.
For ProSiebenSat.1, the sale marks a significant step in its efforts to streamline its operations and reinforce its focus on the entertainment sector, while bolstering its financial foundation.
Deal 5: Napster Music Inc. (United States) was acquired by Infinite Reality, Inc. (United States) for USD 207 million.
Infinite Reality, Inc. to Acquire Napster Music Inc.
Napster, a pioneering force in music sharing, has been acquired by Infinite Reality, a technology and entertainment company known for creating AI-powered, immersive 3D experiences, for USD 207 million.
Napster is an independent music streaming platform that provides access to over 110 million high-quality tracks from renowned international artists. Originally founded in 1999 as a peer-to-peer file-sharing service, Napster played a pivotal role in transforming digital music distribution. Following its shutdown in 2001, it reentered the market in 2008 as a subscription-based service. In 2011, it merged with Rhapsody and eventually returned to the Napster brand. Over the years, the platform has paid out more than USD 1 billion to musicians and songwriters, reinforcing its legacy as one of the longest-running services in the music streaming industry.
Infinite Reality intends to evolve Napster into more than just a music streaming service, competing with industry giants like Spotify, Apple, YouTube, and Amazon. Their vision includes creating immersive 3D spaces for virtual concerts, social listening events, and community-based experiences, along with opportunities to sell merchandise, digital products, and event tickets. AI-powered tools for personalized customer service, sales, and community management will further enhance the user experience.
Through this acquisition, Infinite Reality and Napster aim to redefine the future of music streaming, creating a next-generation platform where artists, fans, and curators can engage, create, and thrive in an increasingly digital world.
April
Media and Entertainment
Deal 1: Xinchao Media Group Co., Ltd. (China) was acquired by Focus Media Information Technology Co., Ltd. (China) for USD 1.13 billion.
Focus Media Information Technology Co., Ltd. to acquire Xinchao Media Group Co., Ltd.
China’s Focus Media has announced its intention to acquire Xinchao Media, a specialist in elevator-based advertising, in a transaction valued at approximately CNY 8.3 billion (USD 1.13 billion) through a combination of cash and stock.
Xinchao Media operates an extensive digital advertising network focused on residential elevators, managing around 700,000 screens spread across more than 100 cities nationwide. The company leverages an integrated community media platform that combines advanced hardware and software solutions to deliver highly targeted out-of-home advertising. With a client base exceeding 23,000 advertisers, Xinchao has attracted substantial investments from prominent technology companies, including JD.com and Baidu.
This acquisition is designed to strengthen Focus Media’s dominance in China’s out-of-home (OOH) advertising market, particularly within the elevator advertising niche. It complements Focus Media’s existing portfolio, which encompasses digital displays and poster frames in commercial properties, shopping centers, and cinemas.
Following the completion of the deal, Xinchao Media will operate as a wholly owned subsidiary of Focus Media.
Deal 2: Ainsworth Game Technology Limited (Australia) was acquired by Novomatic AG (Austria) for USD 216 million.
Novomatic AG to Acquire Ainsworth Game Technology Limited
Novomatic, Europe’s foremost gaming technology company, is advancing its global expansion by acquiring the remaining 47.1% stake in Australia’s Ainsworth Game Technology for USD 216 million.
Ainsworth Game Technology is a renowned Australian company specializing in the design, development, and manufacture of advanced gaming machines and software for land-based casinos around the globe. Currently, Novomatic holds a controlling interest of 52.9% in Ainsworth.
This acquisition is a strategic step that supports Novomatic’s goal of expanding its footprint in key gaming markets across the Asia-Pacific and North America. Full ownership will enhance Novomatic’s access to the North American market, where Ainsworth operates its regional headquarters in Las Vegas and supplies a wide range of slot machines and historical horse racing systems to casinos throughout the United States.
The transaction is expected to close in the second half of 2025, marking a significant milestone in Novomatic’s ongoing international growth.
Deal 3: Neptune Company (South Korea) was acquired by KRAFTON, Inc. (South Korea) for USD 115 million.
KRAFTON, Inc. to Acquire Neptune Company
South Korean gaming giant Krafton is set to deepen its presence in the mobile gaming sector by purchasing an additional 39.37% stake in Neptune Company from Kakao Games for around USD 115 million. This acquisition will raise Krafton’s total ownership in Neptune to 42.53%, establishing it as the company’s largest shareholder.
Neptune Company is a South Korean mobile game developer and publisher known for its innovative contributions to digital content and interactive entertainment. The company specializes in casual and simulation games, with a strong emphasis on puzzle and battle royale genres. Neptune has gained international acclaim with popular titles such as the free-to-play battle royale Eternal Return and the puzzle game LINE Puzzle Tantan. Additionally, it offers social casino experiences through games like Real Casino: Free Slots & Poker.
Krafton views the acquisition as a strategic step toward securing long-term growth through business diversification. Neptune’s stable revenue stream—anchored in both gaming and ad-tech operations—along with the strategic acumen of its leadership, are key factors in the deal. The company has developed a resilient profit structure that aligns with Krafton’s broader expansion goals.
For Kakao Games, selling its stake in Neptune allows the company to concentrate more fully on its core business operations.
Deal 4: Believe S.A. (France) was acquired by EQT AB (Sweden), and TCMI Inc. (United States) for USD 58 million.
EQT AB (publ); TCMI Inc. (TCV) to Acquire Believe S.A.
A consortium led by EQT, alongside Believe’s longstanding investor TCV and the company’s CEO and founder Denis Ladegaillerie, who currently holds 96.7% of Believe’s shares, is proposing to acquire the remaining 3.35% stake for approximately USD 58 million at USD 17.40 per share.
Believe SA, headquartered in Paris, is a French digital music company specializing in independent music distribution and artist services worldwide. Established in 2005, Believe operates in over 50 countries and owns notable brands such as TuneCore, which provide artists with tools for digital distribution, marketing, and audience development.
After being publicly listed for nearly three years, Believe was taken private in 2024 through a buyout led by Ladegaillerie, EQT, and TCV. This privatization is intended to provide the company with greater flexibility to pursue long-term strategic goals and investments, free from the pressures of quarterly public market performance.
The buyout offer is expected to remain open through the second quarter of 2025. Following the completion of the tender offer, the consortium plans to initiate a “squeeze-out” process—a legal mechanism used to compel remaining shareholders to sell their shares and fully consolidate ownership.
Deal 5: Arcy AB (Sweden) was acquired by Readly International AB (Sweden) for USD 34.9 million.
Readly International AB to Acquire Arcy AB
Readly, a Swedish provider of digital magazine subscriptions, has finalized the acquisition of Arcy AB from Bonnier News in a transaction valued at approximately SEK 339 million (USD 34.9 million).
Arcy offers a digital magazine subscription service featuring over 100 titles, primarily from the Bonnier News Group. Since its launch in 2024, the platform has quickly attracted around 11,600 subscribers and contributed content to Bonnier’s “+Allt” bundle, which includes material from approximately 50 news sites and reaches over 900,000 subscribers.
The acquisition supports Readly’s strategy to accelerate growth and reinforce its leadership in the Swedish digital magazine market. It is expected to significantly expand Readly’s subscriber base and enhance profitability through increased scale and operational efficiencies.
The integration process, including the transfer of Arcy’s subscribers to Readly’s platform, is expected to be completed within 12 months.
May
Media and Entertainment
Deal 1: Cox Communications, Inc. (United States) was acquired by Charter Communications, Inc. (United States) for USD 34.50 billion.
Charter Communications, Inc. to acquire Cox Communications, Inc.
Charter Communications is set to acquire Cox Communications in a transaction valued at USD 34.5 billion, bringing together two of the largest cable operators in the United States.
Cox Communications, a privately held company based in Atlanta, delivers broadband internet, television, phone, and smart home services to roughly 7 million residential and business customers across 18 states. The company has steadily invested in expanding its fiber infrastructure and enhancing its service offerings through advanced technology.
The merger will create a leading provider in broadband, mobile, and video services, with a strong emphasis on network reliability and customer experience. With a combined customer base exceeding 37 million, the new entity will be better positioned to compete in the rapidly evolving communications landscape and support sustained investment in next-generation technologies.
As part of the agreement, the combined company will assume roughly USD 12 billion of Cox’s outstanding debt.
Within one year of closing, the merged company will adopt the Cox Communications name. Additionally, Charter plans to extend its Spectrum News coverage into Cox’s markets, increasing access to local news content.
The deal is subject to standard regulatory and closing conditions. Citi and LionTree are advising Charter on the transaction, while BDT & MSD Partners, Evercore, and Wells Fargo are acting as financial advisors to Cox Communications.
Deal 2: Mobile Games Studio Portfolio of AppLovin Corporation (United States) was acquired by Tripledot Studios Limited (United Kingdom) for USD 800 million.
Tripledot Studios Limited to Acquire Mobile Games Studio Portfolio of AppLovin Corporation
UK-based game developer Tripledot Studios has agreed to acquire AppLovin’s portfolio of mobile game studios for USD 800 million, marking a major expansion into key markets such as the United States and Asia.
The deal includes ten studios and a catalog of more than 200 casual to midcore free-to-play titles, including popular games like Matchington Mansion, Game of War, and Wordscapes. These studios operate across 17 cities throughout North America, Europe, and Asia.
Tripledot—known for titles such as Woodoku, Nut Sort, and Triple Tile—will grow to 12 studios across 23 cities, with a combined portfolio reaching over 25 million daily active users following the acquisition.
This transaction represents a significant milestone in Tripledot’s strategy to become a global leader in mobile gaming, accelerating its evolution from a high-growth challenger to a major industry player.
For AppLovin, the divestiture supports its strategic shift to focus exclusively on its core advertising and analytics operations, reinforcing its position as a pure-play adtech company.
The acquisition is expected to close in the summer of 2025, subject to customary regulatory approvals.
Deal 3: Frieze Publishing Limited (United Kingdom) was acquired by Apollo Global Management, Inc. (United States), and Redbird Capital Partners Management LLC (United States) for USD 200 million.
Ari Emanuel; Apollo Global Management, Inc.; Redbird Capital Partners Management LLC to Acquire Frieze Publishing Limited
A consortium led by former Endeavor CEO Ari Emanuel—alongside Apollo Global Management and RedBird Capital Partners—is acquiring Publishing in a transaction valued at USD 200 million.
Frieze Publishing is an internationally recognized art media and events company, widely known for frieze magazine, which features critical discourse on contemporary art, including essays, artist interviews, and cultural commentary. Beyond publishing, Frieze organizes prominent contemporary art fairs in global cities such as London, New York, Los Angeles, and Seoul. It also maintains a permanent exhibition space at No. 9 Cork Street in London, reinforcing its influence in the art world through both editorial content and large-scale events.
This acquisition marks the inaugural deal for Emanuel’s new global events venture, supported by Apollo and RedBird. The transaction encompasses Frieze’s seven art fairs, its editorial operations, and its London-based exhibition venue.
Emanuel described the purchase as both a strategic investment and a personal passion, emphasizing that Frieze offers strong growth potential and will serve as a key pillar in building a broader global events platform.
The transaction is expected to close in the third quarter of 2025.
Deal 4: Frndly TV, Inc. (United States) was acquired by Roku, Inc. (United States) for USD 185 million.
Roku, Inc. to Acquire Frndly TV, Inc.
Roku, a major U.S. TV streaming platform, is set to acquire Frndly TV, a provider of affordable streaming television bundles, in a cash transaction valued at USD 185 million.
Frndly TV is a subscription-based service offering access to over 50 live and on-demand channels tailored for family viewing. Its content lineup features well-known networks such as Hallmark, A&E, Lifetime, History, and MeTV. With cloud DVR functionality and wide compatibility across devices—including Roku, Apple TV, Fire TV, mobile apps, and web browsers—it has gained popularity among viewers seeking cost-effective, family-oriented entertainment.
The acquisition supports Roku’s strategy to expand its platform business and increase recurring revenue through subscription offerings. Frndly TV’s strong subscriber growth and emphasis on accessible content make it a strategic addition to Roku’s portfolio.
Following the acquisition, Frndly TV will continue to operate on all current platforms and devices. Its existing leadership and staff are expected to remain in place, ensuring seamless continuity in service and operations.
The deal highlights the increasing competition in the streaming pay-TV market, currently led by YouTube TV with approximately 8 million subscribers. Disney is also expanding its position in the sector, having recently agreed to acquire Fubo, which brings its combined audience to around 6 million across Fubo and Hulu + Live TV.
The transaction is expected to close in the second quarter of the year.
Deal 5: Monolith Inc. (South Korea) was acquired by Daesung Finetec Co.,Ltd. (South Korea) for USD 80.75 million.
Daesung Finetec Co.,Ltd. to Acquire Monolith Inc.
Daesung Finetec has agreed to acquire Monolith Inc. in a strategic move to diversify its portfolio and drive future growth. The deal, valued at approximately USD 80.75 million, aligns with Daesung’s efforts to enter new business areas and enhance long-term corporate value.
Monolith Inc. is a South Korea–based startup specializing in immersive entertainment through its Spatial Game Parks—venues that blend physical activity with digital interactivity. These parks deliver engaging experiences by merging real-world elements with virtual environments. Monolith oversees all aspects of its operations in-house, including attraction design, digital infrastructure, and companion apps. Its flagship location, 9.81 Park in Jeju, showcases its pioneering concept, with plans for both domestic and international expansion through franchising.
The transaction will be executed as an absorption-type merger, with Daesung Finetec as the surviving entity. Integrating Monolith’s capabilities is expected to generate operational synergies and strengthen Daesung’s position in the evolving entertainment technology landscape.
June
Media and Entertainment
Deal 1: ADK Holdings Inc. (Japan) was acquired by KRAFTON, Inc. (South Korea) for USD 516.21 million.
KRAFTON, Inc. to Acquire ADK Holdings Inc.
South Korean game developer Krafton has acquired ADK Holdings, a leading Japanese advertising and animation group, for JPY 75 billion (approximately USD 516.21 million). The acquisition marks a strategic step for Krafton as it looks to diversify beyond its flagship PUBG franchise and strengthen its presence in anime, storytelling, and cross-media entertainment.
ADK, ranked among Japan’s top three advertising firms, has been a central figure in the country’s animation industry for over seven decades. The company has contributed to the production and global reach of more than 300 anime titles, including household names like Doraemon, Yu-Gi-Oh!, and Crayon Shin-chan. With a global footprint of over 80 offices in more than 20 countries, ADK also operates a network of affiliates across Japan, offering expertise in digital marketing, content planning, and animation production.
This acquisition marks the first time a Korean company has taken ownership of a major Japanese anime studio and reflects Krafton’s ambition to build an integrated intellectual property platform across Asia.
The Krafton-ADK partnership is well-positioned to capitalize on the fast-growing Asia-Pacific digital entertainment market, which is projected to grow from 4.5 billion screens today to 5.5 billion within five years. By aligning ADK’s animation and IP expertise with Krafton’s global game development and publishing capabilities, the companies aim to unlock new cross-media opportunities while maintaining the distinct identities of each brand.
Deal 2: Sky Deutschland GmbH (Germany) was acquired by Rtl Deutschland GmbH (Germany) for USD 176.00 million.
Rtl Deutschland GmbH to Acquire Sky Deutschland GmbH
In a major development in the DACH region’s media landscape, RTL Group has announced its intention to acquire Sky Deutschland in a transaction valued at EUR 150 million (approximately USD 176 million). The deal brings together two of the most prominent media brands in Germany, Austria, and Switzerland.
Sky Deutschland is a subscription-based television and entertainment provider known for its broad content portfolio, which includes films, series, documentaries, and exclusive sports coverage such as Bundesliga football and Formula 1. The company distributes content via satellite, cable, and streaming platforms, including its on-demand service, Sky Ticket.
The proposed combination of RTL Deutschland and Sky Deutschland is strategically aligned to address shifting consumer preferences and to better compete with international streaming platforms. The merger will integrate Sky’s high-value sports broadcasting rights with RTL’s strong portfolio of entertainment, news, and streaming content across RTL+, free-to-air, and pay-TV services.
This integration is expected to strengthen RTL’s streaming presence, expanding its base to approximately 11.5 million paying subscribers, while also diversifying revenue streams and enhancing its appeal to creative talent, rights holders, and commercial partners. Financially, the transaction is projected to deliver EUR 250 million in annual synergies within three years, primarily through cost efficiencies across various operational areas.
Both companies will continue to operate separately until regulatory approvals are secured, which are anticipated by 2026.
Deal 3: Carta Holdings, Inc. (Japan) was acquired by NTT DOCOMO, INC. (Japan) for USD 173.84 million.
NTT DOCOMO, INC. to Acquire Carta Holdings, Inc.
NTT Docomo has launched a tender offer to acquire a 47.2% stake in CARTA Holdings for approximately JPY 24.7 billion (USD 173.84 million), in collaboration with Dentsu Group. The move is part of a strategic initiative to make CARTA a consolidated subsidiary and strengthen Docomo’s role in the digital advertising and marketing technology space.
CARTA Holdings provides a broad range of digital marketing and advertising technology services. Its offerings span programmatic advertising, AI-driven media platforms, and data-enhanced TV advertising. Through its subsidiaries, the company delivers end-to-end marketing support—from media planning and ad placement to performance tracking across online and offline channels.
The partnership will integrate CARTA’s advertising infrastructure with Docomo’s customer and partner data to build a unified Single ID Marketing model. This system aims to deliver seamless planning, cross-media distribution, and measurable outcomes, enabling more personalized and efficient marketing for businesses.
The deal will further accelerate Docomo’s growth in the ad tech space and enhance its ability to provide data-driven solutions. Mizuho Securities is serving as CARTA’s financial advisor for the transaction.
Deal 4: Rezonate Music Rights Ltd (United Kingdom) was acquired by Bridgepoint Advisers Limited (United Kingdom) for USD 150.00 million.
Bridgepoint Advisers Limited to Acquire Rezonate Music Rights Ltd
Bridgepoint Credit, the private credit division of Bridgepoint Group, has acquired a minority stake in Rezonate Music Rights, a London-based investment platform focused on acquiring royalty rights from leading music producers worldwide. As part of the agreement, Bridgepoint has committed up to USD 150 million to support Rezonate’s pipeline of high-profile producer catalog acquisitions.
Founded by music producer Cam Blackwood and finance executive Tom Tyler, Rezonate is dedicated to providing fair, transparent, and data-driven royalty deals for producers such as beat-makers, engineers, and vocal producers. The company transforms royalty income into scalable, long-term investment opportunities while supporting creators across the music industry.
Rezonate’s catalog already includes rights to around 700 tracks, featuring contributions to artists like U2, Taylor Swift, The Weeknd, Dua Lipa, Ed Sheeran, and George Ezra. The investment from Bridgepoint marks a major milestone in the company’s growth and will accelerate its efforts to reshape the music rights landscape and empower producers globally.
Artisan served as financial advisor to Rezonate, while Latham & Watkins acted as legal advisor to Bridgepoint.
Deal 5: SMSPortal (Pty) Ltd. (South Africa) was acquired by LINK Mobility Group Holding ASA (Norway) for USD 144.91 million.
LINK Mobility Group Holding ASA to Acquire SMSPortal (Pty) Ltd.
Link Mobility, a prominent European CPaaS (Communications-Platform-as-a-Service) provider, is entering the African market through the acquisition of SMSPortal, a South African A2P messaging specialist. The transaction, valued at up to USD 145 million, including a potential earn-out, aligns with Link’s strategy to grow in mobile-centric, high-potential regions.
Headquartered in Cape Town, SMSPortal offers cloud-based messaging solutions for businesses of all sizes. Its platform enables large-scale communications through APIs, shortcodes, and other integration tools. Between 2022 and 2025, the company’s revenue increased from USD 65 million to USD 112 million, while EBITDA more than doubled to USD 25 million, supported by a gross profit CAGR of 43%.
This move gives Link access to a mobile-first market where SMS continues to play a central role in customer engagement, with volumes rising at a 7% annual growth rate. For SMSPortal, the deal opens the door to greater innovation and scale by leveraging Link’s global infrastructure and product portfolio.
The transaction is expected to close in the third quarter of 2025. SMSPortal will continue to operate independently under its current brand and leadership, while benefiting from expanded capabilities and international reach under Link Mobility.
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.
January
Health Care
Deal 1: Intra-Cellular Therapies, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 14.60 billion.
Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc.
Johnson & Johnson (J&J) is expanding its neuroscience portfolio with the acquisition of Intra-Cellular Therapies in a transformative transaction valued at USD 14.6 billion (USD 132 per share). This marks J&J’s most significant deal in over two years, underscoring its commitment to advancing treatments in mental health and neurological conditions.
Intra-Cellular Therapies is a biopharmaceutical company focused on creating groundbreaking treatments for neuropsychiatric and neurological conditions. Utilizing a proprietary science platform, the company targets unmet medical needs in disorders such as schizophrenia, bipolar disorder, and major depressive disorder.
Through this acquisition, J&J will gain access to lumateperone, marketed as Caplyta, a novel treatment for schizophrenia and bipolar depression that generated USD 175 million in revenue during last year’s third quarter, driven by a 38% rise in total prescriptions. The deal also includes ITI-1284, a promising Phase 2 candidate being studied for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, alongside a pipeline of clinical-stage assets that complement J&J’s focus on neuroscience innovation.
The transaction is expected to close later this year. Citi is acting as J&J’s financial advisor, with Centerview Partners LLC and Jefferies advising Intra-Cellular Therapies.
Deal 2: Inari Medical, Inc. (United States) was acquired by Stryker Corporation (United States) for USD 4.90 billion.
Stryker Corporation to Acquire Inari Medical, Inc.
Stryker, a global leader in medical technology, is acquiring Inari Medical for USD 4.9 billion (USD 80 per share). The acquisition aims to strengthen Stryker’s presence in the peripheral vascular sector, with a particular focus on advancing solutions in the venous thromboembolism (VTE) market.
Inari Medical is known for its cutting-edge, minimally invasive solutions to treat venous thromboembolism, including deep vein thrombosis (DVT) and pulmonary embolism (PE). Its flagship products, the ClotTriever and FlowTriever systems, are recognized for effectively and safely removing blood clots without the need for thrombolytic drugs, establishing Inari as a pioneer in venous health.
By integrating Inari’s advanced product portfolio, Stryker aims to enhance its offerings for peripheral vascular diseases. Inari’s mechanical thrombectomy solutions align closely with Stryker’s Neurovascular business, creating significant opportunities for synergy. Leveraging Stryker’s robust global infrastructure and resources, Inari will be positioned to accelerate the development of new treatments and broaden its market reach.
The transaction is expected to conclude by the end of the first quarter of 2025, pending regulatory and customary approvals.
Deal 3: Surgery Partners, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.20 billion.
Bain Capital Private Equity, LP to Acquire Surgery Partners, Inc.
Bain Capital has made an offer to acquire Surgery Partners for USD 3.2 billion (USD 25.75 per share), with plans to take the company private.
Surgery Partners operates a network of over 200 surgical facilities, including ambulatory surgery centers and surgical hospitals, across 33 states. The company offers a wide range of surgical services in specialties such as orthopedics, pain management, gastroenterology, and ophthalmology, partnering with healthcare providers to enhance patient care and operational efficiency.
Bain Capital currently owns 39.3% of Surgery Partners. Other significant investors include Fidelity Investments, Wellington Management, and The Vanguard Group, each holding over 5% of the company’s shares.
Surgery Partners, which generates annual revenues of around USD 3.1 billion, has previously attracted acquisition interest, including from TPG and UnitedHealth Group, although no deal was finalized. Bain’s offer follows a recent review of the company’s strategic direction, which included exploring various transaction options that ultimately did not move forward.
Deal 4: Scorpion Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 2.50 billion.
Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc.
Eli Lilly, a global pharmaceutical leader, is acquiring Scorpion Therapeutics, a biotechnology firm focused on developing small molecule precision oncology therapies, for USD 2.5 billion in cash. This acquisition will enhance Lilly’s oncology portfolio and further its commitment to advancing cancer treatments.
Scorpion’s primary development, STX-478, is a mutant-selective PI3Kα inhibitor designed for oral, once-daily administration. It is currently being tested in Phase 1/2 trials for breast cancer and other advanced solid tumors. The drug selectively targets mutant PI3Kα pathways in cancer cells, while sparing healthy cells, addressing a key limitation of existing treatments. This targeted approach aims to improve disease control and patient tolerability by offering more effective inhibition of the pathway.
As part of the agreement, Scorpion will form a new independent entity to hold its employees and non-PI3Kα assets. The new company will remain owned by Scorpion’s current shareholders, with Lilly holding a minority stake.
The deal is contingent on standard closing conditions, with Citi serving as Lilly’s exclusive financial advisor. Scorpion’s financial advisory team includes Centerview Partners LLC as the lead advisor and Morgan Stanley providing additional support.
Deal 5: Hellenic Healthcare Group (Greece) was acquired by Pure Health Holding PJSC (United Arab Emirates) for USD 2.30 billion.
Pure Health Holding PJSC to Acquire Hellenic Healthcare Group
PureHealth Group, the largest healthcare provider in the Middle East, has reached an agreement to acquire a 60% stake in Hellenic Healthcare Group (HHG) from CVC Capital Partners for EUR 2.2 billion (USD 2.3 billion). This move is a key element of PureHealth’s broader strategy to expand its global footprint, diversify its revenue streams, and improve operational efficiencies.
HHG has established itself as a prominent healthcare provider in Greece and Cyprus, operating 10 hospitals and 16 diagnostic centers with over 1,600 beds. The group serves approximately 1.4 million patients annually, supported by more than 6,700 healthcare professionals. HHG offers a comprehensive range of medical specialties, including oncology, cardiology, neurosurgery, and IVF treatments.
Currently, HHG is majority-owned by CVC Capital Partners, holding 90%, with the remaining 10% held by CEO Dimitris Spyridis. Following the acquisition, PureHealth will take a 60% stake in HHG, while CVC will retain 35%, and Spyridis will maintain a 5% share. This collaboration combines the strengths, expertise, and global networks of PureHealth, CVC, and HHG, creating new opportunities for operational excellence and growth within the healthcare sector.
The transaction is subject to regulatory approvals and customary closing conditions.
February
Health Care
Deal 1: Purification & Filtration Business of Solventum Corporation (United States) was acquired by Thermo Fisher Scientific Inc. (United States) for USD 4.10 billion.
Thermo Fisher Scientific Inc. to Acquire Purification & Filtration Business of Solventum Corporation
Thermo Fisher Scientific, a global provider of scientific research and laboratory solutions, has announced the acquisition of Solventum’s Purification & Filtration business for approximately USD 4.1 billion in cash. The deal will strengthen Thermo Fisher’s bioprocessing portfolio by integrating advanced purification and filtration technologies.
Solventum’s Purification & Filtration business delivers essential purification and filtration solutions used in biologics manufacturing, medical technology, and industrial applications. With operations across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, the business employs approximately 2,500 people and generated around USD 1 billion in revenue in 2024.
The acquisition expands Thermo Fisher’s bioproduction capabilities, which include cell culture media, single-use technologies, purification systems, and analytical tools for biologics, cell therapy, and gene therapy manufacturing. Integrating Solventum’s filtration expertise will enhance Thermo Fisher’s end-to-end biomanufacturing processes.
Following the acquisition, the business is projected to achieve mid- to high-single-digit organic growth, with Thermo Fisher leveraging its PPI Business System to drive efficiency, margin expansion, and operational synergies.
The transaction is anticipated to close by the end of 2025, after which Solventum’s Purification & Filtration business will be integrated into Thermo Fisher’s Life Sciences Solutions segment. Wells Fargo is acting as Thermo Fisher’s exclusive financial advisor.
Deal 2: Mitsubishi Tanabe Pharma Corporation (Japan) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.30 billion.
Bain Capital Private Equity, LP to Acquire Mitsubishi Tanabe Pharma Corporation
Japanese pharmaceutical company Mitsubishi Tanabe Pharma is set to be acquired by U.S. private equity firm Bain Capital for USD 3.3 billion (JPY 510 billion), capitalizing on the significant growth potential of Japan’s healthcare sector.
Mitsubishi Tanabe Pharma specializes in therapeutic areas such as immunology, inflammation, vaccines, diabetes, and central nervous system and metabolic diseases. With a global workforce of over 5,000 employees, the company operates subsidiaries in Europe, the U.S., Korea, and other regions. As an independent entity, Mitsubishi Tanabe Pharma will continue its legacy of medical innovation, seeking new growth opportunities through business development, licensing, enhanced R&D productivity, commercialization, and strategic acquisitions.
Bain Capital’s extensive resources and healthcare expertise will provide Mitsubishi Tanabe Pharma with the support needed to accelerate growth. Japan’s life sciences sector presents ample opportunities, especially with government initiatives to streamline the development and approval of innovative medicines. Bain’s healthcare platform has a strong history of driving innovation and growth for pharmaceutical companies worldwide.
This acquisition enables Mitsubishi Tanabe Pharma to benefit from Bain’s clinical insights and support in creating a scalable platform, focusing on long-term drug development to address unmet medical needs and bring transformative treatments to patients in Japan and around the world.
The transaction is expected to be completed in the third quarter of 2025. Mitsubishi UFJ Morgan Stanley Securities and BofA Securities are serving as financial advisors to Bain Capital.
Deal 3: Anthos Therapeutics, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 3.08 billion.
Novartis AG to Acquire Anthos Therapeutics, Inc.
Swiss pharmaceutical company Novartis has announced the acquisition of Boston-based Anthos Therapeutics in a deal valued at up to USD 3.08 billion. The agreement includes an initial payment of USD 925 million, with the remaining USD 2.15 billion dependent on regulatory and commercial milestones.
Central to the deal is abelacimab, a monoclonal antibody designed to inhibit Factor XI, a key pathway in blood clot formation. The therapy is being developed for stroke prevention in patients with atrial fibrillation and cancer-associated thrombosis. Originally licensed from Novartis, abelacimab has shown a lower bleeding risk compared to standard anticoagulants in Phase II trials. It is currently undergoing three Phase III trials to further assess its efficacy. Anthos, founded in 2019 through a collaboration between Novartis and Blackstone Life Sciences, has been leading the drug’s development.
This acquisition aligns with Novartis’ strategy to expand its presence in cardiovascular medicine, reinforcing its expertise in the field.
The deal is expected to be finalized in the first half of 2025, pending customary regulatory approvals.
Deal 4: PRISM Vision Group (United States) was acquired by McKesson Corporation (United States) for USD 0.85 billion.
McKesson Corporation to Acquire PRISM Vision Group
McKesson Corporation, a diversified U.S. healthcare company, is strengthening its specialty care business with the acquisition of an 80% stake in PRISM Vision for USD 850 million. The deal enhances McKesson’s position in ophthalmology and retina care, a rapidly growing segment within specialty healthcare.
PRISM Vision is a leading provider of general ophthalmology and retina management services, with a network of over 180 providers, 91 office locations, and seven ambulatory surgery centers.
For PRISM Vision, McKesson’s investment will enhance its data and analytics capabilities, drive innovation in clinical research, and strengthen collaborations with biopharmaceutical companies.
Following the acquisition, PRISM Vision Holdings will be integrated into McKesson’s U.S. Pharmaceutical segment, with PRISM Vision physicians retaining a 20% ownership stake in the company.
Deal 5: Vascular Intervention business of BIOTRONIK SE & Co. KG (Germany) was acquired by Teleflex Incorporated (United States) for USD 0.79 billion.
Teleflex Incorporated to Acquire Vascular Intervention business of BIOTRONIK SE & Co. KG
Global medical technology company Teleflex has agreed to acquire Biotronik’s Vascular Intervention business for USD 791 million, expanding its presence in interventional cardiology and peripheral vascular markets.
The acquisition adds a wide range of vascular intervention devices to Teleflex’s Interventional portfolio, including drug-coated balloons, drug-eluting stents, covered stents, balloon and self-expanding bare metal stents, and balloon catheters.
Integrating these products will strengthen Teleflex’s position in the peripheral intervention market while complementing its complex percutaneous coronary intervention (PCI) platform. The combined portfolio is also expected to improve salesforce capabilities and diversify therapeutic offerings by incorporating Biotronik’s vascular intervention devices.
Additionally, the acquisition supports further investment in clinical trials for Freesolve, Biotronik’s sirolimus-eluting Resorbable Metallic Scaffold (RMS) technology. Approved in CE-mark-accepting countries for treating de novo coronary artery lesions, Freesolve provides temporary scaffolding with targeted drug delivery, aligning with the industry’s move toward reducing permanent implants in coronary and endovascular procedures.
The transaction is expected to close by the end of the third quarter of 2025.
March
Health Care
Deal 1: Nova Biomedical Corporation (United States) was acquired by Advanced Instruments, LLC (United States) for USD 2.20 billion.
Advanced Instruments, LLC to Acquire Nova Biomedical Corporation
Advanced Instruments, a U.S.-based provider of analytical instruments for the biopharmaceutical and clinical sectors, has announced plans to acquire and merge with Nova Biomedical in a transaction valued at USD 2.2 billion.
Nova Biomedical develops and supplies analytical testing instruments, including blood analyzers and diagnostic devices used in hospital, critical care, and biotechnology settings. Its clinical product portfolio enables point-of-care testing and real-time monitoring of critical analytes such as blood gases and glucose, supporting diagnostics and patient management in healthcare environments. Nova’s technologies are used in more than 100 countries by major hospitals and leading biopharmaceutical firms.
The merger is expected to enhance the combined company’s ability to innovate and deliver high-value technologies across the biopharma and clinical diagnostics markets. Together, the companies aim to strengthen support for customer workflows throughout drug development and bioprocessing stages while expanding their presence in hospital and healthcare settings. The integration will also result in a broader, more diversified product portfolio to meet growing global demand.
The deal is expected to close in the third quarter of 2025. UBS Investment Bank is serving as financial advisor to Advanced Instruments, while Jefferies is advising Nova Biomedical.
Deal 2: CentralReach, LLC (United States) was acquired by Roper Technologies, Inc. (United States) for USD 1.65 billion.
Roper Technologies, Inc. to Acquire CentralReach, LLC
Roper Technologies has revealed its decision to acquire CentralReach, a leading provider of Software-as-a-Service (SaaS) solutions for autism and intellectual and developmental disabilities (IDD) care, with a focus on applied behavior analysis (ABA), for a total consideration of USD 1.65 billion.
CentralReach offers specialized software designed to assist healthcare providers in ABA therapy, special education, and related therapeutic services. Its comprehensive platform includes tools for practice management, clinical data collection, and billing, all tailored to enhance operational efficiency and patient care, particularly for individuals with autism and developmental disabilities.
CentralReach has solidified its position as a market leader, delivering essential solutions that offer high return on investment (ROI). The company benefits from a strong recurring revenue model, exceptional customer retention, and consistent organic growth, contributing to strong cash flow generation.
This acquisition is expected to positively impact Roper’s financial performance, with CentralReach projected to contribute approximately USD 175 million in revenue and USD 75 million in EBITDA by June 2026. Roper expects CentralReach to maintain sustainable organic growth in revenue and EBITDA at a rate exceeding 20%.
Upon completion of the deal, CentralReach will continue to operate independently, maintaining its leadership, team, brand, product offerings, and mission. The transaction is expected to close between April and May 2025.
Deal 3: Araris Biotech AG (Switzerland) was acquired by Taiho Pharmaceutical Co., Ltd. (Japan) for USD 1.14 billion.
Taiho Pharmaceutical Co., Ltd. to Acquire Araris Biotech AG
Japan’s Taiho Pharmaceutical has reached an agreement to acquire Swiss biotech company Araris Biotech for USD 1.14 billion, enhancing its portfolio of next-generation cancer therapies. The transaction involves an initial payment of USD 400 million and potential milestone payments totaling up to USD 740 million.
Araris, a spin-off from the Paul Scherrer Institute, specializes in developing next-generation antibody-drug conjugates (ADCs) using its proprietary AraLinQ linker platform. This innovative technology allows for the creation of highly potent, stable, and uniform ADCs that offer enhanced safety and antitumor efficacy compared to conventional ADCs. Currently, Araris is advancing three preclinical candidates targeting both hematological and solid tumors, with clinical trials slated to begin between 2025 and 2026.
Taiho Pharmaceutical, known for its work in antimetabolites, has made significant strides in oncology through its proprietary small molecule drug discovery platform, Cysteinomix. The acquisition of Araris and its ADC technology is expected to complement and strengthen Taiho’s oncology pipeline by integrating innovative biologics with its existing small molecule expertise.
Upon completion of the deal, Araris will become a wholly owned subsidiary of Taiho Pharmaceutical and will continue its operations and R&D activities at its current site in Switzerland.
The transaction is expected to close in the first half of 2025. MTS Health Partners, L.P. is serving as a financial advisor to Taiho Pharmaceutical, while Centerview Partners UK LLP is advising Araris.
Deal 4: EsoBiotec B.V. (Belgium) was acquired by AstraZeneca PLC (United Kingdom) for USD 1.00 billion.
AstraZeneca PLC to Acquire EsoBiotec B.V.
AstraZeneca has agreed to acquire Belgium-based biotechnology company EsoBiotec for USD 1 billion, aiming to expand its expertise in cell therapies targeting cancer and autoimmune disorders.
The acquisition brings EsoBiotec’s innovative in vivo delivery platform into AstraZeneca’s portfolio, with the potential to transform how cell therapies are developed and administered. The company’s Engineered NanoBody Lentiviral (ENaBL) platform uses lentiviruses to deliver precise genetic instructions to immune cells—such as T cells—training them to recognize and eliminate tumor cells in cancer or autoreactive cells in autoimmune conditions. This approach enables cell therapies to be administered via a straightforward intravenous injection, eliminating the need for immune cell depletion and drastically shortening treatment times from weeks to minutes.
AstraZeneca aims to accelerate the development of accessible, next-generation cell therapies through this acquisition. The company views the deal as a significant milestone in expanding the reach of its recent investments and advancing its long-term goal of harnessing the full potential of cell therapy.
The transaction is anticipated to close in the second quarter of 2025. Centerview Partners UK LLP is serving as exclusive financial advisor to EsoBiotec, while Covington & Burling LLP is acting as legal advisor to AstraZeneca.
Deal 5: Chimerix, Inc. (United States) was acquired by Jazz Pharmaceuticals plc (Ireland) for USD 0.94 billion.
Jazz Pharmaceuticals plc to Acquire Chimerix, Inc.
Jazz Pharmaceuticals has announced a USD 935 million all-cash acquisition of Chimerix, aimed at expanding its footprint in the rare oncology space.
Chimerix is a clinical-stage biopharmaceutical company focused on developing therapies for serious diseases, with an emphasis on oncology and antiviral treatments. Its lead candidate, dordaviprone, is a first-in-class small molecule designed to treat H3 K27M-mutant diffuse glioma—a rare, aggressive brain tumor that mainly affects children and young adults. With radiation as the only currently available treatment, dordaviprone addresses a critical unmet need.
Through this acquisition, Jazz Pharmaceuticals seeks to broaden its research and development portfolio and support future growth. Dordaviprone has the potential to provide a much-needed therapeutic option for patients with limited alternatives and is protected by patents lasting until at least 2037, with possibilities for extension.
Beyond dordaviprone, Chimerix is also developing ONC206, a compound that has shown significantly higher potency in preclinical studies. It is currently undergoing Phase 1 trials for central nervous system tumors and may have broader potential across other solid tumor indications.
The transaction is slated to close in the second quarter of 2025. Guggenheim Securities is acting as financial advisor to Jazz Pharmaceuticals, while Centerview Partners LLC is advising Chimerix.
April
Health Care
Deal 1: SpringWorks Therapeutics, Inc. (United States) was acquired by Merck KGaA (Germany) for USD 3.90 billion.
Merck KGaA to Acquire SpringWorks Therapeutics, Inc.
Germany-based Merck KGaA has agreed to acquire SpringWorks Therapeutics, a U.S.-based biopharmaceutical company focused on rare diseases and cancer, in a transaction valued at USD 3.9 billion.
SpringWorks is a clinical-stage firm specializing in precision medicine, with a pipeline centered on targeted therapies for rare and genetically defined tumors. The company is advancing treatments designed to meet critical gaps in oncology care, aiming to improve outcomes for patients with limited therapeutic options.
As part of the acquisition, Merck KGaA will gain access to Ogsiveo (nirogacestat), approved for the treatment of desmoid tumors, and Gomekli (mirdametinib), a MEK inhibitor approved in February 2025 for neurofibromatosis type 1 (NF1). Ogsiveo recorded USD 172 million in sales in 2024, underscoring its market potential.
The deal aligns with Merck KGaA’s long-term strategy to broaden its healthcare portfolio and deepen its focus on oncology, particularly in niche indications. It also supports the company’s goal of expanding its footprint in the U.S. pharmaceutical market.
Following completion, the acquisition is expected to immediately contribute to Merck KGaA’s revenue and become accretive to earnings per share (EPS) by 2027.
The transaction has received unanimous approval from both Merck KGaA and SpringWorks’ Boards of Directors and is expected to close in the second half of 2025. J.P. Morgan is serving as Merck’s exclusive financial advisor, while Centerview Partners LLC and Goldman Sachs & Co. LLC are acting as joint financial advisors to SpringWorks.
Deal 2: HealthEdge Software, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States) for USD 2.60 billion.
Roper Technologies, Inc. to Acquire CentralReach, LLC
Bain Capital has agreed to acquire HealthEdge for approximately USD 2.6 billion from Blackstone, marking a significant move in its ongoing expansion into healthcare technology.
HealthEdge provides cloud-based platforms that integrate financial, administrative, and clinical functions for health insurers. Its software solutions support modernization efforts across the insurance value chain—from claims management to benefit plan design—serving more than 115 health plans and over 110 million covered lives across the United States. The company’s offerings are designed to lower administrative costs, enhance care quality, and enable insurers to adopt innovative business models in a rapidly changing healthcare landscape.
The acquisition complements Bain Capital’s broader strategy of investing in healthcare innovation. The firm, which manages USD 185 billion in assets, also owns Zelis, a healthcare payments company, and recently submitted a take-private offer for Surgery Partners.
The deal is expected to close in the second quarter of 2025. TripleTree is serving as the lead financial advisor to Bain Capital, while Evercore and UBS Investment Bank are advising Blackstone.
Deal 3: Regulus Therapeutics Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.70 billion.
Novartis AG to Acquire Regulus Therapeutics Inc.
Swiss pharmaceutical leader Novartis is expanding its renal disease portfolio by acquiring Regulus Therapeutics for up to USD 1.7 billion, contingent on the achievement of regulatory milestones.
Regulus Therapeutics specializes in developing therapies that target microRNAs for genetically defined diseases. The company’s work primarily focuses on rare diseases, particularly kidney disorders, with its lead investigational drug, farabursen, aimed at treating autosomal dominant polycystic kidney disease (ADPKD). Farabursen is designed to reduce cyst growth and kidney enlargement, potentially slowing the progression of ADPKD. Regulus is known for its innovative approach to addressing complex diseases through oligonucleotide-based therapies.
Novartis’ extensive global development and commercial expertise will support the potential delivery of this new therapy to patients, pending regulatory approval.
The deal is set to close in the second half of the year. Upon completion, Novartis plans to merge the acquiring subsidiary with Regulus, making Regulus an indirect wholly owned subsidiary of the company. Evercore is serving as the exclusive financial advisor to Regulus.
Deal 4: Voyager Acquisition Corp. (United States) was acquired by VERAXA Biotech AG (Switzerland) for USD 1.64 billion.
VERAXA Biotech AG to Acquire Voyager Acquisition Corp.
VERAXA Biotech is preparing to go public through a merger with Voyager Acquisition Corp. in a deal valued at up to USD 1.64 billion, paving the way for the Swiss-based company to be listed on Nasdaq and advance its pipeline of next-generation cancer therapies.
VERAXA, a clinical-stage biotechnology firm, specializes in developing novel cancer treatments. The company is advancing antibody-drug conjugates (ADCs) and bispecific T cell engagers (BiTAC TCEs) designed to target solid tumors. Its proprietary BiTAC platform enables more precise treatments by targeting two distinct tumor-specific markers, minimizing off-target effects, and allowing for higher therapeutic doses. VERAXA is advancing its pipeline through clinical trials and fostering strategic partnerships, including one with OmniAb for the co-development of bispecific ADCs.
VERAXA’s pipeline includes nine programs at various stages, with a Phase 1 leukemia trial underway. Its lead asset, VX-A901, is an Fc-enhanced antibody targeting FLT3, demonstrating significant anti-cancer efficacy. VX-A901 has the potential to become a cornerstone therapy for multiple patient groups and treatment settings. By 2029, VERAXA aims to expand its portfolio with three proprietary clinical programs and a growing collection of licensed assets.
The business combination is expected to close in the fourth quarter of 2025. Anne Martina Group is the sole M&A advisor to VERAXA, while Winston & Strawn LLP is providing legal counsel to Voyager.
Deal 5: Andlauer Healthcare Group Inc. (Canada) was acquired by United Parcel Service, Inc. (United States) for USD 1.60 billion.
United Parcel Service, Inc. to Acquire Andlauer Healthcare Group Inc.
UPS is set to acquire Andlauer Healthcare Group (AHG) in a transaction valued at USD 1.6 billion (CAD 2.2 billion). This acquisition aims to bolster UPS’s capabilities in the healthcare logistics sector.
AHG is a leading provider of logistics solutions focused on healthcare supply chain management in Canada. The company operates nine distribution centers and 22 branches across Canada, providing services that include temperature-sensitive transportation, warehousing, and last-mile delivery. Additionally, AHG extends its specialized logistics offerings to the United States, ensuring the secure and efficient movement of critical healthcare products like pharmaceuticals and medical devices. With a focus on precision and safety, AHG plays a vital role in the healthcare logistics landscape.
The acquisition will integrate AHG into the UPS Healthcare global network, adding its specialized transportation and logistics expertise to UPS’s existing capabilities. This partnership will enhance the company’s ability to deliver complex, end-to-end cold chain solutions, addressing the growing demand for temperature-sensitive and precision logistics within the healthcare sector.
The transaction is expected to be completed in the second half of 2025. Once finalized, Michael Andlauer will continue leading UPS Canada Healthcare and AHG, overseeing the expansion of their specialized capabilities to better serve the evolving needs of healthcare customers. CIBC Capital Markets is advising AHG on the deal, while BofA Securities is providing financial advisory services to UPS.
May
Health Care
Deal 1: Efimosfermin alfa drug of Boston Pharmaceuticals (United States) was acquired by GSK plc (United Kingdom) for USD 2.00 billion.
GSK plc to Acquire Efimosfermin alfa drug of Boston Pharmaceuticals
GSK is acquiring Boston Pharmaceuticals’ lead asset, efimosfermin, in a transaction valued at up to USD 2 billion. The agreement includes an upfront payment of USD 1.2 billion, with an additional USD 800 million contingent on future development and regulatory milestones.
Efimosfermin is a Phase III–ready candidate being developed for the treatment and prevention of steatotic liver disease (SLD), a condition with limited therapeutic options that affects up to 5% of the global population.
Also referred to as efimosfermin alfa or BOS-580, the drug is a long-acting analogue of fibroblast growth factor 21 (FGF21) and is administered through a once-monthly subcutaneous injection. It is designed to regulate metabolic activity in the liver, with the goal of reducing fat buildup, controlling inflammation, and potentially reversing fibrosis.
The acquisition aligns with GSK’s research and development priorities, particularly its focus on immunology and fibrotic diseases. It supports the company’s strategy to advance precision therapies aimed at halting or reversing disease progression. Efimosfermin further strengthens GSK’s hepatology portfolio, which targets both viral liver diseases, such as chronic hepatitis B, and metabolic conditions like SLD.
The transaction is subject to customary closing conditions. Evercore Partners International LLP is serving as exclusive financial advisor to GSK, while Centerview Partners LLC is advising Boston Pharmaceuticals.
Deal 2: Antylia Scientific (United States) was acquired by Caisse de dépôt et placement du Québec (Canada), Brookfield Business Partners L.P. (Bermuda) for USD 1.34 billion.
Caisse de dépôt et placement du Québec; Brookfield Business Partners L.P. to Acquire Antylia Scientific
Brookfield Asset Management, together with Canadian pension fund manager CDPQ, has acquired Antylia Scientific in an all-cash deal valued at approximately USD 1.34 billion.
Antylia Scientific is a global life sciences company that provides essential instruments, consumables, and bioprocessing solutions for the biopharmaceutical, clinical diagnostics, environmental testing, and research sectors. Its portfolio includes fluid handling systems, laboratory equipment, and diagnostic reagents, serving thousands of long-term customers worldwide. The company plays a key role in advancing accuracy, consistency, and innovation in laboratory and production settings.
Brookfield aims to accelerate Antylia’s development by enhancing its commercial capabilities and procurement processes, while CDPQ underscored the company’s vital contributions to high-impact industries. The investment reflects both firms’ commitment to fostering innovation and expanding access to advanced scientific tools through strategic growth.
Goldman Sachs and Jefferies served as financial advisors to Antylia, while J.P. Morgan Securities LLC advised GTCR.
Deal 3: Torii Pharmaceutical Co., Ltd. (Japan) was acquired by Shionogi & Co., Ltd. (Japan) for USD 1.10 billion.
Shionogi & Co., Ltd. to Acquire Torii Pharmaceutical Co., Ltd.
Japanese pharmaceutical company Shionogi is acquiring Japan Tobacco’s pharmaceutical arm, Torii Pharmaceutical, in a USD 1.1 billion deal.
Torii specializes in treatments for allergies, dermatological conditions, kidney disorders, and dialysis-related pruritus, offering products such as immunotherapy tablets, anemia drugs, and topical treatments, primarily catering to the Japanese market.
The deal also includes the acquisition of Akros Pharma, a New Jersey-based affiliate, through Shionogi’s U.S. arm. Shionogi plans to launch a tender offer for the remaining shares of Torii, with the goal of making it a wholly owned subsidiary.
This acquisition supports Shionogi’s STS2030 strategy, which aims to transform the company into a comprehensive Healthcare as a Service (HaaS) provider. The company seeks to expand its role beyond prescription drugs by offering integrated solutions that address infectious diseases and quality-of-life conditions on a global scale.
For Torii, joining Shionogi brings access to in-house manufacturing—an area it has outsourced since 2020—helping to mitigate risks related to supply chain volatility, including disruptions caused by geopolitical tensions and production shortages, while enhancing long-term operational stability.
Deal 4: SiteOne Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 1.00 billion.
Eli Lilly and Company to Acquire SiteOne Therapeutics, Inc.
Eli Lilly is strengthening its pain management pipeline through the acquisition of SiteOne Therapeutics in a deal worth up to USD 1 billion. The agreement includes an upfront payment, with additional milestone payments tied to regulatory approvals and commercial achievements.
SiteOne Therapeutics is a clinical-stage biopharmaceutical company developing targeted small-molecule inhibitors of voltage-gated sodium channels, particularly Nav1.7 and Nav1.8. These compounds are being designed to address conditions such as chronic pain, itch, and chronic cough. Its lead candidate, STC-004, a Nav1.8 inhibitor, is ready to enter Phase 2 trials and offers a potential non-addictive alternative to current pain therapies.
Given the rising global need for safer pain relief options, this acquisition aligns with Lilly’s strategy to advance non-addictive therapies. Lilly plans to work closely with SiteOne’s team to progress the development of STC-004 and bring forward new solutions for patients facing chronic pain.
The deal remains subject to customary closing conditions. J.P. Morgan Securities LLC is advising Lilly, while Centerview Partners LLC is acting as financial advisor to SiteOne.
Deal 5: Vigil Neuroscience, Inc. (United States) was acquired by Sanofi (France) for USD 0.60 billion.
Sanofi to Acquire Vigil Neuroscience, Inc.
French pharmaceutical company Sanofi has announced its acquisition of Vigil Neuroscience in a transaction worth up to USD 600 million, which includes an upfront payment of USD 470 million, with an additional milestone payment contingent on the first commercial sale of VG-3927 within a specified timeframe.
Vigil Neuroscience is a clinical-stage biotech firm developing treatments for neurodegenerative diseases by targeting microglial dysfunction. Its lead candidate, VG-3927, is an oral small-molecule agonist of TREM2, a receptor essential for microglial activity. The therapy is being developed as a precision treatment for Alzheimer’s disease, aiming to restore microglial function and potentially alter disease progression through a non-amyloid pathway.
The acquisition aligns with Sanofi’s strategy to expand its neurology pipeline and invest in differentiated therapies addressing areas of significant unmet need. Sanofi’s global capabilities are expected to support the advancement of VG-3927 toward regulatory approval and commercialization.
Vigil’s other program, VGL101 (iluzanebart), a monoclonal antibody, is not part of the deal and will return to Amgen, its original licensor.
The transaction is expected to close in the third quarter of 2025. Centerview Partners LLC is serving as exclusive financial advisor to Vigil.
June
Health Care
Deal 1: Blueprint Medicines Corporation (United States) was acquired by Sanofi (France) for USD 9.50 billion.
Sanofi to Acquire Blueprint Medicines Corporation
French pharmaceutical giant Sanofi is acquiring the US biopharmaceutical firm Blueprint Medicines for up to USD 9.5 billion, strengthening its position in rare immunological diseases and enhancing its early-stage immunology pipeline.
Blueprint Medicines focuses on developing precision therapies that target genetic drivers of cancer and rare disorders. Its flagship drug, Ayvakit (avapritinib), is approved in the US and EU for treating advanced systemic mastocytosis and gastrointestinal stromal tumors with specific KIT or PDGFRA mutations. The company’s expertise lies in selective kinase inhibitors and the use of genomic profiling to create personalized treatments for patients with genetically defined oncological and immunological conditions.
The acquisition includes Ayvakit, as well as Blueprint’s promising immunology portfolio, featuring elenestinib in mid-to-late stage clinical trials for systemic mastocytosis, alongside an earlier-stage investigational candidate with potential applications across a broad spectrum of immunological diseases. Blueprint’s strong relationships with allergists, dermatologists, and immunologists are also expected to complement and enhance Sanofi’s expanding immunology portfolio.
Sanofi anticipates the transaction will be immediately accretive to its gross margin and will contribute positively to its operating profit and earnings per share from 2027 onward.
The deal is expected to be finalized in the third quarter of this year.
Deal 2: AMSURG Corp. (United States) was acquired by Ascension Health Alliance (United States) for USD 3.90 billion.
Ascension Health Alliance to Acquire AMSURG Corp.
Ascension, among the largest nonprofit Catholic health systems in the United States, has entered into an agreement to acquire AmSurg, a well-established operator of ambulatory surgery centers, in a deal valued at approximately USD 3.9 billion. This acquisition supports Ascension’s ongoing strategy to expand its outpatient services in line with changing patient preferences and broader shifts within the healthcare sector.
AmSurg oversees a network of more than 250 outpatient surgical centers across 34 states and Washington, D.C., offering services in gastroenterology, ophthalmology, orthopedics, and other specialties. As demand grows for more affordable and conveniently located care options, integrating AmSurg’s capabilities will enhance Ascension’s ability to serve communities seeking alternatives to hospital-based services.
The transaction aligns with Ascension’s broader effort to modernize its care model for long-term viability while staying rooted in its mission to provide compassionate, community-centered healthcare. Over recent years, Ascension has realigned its operations and resources to better reflect the shift in how and where care is being accessed across the country.
By integrating AmSurg’s extensive ASC platform, Ascension strengthens its position in delivering care that is more efficient, accessible, and responsive to patient needs. As the transition from inpatient to outpatient care accelerates nationwide, this acquisition positions Ascension to lead with a more adaptable and scalable care delivery platform.
Deal 3: J. B. Chemicals & Pharmaceuticals Limited (India) was acquired by Torrent Pharmaceuticals Limited (India) for USD 3.01 billion.
Torrent Pharmaceuticals Limited to Acquire J. B. Chemicals & Pharmaceuticals Limited
Torrent Pharmaceuticals, an Indian multinational drugmaker, is acquiring a 46.39% stake in JB Chemicals & Pharmaceuticals (JB Pharma) from private equity firm KKR in a deal valued at approximately USD 3.01 billion.
JB Pharma operates in both domestic and global markets, with a strong focus on chronic therapies including cardiology, gastroenterology, and nephrology. The company manages a portfolio of over 350 brands, with its domestic branded generics segment contributing more than half of total revenue. It is also scaling its contract development and manufacturing (CDMO) business, which has become a central part of its growth strategy alongside acquisitions and continued investment in key therapeutic areas.
The acquisition aligns with Torrent’s goal of creating a scalable healthcare platform by combining its established chronic care capabilities with JB Pharma’s expanding international CDMO footprint. After the stake purchase, Torrent will make a mandatory open offer to acquire up to 26% of JB Pharma’s publicly held shares at INR 1,639.18 per share. It also plans to acquire up to 2.80% of shares from select employees at the same valuation.
Torrent and JB Pharma are expected to merge through a scheme of arrangement following the completion of the acquisition. Moelis & Company and NovaOne advised Torrent on the transaction, while Goldman Sachs (India) Securities served as JB Pharma’s financial advisor.
Deal 4: Capstan Therapeutics, Inc. (United States) was acquired by AbbVie Inc. (United States) for USD 2.10 billion.
AbbVie Inc. to Acquire Capstan Therapeutics, Inc.
AbbVie has acquired Capstan Therapeutics in an all-cash transaction worth USD 2.1 billion, advancing its strategy to broaden its immunology portfolio with cutting-edge in vivo cell therapy technologies aimed at treating autoimmune diseases.
Capstan Therapeutics is a clinical-stage biotech company developing in vivo cell reprogramming therapies using its proprietary targeted lipid nanoparticle (tLNP) platform. Its lead candidate, CPTX2309, delivers mRNA encoding an anti-CD19 chimeric antigen receptor (CAR) directly to CD8+ cytotoxic T cells within the body, with the goal of selectively eliminating B cells that drive autoimmune disorders.
The acquisition reinforces AbbVie’s position in immunology as it prepares for increased biosimilar competition to Humira, while also building on the momentum of its leading treatments, Skyrizi and Rinvoq, which are projected to generate over USD 31 billion in combined annual sales by 2027. Beyond CPTX2309, the deal includes Capstan’s CellSeeker platform, offering potential applications in other areas such as cancer and fibrotic diseases.
Centerview Partners LLC acted as Capstan’s exclusive financial advisor for the transaction.
Deal 5: Verve Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 1.30 billion.
Eli Lilly and Company to Acquire Verve Therapeutics, Inc.
Eli Lilly has reached an agreement to acquire Verve Therapeutics, a biotechnology company focused on developing single-dose gene-editing therapies for cardiovascular conditions, in a transaction valued at up to USD 1.3 billion. The deal consists of a USD 1 billion upfront payment, with an additional USD 300 million contingent on achieving specified development milestones.
Verve is advancing its lead candidate, VERVE-102, which utilizes base-editing to modify the PCSK9 gene with the goal of permanently reducing LDL cholesterol levels after one administration. The therapy is currently undergoing early-stage clinical evaluation and has been granted Fast Track status by the U.S. Food and Drug Administration, highlighting its potential to significantly impact treatment for heart disease.
For Lilly, the acquisition marks a strategic move to diversify its pipeline beyond its high-performing diabetes and weight-loss therapies. Verve’s gene-editing approach complements Lilly’s growing expertise in cardiometabolic conditions and genetic medicine, positioning the company at the forefront of next-generation cardiovascular care.
Centerview Partners and Guggenheim Securities are advising Verve on the transaction, while Kirkland & Ellis LLP is acting as legal counsel to Lilly.
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.
January
Pharmaceutical and Biotechnology
Deal 1: Intra-Cellular Therapies, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 14.60 billion.
Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc.
Johnson & Johnson (J&J) is expanding its neuroscience portfolio with the acquisition of Intra-Cellular Therapies in a transformative transaction valued at USD 14.6 billion (USD 132 per share). This marks J&J’s most significant deal in over two years, underscoring its commitment to advancing treatments in mental health and neurological conditions.
Intra-Cellular Therapies is a biopharmaceutical company focused on creating groundbreaking treatments for neuropsychiatric and neurological conditions. Utilizing a proprietary science platform, the company targets unmet medical needs in disorders such as schizophrenia, bipolar disorder, and major depressive disorder.
Through this acquisition, J&J will gain access to lumateperone, marketed as Caplyta, a novel treatment for schizophrenia and bipolar depression that generated USD 175 million in revenue during last year’s third quarter, driven by a 38% rise in total prescriptions. The deal also includes ITI-1284, a promising Phase 2 candidate being studied for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, alongside a pipeline of clinical-stage assets that complement J&J’s focus on neuroscience innovation.
The transaction is expected to close later this year. Citi is acting as J&J’s financial advisor, with Centerview Partners LLC and Jefferies advising Intra-Cellular Therapies.
Deal 2: Scorpion Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 2.50 billion.
Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc.
Eli Lilly, a global pharmaceutical leader, is acquiring Scorpion Therapeutics, a biotechnology firm focused on developing small molecule precision oncology therapies, for USD 2.5 billion in cash. This acquisition will enhance Lilly’s oncology portfolio and further its commitment to advancing cancer treatments.
Scorpion’s primary development, STX-478, is a mutant-selective PI3Kα inhibitor designed for oral, once-daily administration. It is currently being tested in Phase 1/2 trials for breast cancer and other advanced solid tumors. The drug selectively targets mutant PI3Kα pathways in cancer cells, while sparing healthy cells, addressing a key limitation of existing treatments. This targeted approach aims to improve disease control and patient tolerability by offering more effective inhibition of the pathway.
As part of the agreement, Scorpion will form a new independent entity to hold its employees and non-PI3Kα assets. The new company will remain owned by Scorpion’s current shareholders, with Lilly holding a minority stake.
The deal is contingent on standard closing conditions, with Citi serving as Lilly’s exclusive financial advisor. Scorpion’s financial advisory team includes Centerview Partners LLC as the lead advisor and Morgan Stanley providing additional support.
Deal 3: IDRX, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.15 billion.
GSK plc to Acquire IDRX, Inc.
Multinational pharmaceutical firm GSK plc is strengthening its gastrointestinal (GI) cancer portfolio with the acquisition of IDRx, a US-based biopharmaceutical company focused on precision therapies for gastrointestinal stromal tumors (GIST). The USD 1.15 billion all-cash deal includes an upfront payment of USD 1 billion, with an additional USD 150 million contingent on regulatory milestones.
The acquisition brings IDRX-42, a selective KIT tyrosine kinase inhibitor (TKI) designed for first- and second-line treatment of GIST. GIST, a rare cancer of the digestive system, is primarily driven by KIT gene mutations, with approximately 120,000 cases diagnosed globally each year. Unlike existing TKIs, IDRX-42 is designed to target a broader range of clinically relevant primary and secondary KIT mutations, addressing a key limitation in current treatment options.
This deal aligns with GSK’s broader oncology strategy, following its recent agreement to secure an exclusive option to license Duality Biologics’ DB-1324, a preclinical antibody-drug conjugate developed using the Duality Immune Toxin Antibody Conjugate platform for a GI cancer target.
The acquisition remains subject to customary closing conditions. Centerview Partners LLC is serving as exclusive financial advisor to IDRx, while Leerink Partners LLC is advising GSK.
Deal 4: Evergreen Theragnostics, Inc. (United States) was acquired by Lantheus Holdings, Inc. (United States) for USD 1.00 billion.
Lantheus Holdings, Inc. to Acquire Evergreen Theragnostics, Inc.
New Jersey-based Evergreen Theragnostics is being acquired by Lantheus Holdings in an all-cash deal valued at approximately USD 1 billion. The transaction includes an initial payment of USD 250 million, with the potential for up to USD 752.5 million in milestone-based payments.
Evergreen Theragnostics is a clinical-stage radiopharmaceutical company focused on contract development and manufacturing (CDMO) services, as well as the discovery and commercialization of proprietary radiopharmaceuticals. Through this acquisition, Lantheus will gain OCTEVY, a registrational-stage diagnostic imaging agent for neuroendocrine tumors. This addition complements Lantheus’ existing pipeline, including PNT2003, a generic version of lutetium Lu 177 dotatate (Lutathera), designed for treating somatostatin receptor (SSTR)-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
By integrating Evergreen’s capabilities, Lantheus will enhance its position as a fully integrated radiopharmaceutical company. The acquisition strengthens its manufacturing and development infrastructure, enabling the company to support the rising demand for radiopharmaceuticals. Additionally, Evergreen’s expertise in handling a variety of diagnostic and therapeutic isotopes will bolster Lantheus’ ability to navigate the complexities of radiopharmaceutical production.
The transaction is expected to close in the second half of 2025. Lantheus received financial advisory services from Solomon Partners Securities, LLC, while Centerview Partners LLC advised Evergreen.
Deal 5: Life Molecular Imaging Limited (United Kingdom) was acquired by Lantheus Holdings, Inc. (United States) for USD 0.75 billion.
Lantheus Holdings, Inc. to Acquire Life Molecular Imaging Limited
Lantheus has agreed to acquire Life Molecular Imaging (LMI), a subsidiary of Life Healthcare Group, for up to USD 750 million. LMI is known for developing PET radiopharmaceuticals for imaging Alzheimer’s disease (AD) and other chronic conditions.
This acquisition is expected to significantly bolster Lantheus’ growth prospects and establish a commercial Alzheimer’s disease franchise with the addition of Neuraceq (florbetaben F18 injection), an approved F-18 radioactive diagnostic agent for PET brain imaging. Neuraceq helps estimate β-amyloid neuritic plaque density in adults with cognitive impairment, aiding in the evaluation of AD and other causes of cognitive decline. It also plays a key role in confirming patient eligibility for new AD therapies. Additionally, Life Molecular brings valuable R&D expertise, a strong commercial infrastructure, and a global presence, all of which Lantheus intends to leverage to fast-track the development and commercialization of its combined pipeline.
The acquisition follows Lantheus’ June 2024 purchase of global rights to LMI’s theranostic pair, 177Lu-DOTA-RM2 and 68Ga-DOTA-RM2, which target the gastrin-releasing peptide receptor (GRPR) for treating cancers such as prostate and breast cancer. This addition strengthens Lantheus’ oncology pipeline and opens new potential areas for growth.
The transaction remains subject to customary closing conditions and is anticipated to be finalized in the second half of 2025. RMB served as the financial advisor to Life Healthcare, while Morgan Stanley acted as the financial advisor to Lantheus in this deal.
February
Pharmaceutical and Biotechnology
Deal 1: Purification & Filtration Business of Solventum Corporation (United States) was acquired by Thermo Fisher Scientific Inc. (United States) for USD 4.10 billion.
Thermo Fisher Scientific Inc. to Acquire Purification & Filtration Business of Solventum Corporation
Thermo Fisher Scientific, a global provider of scientific research and laboratory solutions, has announced the acquisition of Solventum’s Purification & Filtration business for approximately USD 4.1 billion in cash. The deal will strengthen Thermo Fisher’s bioprocessing portfolio by integrating advanced purification and filtration technologies.
Solventum’s Purification & Filtration business delivers essential purification and filtration solutions used in biologics manufacturing, medical technology, and industrial applications. With operations across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, the business employs approximately 2,500 people and generated around USD 1 billion in revenue in 2024.
The acquisition expands Thermo Fisher’s bioproduction capabilities, which include cell culture media, single-use technologies, purification systems, and analytical tools for biologics, cell therapy, and gene therapy manufacturing. Integrating Solventum’s filtration expertise will enhance Thermo Fisher’s end-to-end biomanufacturing processes.
Following the acquisition, the business is projected to achieve mid- to high-single-digit organic growth, with Thermo Fisher leveraging its PPI Business System to drive efficiency, margin expansion, and operational synergies.
The transaction is anticipated to close by the end of 2025, after which Solventum’s Purification & Filtration business will be integrated into Thermo Fisher’s Life Sciences Solutions segment. Wells Fargo is acting as Thermo Fisher’s exclusive financial advisor.
Deal 2: Mitsubishi Tanabe Pharma Corporation (Japan) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.30 billion.
Bain Capital Private Equity, LP to Acquire Mitsubishi Tanabe Pharma Corporation
Japanese pharmaceutical company Mitsubishi Tanabe Pharma is set to be acquired by U.S. private equity firm Bain Capital for USD 3.3 billion (JPY 510 billion), capitalizing on the significant growth potential of Japan’s healthcare sector.
Mitsubishi Tanabe Pharma specializes in therapeutic areas such as immunology, inflammation, vaccines, diabetes, and central nervous system and metabolic diseases. With a global workforce of over 5,000 employees, the company operates subsidiaries in Europe, the U.S., Korea, and other regions. As an independent entity, Mitsubishi Tanabe Pharma will continue its legacy of medical innovation, seeking new growth opportunities through business development, licensing, enhanced R&D productivity, commercialization, and strategic acquisitions.
Bain Capital’s extensive resources and healthcare expertise will provide Mitsubishi Tanabe Pharma with the support needed to accelerate growth. Japan’s life sciences sector presents ample opportunities, especially with government initiatives to streamline the development and approval of innovative medicines. Bain’s healthcare platform has a strong history of driving innovation and growth for pharmaceutical companies worldwide.
This acquisition enables Mitsubishi Tanabe Pharma to benefit from Bain’s clinical insights and support in creating a scalable platform, focusing on long-term drug development to address unmet medical needs and bring transformative treatments to patients in Japan and around the world.
The transaction is expected to be completed in the third quarter of 2025. Mitsubishi UFJ Morgan Stanley Securities and BofA Securities are serving as financial advisors to Bain Capital.
Deal 3: Anthos Therapeutics, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 3.08 billion.
Novartis AG to Acquire Anthos Therapeutics, Inc.
Swiss pharmaceutical company Novartis has announced the acquisition of Boston-based Anthos Therapeutics in a deal valued at up to USD 3.08 billion. The agreement includes an initial payment of USD 925 million, with the remaining USD 2.15 billion dependent on regulatory and commercial milestones.
Central to the deal is abelacimab, a monoclonal antibody designed to inhibit Factor XI, a key pathway in blood clot formation. The therapy is being developed for stroke prevention in patients with atrial fibrillation and cancer-associated thrombosis. Originally licensed from Novartis, abelacimab has shown a lower bleeding risk compared to standard anticoagulants in Phase II trials. It is currently undergoing three Phase III trials to further assess its efficacy. Anthos, founded in 2019 through a collaboration between Novartis and Blackstone Life Sciences, has been leading the drug’s development.
This acquisition aligns with Novartis’ strategy to expand its presence in cardiovascular medicine, reinforcing its expertise in the field.
The deal is expected to be finalized in the first half of 2025, pending customary regulatory approvals.
Deal 4: Helix Acquisition Corp. II (Cayman Islands) was acquired by TheRas, Inc. (United States) for USD 0.46 billion.
TheRas, Inc. (dba BridgeBio) to Acquire Helix Acquisition Corp. II
BridgeBio Oncology Therapeutics is set to go public through a merger with SPAC Helix Acquisition Corp. II in a transaction valued at USD 456 million.
The deal comprises USD 196 million from Helix’s trust account and an additional USD 260 million raised through a private investment in public equity (PIPE) led by Cormorant Asset Management.
BridgeBio Oncology Therapeutics (BBOT), originally a subsidiary of BridgeBio Pharma, is a clinical-stage biopharmaceutical company developing targeted small molecule therapies for RAS- and PI3Kα-driven cancers—two of the most common oncogenic drivers in human tumors. With a focus on precision oncology, BBOT aims to advance treatment options for patients with RAS-dependent malignancies.
Its pipeline includes three drug candidates: BBO-8520, BBO-10203, and BBO-11818, with development supported by PIPE investors. BBO-8520, a KRASG12C inhibitor, is undergoing Phase I trials for KRASG12C-mutant non-small cell lung cancer. BBO-10203, designed to disrupt the RAS-PI3Kα interaction, is also in early-stage trials. The first dose of BBO-11818, a pan-KRAS inhibitor, is expected to be administered in the first half of 2025.
Upon completion of the merger, the newly formed entity will operate as BridgeBio Oncology Therapeutics and trade on Nasdaq under the ticker symbol BBOT, with a projected pro forma equity value of approximately USD 949 million.
The transaction is expected to be finalized in the third quarter of 2025. Leerink Partners acted as the lead capital markets advisor to Helix, while Piper Sandler provided advisory services to BBOT.
Deal 5: Mayne Pharma Group Limited (Australia) was acquired by Cosette Pharmaceuticals, Inc. (United States) for USD 0.43 billion.
Cosette Pharmaceuticals, Inc. to Acquire Mayne Pharma Group Limited
Cosette Pharmaceuticals, a U.S.-based pharmaceutical company specializing in women’s health and dermatology, is acquiring Australia’s Mayne Pharma Group for USD 430 million. The acquisition strengthens Cosette’s position in these therapeutic areas while expanding its commercial and operational footprint.
Mayne Pharma is an Australian specialty pharmaceutical company focused on developing and commercializing branded and generic drugs, particularly in women’s health and dermatology. With a 40-year history, the company provides drug development, manufacturing, and analytical testing services. It operates in the U.S. from its Raleigh, North Carolina, headquarters, supplying a broad range of pharmaceutical products across multiple therapeutic segments.
The acquisition bolsters Cosette’s portfolio in women’s health and dermatology, enhances its manufacturing and commercial infrastructure, and introduces a pipeline of patent-protected products with sustained growth potential. Upon completion, Cosette will market 12 patent-protected products, including Vyleesi, Intrarosa, Nextstellis, Annovera, Bijuva, Imvexxy, and Rhofade, along with several pipeline programs in clinical development.
The combined company will operate two advanced manufacturing facilities, one in Lincolnton, U.S., and another in Salisbury, Australia, to support global distribution.
The transaction is expected to close in the second quarter of 2025. Cosette is receiving financial advisory support from Santander US Capital Markets LLC and UBS Investment Bank, while Mayne Pharma is advised by Jefferies Australia.
March
Pharmaceutical and Biotechnology
Deal 1: Araris Biotech AG (Switzerland) was acquired by Taiho Pharmaceutical Co., Ltd. (Japan) for USD 1.14 billion.
Taiho Pharmaceutical Co., Ltd. to Acquire Araris Biotech AG
Japan’s Taiho Pharmaceutical has reached an agreement to acquire Swiss biotech company Araris Biotech for USD 1.14 billion, enhancing its portfolio of next-generation cancer therapies. The transaction involves an initial payment of USD 400 million and potential milestone payments totaling up to USD 740 million.
Araris, a spin-off from the Paul Scherrer Institute, specializes in developing next-generation antibody-drug conjugates (ADCs) using its proprietary AraLinQ linker platform. This innovative technology allows for the creation of highly potent, stable, and uniform ADCs that offer enhanced safety and antitumor efficacy compared to conventional ADCs. Currently, Araris is advancing three preclinical candidates targeting both hematological and solid tumors, with clinical trials slated to begin between 2025 and 2026.
Taiho Pharmaceutical, known for its work in antimetabolites, has made significant strides in oncology through its proprietary small molecule drug discovery platform, Cysteinomix. The acquisition of Araris and its ADC technology is expected to complement and strengthen Taiho’s oncology pipeline by integrating innovative biologics with its existing small molecule expertise.
Upon completion of the deal, Araris will become a wholly owned subsidiary of Taiho Pharmaceutical and will continue its operations and R&D activities at its current site in Switzerland.
The transaction is expected to close in the first half of 2025. MTS Health Partners, L.P. is serving as a financial advisor to Taiho Pharmaceutical, while Centerview Partners UK LLP is advising Araris.
Deal 2: EsoBiotec B.V. (Belgium) was acquired by AstraZeneca PLC (United Kingdom) for USD 1.00 billion.
AstraZeneca PLC to Acquire EsoBiotec B.V.
AstraZeneca has agreed to acquire Belgium-based biotechnology company EsoBiotec for USD 1 billion, aiming to expand its expertise in cell therapies targeting cancer and autoimmune disorders.
The acquisition brings EsoBiotec’s innovative in vivo delivery platform into AstraZeneca’s portfolio, with the potential to transform how cell therapies are developed and administered. The company’s Engineered NanoBody Lentiviral (ENaBL) platform uses lentiviruses to deliver precise genetic instructions to immune cells—such as T cells—training them to recognize and eliminate tumor cells in cancer or autoreactive cells in autoimmune conditions. This approach enables cell therapies to be administered via a straightforward intravenous injection, eliminating the need for immune cell depletion and drastically shortening treatment times from weeks to minutes.
AstraZeneca aims to accelerate the development of accessible, next-generation cell therapies through this acquisition. The company views the deal as a significant milestone in expanding the reach of its recent investments and advancing its long-term goal of harnessing the full potential of cell therapy.
The transaction is anticipated to close in the second quarter of 2025. Centerview Partners UK LLP is serving as exclusive financial advisor to EsoBiotec, while Covington & Burling LLP is acting as legal advisor to AstraZeneca.
Deal 3: Chimerix, Inc. (United States) was acquired by Jazz Pharmaceuticals plc (Ireland) for USD 0.94 billion.
Jazz Pharmaceuticals plc to Acquire Chimerix, Inc.
Jazz Pharmaceuticals has announced a USD 935 million all-cash acquisition of Chimerix, aimed at expanding its footprint in the rare oncology space.
Chimerix is a clinical-stage biopharmaceutical company focused on developing therapies for serious diseases, with an emphasis on oncology and antiviral treatments. Its lead candidate, dordaviprone, is a first-in-class small molecule designed to treat H3 K27M-mutant diffuse glioma—a rare, aggressive brain tumor that mainly affects children and young adults. With radiation as the only currently available treatment, dordaviprone addresses a critical unmet need.
Through this acquisition, Jazz Pharmaceuticals seeks to broaden its research and development portfolio and support future growth. Dordaviprone has the potential to provide a much-needed therapeutic option for patients with limited alternatives and is protected by patents lasting until at least 2037, with possibilities for extension.
Beyond dordaviprone, Chimerix is also developing ONC206, a compound that has shown significantly higher potency in preclinical studies. It is currently undergoing Phase 1 trials for central nervous system tumors and may have broader potential across other solid tumor indications.
The transaction is slated to close in the second quarter of 2025. Guggenheim Securities is acting as financial advisor to Jazz Pharmaceuticals, while Centerview Partners LLC is advising Chimerix.
Deal 4: Nanyue Biopharming Corporation Ltd. (China) was acquired by Shanghai RAAS Blood Products Co., Ltd. (China) for USD 0.58 billion.
Shanghai RAAS Blood Products Co., Ltd. to Acquire Nanyue Biopharming Corporation Ltd.
Shanghai RAAS Blood Products, a major Chinese biopharmaceutical company focused on plasma-derived treatments, is acquiring Nanyue Biopharming for CNY 4.2 billion (USD 578 million) in cash.
Nanyue Biopharming develops plasma-based treatments for immunodeficiencies, bleeding disorders, and infectious diseases. Its product lineup includes human albumin, intravenous immunoglobulin (IVIG), coagulation factor VIII, prothrombin complex concentrates, fibrinogen, and immunoglobulins for post-exposure prophylaxis against tetanus and rabies. The company operates its own plasma collection centers, maintains compliance with China’s GMP standards, and continues to invest in research to grow its pipeline in hematology, immunology, and neurology.
With China placing a moratorium on approving new blood product manufacturers since 2001, companies have relied on acquisitions to increase their access to plasma. This transaction is expected to strengthen Shanghai RAAS’s supply network and production capabilities, supporting its growth in the highly regulated blood products sector.
Deal 5: Checkpoint Therapeutics, Inc. (United States) was acquired by Sun Pharmaceutical Industries Limited (India) for USD 0.42 billion.
Sun Pharmaceutical Industries Limited to Acquire Checkpoint Therapeutics, Inc.
Checkpoint Therapeutics, a U.S.-based biopharmaceutical company focused on immunotherapy and targeted treatments for solid tumors, is set to be acquired by India’s Sun Pharmaceutical Industries, a global leader in specialty generics, for up to USD 416 million.
This acquisition includes Checkpoint’s flagship asset, Unloxcyt (cosibelimab-ipdl), an FDA-approved treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) in adults who are ineligible for curative surgery or radiation. The addition of Unloxcyt to Sun Pharma’s portfolio will provide broader access to an important treatment option for cSCC patients.
By combining Checkpoint’s innovations with Sun Pharma’s global reach, the deal aims to accelerate Unloxcyt’s availability in markets worldwide. Sun Pharma shares Checkpoint’s commitment to advancing skin cancer treatment and will work to enhance access in the U.S., Europe, and other international regions.
In addition to Unloxcyt, Checkpoint is developing a third-generation EGFR inhibitor, olafertinib (formerly CK-101), for the treatment of EGFR-mutated non-small cell lung cancer.
The acquisition is anticipated to close in the second quarter of 2025. Locust Walk is advising Checkpoint as its exclusive financial advisor.
April
Pharmaceutical and Biotechnology
Deal 1: SpringWorks Therapeutics, Inc. (United States) was acquired by Merck KGaA (Germany) for USD 3.90 billion.
Merck KGaA to Acquire SpringWorks Therapeutics, Inc.
Germany-based Merck KGaA has agreed to acquire SpringWorks Therapeutics, a U.S.-based biopharmaceutical company focused on rare diseases and cancer, in a transaction valued at USD 3.9 billion.
SpringWorks is a clinical-stage firm specializing in precision medicine, with a pipeline centered on targeted therapies for rare and genetically defined tumors. The company is advancing treatments designed to meet critical gaps in oncology care, aiming to improve outcomes for patients with limited therapeutic options.
As part of the acquisition, Merck KGaA will gain access to Ogsiveo (nirogacestat), approved for the treatment of desmoid tumors, and Gomekli (mirdametinib), a MEK inhibitor approved in February 2025 for neurofibromatosis type 1 (NF1). Ogsiveo recorded USD 172 million in sales in 2024, underscoring its market potential.
The deal aligns with Merck KGaA’s long-term strategy to broaden its healthcare portfolio and deepen its focus on oncology, particularly in niche indications. It also supports the company’s goal of expanding its footprint in the U.S. pharmaceutical market.
Following completion, the acquisition is expected to immediately contribute to Merck KGaA’s revenue and become accretive to earnings per share (EPS) by 2027.
The transaction has received unanimous approval from both Merck KGaA and SpringWorks’ Boards of Directors and is expected to close in the second half of 2025. J.P. Morgan is serving as Merck’s exclusive financial advisor, while Centerview Partners LLC and Goldman Sachs & Co. LLC are acting as joint financial advisors to SpringWorks.
Deal 2: Regulus Therapeutics Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.70 billion.
Novartis AG to Acquire Regulus Therapeutics Inc.
Swiss pharmaceutical leader Novartis is expanding its renal disease portfolio by acquiring Regulus Therapeutics for up to USD 1.7 billion, contingent on the achievement of regulatory milestones.
Regulus Therapeutics specializes in developing therapies that target microRNAs for genetically defined diseases. The company’s work primarily focuses on rare diseases, particularly kidney disorders, with its lead investigational drug, farabursen, aimed at treating autosomal dominant polycystic kidney disease (ADPKD). Farabursen is designed to reduce cyst growth and kidney enlargement, potentially slowing the progression of ADPKD. Regulus is known for its innovative approach to addressing complex diseases through oligonucleotide-based therapies.
Novartis’ extensive global development and commercial expertise will support the potential delivery of this new therapy to patients, pending regulatory approval.
The deal is set to close in the second half of the year. Upon completion, Novartis plans to merge the acquiring subsidiary with Regulus, making Regulus an indirect wholly owned subsidiary of the company. Evercore is serving as the exclusive financial advisor to Regulus.
Deal 3: Voyager Acquisition Corp. (United States) was acquired by VERAXA Biotech AG (Switzerland) for USD 1.64 billion.
VERAXA Biotech AG to Acquire Voyager Acquisition Corp.
VERAXA Biotech is preparing to go public through a merger with Voyager Acquisition Corp. in a deal valued at up to USD 1.64 billion, paving the way for the Swiss-based company to be listed on Nasdaq and advance its pipeline of next-generation cancer therapies.
VERAXA, a clinical-stage biotechnology firm, specializes in developing novel cancer treatments. The company is advancing antibody-drug conjugates (ADCs) and bispecific T cell engagers (BiTAC TCEs) designed to target solid tumors. Its proprietary BiTAC platform enables more precise treatments by targeting two distinct tumor-specific markers, minimizing off-target effects, and allowing for higher therapeutic doses. VERAXA is advancing its pipeline through clinical trials and fostering strategic partnerships, including one with OmniAb for the co-development of bispecific ADCs.
VERAXA’s pipeline includes nine programs at various stages, with a Phase 1 leukemia trial underway. Its lead asset, VX-A901, is an Fc-enhanced antibody targeting FLT3, demonstrating significant anti-cancer efficacy. VX-A901 has the potential to become a cornerstone therapy for multiple patient groups and treatment settings. By 2029, VERAXA aims to expand its portfolio with three proprietary clinical programs and a growing collection of licensed assets.
The business combination is expected to close in the fourth quarter of 2025. Anne Martina Group is the sole M&A advisor to VERAXA, while Winston & Strawn LLP is providing legal counsel to Voyager.
Deal 4: In Vitro Diagnostic and Pharmaceutical materials business of JSR Corporation (Japan) was acquired by Tokuyama Corporation (Japan) for USD 0.58 billion.
Tokuyama Corporation to Acquire In Vitro Diagnostic and Pharmaceutical materials business of JSR Corporation
Tokuyama Corporation has announced plans to acquire JSR Corporation’s in vitro diagnostics and pharmaceutical materials business for JPY 82 billion (approximately USD 582 million), as part of its strategy to strengthen its healthcare segment and accelerate long-term growth.
The business, operated under JSR Life Sciences and its affiliate Medical & Biological Laboratories Co., Ltd. (MBL), supplies key components used in the development and production of diagnostic reagents. Its offerings include magnetic microparticles (Magnosphere), synthetic polymer blocking agents (Blockmaster), and latex particles (IMMUTEX), which support applications such as autoimmune and cancer diagnostics.
Tokuyama’s subsidiary, A&T Corporation, is already active in developing IVD reagents. By integrating JSR’s capabilities, Tokuyama seeks to broaden its healthcare footprint and enhance its ability to deliver diagnostic solutions. The company also aims to leverage the acquisition to accelerate product development and create synergies with its existing technologies, while expanding its customer reach in Japan, Korea, and China through cross-selling opportunities.
This move supports Tokuyama’s Medium-Term Management Plan 2025, which targets over 60% of consolidated sales to come from growth businesses—specifically in electronics, healthcare, and the environment—by fiscal year 2030.
The acquisition is expected to close in the fourth quarter of 2025.
Deal 5: Elpis Biopharmaceuticals Pte. Ltd. (Singapore) was acquired by Clearbridge Health Limited (Singapore) for USD 0.33 billion.
Clearbridge Health Limited to Acquire Elpis Biopharmaceuticals Pte. Ltd.
Clearbridge Health, a Singapore-based integrated healthcare company, has announced its acquisition of Elpis Biopharmaceuticals for USD 330 million.
Elpis Biopharmaceuticals is a clinical-stage biotechnology company dedicated to developing cutting-edge cellular and biologic therapies aimed at treating challenging cancers, particularly solid tumors. The company leverages its proprietary platforms, including mADs™ for the discovery of fully human therapeutic antibodies and mSCAFold™ for engineering novel protein therapeutics. Elpis’ pipeline includes bispecific armored CAR-T therapies, multifunctional immuno-modulators, and dual-targeting CAR-T cells, all designed to address tumor heterogeneity and combat the immunosuppressive tumor microenvironment. Key programs include EPC-003 for glioblastoma and EPC-002 targeting various solid tumors.
This acquisition enables Clearbridge to expand its oncology research capabilities, enhancing its business offerings and positioning the company for a strong foothold in the oncology field.
Post-acquisition, both companies will collaborate on future fundraising efforts to support the continued development of medical trials by the combined entity.
May
Pharmaceutical and Biotechnology
Deal 1: Efimosfermin alfa drug of Boston Pharmaceuticals (United States) was acquired by GSK plc (United Kingdom) for USD 2.00 billion.
GSK plc to Acquire Efimosfermin alfa drug of Boston Pharmaceuticals
GSK is acquiring Boston Pharmaceuticals’ lead asset, efimosfermin, in a transaction valued at up to USD 2 billion. The agreement includes an upfront payment of USD 1.2 billion, with an additional USD 800 million contingent on future development and regulatory milestones.
Efimosfermin is a Phase III–ready candidate being developed for the treatment and prevention of steatotic liver disease (SLD), a condition with limited therapeutic options that affects up to 5% of the global population.
Also referred to as efimosfermin alfa or BOS-580, the drug is a long-acting analogue of fibroblast growth factor 21 (FGF21) and is administered through a once-monthly subcutaneous injection. It is designed to regulate metabolic activity in the liver, with the goal of reducing fat buildup, controlling inflammation, and potentially reversing fibrosis.
The acquisition aligns with GSK’s research and development priorities, particularly its focus on immunology and fibrotic diseases. It supports the company’s strategy to advance precision therapies aimed at halting or reversing disease progression. Efimosfermin further strengthens GSK’s hepatology portfolio, which targets both viral liver diseases, such as chronic hepatitis B, and metabolic conditions like SLD.
The transaction is subject to customary closing conditions. Evercore Partners International LLP is serving as exclusive financial advisor to GSK, while Centerview Partners LLC is advising Boston Pharmaceuticals.
Deal 2: Torii Pharmaceutical Co., Ltd. (Japan) was acquired by Shionogi & Co., Ltd. (Japan) for USD 1.10 billion.
Shionogi & Co., Ltd. to Acquire Torii Pharmaceutical Co., Ltd.
Japanese pharmaceutical company Shionogi is acquiring Japan Tobacco’s pharmaceutical arm, Torii Pharmaceutical, in a USD 1.1 billion deal.
Torii specializes in treatments for allergies, dermatological conditions, kidney disorders, and dialysis-related pruritus, offering products such as immunotherapy tablets, anemia drugs, and topical treatments, primarily catering to the Japanese market.
The deal also includes the acquisition of Akros Pharma, a New Jersey-based affiliate, through Shionogi’s U.S. arm. Shionogi plans to launch a tender offer for the remaining shares of Torii, with the goal of making it a wholly owned subsidiary.
This acquisition supports Shionogi’s STS2030 strategy, which aims to transform the company into a comprehensive Healthcare as a Service (HaaS) provider. The company seeks to expand its role beyond prescription drugs by offering integrated solutions that address infectious diseases and quality-of-life conditions on a global scale.
For Torii, joining Shionogi brings access to in-house manufacturing—an area it has outsourced since 2020—helping to mitigate risks related to supply chain volatility, including disruptions caused by geopolitical tensions and production shortages, while enhancing long-term operational stability.
Deal 3: SiteOne Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 1.00 billion.
Eli Lilly and Company to Acquire SiteOne Therapeutics, Inc.
Eli Lilly is strengthening its pain management pipeline through the acquisition of SiteOne Therapeutics in a deal worth up to USD 1 billion. The agreement includes an upfront payment, with additional milestone payments tied to regulatory approvals and commercial achievements.
SiteOne Therapeutics is a clinical-stage biopharmaceutical company developing targeted small-molecule inhibitors of voltage-gated sodium channels, particularly Nav1.7 and Nav1.8. These compounds are being designed to address conditions such as chronic pain, itch, and chronic cough. Its lead candidate, STC-004, a Nav1.8 inhibitor, is ready to enter Phase 2 trials and offers a potential non-addictive alternative to current pain therapies.
Given the rising global need for safer pain relief options, this acquisition aligns with Lilly’s strategy to advance non-addictive therapies. Lilly plans to work closely with SiteOne’s team to progress the development of STC-004 and bring forward new solutions for patients facing chronic pain.
The deal remains subject to customary closing conditions. J.P. Morgan Securities LLC is advising Lilly, while Centerview Partners LLC is acting as financial advisor to SiteOne.
Deal 4: Vigil Neuroscience, Inc. (United States) was acquired by Sanofi (France) for USD 0.60 billion.
Sanofi to Acquire Vigil Neuroscience, Inc.
French pharmaceutical company Sanofi has announced its acquisition of Vigil Neuroscience in a transaction worth up to USD 600 million, which includes an upfront payment of USD 470 million, with an additional milestone payment contingent on the first commercial sale of VG-3927 within a specified timeframe.
Vigil Neuroscience is a clinical-stage biotech firm developing treatments for neurodegenerative diseases by targeting microglial dysfunction. Its lead candidate, VG-3927, is an oral small-molecule agonist of TREM2, a receptor essential for microglial activity. The therapy is being developed as a precision treatment for Alzheimer’s disease, aiming to restore microglial function and potentially alter disease progression through a non-amyloid pathway.
The acquisition aligns with Sanofi’s strategy to expand its neurology pipeline and invest in differentiated therapies addressing areas of significant unmet need. Sanofi’s global capabilities are expected to support the advancement of VG-3927 toward regulatory approval and commercialization.
Vigil’s other program, VGL101 (iluzanebart), a monoclonal antibody, is not part of the deal and will return to Amgen, its original licensor.
The transaction is expected to close in the third quarter of 2025. Centerview Partners LLC is serving as exclusive financial advisor to Vigil.
Deal 5: Inozyme Pharma, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 0.27 billion.
BioMarin Pharmaceutical Inc. to Acquire Inozyme Pharma, Inc.
BioMarin Pharmaceutical has agreed to acquire Inozyme Pharma in an all-cash deal valued at USD 270 million.
Inozyme focuses on developing treatments for rare genetic disorders involving abnormal mineralization, particularly conditions caused by ENPP1 and ABCC6 deficiencies. Its lead candidate, INZ-701, is an enzyme replacement therapy aimed at correcting pathological calcification and impaired bone mineralization that affect the vascular, skeletal, and soft tissue systems.
In July 2024, the FDA granted Fast Track designation to INZ-701 for ABCC6 deficiency, based on encouraging Phase I/II safety and efficacy data. The company is now preparing to initiate the ASPIRE trial, a pivotal study that will evaluate the treatment’s effect on major clinical outcomes in approximately 70 pediatric patients over a two-year period.
This acquisition supports BioMarin’s continued focus on innovative therapies for genetic diseases, reinforcing its decades-long commitment to delivering treatments for underserved patient populations.
The transaction is expected to close in the third quarter of 2025. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to BioMarin, while Centerview Partners LLC is advising Inozyme.
June
Pharmaceutical and Biotechnology
Deal 1: Blueprint Medicines Corporation (United States) was acquired by Sanofi (France) for USD 9.50 billion.
Sanofi to Acquire Blueprint Medicines Corporation
French pharmaceutical giant Sanofi is acquiring the US biopharmaceutical firm Blueprint Medicines for up to USD 9.5 billion, strengthening its position in rare immunological diseases and enhancing its early-stage immunology pipeline.
Blueprint Medicines focuses on developing precision therapies that target genetic drivers of cancer and rare disorders. Its flagship drug, Ayvakit (avapritinib), is approved in the US and EU for treating advanced systemic mastocytosis and gastrointestinal stromal tumors with specific KIT or PDGFRA mutations. The company’s expertise lies in selective kinase inhibitors and the use of genomic profiling to create personalized treatments for patients with genetically defined oncological and immunological conditions.
The acquisition includes Ayvakit, as well as Blueprint’s promising immunology portfolio, featuring elenestinib in mid-to-late stage clinical trials for systemic mastocytosis, alongside an earlier-stage investigational candidate with potential applications across a broad spectrum of immunological diseases. Blueprint’s strong relationships with allergists, dermatologists, and immunologists are also expected to complement and enhance Sanofi’s expanding immunology portfolio.
Sanofi anticipates the transaction will be immediately accretive to its gross margin and will contribute positively to its operating profit and earnings per share from 2027 onward.
The deal is expected to be finalized in the third quarter of this year.
Deal 2: J. B. Chemicals & Pharmaceuticals Limited (India) was acquired by Torrent Pharmaceuticals Limited (India) for USD 3.01 billion.
Torrent Pharmaceuticals Limited to Acquire J. B. Chemicals & Pharmaceuticals Limited
Torrent Pharmaceuticals, an Indian multinational drugmaker, is acquiring a 46.39% stake in JB Chemicals & Pharmaceuticals (JB Pharma) from private equity firm KKR in a deal valued at approximately USD 3.01 billion.
JB Pharma operates in both domestic and global markets, with a strong focus on chronic therapies including cardiology, gastroenterology, and nephrology. The company manages a portfolio of over 350 brands, with its domestic branded generics segment contributing more than half of total revenue. It is also scaling its contract development and manufacturing (CDMO) business, which has become a central part of its growth strategy alongside acquisitions and continued investment in key therapeutic areas.
The acquisition aligns with Torrent’s goal of creating a scalable healthcare platform by combining its established chronic care capabilities with JB Pharma’s expanding international CDMO footprint. After the stake purchase, Torrent will make a mandatory open offer to acquire up to 26% of JB Pharma’s publicly held shares at INR 1,639.18 per share. It also plans to acquire up to 2.80% of shares from select employees at the same valuation.
Torrent and JB Pharma are expected to merge through a scheme of arrangement following the completion of the acquisition. Moelis & Company and NovaOne advised Torrent on the transaction, while Goldman Sachs (India) Securities served as JB Pharma’s financial advisor.
Deal 3: Capstan Therapeutics, Inc. (United States) was acquired by AbbVie Inc. (United States) for USD 2.10 billion.
AbbVie Inc. to Acquire Capstan Therapeutics, Inc.
AbbVie has acquired Capstan Therapeutics in an all-cash transaction worth USD 2.1 billion, advancing its strategy to broaden its immunology portfolio with cutting-edge in vivo cell therapy technologies aimed at treating autoimmune diseases.
Capstan Therapeutics is a clinical-stage biotech company developing in vivo cell reprogramming therapies using its proprietary targeted lipid nanoparticle (tLNP) platform. Its lead candidate, CPTX2309, delivers mRNA encoding an anti-CD19 chimeric antigen receptor (CAR) directly to CD8+ cytotoxic T cells within the body, with the goal of selectively eliminating B cells that drive autoimmune disorders.
The acquisition reinforces AbbVie’s position in immunology as it prepares for increased biosimilar competition to Humira, while also building on the momentum of its leading treatments, Skyrizi and Rinvoq, which are projected to generate over USD 31 billion in combined annual sales by 2027. Beyond CPTX2309, the deal includes Capstan’s CellSeeker platform, offering potential applications in other areas such as cancer and fibrotic diseases.
Centerview Partners LLC acted as Capstan’s exclusive financial advisor for the transaction.
Deal 4: Verve Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 1.30 billion.
Eli Lilly and Company to Acquire Verve Therapeutics, Inc.
Eli Lilly has reached an agreement to acquire Verve Therapeutics, a biotechnology company focused on developing single-dose gene-editing therapies for cardiovascular conditions, in a transaction valued at up to USD 1.3 billion. The deal consists of a USD 1 billion upfront payment, with an additional USD 300 million contingent on achieving specified development milestones.
Verve is advancing its lead candidate, VERVE-102, which utilizes base-editing to modify the PCSK9 gene with the goal of permanently reducing LDL cholesterol levels after one administration. The therapy is currently undergoing early-stage clinical evaluation and has been granted Fast Track status by the U.S. Food and Drug Administration, highlighting its potential to significantly impact treatment for heart disease.
For Lilly, the acquisition marks a strategic move to diversify its pipeline beyond its high-performing diabetes and weight-loss therapies. Verve’s gene-editing approach complements Lilly’s growing expertise in cardiometabolic conditions and genetic medicine, positioning the company at the forefront of next-generation cardiovascular care.
Centerview Partners and Guggenheim Securities are advising Verve on the transaction, while Kirkland & Ellis LLP is acting as legal counsel to Lilly.
Deal 5: CureVac N.V. (Germany) was acquired by BioNTech SE (Germany) for USD 1.25 billion.
BioNTech SE to Acquire CureVac N.V.
Germany-based BioNTech has announced plans to acquire fellow mRNA specialist CureVac in an all-stock transaction valued at approximately USD 1.25 billion. The deal marks a strategic move by BioNTech to deepen its focus on mRNA-based cancer immunotherapies, building on its expertise in the field of oncology.
CureVac is a clinical-stage biopharmaceutical company recognized for its pioneering work in messenger RNA (mRNA) technology. The company’s pipeline spans vaccine candidates and molecular therapies targeting infectious diseases, cancer, and rare disorders. Its early contributions to mRNA research have positioned it as a key innovator in the biotech space.
Through this acquisition, BioNTech aims to enhance its capabilities in the research, development, manufacturing, and commercialization of mRNA-based oncology treatments. The integration of CureVac’s advanced research and manufacturing infrastructure, including its facility in Tübingen, is expected to accelerate BioNTech’s efforts to bring next-generation immunotherapies to market.
Following the close of the transaction, CureVac’s operating subsidiary will become a wholly owned unit of BioNTech. The deal is expected to be finalized in 2025, subject to customary closing conditions and regulatory approvals. PJT Partners served as the exclusive financial advisor to BioNTech, while Goldman Sachs Bank Europe SE advised CureVac.
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.
January
Energy and Power
Deal 1: Calpine Corporation (United States) was acquired by Constellation Energy Corporation (United States) for USD 16.40 billion.
Constellation Energy Corporation to Acquire Calpine Corporation
Constellation Energy, a major US clean energy company, has announced a USD 16.4 billion cash-and-stock acquisition of Calpine Corporation, a leading provider of natural gas and geothermal power, marking one of the largest transactions in the country’s energy sector.
The deal includes 50 million shares of Constellation stock, USD 4.5 billion in cash, and the assumption of USD 12.7 billion in Calpine’s net debt. Adjusted for expected cash generation and tax attributes, the net purchase price is USD 26.6 billion.
Constellation, the nation’s largest producer of emissions-free electricity, will expand its portfolio by incorporating Calpine’s significant low-emission natural gas and geothermal assets, including the largest geothermal operations in the U.S. The merger will create a leading retail electricity supplier, serving 2.5 million customers with enhanced energy solutions and sustainability offerings.
The combined entity will boast nearly 60 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage. It will also strengthen its presence across the U.S., particularly in high-demand markets such as Texas, California, and New York, with Texas identified as a key growth region for electricity consumption.
This transaction is projected to deliver substantial financial benefits, with adjusted (non-GAAP) earnings per share (EPS) expected to increase by over 20% in 2026 and at least USD 2 per share annually thereafter. Additionally, the combined company is anticipated to generate more than USD 2 billion in annual free cash flow.
The deal is expected to close within a year, pending regulatory approvals. Lazard and J.P. Morgan Securities LLC are advising Constellation, while Calpine is receiving financial counsel from Evercore, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Barclays US.
Deal 2: AEP Ohio Transmission Company, Inc. / AEP Indiana Michigan Transmission Company, Inc. (United States) was acquired by KKR & Co. Inc. (United States), and Public Sector Pension Investment Board (Canada) for USD 2.82 billion.
KKR & Co. Inc.; Public Sector Pension Investment Board to Acquire AEP Ohio Transmission Company, Inc. / AEP Indiana Michigan Transmission Company, Inc.
Investment firm KKR and Canada’s largest pension fund, PSP Investments, have teamed up to acquire a 19.9% equity stake in American Electric Power’s (AEP) transmission companies in Ohio, Indiana, and Michigan for USD 2.82 billion.
The partnership will enable KKR and PSP to acquire a stake in AEP’s transmission networks across Ohio, Indiana, and Michigan. This investment will bolster the utility’s ability to meet growing customer demand and improve grid reliability. The two firms have formed a 50/50 strategic partnership to pursue the deal.
AEP will maintain majority ownership and continue operating both transmission networks. Serving 5.6 million retail and wholesale customers across 11 states, AEP identifies Ohio, Indiana, and Michigan as some of its fastest-growing regions, driven by robust manufacturing industries and new sources of demand. The transaction aligns with AEP’s five-year capital investment plan aimed at benefiting its customers.
Moelis & Company and Morgan Stanley acted as financial advisors to KKR and PSP Investments.
Deal 3: Vale S.A. (Brazil) was acquired by An Undisclosed Buyer for USD 1.50 billion.
An Undisclosed Buyer Acquired 4.05% stake in Vale S.A.
Brazilian conglomerate Cosan has divested its 4.05% stake in Vale S.A., a leading global mining company, for about USD 1.5 billion. This strategic move is designed to strengthen Cosan’s capital structure and reduce its debt.
Vale, a major Brazilian multinational, is recognized as one of the world’s top producers of iron ore and nickel. In addition, the company produces copper, coal, and fertilizers, and operates vital logistics services, including railways and ports. Vale plays a crucial role in supplying raw materials for industries such as steel production and renewable energy.
Cosan initially acquired a 4.9% stake in Vale in 2022, but the decision to sell comes as Brazil’s high-interest rate environment presents financial challenges for the conglomerate. The sale allows Cosan to reduce its debt by approximately 40%. The identity of the buyer has not been disclosed.
This transaction marks a significant turning point for Cosan, as it aims to realign its priorities with core operations while improving its financial position.
Deal 4: Greenko Energy Holdings (India) was acquired by AM Green Power B.V. (Netherlands) for USD 1.46 billion.
AM Green Power B.V. to Acquire Greenko Energy Holdings
Orix Corp. is selling its entire 20% stake in Greenko Energy, one of India’s leading clean energy producers, to AM Green Power BV, a Netherlands-based firm owned by Greenko’s founders, in a transaction valued at USD 1.46 billion.
Greenko Energy, a prominent force in India’s renewable energy sector, manages an installed capacity of 7.3 GW across wind, solar, and hydroelectric projects. As one of the country’s largest independent power producers, Greenko is committed to sustainability and advancing India’s transition to clean energy. The company’s portfolio is backed by significant investments, with Singapore’s sovereign wealth fund, GIC Pte., holding the majority stake at 58%. Greenko is also at the forefront of innovations in energy storage and smart grid technologies.
AM Green Power focuses on the development and management of sustainable energy solutions, spanning both onshore and offshore projects. Its mission is to promote environmental sustainability and support the global decarbonization of energy systems. This acquisition strengthens AM Green Power’s position within the renewable energy space, aligning with its long-term vision.
For Orix, this sale is part of its capital recycling approach, enabling reinvestment into next-generation energy sectors, including the emerging green molecule market.
The transaction is slated for completion by the end of March 2025. Greenko’s founders are securing an USD 800 million loan to fund the purchase, with Barclays Plc and Deutsche Bank AG facilitating the arrangement.
Deal 5: Maverick Natural Resources, LLC (United States) was acquired by Diversified Gas & Oil Corporation (United States) for USD 1.28 billion.
Diversified Gas & Oil Corporation to Acquire Maverick Natural Resources, LLC
Diversified Energy has agreed to acquire Maverick Natural Resources for approximately USD 1.28 billion, including debt, expanding its presence in the oil and gas-rich Permian Basin.
Maverick, a portfolio company of EIG, is an oil and natural gas operator with a strong foothold in Texas and Oklahoma, focusing on exploration, development, and production in key North American oil regions, including the Permian.
The combined entity, valued at USD 3.8 billion, will operate in five regions—Appalachia, Western Anadarko, Permian, Barnett, and Ark-La-Tex—producing approximately 1.2 billion cubic feet per day (bcf/d) of natural gas equivalent.
This acquisition strengthens Diversified’s asset portfolio, boosts liquids production, and positions the combined company for long-term cash flow generation and higher cash margins. It further supports Diversified’s strategy of leveraging joint venture partnerships and maximizing development opportunities across its extensive undeveloped acreage in high-return basins.
The deal is expected to close in the first half of 2025, with EIG holding a 20% stake in the combined company. Citi is serving as the financial and transaction advisor to Diversified, with Truist and Stifel providing additional advisory services. Jefferies Securities is advising Maverick and EIG.
February
Energy and Power
Deal 1: Innergex Renewable Energy Inc. (Canada) was acquired by Caisse de dépôt et placement du Québec (Canada) for USD 7.00 billion.
Caisse de dépôt et placement du Québec to Acquire Innergex Renewable Energy Inc.
Caisse de dépôt et placement du Québec (CDPQ), Canada’s pension fund manager, has announced plans to acquire Innergex Renewable Energy Inc. in a deal worth CAD 10 billion (USD 7 billion).
Innergex is a renewable energy producer involved in the development, ownership, and operation of hydroelectric, wind, solar, and energy storage facilities. Its portfolio includes 90 active sites with a combined net installed capacity of 3.7 GW, comprising 42 hydroelectric plants, 36 wind farms, nine solar farms, and three battery storage facilities. The company also has a stake in 17 projects under development, totaling 945 MW in net capacity (1,577 MW gross), with operations spanning Canada, the U.S., France, and Chile.
The acquisition aligns with CDPQ’s dual mandate of generating long-term returns while supporting key Québec-based enterprises. As a long-time investor in Innergex since 1995, CDPQ intends to syndicate up to 20% of its stake to attract additional investors.
The transaction, reinforcing Innergex’s role in the energy transition, is expected to close in the fourth quarter. BMO Capital Markets and CIBC Capital Markets are advising Innergex, while TD Securities and Moelis & Company LLC are serving as financial advisors to CDPQ.
Deal 2: Rhodes Ridge iron ore project in Australia (Australia) was acquired by Mitsui & Co., Ltd. (Japan) for USD 5.34 billion.
Mitsui & Co., Ltd. to Acquire Rhodes Ridge iron ore project in Australia
Japan’s Mitsui & Co. has agreed to acquire a 40% stake in the Rhodes Ridge iron ore project in Australia, operated by Rio Tinto, for USD 5.34 billion. The acquisition is expected to strengthen Mitsui’s iron ore production capacity and reinforce its long-term earnings.
The deal involves two transactions: Mitsui will purchase a 25% stake from VOC Group and a 15% stake from AMB Holdings, both joint-venture partners of Rio Tinto in Australia. Following the transaction, AMB will retain a 10% interest, while Rio Tinto will continue holding 50%.
Located in Western Australia’s Pilbara region, Rhodes Ridge is one of the world’s largest undeveloped iron ore deposits, containing 6.8 billion tons of Mineral Resources. Mitsui has been involved in the region’s iron ore sector since the 1960s. Production is expected to commence by 2030, with Rio Tinto overseeing the project’s development and operations.
Mitsui’s annual equity share of production from Rhodes Ridge is projected to reach approximately 16 million tons in the initial stage, eventually exceeding 40 million tons as the project expands. In FY March 2024, Mitsui’s equity share of iron ore production stood at 61 million tons, and the addition of Rhodes Ridge will further bolster its long-term earnings. The iron ore extracted will be blended with Rio Tinto’s supply and exported to Asian markets, including Japan, aligning with Mitsui’s Medium-term Management Plan 2026, which prioritizes Industrial Business Solutions.
With crude steel production expected to grow, particularly in India and Southeast Asia, Mitsui anticipates sustained long-term demand for iron ore due to its essential role in high-quality steel manufacturing.
The completion of both transactions is subject to regulatory approvals and other closing conditions.
Deal 3: Subsea 7 S.A. (Luxembourg) was acquired by Saipem SpA (Italy) for USD 4.63 billion.
Saipem SpA to Acquire Subsea 7 S.A.
Saipem and Subsea7 are merging in a USD 4.63 billion deal to form a new entity, Saipem7, combining their expertise in engineering and construction for the energy and infrastructure sectors.
The newly formed company will operate through four divisions: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructure, and Offshore Drilling. The Offshore Engineering & Construction segment, branded as Subsea7 – a Saipem7 Company, will function as an independent business, integrating Subsea7’s operations with Saipem’s asset-based services. This segment will contribute approximately 83% of the combined group’s EBITDA for the 12 months ending September 30, 2024.
With a presence in over 60 countries, Saipem7 will benefit from complementary strengths in geographic reach, technology, and fleet capabilities, serving a diverse global client base. The combined workforce will exceed 45,000 employees, including more than 9,000 engineers and project managers.
The merger is projected to deliver annual synergies of approximately EUR 300 million by the third year after completion, driving value for shareholders. The transaction is expected to be finalized in the second half of 2026, with Saipem7’s shares to be listed on the Milan and Oslo stock exchanges. Ownership of the new entity will be evenly split between Saipem and Subsea7 shareholders.
Goldman Sachs International is acting as Saipem’s lead financial advisor, with Deutsche Bank AG also providing advisory services. Subsea7 is being advised by Kirk Lovegrove & Company Limited and Deloitte LLP.
Deal 4: DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC (United States) was acquired by Diamondback Energy, Inc. (United States) for USD 4.08 billion.
Diamondback Energy, Inc. to Acquire DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC
Texas-based oil and natural gas company Diamondback Energy is strengthening its position in the Permian Basin with a USD 4.08 billion cash-and-stock acquisition of Double Eagle IV’s subsidiaries.
Double Eagle IV has built a strong portfolio of high-quality drilling locations across the Midland Basin’s core. The acquisition includes 40,000 net acres in this prime area, with an expected production capacity of 27,000 barrels of oil per day (bopd). The assets feature 407 drilling locations adjacent to Diamondback’s existing operations, expanding its inventory with capital-efficient opportunities. Additionally, overlapping acreage is expected to enhance operational efficiencies by enabling longer lateral well extensions and optimizing infrastructure.
The agreement also outlines an accelerated development strategy for Diamondback’s noncore acreage in the southern Midland Basin. This initiative is projected to enhance net asset value and drive free cash flow growth starting in 2026.
The transaction is expected to close by April 1, 2025. TPH&Co. is advising Diamondback, while RBC Capital Markets, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are serving as financial advisors to Double Eagle.
Deal 5: Ayana Renewable Power Private Limited (India) was acquired by Ongc NTPC Green Private Limited (India) for USD 2.30 billion.
Ongc NTPC Green Private Limited to Acquire Ayana Renewable Power Private Limited
ONGC NTPC Green (ONGPL), a 50:50 joint venture between India’s state-owned majors ONGC and NTPC, has announced its acquisition of Ayana Renewable Power for USD 2.3 billion (INR 195 billion), marking one of the largest deals in India’s clean energy sector.
Ayana, a key player in renewable energy, boasts approximately 4.1 GW of operational and under-construction assets, along with a development pipeline of around 1 GW. Its diverse portfolio includes solar, wind, and round-the-clock (RTC) projects, strategically located in resource-abundant regions. The company’s contracts with reputable off-takers, including SECI, NTPC, GUVNL, and Indian Railways, further bolster its position in the market.
This acquisition represents a significant step for ONGPL, being its first strategic move since its inception in November 2024. It positions ONGPL to accelerate its expansion into the renewable energy market, aligning with the sustainability goals of its parent companies, ONGC and NTPC, which aim for Net Zero by 2038 and 2050, respectively. The transaction also contributes to India’s broader renewable energy ambitions, including reaching 500 GW of capacity by 2030 and achieving net-zero emissions by 2070.
ONGC, JSW Neo Energy, and Sembcorp were among the contenders for Ayana, with ONGC ultimately outbidding JSW Neo Energy and partnering with NTPC for the acquisition.
The deal is contingent on fulfilling regulatory requirements and other closing conditions. Deloitte Touche Tohmatsu India acted as the financial advisor for ONGPL.
March
Energy and Power
Deal 1: ENN Energy Holdings Limited (China) was acquired by ENN Natural Gas Co., Ltd. (China) for USD 11.64 billion.
ENN Natural Gas Co., Ltd. to Acquire ENN Energy Holdings Limited
ENN Natural Gas has made a USD 11.6 billion (HKD 90.50 billion) takeover offer for ENN Energy, aiming to consolidate its natural gas operations and improve efficiency. The company currently holds a 34.28% stake in ENN Energy and seeks to acquire the remaining shares for full ownership.
ENN Energy focuses on the construction, operation, and management of gas pipeline infrastructure while supplying piped gas, LNG, and other multi-energy products. Meanwhile, ENN Natural Gas operates China’s first large-scale private LNG terminal and oversees more than 250 city gas projects nationwide, with an annual LNG distribution capacity exceeding 10 billion cubic meters (bcm).
The proposed acquisition aligns with Beijing’s broader push for energy security, encouraging domestic companies to increase production and expand natural gas output to reduce reliance on foreign imports. Full ownership of ENN Energy would allow ENN Natural Gas to implement a more unified strategy, optimizing costs and enhancing its ability to respond to market demands.
Privatization would also support China’s ongoing efforts to modernize its energy infrastructure, improving the efficiency of natural gas distribution and consumption.
Deal 2: Veren Inc. (Canada) was acquired by Whitecap Resources Inc. (Canada) for USD 10.43 billion.
Whitecap Resources Inc. to Acquire Veren Inc.
Canadian oil and gas company Whitecap Resources has agreed to acquire Veren Inc. in an all-stock transaction valued at USD 10.43 billion (CAD 15 billion), including debt, forming the largest light oil-focused producer in Canada.
The merged entity, which will retain the Whitecap Resources name, is expected to produce 370,000 barrels of oil equivalent per day (63% liquids), with a strong presence in both conventional and unconventional assets. The deal establishes Whitecap as the largest landholder in the Alberta Montney and the second-largest across the unconventional Montney and Duvernay fairways, covering 1.5 million acres in Alberta. Additionally, the company will have over 4,800 development locations, positioning it for sustained production growth.
With increased scale, a larger asset base, and stronger free cash flow generation, the combined company aims to enhance its competitive edge. Its improved financial position and credit profile further support long-term stability in a shifting energy landscape.
Following the transaction, Whitecap shareholders will own approximately 48% of the combined entity, while Veren shareholders will hold around 52%. National Bank Financial Inc. and TD Securities advised Whitecap, while BMO Capital Markets acted as Veren’s financial advisor.
Deal 3: Oil and Gas assets of Eni in Côte d’Ivoire and Congo (Côte d’Ivoire and Congo) was acquired by Vitol Holding B.V. (Netherlands) for USD 1.65 billion.
Vitol Holding B.V. to Acquire Oil and Gas assets of Eni in Côte d’Ivoire and Congo
Vitol has entered into an agreement to acquire a selection of Eni’s oil and gas assets in Côte d’Ivoire and the Republic of Congo, in a deal valued at USD 1.65 billion. The transaction reinforces the companies’ ongoing collaboration in West Africa and expands Vitol’s upstream portfolio in the region.
The acquisition includes producing fields as well as assets at various stages of development, exploration, and appraisal. In Côte d’Ivoire, Vitol will acquire a 30% participating interest in the Baleine project, where Eni currently holds a 77.25% stake. Baleine is Eni’s first development in the country and is recognized as Africa’s first net-zero emissions project. The field currently produces over 60,000 barrels of oil equivalent per day, with a planned third phase under evaluation that could raise production to 150,000 barrels of oil and 200 million cubic feet of gas per day.
In the Republic of Congo, Vitol will acquire a 25% stake in the Congo LNG project, where Eni holds a 65% interest. The project began exporting LNG in February 2024, establishing the Republic of Congo as an LNG exporter. Current capacity is 1 billion cubic meters (BCM) per year, with Phase 2—scheduled to begin in late 2025—expected to increase exports to 4.5 BCM annually.
The transaction aligns with Eni’s strategy to optimize its upstream portfolio through the early monetization of exploration successes by reducing ownership stakes—a key element of its dual exploration model.
Vitol, which already maintains a strong upstream, infrastructure, and downstream presence across West Africa, views the acquisition as a strategic addition to its growing regional operations.
The deal remains subject to regulatory approvals and customary closing conditions, with both parties aiming to finalize the agreement in due course.
Deal 4: Sval Energi Group AS (Norway) was acquired by DNO ASA (Norway) for USD 1.60 billion.
DNO ASA to Acquire Sval Energi Group AS
Norwegian oil and gas operator DNO ASA has announced its agreement to acquire Sval Energi Group for USD 1.6 billion—a strategic move that will substantially strengthen its position in the North Sea.
Sval Energi is engaged in exploration and production on the Norwegian Continental Shelf. As of 2024, the company holds non-operated stakes in 16 producing offshore fields, delivering a net production of 64,100 barrels of oil equivalent per day (boepd). Its resource base includes 141 million barrels of oil equivalent in net 2P (proven and probable) reserves and 102 million barrels in net 2C (contingent) resources. Major assets by reserve size include Nova, Martin Linge, Kvitebjørn, Eldfisk, Maria, Symra, and Ekofisk.
The addition of Sval Energi’s portfolio is expected to significantly scale DNO’s operations in the North Sea, enhancing its asset base and geographic diversification. North Sea output is projected to rise fourfold to about 80,000 boepd, while global production is expected to grow by nearly two-thirds to approximately 140,000 boepd. The company’s 2P reserves will increase to 189 million barrels in the North Sea and 423 million barrels globally.
Post-acquisition, the North Sea is set to become DNO’s largest production hub, accounting for roughly 60% of its total net output. The transaction is subject to regulatory approvals and is anticipated to close by mid-2025.
Deal 5: Greenlink Interconnector Limited (Ireland) was acquired by Baltic Cable Aktiebolag (Sweden), and Equitix Investment Management Limited (United Kingdom) for USD 1.09 billion.
Baltic Cable Aktiebolag; Equitix Investment Management Limited to Acquire Greenlink Interconnector Limited
Equitix and Baltic Cable AB have agreed to acquire Greenlink Interconnector, a 504 MW electricity connection between Great Britain and Ireland, from private equity firm Partners Group for EUR 1 billion (USD 1.09 billion).
The Greenlink Interconnector links EirGrid’s Great Island substation in County Wexford, Ireland, with National Grid’s Pembroke substation in Pembrokeshire, Wales. It uses high-voltage direct current (HVDC) technology, which enables efficient transmission over long distances. With a nominal capacity sufficient to power approximately 380,000 homes, the project includes two converter stations and a pair of high-voltage cables running 190 kilometers beneath the Irish Sea. It is considered a milestone in European energy infrastructure, being the first interconnector in the region completed through project financing.
Greenlink plays a vital role in addressing two major priorities: supporting the transition to renewable energy and strengthening grid stability. The asset offers downside protection and stands to benefit from the growth of future large-scale renewable energy projects that will expand energy flows between the two markets.
The partnership between Equitix, an investor with over 12 years of experience in offshore transmission, and Baltic Cable AB, a certified transmission system operator with more than 30 years of interconnector operations between Germany and Sweden, is expected to deliver significant long-term value.
April
Energy and Power
Deal 1: Colonial Enterprises, Inc. (United States) was acquired by Brookfield Infrastructure Partners L.P. (Bermuda) for USD 9.00 billion.
Brookfield Infrastructure Partners L.P. to Acquire Colonial Enterprises, Inc.
Brookfield Infrastructure Partners has agreed to acquire Colonial Enterprises, the owner of Colonial Pipeline, the largest fuel transportation system in the U.S., for USD 9 billion.
Colonial Pipeline stretches approximately 5,500 miles, linking the Gulf Coast to the East Coast. It plays a vital role in transporting essential refined petroleum products such as gasoline, diesel, and jet fuel. As the nation’s largest refined products pipeline system, it is a pivotal component of the U.S. energy infrastructure, consistently demonstrating high utilization and performance while serving a distinguished customer base along the East Coast.
The deal involves the full acquisition of shares from Colonial’s five stakeholders: Koch Industries (28.1%), KKR (23.4%), CDPQ (16.5%), Shell PLC (16.13%), and IFM Investors Pty (15.8%). This acquisition comes amid ongoing challenges, including delays in federal permitting processes and increasing political opposition, which have made it more difficult to build new pipelines across the U.S.
The transaction is expected to finalize in the second half of 2025. Debt financing for the deal is being led by Morgan Stanley and Mizuho Bank Ltd. Brookfield Infrastructure has engaged Jefferies LLC, Greenhill & Co. LLC, and Morgan Stanley & Co. LLC as joint financial advisors for this transaction.
Deal 2: Two Flexible Generation Assets of LS Power Equity Advisors in PJM (United States) was acquired by Capital Power Corporation (Canada) for USD 2.20 billion.
Capital Power Corporation to Acquire Two Flexible Generation Assets of LS Power Equity Advisors in PJM
Capital Power Corporation, a Canadian independent power producer, is expanding its presence in North America with a USD 2.2 billion acquisition of two natural gas-fired power plants from LS Power. This deal marks Capital Power’s entry into the PJM Interconnection region.
The acquisition includes full ownership of Hummel Station, a 1,124 MW combined-cycle facility located in Shamokin Dam, Pennsylvania, and Rolling Hills Generating Station, a 1,023 MW peaking plant in Wilkesville, Ohio. Together, these plants add nearly 2,150 MW of flexible generation capacity, supporting reliable electricity supply in key U.S. markets.
Following the acquisition, Capital Power will rank among the top five independent power producers in North America, with more than 10 GW of natural gas capacity. The company plans to leverage its operational expertise and market knowledge to maximize the performance and value of these assets within its diverse portfolio.
Financial projections estimate that the acquisition will contribute an average annual adjusted EBITDA of approximately USD 443 million from 2026 through 2030. It is also expected to increase adjusted funds from operations (AFFO) per share by about 17 to 19 percent over the same period.
The transaction is expected to close in the third quarter of 2025, with Evercore serving as Capital Power’s exclusive M&A advisor and TD Securities providing additional financial advisory support.
Deal 3: Abbot Point Port Holdings (Australia) was acquired by Adani Ports and Special Economic Zone Limited (India) for USD 2.54 billion.
Adani Ports and Special Economic Zone Limited to Acquire Abbot Point Port Holdings
Adani Ports and Special Economic Zone (APSEZ) is set to acquire Abbot Point Port Holdings, the owner of the North Queensland Export Terminal (NQXT), for AUD 4 billion (USD 2.54 billion) as part of its continued efforts to broaden its global footprint.
The NQXT, located in Queensland, Australia, is a key coal export facility with an annual handling capacity of 50 million tonnes. It primarily serves the Bowen and Galilee Basins, making it a crucial asset in Australia’s coal export industry. The terminal is operated under a long-term lease held by the Queensland Government through North Queensland Bulk Ports, which extends until 2110.
Notably, NQXT is recognized for its strong environmental, social, and governance (ESG) practices, maintaining a low environmental impact, a diverse workforce, and a strong commitment to local suppliers, with 50% of its operational spending directed to regional businesses.
For APSEZ, this acquisition is a significant milestone in its international expansion. As India’s largest integrated ports and logistics company, Adani Ports has been extending its presence globally, with operations already in Israel, Sri Lanka, and Tanzania. This acquisition will enable APSEZ to access new export markets and secure long-term contracts, aligning with its goal to handle 1 billion tonnes annually by 2030.
The deal is subject to approvals from regulatory bodies, including the Reserve Bank of India (RBI), shareholders, and Australia’s Foreign Investment Review Board. It is expected to close within the next two quarters.
Deal 4: Upstream and Midstream Assets of Olympus Energy LLC (United States) was acquired by EQT Corporation (United States) for USD 1.80 billion.
EQT Corporation to Acquire Upstream and Midstream Assets of Olympus Energy LLC
EQT Corporation, one of the largest natural gas producers in the United States, has agreed to acquire the upstream and midstream assets of Olympus Energy for approximately USD 1.8 billion through a combination of cash and stock. The acquisition will expand EQT’s footprint across the Marcellus and Utica shale formations, reinforcing its inventory of high-quality natural gas resources.
The deal covers a vertically integrated, contiguous position of approximately 90,000 net acres adjacent to EQT’s existing core acreage in southwestern Pennsylvania, with net production around 500 million cubic feet per day (MMcf/d). Olympus Energy’s portfolio includes over ten years of high-quality Marcellus shale inventory maintained at steady activity levels, along with an additional seven years of development potential in the Utica shale. Its strategic location near several planned power generation facilities also presents opportunities for infrastructure integration and long-term value creation.
The assets are expected to generate an average annual adjusted EBITDA of approximately USD 530 million and unlevered free cash flow of around USD 270 million over the next three years. These figures translate to an attractive adjusted EBITDA multiple of about 3.4x and an estimated free cash flow yield of roughly 15%.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals. Moelis & Company served as lead financial advisor to EQT, with Greenhill, a Mizuho affiliate, also advising. Jefferies LLC acted as financial advisor to Olympus Energy.
Deal 5: Petronas E&P Argentina S.A (Argentina) was acquired by Vista Energy Argentina S.A.U. (Argentina) for USD 1.50 billion.
Vista Energy Argentina S.A.U. to Acquire Petronas E&P Argentina S.A
Vista Energy, through its subsidiary Vista Energy Argentina, has announced the acquisition of Petronas E&P Argentina S.A. (PEPASA) for USD 1.5 billion, significantly expanding its footprint in the prolific Vaca Muerta formation.
The transaction involves Petronas’ 50% stake in the La Amarga Chica (LACh) unconventional oil concession, with the remaining half held by YPF, which also operates the asset. Located in the black oil window of Argentina’s Vaca Muerta formation, LACh spans approximately 46,594 acres and includes 247 producing wells. In the fourth quarter of 2024, the concession recorded an average gross output of 79,543 barrels of oil equivalent per day, of which 71,471 barrels were crude oil. It holds around 280 million barrels of proven (P1) reserves, and Vista projects the potential to drill up to 400 additional wells.
This acquisition is expected to enhance Vista’s profitability and broaden its portfolio of cost-competitive, high-margin assets in one of the world’s most promising shale oil regions. The company views the deal as a strategic move to consolidate operationally aligned, capital-efficient resources that support its long-term outlook on global oil supply and demand trends.
The financial arrangement consists of an initial payment of USD 900 million, followed by two deferred payments totaling USD 300 million—each scheduled for 2029 and 2030. In addition, Petronas will receive 7,297,507 American Depositary Shares (ADSs), corresponding to Vista’s Series A common stock.
May
Energy and Power
Deal 1: LS Power's Portfolio of Natural Gas Generation Facilities and CPower, Inc. (United States) was acquired by NRG Energy, Inc. (United States) for USD 12.00 billion.
NRG Energy, Inc. to Acquire LS Power's Portfolio of Natural Gas Generation Facilities and CPower, Inc.
NRG Energy has agreed to acquire LS Power’s portfolio of natural gas power plants and CPower, a commercial and industrial (C&I) virtual power plant (VPP) platform. The transaction, consisting of cash and stock, is valued at approximately USD 12 billion.
The deal includes 18 natural gas power facilities located across nine states, with a combined capacity of about 13 gigawatts (GW). Additionally, CPower contributes nearly 6 GW of flexible capacity, serving over 2,000 commercial and industrial customers across all deregulated energy markets in the United States.
This acquisition will double NRG’s generation capacity to 25 GW by incorporating modern, flexible natural gas assets that provide rapid start-up capabilities—particularly valuable in the Northeast and Texas markets. These facilities are expected to enhance NRG’s operational agility, improve customer service, simplify risk management, and reduce overall costs.
Furthermore, the deal strengthens NRG’s ability to meet growing demand for customized, long-term energy supply solutions, especially from data center clients. Following the acquisition, NRG projects an increase in its adjusted earnings per share (EPS) compound annual growth rate (CAGR) to at least 14%, up from the current target of 10%.
The transaction is expected to close in the first quarter of 2026. Citi and Goldman Sachs & Co. LLC are acting as NRG’s primary M&A advisors. For LS Power, Evercore leads the financial advisory team, supported by J.P. Morgan, Morgan Stanley & Co. LLC, and Solomon Partners Securities, LLC.
Deal 2: TXNM Energy, Inc. (United States) was acquired by Blackstone Inc. (United States) for USD 11.50 billion.
Blackstone Inc. to Acquire TXNM Energy, Inc.
Blackstone Infrastructure has agreed to acquire TXNM Energy in a transaction valued at USD 11.5 billion, including debt and preferred equity. The deal aims to provide substantial capital to TXNM Energy’s regulated utility subsidiaries—Public Service Company of New Mexico (PNM) and Texas-New Mexico Power (TNMP)—to support the expansion of electric infrastructure and accelerate clean energy programs.
TXNM Energy, through PNM and TNMP, provides electricity to approximately 800,000 customers across New Mexico and Texas. Its energy mix includes coal, natural gas, nuclear, solar, and wind resources, with a total generation capacity of about 2.7 gigawatts. PNM is reshaping its generation portfolio to align with New Mexico’s clean energy targets, while TNMP is increasing investments to meet surging electricity demand in high-growth areas of Texas.
Under the terms of the agreement, the current leadership at TXNM Energy, PNM, and TNMP will remain in place, with operations continuing in their respective service areas. Blackstone plans to fund the transaction entirely with equity and does not intend to increase TXNM Energy’s debt to finance the acquisition.
In addition to the purchase, Blackstone will inject USD 400 million into TXNM Energy through a private placement of 8 million newly issued shares priced at USD 50 each. TXNM Energy also plans to raise an additional USD 400 million in equity prior to the deal’s closing.
The acquisition is expected to close in the second half of 2026, pending regulatory and shareholder approvals. Wells Fargo is acting as the lead financial advisor to TXNM Energy, supported by Citi. RBC Capital Markets is serving as lead financial advisor to Blackstone, with additional advisory support from J.P. Morgan.
Deal 3: Parkland Corporation (Canada) was acquired by Sunoco LP (United States) for USD 9.10 billion.
Sunoco LP to Acquire Parkland Corporation
Canada’s Parkland Corporation is set to be acquired by Sunoco in a deal valued at USD 9.1 billion, including debt, positioning the combined entity as the largest independent fuel distributor in the Americas.
Parkland is a major player in fuel distribution, marketing, and convenience retailing, operating around 4,000 locations across Canada, the U.S., and the Caribbean. The company operates under several well-known brands, including Ultramar, Esso, Chevron, Pioneer, and Fas Gas Plus. In addition to its retail network, Parkland provides commercial fuel distribution and wholesaling services and owns the Burnaby Refinery in British Columbia, which produces low-carbon fuels.
The acquisition will integrate Parkland’s 650 Canadian retail locations and 211 U.S. stores into Sunoco’s operations. The deal is expected to immediately boost earnings, with an anticipated 10% increase in distributable cash flow per common unit and USD 250 million in synergies by the third year. The combined entity will benefit from complementary assets, enhancing fuel supply efficiency and further diversifying Sunoco’s portfolio and geographic reach.
As part of the agreement, Sunoco will establish a new publicly traded entity, SUNCorp, LLC, with its headquarters remaining in Parkland’s home city of Calgary, Alberta.
The transaction is anticipated to close in the second half of 2025. Barclays and RBC Capital Markets are serving as exclusive financial advisors to Sunoco, while Goldman Sachs Canada Inc. and BofA Securities are advising Parkland.
Deal 4: Encino Acquisition Partners LLC (United States) was acquired by EOG Resources, Inc. (United States) for USD 5.60 billion.
EOG Resources, Inc. to Acquire Encino Acquisition Partners LLC
EOG Resources is set to acquire Encino Acquisition Partners (EAP) in a transaction valued at USD 5.6 billion, including debt, positioning EOG as a dominant player in the Utica Shale exploration and production sector.
Encino Acquisition Partners is an oil and gas operator focused on acquiring and developing high-potential E&P assets in mature U.S. basins. With a strategic emphasis on operational efficiency and resource optimization, Encino maintains a strong presence in key shale regions, including the Utica Shale, leveraging expert asset management and execution to enhance value and support growth.
The deal adds 675,000 net acres to EOG’s Utica Shale position, bringing its total to about 1.1 million net acres. This expands EOG’s overall resource portfolio to more than 12 billion barrels of oil equivalent (boe) and lifts daily production in the region to 275,000 boe. Financially, the acquisition is expected to grow EOG’s 2025 EBITDA by 10% and free cash flow by 9%, while also boosting net asset value and per-share performance.
The acquisition is anticipated to close in the second half of 2025. EOG intends to finance the deal with USD 3.5 billion in debt and USD 2.1 billion in cash. Goldman Sachs & Co. LLC is acting as EOG’s exclusive financial advisor.
Deal 5: Peregrino Field in Brazil (Brazil) was acquired by Prio Tigris Ltda. (Brazil) for USD 3.50 billion.
Prio Tigris Ltda. to Acquire Peregrino Field in Brazil
Equinor is selling its 60% interest in the Peregrino field, a significant offshore oil asset in Brazil, to PRIO Tigris, a subsidiary of PRIO, in a deal valued at USD 3.5 billion.
The transaction will be carried out in two phases. The first involves the acquisition of a 40% stake along with operatorship of the field, followed by the purchase of the remaining 20%.
Situated in the Campos Basin, about 85 kilometers off Rio de Janeiro’s coast, the Peregrino field commenced production in 2011 and extracts heavy crude oil with an API gravity between 13° and 16°. The field operates 27 production wells and six injector wells, supported by subsea infrastructure and the FPSO Peregrino, which is capable of processing 110,000 barrels of oil and handling up to 300,000 barrels of water daily.
A second development phase is underway, which involves the installation of a third wellhead platform designed to unlock an additional 250 million barrels of recoverable oil. This expansion is set to boost production and extend the field’s operational lifespan through 2040.
Equinor will continue to operate the field until the transaction is completed. Following the completion of both phases, PRIO will take full ownership and operational control, having previously acquired the remaining 40% from Sinochem in 2024. The deal is pending the usual regulatory and legal approvals in Brazil.
June
Energy and Power
Deal 1: Santos Limited (Australia) was acquired by The Carlyle Group Inc. (United States), Abu Dhabi Developmental Holding Company PJSC (United Arab Emirates), and XRG P.J.S.C (United Arab Emirates) for USD 18.70 billion.
The Carlyle Group Inc.; Abu Dhabi Developmental Holding Company PJSC; XRG P.J.S.C to Acquire Santos Limited
A consortium led by XRG—the global energy investment arm of the Abu Dhabi National Oil Company (ADNOC)—alongside Carlyle and ADQ, has made a non-binding offer to acquire Santos, Australia’s second-largest gas producer, for approximately USD 18.7 billion (USD 5.76 per share). The proposed acquisition reflects the consortium’s ambition to expand its international energy footprint by leveraging Santos’ established position in the global gas market.
Santos, headquartered in Adelaide, operates across Australia, Papua New Guinea, Timor-Leste, and Alaska. It plays a critical role in meeting Australia’s domestic gas needs and is a major LNG exporter through key projects such as GLNG, PNG LNG, and Darwin LNG. The company is currently advancing developments like the Barossa and Dorado fields and is investing in carbon capture and storage solutions to support its commitment to achieving net-zero Scope 1 and 2 emissions by 2040.
The XRG-led group aims to leverage Santos’ long-standing reputation as a dependable energy provider, with plans to boost gas supply for existing markets and enhance energy security at both national and international levels. The proposed acquisition is viewed as a strategic move to build on Santos’ strong asset base and operational capabilities.
The offer is subject to confirmatory due diligence and the finalisation of a binding scheme implementation agreement. If an agreement is reached and no superior proposal arises, the Santos board intends to recommend the transaction to shareholders, provided it is deemed fair and reasonable by an independent expert.
Goldman Sachs and JB North & Co are advising Santos on the transaction, while the consortium has appointed J.P. Morgan as its financial advisor.
Deal 2: PDV Holding, Inc. dba Citgo (United States) was acquired by A consortium led by Black Lion Capital Advisors (United States) for USD 8.00 billion.
A consortium led by Black Lion Capital Advisors to Acquire PDV Holding, Inc. (Citgo)
Black Lion Citgo Group, a consortium led by Black Lion Capital Advisors, has submitted an offer of USD 8 billion to acquire the parent company of CITGO Petroleum Corporation through a court-supervised auction of shares. The proposed bid significantly exceeds the current stalking horse offer of USD 3.7 billion from Red Tree Investments.
CITGO Petroleum Corporation, based in Houston, Texas, provides refining, transportation, and marketing services for fuels, lubricants, and petrochemical products across the United States. The company operates large-scale refineries that produce gasoline, diesel, jet fuel, and other petroleum-based products. It also supplies a range of specialized lubricants and industrial solutions used in the automotive, manufacturing, and energy industries. CITGO’s distribution infrastructure includes pipelines, storage terminals, and an extensive network of branded fuel stations serving both wholesale and retail markets.
The bidding group also includes Quazar Investment, Anex Management, and Fortress Management. If completed, the transaction would mark the largest sale of U.S. refining assets to date, encompassing CITGO’s refineries in Lake Charles, Louisiana, and Corpus Christi, Texas.
The auction is part of a long-running court process intended to compensate creditors following Venezuela’s debt defaults and the expropriation of assets. The first round of bidding, held last year, failed to meet the expectations of many claimants. A court officer is expected to recommend a winning bidder by July 2, with a final hearing scheduled for August 18.
Deal 3: Sitio Royalties Corp. (United States) was acquired by Viper Energy, Inc. (United States) for USD 4.10 billion.
Viper Energy, Inc. to Acquire Sitio Royalties Corp.
Viper Energy has agreed to acquire Sitio Royalties through an all-equity transaction valued at approximately USD 4.1 billion. This deal will establish one of North America’s largest publicly traded mineral and royalty companies, significantly increasing Viper’s asset portfolio, operational scale, and financial flexibility.
Sitio Royalties is a pure-play mineral and royalty company focused on acquiring high-quality oil and gas interests across major U.S. basins. It employs a broad consolidation strategy, collaborating with numerous exploration and production operators to deliver sustained value for its shareholders.
The company currently holds approximately 34,300 net royalty acres, including 25,300 acres in the Permian Basin and another 9,000 spread across other prolific basins such as the DJ, Eagle Ford, and Williston. Notably, nearly half of Sitio’s Permian acreage overlaps with existing Viper-operated wells. In the first quarter of 2025, Sitio reported average production of 18.9 thousand barrels per day (mbo/d), with 14.5 mbo/d attributed to the Permian.
Post-merger, the combined company will control around 85,700 net royalty acres within the Permian Basin, with roughly 41% of those acres operated by Diamondback Energy. The projected production for Q4 2025 is estimated between 64 and 68 mbo/d (or 122 to 130 mboe/d).
This acquisition strengthens Viper’s standing among mid- and large-cap exploration and production companies in North America by offering high margins, low operating expenses, and one of the industry’s lowest dividend breakeven thresholds.
The transaction is expected to finalize by the third quarter of 2025. Moelis & Company LLC is advising Viper Energy, while J.P. Morgan Securities LLC serves as exclusive financial advisor to Sitio Royalties.
Deal 4: Plains Midstream Canada ULC (Canada) was acquired by Keyera Corp. (Canada) for USD 3.75 billion.
Keyera Corp. to Acquire Plains Midstream Canada ULC
Keyera, one of Canada’s top midstream energy companies, has announced the acquisition of Plains Midstream Canada—Plains’ Canadian natural gas liquids (NGL) business—for CAD 5.15 billion (approximately USD 3.75 billion) in cash. The transaction will significantly expand Keyera’s NGL infrastructure footprint across both western and eastern Canada, marking a transformative step in its growth strategy.
Plains Midstream Canada operates a comprehensive midstream platform focused on the transportation, storage, processing, and marketing of crude oil, NGLs, and liquefied petroleum gas (LPG). The acquired assets span western and eastern Canada and will significantly strengthen Keyera’s operational scale, geographic reach, and service offering.
The combined portfolio includes approximately 193,000 barrels per day of C3+ fractionation capacity—across field, straddle, and hub facilities—following the completion of the Fort Saskatchewan (PFS) expansion. It also adds 23 million barrels of storage capacity to enhance operational flexibility and more than 1,500 miles of pipeline infrastructure with aggregate throughput exceeding 575,000 barrels per day. Additionally, the acquisition includes about 5.7 Bcf/d of straddle gas processing capacity at the Empress facility and a network of truck and rail terminals in both Canada and the U.S., improving connectivity to key markets.
This strategic acquisition will create a fully integrated NGL corridor from western to eastern Canada, improving domestic infrastructure, supporting energy security, and positioning Keyera for long-term growth and optimization opportunities. It also expands the company’s customer base and enhances market access across eastern North America.
The deal is anticipated to close in the first quarter of 2026, with RBC Capital Markets acting as Keyera’s lead financial advisor and Jefferies providing additional advisory support.
Deal 5: Zenith Energy Ltd (Australia) was acquired by KKR & Co. Inc. (United States) for USD 1.11 billion.
KKR & Co. Inc. to Acquire Zenith Energy Ltd
KKR is set to acquire a majority stake in Zenith Energy, an Australian independent power producer, in a transaction valued at approximately AUD 1.7 billion (USD 1.11 billion). The deal is expected to bolster Zenith’s long-term expansion by capitalizing on strong industry fundamentals and growing demand for low-emission energy solutions.
Zenith Energy specializes in delivering off-grid and hybrid power systems to mining and resource sectors. The company manages around 710 megawatts of contracted capacity across 15 remote sites in Western Australia and the Northern Territory. Its operations integrate thermal generation with renewable technologies such as solar and battery storage, supporting cleaner and more reliable power delivery in isolated regions.
Zenith’s established track record in hybrid power, coupled with its longstanding partnerships with major industrial customers, aligns with KKR’s Asia Pacific Infrastructure Investors II Fund’s strategy of investing in critical infrastructure with stable, long-term returns. As one of the pioneers in hybrid power deployment in Australia— one of KKR’s priority markets —Zenith offers a strategic platform for expanding clean and resilient energy solutions.
Zenith’s proven capabilities in developing and managing hybrid power assets, along with its strong, long-term relationships with major industrial clients, make it a strategic fit for KKR’s Asia Pacific Infrastructure Investors II Fund. The fund targets essential infrastructure assets that offer resilient returns and long-term value. As an early mover in Australia’s hybrid energy sector—one of KKR’s core markets in the region—Zenith represents a platform for accelerating the transition to sustainable power solutions.
The transaction is expected to close by late 2025, subject to regulatory approvals.
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.
January
Chemicals
Deal 1: Zangge Mining Company Limited (China) was acquired by Zijin International Holdings Co., Ltd. (China) for USD 1.87 billion.
Zijin International Holdings Co., Ltd. to Acquire Zangge Mining Company Limited
Zijin Mining Group, a major Chinese mining corporation, is set to acquire a 24.8% stake in Zangge Mining, a producer of lithium and potash, for USD 1.87 billion. This move is part of Zijin’s strategy to expand its presence in the lithium market.
Renowned for its expertise in extracting gold, copper, and other precious metals, Zijin would gain controlling rights in Zangge, which operates in the mineral-rich Qinghai region. Additionally, the deal would enable Zijin to further consolidate its stake in the Julong copper project in Tibet, a joint venture with Zangge.
This acquisition is in line with Zijin’s broader strategy to enhance its position in battery metals, especially copper and lithium, as demand for materials used in electric vehicle (EV) batteries continues to rise. Recently, Zijin has significantly bolstered its lithium portfolio, acquiring key assets such as Canada’s Neo Lithium, which is focused on mining operations in Argentina.
Deal 2: Phosphate asset in Patos de Minas, Brazil (Brazil) was acquired by Fosfatados Centro SPE Ltda (Brazil) for USD 125.00 million.
Fosfatados Centro SPE Ltda to Acquire Phosphate asset in Patos de Minas, Brazil
Mosaic, a leading U.S. fertilizer producer, has agreed to sell its phosphate mining unit in Patos de Minas, Brazil, to Fosfatados Centro for USD 125 million in cash.
Mosaic’s South American operations span 26 sites across Brazil, Paraguay, and Peru, encompassing both potash and phosphate facilities. The sale aligns with the company’s strategy to streamline its portfolio by divesting non-core assets and reallocating capital toward higher-return investments. As the world’s fourth-largest potash producer, Mosaic views this transaction as part of a broader initiative to enhance operational efficiency and strengthen its core business.
For Fosfatados Centro, the acquisition strengthens its phosphate supply capabilities within Brazil’s fertilizer market and aligns with the National Fertilizer Plan, a government initiative aimed at expanding domestic fertilizer production and reducing reliance on imports.
Upon completion of the deal, Fosfatados Centro will take over the Patos de Minas mine and tailings management. The transaction is subject to regulatory approvals, including clearance from the Brazilian Administrative Council for Economic Defense (CADE), along with other customary closing conditions.
Deal 3: Valiant Co.,Ltd (China) was acquired by Sinopec Capital Co., Ltd. (China) for USD 84.00 million.
Sinopec Capital Co., Ltd. to Acquire Valiant Co.,Ltd
Sinopec Capital is acquiring a 5% stake in Valiant Co. for USD 83.97 million, reinforcing its commitment to investing in innovative technologies within the energy and materials sectors.
Valiant Co., a Chinese company specializing in advanced materials, has developed technology for over 10,000 compounds, with more than 3,000 products, including materials for exhaust purification, flue gas denitrification, VOC adsorption, and organic solar cells. The company aims to become a global leader in chemical materials through innovation and sustainability.
Sinopec Capital, the private equity arm of China Petrochemical Corporation (Sinopec Group), specializes in investments in emerging technologies, particularly in sectors like new energy, green products, new materials, big data, and artificial intelligence. This acquisition supports its strategy to advance sustainable energy and material innovations.
Deal 4: Heraeus' Photovoltaic silver paste business in China and Singapore (China and Singapore) was acquired by Haitian Water Group Co.,Ltd. (China) for USD 68.60 million.
Haitian Water Group Co.,Ltd. to Acquire Heraeus' Photovoltaic silver paste business in China and Singapore
China’s Haitian Water Group has agreed to acquire Heraeus’ Photovoltaic Silver Paste business in China and Singapore for USD 68.5 million (CNY 502 million). This business produces a key raw material essential for the metal electrodes in photovoltaic cells.
The deal includes Heraeus’ subsidiaries—Heraeus Photovoltaics (Shanghai), Heraeus Photovoltaic Technology (Shanghai), and Heraeus Photovoltaics Singapore—which will be integrated into a newly established entity, Haitian Photovoltaic Co., with an initial capital of CNY 400 million. The acquisition covers management teams, patented technologies, R&D platforms, customer networks, production lines, and supply chain systems.
Heraeus has established itself as one of the global leaders in supplying photovoltaic silver paste. This conductive paste significantly enhances the photoelectric conversion efficiency of solar cells and enables them to operate across a broad temperature range.
This acquisition positions Haitian Water Group to expand its presence in the solar materials market. The transaction is anticipated to close in the first half of this year.
Deal 5: Yunnan Yuntianhua Dawei Ammonia Co., Ltd. (China) was acquired by Yunnan Yuntianhua Co., Ltd. (China) for USD 19.30 million.
Yunnan Yuntianhua Co., Ltd. to Acquire Yunnan Yuntianhua Dawei Ammonia Co., Ltd.
Chinese chemicals firm Yunnan Yuntianhua is set to acquire the remaining 6.11% stake in Yunnan Yuntianhua Dawei Ammonia that it does not already own, for USD 19.32 million.
Dawei Ammonia is a major producer of ammonia, a critical raw material used in the manufacturing of fertilizers and various industrial products. The company predominantly provides ammonia for nitrogen-based fertilizers, supporting the agricultural sector as well as industries such as chemicals and petrochemicals. Dawei Ammonia focuses on enhancing production efficiency and safety, with an annual production capacity of 580,000 tons of synthetic ammonia and 430,000 tons of urea.
This transaction will improve Yunnan Yuntianhua’s control over operations, facilitate better resource integration, and increase profitability for its shareholders.
February
Chemicals
Deal 1: DSM-Firmenich AG | Novozymes Feed Enzymes Alliance (Switzerland) was acquired by Novonesis A/S (Denmark) for USD 1.55 billion.
Novonesis A/S to Acquire DSM-Firmenich AG | Novozymes Feed Enzymes Alliance
DSM-Firmenich has sold its 50% stake in the Feed Enzymes Alliance to its partner Novozymes, a biosolutions provider, for EUR 1.5 billion (USD 1.55 billion).
The Feed Enzymes Alliance is a strategic partnership between DSM-Firmenich and Novozymes, aiming to develop advanced feed enzyme solutions for the animal nutrition and biotechnology industries. This collaboration focuses on enhancing animal health, feed efficiency, and sustainability in both livestock and aquaculture.
By utilizing specialized enzymes, the alliance improves the breakdown of complex feed ingredients, facilitating better nutrient absorption and reducing waste in animal farming.
As global protein demand rises and land and water resources become scarcer, the need for innovative, sustainable solutions is growing. With its broader presence across the animal biosolutions value chain, Novozymes is better positioned to provide value-driven, sustainable solutions for its customers.
The transaction is expected to be finalized in 2025.
Deal 2: Brazilian decorative paints business of BASF SE (Brazil) was acquired by The Sherwin-Williams Company (United States) for USD 1.15 billion.
The Sherwin-Williams Company to Acquire Brazilian decorative paints business of BASF SE
Sherwin-Williams, a prominent US-based player in the paint and coatings industry, is broadening its market reach with the acquisition of BASF’s Brazilian decorative paints business for USD 1.15 billion in cash.
The business develops, manufactures, and markets a diverse range of products under the renowned Suvinil and Glasu! brands. These products cater to professional painters, designers, architects, contractors, and consumers across Brazil. Employing approximately 1,000 people, it operates two manufacturing facilities in Brazil’s Northeast and Southeast regions. In 2024, Suvinil reported sales of approximately USD 525 million.
The acquisition of Suvinil aligns with Sherwin-Williams’ strategy to accelerate growth in high-potential international markets. Suvinil holds a dominant position in the Brazilian paint market, recognized for its innovative offerings and extensive distribution network. This acquisition will not only strengthen Sherwin-Williams’ presence in the region but also create opportunities for enhanced sales and operational efficiencies.
As for BASF, the company plans to evaluate further strategic options for its remaining coatings activities, including automotive OEM coatings, refinish coatings, and surface treatment solutions.
The deal is expected to be finalized in the second half of 2025.
Deal 3: EPL Limited (India) was acquired by Indorama Ventures Public Company Limited (Thailand) for USD 220.00 million.
Indorama Ventures Public Company Limited to Acquire EPL Limited
Indorama Ventures, a global chemicals powerhouse, has entered into an agreement to acquire a 24.9% interest in specialty packaging firm EPL from Blackstone for USD 221 million.
EPL, the largest global producer of laminated tubes, operates 21 advanced facilities across 11 countries and employs over 3,500 staff. The company manufactures more than eight billion tubes annually and is recognized for its innovative, high-quality packaging products. EPL serves major global brands in sectors such as oral care, beauty, cosmetics, and pharmaceuticals.
This acquisition supports Indorama’s strategy to invest in businesses with strong growth prospects, both internationally and in key markets like India. Indorama’s partnership with EPL is expected to drive its expansion, particularly in markets like Thailand and Nigeria.
Following the deal, Blackstone will hold about 26.5% of EPL. The transaction is expected to close in the coming months, with Goldman Sachs acting as the exclusive financial advisor to Indorama Ventures and Morgan Stanley advising Blackstone.
Deal 4: Assets related to the industrial portion of Royal Purple business of Calumet, Inc. (United States) was acquired by Lubrication Engineers, Inc. (United States) for USD 110.00 million.
Lubrication Engineers, Inc. to Acquire Assets related to the industrial portion of Royal Purple business of Calumet, Inc.
Lubrication Engineers is acquiring the industrial assets of Royal Purple, a division of specialty products manufacturer Calumet, for USD 110 million. This acquisition enhances Lubrication Engineers’ presence in the industrial lubricants market and broadens its portfolio in specialty chemicals.
Royal Purple’s industrial product line includes synthetic lubricants, greases, and fluids, such as industrial gear lubricants, stationary natural gas engine oils, hydraulic lubricants, compressor oils, and BioMax bio-environmental lubricants. In 2024, Royal Purple’s industrial segment generated approximately USD 29 million in sales.
Following the acquisition, Lubrication Engineers will assume exclusive manufacturing and distribution rights for Royal Purple-branded industrial products, expanding its ability to provide advanced solutions across various industries. Calumet, meanwhile, will retain the consumer segment of Royal Purple and its associated manufacturing assets.
The deal is expected to close in the first half of 2025, with Moelis & Company LLC serving as the exclusive financial advisor to Calumet in the transaction.
Deal 5: Raw material division of BEWi ASA (Netherlands) was acquired by The Rock Capital Group S.A. (Luxembourg) for USD 80.00 million.
The Rock Capital Group S.A. to Acquire Raw material division of BEWi ASA
BEWI has reached an agreement with The Rock Capital Group (TRCG), the owner of Unipol Holland, to divest approximately 51% of its RAW segment, a leading European producer of polystyrene beads, for around USD 78 million.
This partnership will combine BEWI’s and TRCG’s raw material businesses, forming a prominent European producer of expanded polystyrene (EPS). The merged entity will operate four raw material facilities across Germany, Finland, and the Netherlands, with a total annual production capacity of 375,000 tonnes of EPS, including 30,000 tonnes of grey EPS and a substantial capability to produce recycled EPS. The new company plans to shift part of its production from white EPS to grey EPS in response to the increasing demand for this material.
The transaction will strengthen BEWI’s financial position by reducing its leverage and providing greater flexibility to focus on higher-margin growth areas. BEWI will retain a 49% stake and joint control of the newly formed entity.
The transaction is subject to the completion of closing conditions.
March
Chemicals
Deal 1: NOVA Chemicals Corporation (Canada) was acquired by Borealis AG (Austria), and Borouge plc (United Arab Emirates) for USD 13.40 billion.
Borealis AG; Borouge plc to Acquire NOVA Chemicals Corporation
Petrochemical firms Borouge Plc and Borealis AG will merge to form Borouge Group International, which will acquire Nova Chemicals Corporation for USD 13.4 billion, including debt. This transaction will create the world’s fourth-largest polyolefins producer, strengthening its position in the global petrochemical industry.
Ownership of Borouge Group International will be equally split between ADNOC and OMV, each holding a 46.94% stake, while the remaining 6.12% will be publicly traded. The company will be headquartered in Austria, with regional headquarters in the UAE, and will be listed on the Abu Dhabi Securities Exchange (ADX).
Nova Chemicals Corporation, a North American petrochemical producer, specializes in polyethylene, styrenics, and chemical intermediates for packaging, construction, and industrial applications. The company has an annual production capacity of 2.6 million metric tons (mt) of polyethylene and 4.2 million mt of ethylene, complementing Borouge and Borealis’s existing operations.
The formation of Borouge Group International will integrate the strengths of all three companies, enhancing feedstock access, expanding product offerings, and improving market reach. The combined entity will leverage world-class technology, a strong innovation pipeline, and industry-leading circular economy initiatives. With an extensive production footprint and a global sales network, it is expected to achieve a total polyolefins production capacity of approximately 13.6 million metric tons per annum (mtpa), including output from Borouge 4.
As part of the agreement, ADNOC and OMV will reintegrate the Borouge 4 expansion project, which is expected to be fully operational by the end of 2026. This initiative will add 1.4 million mtpa of polyolefins production capacity, further solidifying the company’s competitive position.
The merger of Borouge and Borealis, along with the acquisition of Nova Chemicals, is anticipated to close in the first quarter of 2026.
Deal 2: Genesis Alkali Holdings, LLC (United States) was acquired by WE Soda US LLC (United States) for USD 1.43 billion.
WE Soda US LLC to Acquire Genesis Alkali Holdings, LLC
WE Soda has announced its acquisition of Genesis Alkali, the largest producer of natural soda ash in the United States, for USD 1.43 billion—positioning the company as the world’s leading soda ash producer.
Genesis Alkali operates two major natural soda ash production facilities in Wyoming, with a combined capacity of 4.35 million metric tons per annum (mtpa). Its products are critical to a wide range of industries, including glass manufacturing, detergents, pharmaceuticals, and renewable energy technologies.
The deal boosts WE Soda’s total production capacity to approximately 9.5 million mtpa and represents a significant step in the company’s global growth strategy. It not only expands WE Soda’s scale but also strengthens its geographic footprint, enhances customer access, improves supply chain capabilities, and reinforces its commitment to sustainability. The acquisition complements WE Soda’s existing operations in Europe, the UK, and Türkiye, and supports the expansion of its direct-to-customer model globally.
With this acquisition, WE Soda is well positioned to meet the growing global demand for soda ash while delivering greater value to customers and stakeholders through improved operational efficiency, product availability, and market reach.
Deal 3: PT Lotte Chemical Indonesia (Indonesia) was acquired by Undisclosed consortium for USD 462.70 million.
Undisclosed consortium to Acquire PT Lotte Chemical Indonesia
Lotte Chemical has sold a 25% stake in its Indonesian subsidiary, PT Lotte Chemical Indonesia (LCI), for KRW 650 billion (USD 462.7 million). The stake was acquired by a securities firm and five special-purpose vehicles, whose identities were not publicly disclosed.
Established to spearhead petrochemical development in Indonesia, LCI is currently constructing the country’s first naphtha cracker facility in Cilegon, Banten. The plant, expected to commence operations in 2025, will produce core petrochemical outputs such as ethylene, propylene, and polypropylene, with estimated annual revenues reaching up to USD 2.66 billion.
Following the sale, Lotte Chemical’s ownership in LCI drops from 49% to 24%. The divestment is part of a broader effort to improve liquidity, with the company targeting a total capital raise of KRW 1.4 trillion. Despite this restructuring, Lotte Chemical Titan Holding Bhd (LC Titan), an affiliate, will retain its 51% stake in LCI.
This divestiture supports Lotte Chemical’s ongoing strategy to scale down its exposure to commodity petrochemicals and pivot toward higher-margin specialty chemical segments.
Deal 4: Dipsol Chemical Co., Ltd. (Japan) was acquired by Quaker Chemical Corporation (United States) for USD 154.00 million.
Quaker Chemical Corporation to Acquire Dipsol Chemical Co., Ltd.
Quaker Houghton, a U.S.-based chemical company, has completed the acquisition of Dipsol Chemical, a leading Japanese manufacturer of metal surface treatment chemicals, for JPY 23 billion (USD 153 million).
Dipsol Chemical is a long-standing specialist in advanced metal surface treatment technologies, primarily focused on electroplating applications for industries including automotive, electronics, heavy machinery, and aerospace. The company maintains a worldwide presence through its network of production and R&D centers across Asia, North America, and Europe, with particularly strong foothold in the Asia-Pacific region.
The acquisition supports Quaker Houghton’s strategy to expand its Advanced Solutions segment within high-growth, high-barrier industries. Dipsol’s established customer relationships and complementary technologies are expected to foster global cross-selling opportunities and enhance the group’s ability to deliver tailored solutions to a broader client base.
The transaction is anticipated to close in the second quarter of 2025.
Deal 5: NextChem S.p.A. (Italy) was acquired by Azzurra Capital Management FZE (Luxembourg) for USD 115.00 million.
Azzurra Capital Management FZE to Acquire NextChem S.p.A.
Private equity firm Azzurra Capital is acquiring an 8% stake in NextChem, the Sustainable Technology Solutions arm of Italian engineering group MAIRE, for approximately USD 115 million.
NextChem S.p.A. specializes in developing and commercializing proprietary technologies that drive the energy transition and green chemistry. The company focuses on green hydrogen production, waste-to-chemicals processes, and biodegradable plastics, offering technology licensing, engineering services, and project development to support sustainable industrial practices worldwide.
The investment marks a significant milestone in NextChem’s growth strategy, reinforcing its market position as a key technology enabler in the transition to a low-carbon economy. Azzurra Capital’s involvement underscores confidence in the company’s strategic direction and long-term value creation potential.
Upon completion, MAIRE will retain around 82% of NextChem’s share capital, Azzurra Capital will hold 8%, Yousef Al Nowais will own 5%, and MI will hold 5%. The transaction is expected to close by May 2025.
April
Chemicals
Deal 1: Wanhua PetroChemical (Yantai) Co., Ltd. (China) was acquired by Petrochemical Industries Company K.S.C. (Kuwait) for USD 638 million.
Petrochemical Industries Company K.S.C. to Acquire Wanhua PetroChemical (Yantai) Co., Ltd.
Kuwait’s Petrochemical Industries Company (PIC) is set to acquire a 25% stake in Wanhua Petrochemical (Yantai) for approximately USD 638 million, reinforcing its joint venture partnership with Wanhua Chemical Group. PIC and Wanhua Chemical have maintained a collaborative industrial relationship since 2013.
Wanhua Petrochemical (Yantai) Co. Ltd. plays a vital role in Wanhua’s extensive petrochemical operations, producing a broad range of products including ethylene, propylene, polyethylene, polypropylene, and methylene diphenyl diisocyanate (MDI), an essential material in polyurethane manufacturing. The Yantai facility is a key element of Wanhua’s integrated C2/C3/C4 industrial chain, covering procurement, production, and sales activities.
As part of the agreement, PIC will take ownership of several specialty chemical units in Yantai, including those producing propylene oxide and acrylic acid.
This acquisition marks a significant advancement in the longstanding cooperation between the two companies, opening a new phase of shared growth and innovation. By combining their industrial expertise and resources, PIC and Wanhua Chemical aim to deepen collaboration across diverse sectors and enhance operational synergies.
The partnership is anticipated to contribute substantially to the global petrochemical industry’s development, stimulate economic growth, and establish a new model for international collaboration within the sector.
Deal 2: Hyosung Vina Chemicals Co., Ltd. (Vietnam) was acquired by Hyosung Vina First Co., Ltd. (South Korea) for USD 282.70 million.
Hyosung Vina First Co., Ltd. to Acquire Hyosung Vina Chemicals Co., Ltd.
Hyosung Chemical is divesting its 49% stake in its Vietnamese subsidiary, Hyosung Vina Chemicals, to a special purpose company, Hyosung Vina First Co., Ltd., for approximately KRW 396.5 billion (USD 282.7 million).
Hyosung Vina Chemicals operates a major petrochemical complex in the Cai Mep Industrial Zone, producing polypropylene, ethylene, and propylene mainly from liquefied petroleum gas, with an annual capacity of about 300,000 tons. Its products serve industries such as automotive, medical, and plastics.
The transaction is structured as a Price Return Swap (PRS), a derivative contract under which the parties settle the difference between the stock price at contract maturity and a predetermined reference price. If the stock price falls below the reference price, Hyosung Chemical compensates the buyer; if it rises above, the buyer compensates Hyosung Chemical.
This move aims to strengthen Hyosung Chemical’s financial position by improving liquidity, especially as Hyosung Vina Chemicals has experienced financial difficulties in recent years. The deal is expected to be finalized by June 2025, with a contract duration of three years.
Deal 3: Sun Fluoro System Co.,Ltd. (Japan) was acquired by Soulbrain Co., Ltd. (South Korea) for USD 184.69 million.
Soulbrain Co., Ltd. to Acquire Sun Fluoro System Co.,Ltd.
South Korean chemical company Soulbrain, through its subsidiary SFS Global, is acquiring shares in Japan’s Sun Fluoro System valued at KRW 258 billion (approximately USD 184.7 million), increasing its stake by 22.09%. This acquisition will raise Soulbrain’s total ownership in Sun Fluoro System to 62.37%.
Sun Fluoro System is a Japanese small- to medium-sized enterprise specializing in corrosion-resistant equipment, utilizing proprietary m-PTFE lining technology. It primarily serves the semiconductor and chemical processing industries, with about 85% of its revenue coming from the semiconductor sector. The company also operates in South Korea, Taiwan, China, and the United States.
The acquisition aims to diversify Soulbrain’s business portfolio and strengthen its foothold in the chemical and fluoropolymer markets.
Soulbrain is among Korean and Japanese investors who formed a joint venture fund led by NowIB Capital in early April to facilitate the acquisition of Sun Fluoro System. This strategic move seeks to reinforce the semiconductor materials supply chain and promote cooperation between Korean and Japanese high-tech industries.
Deal 4: REC Silicon ASA (Norway) was acquired by Hanwha Solutions Corporation ; Hanwha Corporation (South Korea) for USD 88.70 million.
Hanwha Solutions Corporation; Hanwha Corporation to Acquire REC Silicon ASA
Norwegian polysilicon producer REC Silicon is being acquired by South Korea’s Hanwha Corporation and Hanwha Solutions Corporation for approximately NOK 925 million (USD 88.7 million).
REC Silicon manufactures high-purity polysilicon and silane gas—critical materials used in photovoltaic solar cells and electronic devices. With over four decades of experience, the company is recognized for its proprietary Signature Silane technology and aims to remain a cost-efficient and innovative leader in the silicon materials sector. Its manufacturing facilities are located in Moses Lake, Washington, and Butte, Montana, in the United States.
Hanwha Corporation and Hanwha Solutions, which became REC Silicon’s largest shareholders in March 2022 by acquiring a 33.34% stake, are now pursuing full ownership. The acquisition follows REC Silicon’s ongoing financial and strategic challenges. Hanwha plans to delist the company from the Oslo Stock Exchange and stabilize management through financial support and enhanced governance.
Hanwha is a major South Korean conglomerate with a diversified portfolio spanning chemicals, energy, aerospace, defense, finance, and retail. The group emphasizes technological innovation across its core industries, including petrochemicals, solar energy, and industrial materials—making REC Silicon a strategically aligned addition to its portfolio.
REC Silicon’s board unanimously approved the acquisition proposal after thoroughly evaluating the offer price and the potential synergies from the business combination.
Deal 5: Centrome, Inc. dba Advanced Biotech (United States) was acquired by Asia Aroma Investment LLC (China) for USD 30.00 million.
Asia Aroma Investment LLC to Acquire Centrome, Inc. dba Advanced Biotech
Yaxiang Co. has announced the acquisition of a 10% equity stake in Centrome Inc., operating under the name Advanced Biotech, for USD 30 million. This purchase was made through Yaxiang’s subsidiary, Asia Aroma Investment LLC.
Advanced Biotech, based in the United States, produces high-quality natural and synthetic ingredients tailored for the flavor and fragrance industries. Its wide-ranging product portfolio features natural flavor compounds, essential oils, pyrazines, and various aromatic chemicals. Known for a strong commitment to quality and innovation, Advanced Biotech serves a diverse global customer base and is recognized as a trusted supplier worldwide.
This strategic investment is intended to expand Yaxiang’s global reach and diversify its product range by tapping into Advanced Biotech’s technical expertise and innovative capabilities.
The collaboration is expected to drive joint advancements in research and development, enhance supply chain integration, and accelerate market expansion, supporting Yaxiang’s long-term goals for sustainable expansion and competitiveness.
May
Chemicals
Deal 1: Johnson Matthey's Catalyst Technologies business (United States) was acquired by Honeywell International Inc. (United States) for USD 2.40 billion.
Honeywell International Inc. to Acquire Johnson Matthey's Catalyst Technologies business
Johnson Matthey has reached an agreement to sell its Catalyst Technologies business to U.S. industrial leader Honeywell for GBP 1.8 billion (approximately USD 2.4 billion).
The Catalyst Technologies division develops advanced catalysts and process solutions that support sustainable chemical production across the energy, chemical, and transportation industries. Its portfolio includes technologies for sustainable aviation fuel, blue hydrogen, ammonia, methanol, and products used in refining and petrochemical sectors. In addition to technology licensing and engineering services, the division leads over 150 projects focused on accelerating the global transition to net-zero emissions.
This acquisition expands Honeywell’s capabilities as a leading technology provider of critical energy solutions, enhancing its ability to integrate process technologies with automation through its UOP business unit. Upon completion, Honeywell will broaden its product offerings to include sustainable methanol, SAF, blue hydrogen, and blue ammonia—strengthening its position in the evolving market for lower-emission fuels.
The deal is anticipated to be earnings accretive from the first year, adding high-growth opportunities to Honeywell’s Energy and Sustainability Solutions (ESS) segment.
For Johnson Matthey, the sale marks a shift toward a more focused business centered on Clean Air technologies and platinum group metals (PGMs), aimed at driving consistent cash flow and delivering sustained value to shareholders.
The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals.
Deal 2: Salar de Maricunga SpA (Chile) was acquired by Rio Tinto Group (United Kingdom) for USD 900.00 million.
Rio Tinto Group to Acquire Salar de Maricunga SpA
Global mining group Rio Tinto is entering into a joint venture with Chilean state-owned miner Codelco to develop a lithium project at the Salar de Maricunga. Under the agreement, Rio Tinto will purchase a 49.99% interest in Salar de Maricunga SpA for a total of USD 900 million.
Situated at roughly 3,760 meters above sea level in Chile’s Atacama region, Salar de Maricunga is a high-altitude salt flat known for its rich lithium brine resources. It is considered one of the world’s most attractive lithium deposits due to its high average lithium concentration and favorable geological conditions.
The joint venture will prioritize meaningful engagement with local communities, invest in essential infrastructure such as power and road networks, and implement advanced technologies for lithium extraction, processing, and reinjection. These initiatives aim to maximize recovery rates while minimizing environmental impact.
This transaction represents a strategic step forward for both Rio Tinto and Codelco, reinforcing their roles in supplying essential materials for the global energy transition. Once finalized—expected by the end of the first quarter of 2026, Codelco will hold a 50.01% controlling interest in compliance with Chile’s National Lithium Strategy and guidelines set by the Ministry of Mining, while Rio Tinto will own the remaining 49.99%.
Deal 3: DyStar Global Holdings (Singapore) Pte. Ltd. (Singapore) was acquired by Zhejiang Longsheng Group Co.,Ltd (China) for USD 696.55 million.
Zhejiang Longsheng Group Co.,Ltd to Acquire DyStar Global Holdings (Singapore) Pte. Ltd.
Zhejiang Longsheng Group will assume full ownership of DyStar by acquiring the remaining 37.57% stake in the Singapore-based specialty chemicals company for approximately USD 696.55 million.
DyStar is a global supplier of dyes, pigments, and specialty chemicals, offering a comprehensive range of solutions for industries such as textiles, leather, paper, plastics, and personal care. Formed in 1995 through the merger of several major dye divisions, the company has since expanded its operations to over 50 countries. DyStar is recognized for its focus on sustainable innovation and solutions that support high-performance manufacturing across global supply chains.
With this transaction, Zhejiang Longsheng—already holding a 62.43% stake—will become DyStar’s sole shareholder. Full ownership is expected to enhance DyStar’s strategic alignment and operational agility, reinforcing its leadership in the specialty chemicals sector while advancing its commitment to innovation, sustainability, and global growth.
Deal 4: Polymer chemicals business of The Goodyear Tire & Rubber Company (United States) was acquired by Gemspring Capital LLC (United States) for USD 650.00 million.
Gemspring Capital LLC to Acquire Polymer chemicals business of The Goodyear Tire & Rubber Company
Goodyear Tire & Rubber Company has agreed to divest the majority of its Goodyear Chemical business to Gemspring Capital Management in a deal valued at approximately USD 650 million.
Goodyear Chemical produces synthetic rubber, polymers, and engineered chemical solutions that support a variety of industries, including automotive, construction, and manufacturing. Its materials are used in the production of tires, adhesives, sealants, and coatings. The company also offers specialized services such as custom formulations, technical support, and process optimization through its research and development center in Akron, Ohio.
The deal includes Goodyear’s manufacturing sites in Houston and Beaumont, Texas, along with the Akron R&D center. However, Goodyear will retain its facilities in Niagara Falls, New York, and Bayport, Texas, along with the rights to continue producing certain antioxidant and specialty chemical products.
Partnering with Gemspring is expected to position Goodyear Chemical for growth as a standalone business. With Gemspring’s strategic backing and industry expertise, the business aims to advance product innovation, strengthen customer relationships, and expand its global presence in the elastomer and specialty chemicals market.
The deal is expected to close by the end of 2025. Lazard is serving as the lead financial advisor to Goodyear, with Deutsche Bank also advising. Gemspring is being advised by Piper Sandler & Co. as lead financial advisor, alongside Greenhill & Co.
Deal 5: Fertiliser distribution business of Dyno Nobel Limited (Australia) was acquired by Ridley Corporation Limited (Australia) for USD 240.00 million.
Ridley Corporation Limited to Acquire Fertiliser distribution business of Dyno Nobel Limited
Ridley Corporation, a key player in animal nutrition and agricultural inputs, is set to acquire the fertilizer distribution business of Dyno Nobel for AUD 300 million (approximately USD 375 million). This acquisition marks a strategic step toward expanding Ridley’s presence across the broader agri-inputs value chain.
Operating under the Incitec Pivot Fertilizers brand, Dyno Nobel’s fertilizer distribution business holds a leading 46% market share on Australia’s East Coast. The business oversees an extensive network of 13 primary distribution centers, seven regional hubs, and three liquid fertilizer depots, distributing approximately 2.2 million tonnes of product annually. The portfolio includes essential crop nutrition products such as urea, MAP/DAP, and specialty fertilizer blends, which are key chemical-based inputs in modern agriculture.
To further strengthen its supply chain, Ridley has also secured a long-term agreement to source a minimum of 700,000 tonnes of urea annually from Perdaman Chemicals and Fertilizers, with production slated to begin by 2028.
This acquisition is expected to enhance Ridley’s vertical integration, allowing the company to deliver more comprehensive solutions across both the animal feed and crop nutrition markets. The transaction is anticipated to close in the third quarter of 2025.
June
Chemicals
Deal 1: Akzo Nobel India Limited (India) was acquired by JSW Paints Limited (India) for USD 1.10 billion.
JSW Paints Limited to Acquire Akzo Nobel India Limited
Dutch multinational AkzoNobel is divesting a 74.7% stake in Akzo Nobel India Ltd to JSW Paints, marking the largest acquisition to date by the Jindal Group and signaling a major shift in India’s competitive paint and coatings industry.
In line with SEBI regulations, JSW Paints will also launch a mandatory open offer to acquire the remaining 26% stake held by public shareholders.
Akzo Nobel India is a prominent player in the decorative and industrial coatings segment, offering a broad range of products under trusted brands such as Dulux, Sikkens, and International. The company caters to both retail consumers and industrial clients, with an emphasis on sustainable and locally tailored paint solutions. As part of the transaction, AkzoNobel will retain ownership of its India Powder Coatings division and the International Research Center, both currently housed within Akzo Nobel India.
The acquisition significantly boosts JSW Paints’ market position, placing it among the top players in an industry poised for continued growth. The transaction is slated for completion in the fourth quarter of 2025.
Deal 2: SK Enmove Co., Ltd. (South Korea) was acquired by SK Innovation Co., Ltd. (South Korea) for USD 631.00 million.
SK Innovation Co., Ltd. to Acquire SK Enmove Co., Ltd.
SK Innovation has announced its intention to acquire the remaining 30% stake in SK Enmove, its subsidiary focused on lubricants and mobility solutions, in a deal valued at approximately USD 631 million. This decision follows the company’s withdrawal of a planned initial public offering for SK enmove, citing market volatility and broader strategic considerations.
SK Enmove develops and distributes high-performance lubricants, premium base oils, and energy-efficient mobility products. As part of SK Innovation—the energy and chemical business of SK Group—the company serves over 60 global markets, supporting the automotive, industrial, and electric vehicle sectors. Its well-known ZIC brand and ongoing investments in technologies that promote sustainability and fuel efficiency reflect its commitment to future-ready mobility solutions.
By taking full ownership, SK Innovation aims to improve operational efficiency, strengthen strategic coherence, and better position itself within the evolving energy and chemicals landscape. The acquisition is seen as a key step in advancing long-term growth aligned with low-carbon innovation and global competitiveness.
Deal 3: AluChem Companies, Inc. (United States) was acquired by Hindalco Industries Limited (India) for USD 125.00 million.
Hindalco Industries Limited to Acquire AluChem Companies, Inc.
Hindalco Industries, the metals arm of the Aditya Birla Group, is acquiring AluChem Companies in a USD 125 million all-cash deal, aiming to expand its footprint in the global specialty alumina market.
AluChem is a producer of high-purity specialty alumina products, including calcined, reactive, ultra-low soda, and tabular aluminas. With manufacturing operations in Ohio and Arkansas, the company supplies advanced materials to sectors such as refractories, ceramics, electronics, and aerospace. Known for its technical know-how and reliable product quality, AluChem supports complex, high-performance applications across a wide range of industries.
The specialty alumina market is experiencing strong global demand, particularly from electronics, aerospace, medical devices, and advanced ceramics. Hindalco, which currently operates 500,000 tons of specialty alumina capacity, plans to scale that to 1 million tons by FY2030 as part of its long-term growth strategy.
Through this acquisition, Hindalco will gain access to AluChem’s advanced processing capabilities and an annual production capacity of 60,000 tons, further enhancing its ability to serve critical and clean-tech sectors. The deal also gives Hindalco a deeper presence in the North American market, complementing its existing global operations.
The transaction is expected to be completed in the next quarter, subject to customary closing conditions.
Deal 4: DowAksa Advanced Composites Holdings BV (Turkey) was acquired by Aksa Akrilik Kimya Sanayii A.S. (Turkey) for USD 125.00 million.
Aksa Akrilik Kimya Sanayii A.S. to Acquire DowAksa Advanced Composites Holdings BV
Dow has reached an agreement to sell its 50% stake in DowAksa Advanced Composites to its joint venture partner Aksa Akrilik Kimya Sanayii A.Ş. for USD 125 million. The transaction reflects Dow’s strategy to streamline its portfolio by focusing on core, value-generating businesses.
DowAksa specializes in the production of carbon fiber and advanced composite materials. It operates one of the few fully integrated manufacturing facilities globally, covering the full production chain from precursor to finished composites. The company supports critical sectors including renewable energy, aerospace, defense, and infrastructure, where durable, lightweight materials are in high demand.
By acquiring full ownership, Aksa Akrilik accelerates its transition from an acrylic fiber producer to a global player in carbon-based advanced materials, reinforcing its position in a strategically vital sector dominated by a limited number of producing nations.
The transaction is expected to close in the third quarter of 2025. BNP Paribas served as Dow’s exclusive financial advisor in the transaction.
Deal 5: Hung Jie Technology Corporation (Taiwan) was acquired by Taiwan Speciality Chemicals Corporation (Taiwan) for USD 103.00 million.
Taiwan Speciality Chemicals Corporation to Acquire Hung Jie Technology Corporation
Taiwan Specialty Chemicals Corp. (TSC), a key supplier of specialty gases for the semiconductor industry, has announced plans to acquire a 65.22% stake in Hung Jie Technology Corporation for approximately USD 103 million. The acquisition is aimed at strengthening TSC’s vertical integration and expanding its role in the semiconductor manufacturing ecosystem.
Hung Jie provides high-precision cleaning, plasma spray coating, and surface treatment for components used in semiconductor and optoelectronic equipment. Its services help OEMs enhance equipment performance, extend component lifespans, and reduce operational costs through efficient refurbishment and maintenance solutions.
TSC, an affiliate of Sino-American Silicon Products Inc. (SAS), manufactures electronic-grade specialty gases and chemicals used in semiconductor fabrication. The addition of Hung Jie’s advanced cleaning and surface treatment capabilities complements TSC’s existing offerings, while the overlap in customer base opens opportunities for synergies and cross-service expansion.
Once finalized, the acquisition will make Hung Jie an affiliate of SAS, reinforcing TSC’s position in the global semiconductor supply chain and enhancing its ability to deliver more comprehensive and integrated services.
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.
January
Artificial Intelligence (AI)
Deal 1: AnyVision Interactive Technologies Ltd. (Oosto) (United States) was acquired by Metropolis Technologies, Inc. (United States) for USD 125.00 million.
Metropolis Technologies, Inc. to Acquire AnyVision Interactive Technologies Ltd. (Oosto)
Metropolis, an AI-driven parking platform, has acquired Oosto (formerly AnyVision), a leading provider of AI-powered security and video analytics solutions, in a USD 125 million all-stock transaction.
Metropolis harnesses artificial intelligence and computer vision to facilitate checkout-free payment experiences across more than 4,000 locations, serving over 50 million customers and processing over USD 5 billion in payments annually.
Oosto has strategically invested in edge-to-cloud computing and multi-class Vision AI algorithms, driving significant growth into new sectors and applications, resulting in more than doubled revenue. Its innovation, Oosto Protect, launched in April 2024, introduces scalable, cost-effective solutions for remote management and behavior analysis within the security industry.
This acquisition allows Metropolis to integrate Oosto’s advanced technology to enhance efficiency, safety, and customer experiences across industries such as public safety, enterprise, retail, banking, healthcare, fitness, and critical infrastructure.
Both companies are focused on leveraging AI and data analytics to create smarter, safer, and more efficient environments across a range of sectors.
Deal 2: Aflorithmic Labs Limited (Audiostack) (United Kingdom) was acquired by Unknown Buyer for USD 0.50 million.
Unknown Buyer to Acquire Aflorithmic Labs Limited (Audiostack)
Australian AI company Unith has announced the sale of a portion of its stake in Audiostack for USD 0.5 million, enhancing its financial position to fuel ongoing growth and development initiatives. The buyer’s identity has not been disclosed.
Audiostack is a pioneer in offering a fully automated, scalable AI-driven audio production platform. Its technology enables the efficient creation of high-quality audio assets, including voiceovers, dynamic creatives, and brand voice synthesis, all powered by advanced AI. The platform’s capabilities significantly shorten production time, allowing studio-quality audio to be produced in hours or even minutes instead of days. Audiostack’s notable clients include McDonald’s, Porsche, Mountain Dew, and top agencies like Omnicom and Publicis, as well as prominent publishers such as Acast and iHeart.
Following the sale, Unith will retain a stake in Audiostack valued at approximately USD 1.54 million. Despite this partial divestment, Unith maintains a close relationship with Audiostack, continuing its partnership as an AI technology provider for the DigitalHuman platform and its voice library.
Deal 3: Legal Files Software, Inc. (United States) was acquired by Onit, Inc. (United States) for an undisclosed amount.
Onit, Inc. to Acquire Legal Files Software, Inc.
Onit, a global leader in AI-driven workflow automation solutions for the legal sector, has acquired Legal Files Software for an undisclosed amount. This acquisition extends Onit’s market-leading legal software into the insurance and government sectors, further diversifying its portfolio.
For over 30 years, Legal Files Software has been a trusted provider of legal case and matter management solutions, serving over 500 clients. Its highly customizable platform is designed to address the varied needs of teams managing complex legal functions across industries.
This acquisition enhances Onit’s expertise in workflow automation, combining its capabilities with Legal Files’ established reputation as a trusted provider of case management solutions for both private and public sector clients. For Legal Files, integrating with Onit’s innovative AI technology will empower clients to meet emerging challenges and foster continued growth.
Deal 4: Kind Humanoid, Inc. (United States) was acquired by 1X Technologies AS (Norway) for an undisclosed amount.
1X Technologies AS to Acquire Kind Humanoid, Inc.
Norwegian AI and robotics company 1X has acquired Kind Humanoid, a US-based robotics startup, to further its efforts in developing household robots. The financial details of the acquisition were not disclosed.
Kind Humanoid is known for creating Mona, a bipedal robot designed to interact with and assist people in everyday scenarios. The robot combines a bio-inspired body with advanced AI and large language models. Building on its Olympia prototype, Kind’s goal was to develop robots with general-purpose capabilities, as opposed to those trained for specific tasks.
This acquisition brings together two teams of robotics experts united by a shared vision to advance humanoid technology. Kind Humanoid’s expertise and culture align with 1X’s mission to create abundant labor through safe and intelligent humanoid robots. This development marks a significant milestone in the field of humanoid robotics. Last year, 1X secured USD 100 million in Series B funding from investors like Tiger Global and OpenAI, reflecting the company’s consistent progress in the field.
Deal 5: MajorBoost, Inc. (United States) was acquired by Superbill, Inc. (SuperDial) (United States) for an undisclosed amount.
Alianza, Inc. to Acquire Metaswitch Networks Ltd.5. Superbill, Inc. (SuperDial) to Acquire MajorBoost, Inc.
SuperDial, a voice AI company, is expanding its offerings through the acquisition of MajorBoost, a firm specializing in conversational AI to automate phone interactions with healthcare organizations. The financial details of the transaction remain undisclosed.
MajorBoost has created an AI-powered solution that simplifies the process of holding and navigating insurance companies’ Interactive Voice Response (IVR) systems. This acquisition enhances SuperDial’s current strengths in automated dialing, IVR handling, and collecting information from live representatives.
Integrating MajorBoost’s technology enables SuperDial to better address the increasing demand for automation in healthcare, where AI is playing an essential role in reducing administrative workload. This acquisition allows healthcare organizations to improve efficiency by automating phone interactions and alleviating one of the sector’s most time-consuming tasks.
SuperDial has built strong partnerships with leading billing firms and healthcare providers. Given both companies’ shared expertise in Revenue Cycle Management (RCM), this acquisition aligns with SuperDial’s strategic growth.
Looking ahead, SuperDial remains committed to meeting the evolving needs of its clients in a more automated healthcare landscape. The company plans to continue investing in AI-driven solutions to enhance RCM and other operational functions, enabling healthcare organizations to reduce costs and improve efficiency.
February
Artificial Intelligence (AI)
Deal 1: Khazna Data Center Limited (United Arab Emirates) was acquired by Group 42 Holding Ltd (United Arab Emirates) for USD 2.20 billion.
Group 42 Holding Ltd to Acquire Khazna Data Center Limited
UAE telecom giant e& is divesting its 40% stake in Khazna Data Centers to AI firm G42 for USD 2.2 billion. The sale aligns with e&’s asset monetization strategy, enabling it to concentrate on core operations while maximizing shareholder value.
E& and G42 initially merged their data center businesses in 2022 to form Khazna, now a key provider of wholesale data center solutions in the Middle East. Khazna specializes in secure, scalable, and energy-efficient infrastructure, supporting digital transformation and cloud computing for enterprises, hyperscalers, and government clients. With a focus on sustainability and innovation, the company delivers advanced colocation services across its expanding network of data centers.
Despite exiting its ownership stake, e& will remain a strategic partner and major tenant of Khazna, collaborating on AI-driven connectivity and next-generation digital infrastructure solutions.
Separately, MGX and Silver Lake will become minority investors, joining G42, which will retain a majority stake.
The transaction is expected to close by the end of the first quarter, with proceeds earmarked for debt reduction, enhancing e&’s financial flexibility and credit profile.
Deal 2: AdCreative.ai SAS (France) was acquired by Appier Group, Inc. (Taiwan) for USD 38.70 million.
Appier Group, Inc. to Acquire AdCreative.ai SAS
Appier has acquired Paris-based AI startup AdCreative.ai for USD 38.7 million in a strategic move to enhance its generative AI capabilities in advertising and marketing.
The deal expands Appier’s market presence and advances digital advertising innovation.
AdCreative.ai’s AI-powered platform, which generates high-performance ad creatives, banners, and social media content, serves major brands such as Snapchat, Pernod Ricard, Reckitt, BNP Paribas, and Chopard. By combining AI with advertising expertise, it streamlines campaign creation for greater efficiency and impact.
Appier has a strong foundation in AI and machine learning for consumer data analysis and personalized marketing. With its leadership in APAC and growing presence in the US, combined with AdCreative.ai’s European market position, the acquisition strengthens Appier’s AI ecosystem, driving the global expansion of its ROI-focused marketing solutions.
The transaction is expected to close in March.
Deal 3: OpenAI, L.L.C. (United States) was acquired by an undisclosed buyer for USD 8.40 million.
Undisclosed buyer to Acquire OpenAI, L.L.C.
Al Moammar Information Systems Co. (MIS) has sold its entire stake in OpenAI, a US-based AI research organization, for USD 8.4 million, realizing a USD 3.4 million profit on its initial USD 5 million investment.
OpenAI, known for creating the generative AI chatbot ChatGPT, was the focus of MIS’s investment in January 2024. At that time, MIS allocated USD 5 million as part of a broader USD 10.7 million portfolio aimed at expanding its presence in the burgeoning AI sector.
This divestment reflects MIS’s strategy to capitalize on favorable market conditions, resulting in a 68% return on investment.
The buyer has not been disclosed.
Deal 4: Agnostiq Inc. (Canada) was acquired by DataRobot, Inc. (United States) for an undisclosed amount.
DataRobot, Inc. to Acquire Agnostiq Inc.
DataRobot, a prominent provider of AI applications and platforms for businesses, has acquired Agnostiq, further advancing the development of agentic AI applications through enhanced compute orchestration and optimization. The financial terms of the deal were not disclosed.
Agnostiq is known for its innovative platform, Covalent, which streamlines AI infrastructure management and compute orchestration. Covalent empowers organizations to scale AI deployments effortlessly, optimize infrastructure usage for cost efficiency, and accelerate AI development through simplified infrastructure abstraction. With over 140,000 downloads, Covalent is trusted by leading teams and organizations worldwide.
This acquisition will fast-track agentic AI development by introducing advanced heterogeneous compute orchestration, accelerating AI deployment. Clients will gain the ability to deploy, scale, and manage AI workloads across multi-cloud, on-premises, and hybrid environments.
The acquisition will also allow customers to orchestrate resources across clusters such as run:ai, Slurm, Nomad, and Kubernetes, dynamically allocating and scaling infrastructure to match business requirements while ensuring optimal cost performance.
With this integration, AI teams are empowered to efficiently manage and develop agentic AI across various compute environments, driving impactful business results.
Deal 5: Accern Corporation (United States) was acquired by Wand Synthesis AI, Inc. (United States) for an undisclosed amount.
Wand Synthesis AI, Inc. to Acquire Accern Corporation
Accern, recognized as a Forbes 30 Under 30 company, has been acquired by WandAi for an undisclosed amount.
Accern Corp is a pioneer in AI-based data analytics, specializing in the financial services sector. The company’s platform uses natural language processing (NLP) and machine learning to extract valuable insights from unstructured data, including news articles, financial reports, and social media. This enables organizations, particularly in finance, to make data-driven decisions by analyzing both current and past information. Accern’s technology also tracks over 300 million websites in real-time to collect news about publicly traded companies.
Throughout its development, Accern has forged strategic partnerships with major players like Mizuho Bank and Capgemini.
Wand AI, which focuses on developing AI agents to automate business functions, has acquired Accern. As part of the acquisition, ten members of Accern’s technology and data science teams will join Wand’s existing team of around 70 employees.
This acquisition enhances Wand AI’s capabilities by combining its automation technology with Accern’s data analysis strengths, allowing the company to offer more advanced AI solutions and deliver greater value across various industries.
March
Artificial Intelligence (AI)
Deal 1: OfferFit, Inc. (United States) was acquired by Braze, Inc. (United States) for USD 325.00 million.
Braze, Inc. to Acquire OfferFit, Inc.
Braze, a customer engagement platform, has announced its agreement to acquire OfferFit, an AI decisioning company, for USD 325 million. The deal marks a significant move toward redefining marketing personalization through AI innovation.
OfferFit specializes in AI-powered personalization, using reinforcement learning to automate and optimize one-to-one customer communications. Unlike traditional A/B testing, OfferFit’s approach continuously adapts to individual user behavior, delivering tailored messages, timing, and channels in real time. Its client base spans sectors including telecommunications, retail, energy, financial services, streaming media, and travel.
This acquisition aligns with Braze’s broader vision for agentic AI, as outlined in its September 2024 announcement of Project Catalyst—an initiative aimed at enhancing customer experiences through intelligent personalization of journeys, content, and incentives. OfferFit’s multi-agent solution, which integrates with customer engagement platforms like Braze, is already designed to recommend hyper-personalized, cross-channel customer journeys.
By joining forces, Braze and OfferFit aim to accelerate the next generation of AI-driven customer engagement, combining their technologies and expertise to deliver smarter, more responsive interactions.
The transaction is expected to close in Braze’s fiscal quarter ending July 31, 2025. Goldman Sachs & Co. LLC is serving as financial advisor to Braze, while Atlas Technology Group is advising OfferFit.
Deal 2: Getvisibility Ltd. (Ireland) was acquired by Forcepoint LLC (United States) for an undisclosed amount.
Forcepoint LLC to Acquire Getvisibility Ltd.
Global cybersecurity firm Forcepoint is strengthening its AI-driven data security offerings through the acquisition of Getvisibility, an Irish provider of advanced solutions for Data Security Posture Management (DSPM) and Data Detection and Response (DDR). Financial terms of the deal were not disclosed.
Getvisibility specializes in AI-powered technologies that enable organizations to discover, classify, and protect sensitive data. Its platform equips enterprises with robust DSPM and DDR tools, offering deep visibility and control over both structured and unstructured data across cloud, on-premises, and hybrid environments. The company’s solutions are particularly relevant for managing data risks in increasingly complex and AI-integrated ecosystems.
The acquisition strengthens the longstanding collaboration between the two companies and marks a significant milestone in Forcepoint’s commitment to simplifying data security. By incorporating Getvisibility’s AI-powered analytics and automated risk management into its Data Security Everywhere platform, Forcepoint expands its ability to provide unified visibility, precise control, and efficient compliance for both enterprise and government clients.
This combination enables the seamless discovery, classification, prioritization, and protection of sensitive data, including personally identifiable information (PII), intellectual property, and other high-value assets across a variety of digital environments, including cloud, on-premises, and hybrid systems.
With the acquisition, Forcepoint accelerates the development of its full-lifecycle data security solutions, while Getvisibility scales its risk mitigation technologies and innovation capabilities to reach a broader global market.
Legal advisors on the transaction included Paul Hastings LLP and O’Flynn Exhams LLP, representing Forcepoint.
Deal 3: CAGLA, Inc. (Japan) was acquired by Laboro.AI Inc. (Japan) for an undisclosed amount.
Laboro.AI Inc. to Acquire CAGLA, Inc.
Japanese AI firm Laboro.AI is set to acquire CAGLA, a technology company known for its expertise in system design and graph database technology. This acquisition will allow Laboro.AI to harness CAGLA’s advanced graph database capabilities to further strengthen its AI and digital transformation initiatives.
CAGLA specializes in developing systems and applications for PCs, smartphones, and tablets, as well as conducting AI and UI/UX research and development. The company is recognized for its proficiency in graph database technology, which efficiently handles complex data relationships. This technology is well-suited for AI applications and large-scale language model (LLM) projects and has been widely adopted in the automotive industry and other sectors.
CAGLA’s established presence in the manufacturing and automotive sectors complements Laboro.AI’s expertise in AI solutions for R&D-focused industries. This acquisition will enhance their collective capabilities, accelerating the effective use of data and driving the development of next-generation AI technologies.
By integrating CAGLA’s technologies, both companies will foster innovation and deliver increased value to their clients, positioning themselves for sustained growth and success in the AI and digital transformation landscape.
Deal 4: nnamu GmbH (Germany) was acquired by Beroe Inc (United States) for an undisclosed amount.
Beroe Inc. to Acquire nnamu GmbH
Nnamu, an innovative negotiation technology company renowned for developing the world’s first AI agent based on game theory, has been acquired by Beroe Inc., a global leader in procurement decision intelligence. The financial terms of the deal were not disclosed.
Headquartered in Munich, Nnamu specializes in AI-driven procurement solutions that leverage game theory and artificial intelligence to enhance negotiation strategies. Its offerings include nnamu.negotiations, an AI-powered agent that autonomously recommends and implements optimal strategies, and nnamu.strategies, which improves digital procurement capabilities.
Beroe, which has already incorporated AI into its Beroe Live.ai platform, identified strong synergies with Nnamu’s autonomous negotiation technology. Going forward, Beroe plans to integrate its market intelligence into Nnamu’s AI agent, enhancing its ability to deliver more impactful outcomes for clients.
Nnamu’s AI agent draws on a 20-year dataset of over 2,000 negotiations, analyzed by a team of more than 100 experts in game theory and economics, with a total value exceeding EUR 400 billion.
With this acquisition, Beroe will provide procurement professionals with cutting-edge AI and game theory tools, transforming supplier negotiations. Additionally, Beroe has established a new entity in Germany and will integrate Nnamu’s full team into its operations.
Deal 5: Natural Synthetics Inc. dba Hotshot (United States) was acquired by X.AI Corp. (United States) for an undisclosed amount.
X.AI Corp. to Acquire Natural Synthetics Inc. dba Hotshot
Elon Musk’s artificial intelligence company, xAI, has acquired Hotshot, a startup specializing in AI-powered video generation, in a move to strengthen its position in the generative AI space and rival offerings like OpenAI’s Sora and Google’s Veo 2. The financial terms of the deal were not disclosed.
Hotshot has developed advanced models capable of turning text prompts into high-quality, dynamic video content, making professional-grade production more accessible across industries such as education, entertainment, and corporate communication. In just two years, the small team behind Hotshot built three proprietary video foundation models—Hotshot-XL, Hotshot Act One, and Hotshot Highlights— reflecting its agile innovation and foresight in the growing AI video space.
Following the acquisition, xAI is expected to integrate Hotshot’s technology into its broader suite of products as it expands beyond language-based systems. This move underscores xAI’s ambition to build multimodal AI platforms capable of understanding and generating video content at scale.
April
Artificial Intelligence (AI)
Deal 1: DeFi Development Corp. (United States) was acquired by A team of former Kraken executives (United States) for USD 4.00 million.
A team of former Kraken executives to Acquire DeFi Development Corp.
A group of former Kraken executives acquired a majority stake in DeFi Development Corporation (formerly Janover) for USD 4 million, steering the company toward a Solana-focused strategy
DeFi Development, a Nasdaq-listed firm, has shifted its core business from commercial real estate technology to cryptocurrency treasury management while continuing to operate its real estate data platform as it evolves into a SaaS model.
Under new leadership, the company now primarily manages digital assets, with a significant holding in Solana (SOL) tokens. DeFi Development plans to run its own Solana validators to earn staking rewards and help secure the network, aiming to provide investors with transparent exposure to the Solana ecosystem through public markets. This strategic pivot supports the company’s goal to strengthen its digital asset infrastructure and broaden its crypto treasury capabilities.
In addition to its focus on digital assets, DeFi Development is exploring the integration of artificial intelligence into its operations. This aligns with wider industry trends where AI and machine learning are increasingly applied to enhance trading strategies, risk assessment, and blockchain data analytics.
Supported by investors like Kraken Ventures and Pantera Capital, the company is well-positioned to pursue AI-driven innovations alongside its expanding blockchain infrastructure, aiming to drive long-term growth and technological advancement.
Deal 2: intellectual property of Cushion AI, Inc. (United States) was acquired by LendingClub Corporation (United States) for an undisclosed amount.
LendingClub Corporation Acquired Intellectual property of Cushion AI, Inc.
LendingClub, a digital marketplace bank, has acquired the intellectual property and certain key employees from Cushion, an AI-powered platform focused on spending insights. The terms of the deal were not made public.
Cushion’s technology analyzes users’ bank transactions and purchase data to help them track bills, make timely payments, manage subscriptions, build credit, and monitor buy now, pay later (BNPL) loans. This proprietary AI capability will enhance LendingClub’s existing DebtIQ platform—a free, AI-powered financial tool integrated into its mobile app that provides personalized insights, credit monitoring, and actionable advice to help users manage and reduce personal debt.
The acquisition builds on LendingClub’s earlier purchase of Tally in late 2024, further strengthening its suite of digital tools aimed at helping consumers optimize payments, reduce interest costs, and improve financial health. By integrating Cushion’s platform, LendingClub plans to expand visibility into consumer obligations beyond traditional credit data.
Despite Cushion’s early success—recovering over USD 15 million in bank and card fees for more than one million users—the company shut down operations in early 2025. Its core technology, however, will continue to benefit users under LendingClub’s broader financial ecosystem.
Deal 3: WAVs AI (United States) was acquired by A prominent Chinese technology company (China) for an undisclosed amount.
A prominent Chinese technology company to Acquire WAVs AI
WAVs AI, a trailblazer in real-time AI music synthesis, recently announced its acquisition by a leading Chinese technology firm for an undisclosed amount.
WAVs AI offers a platform that allows users to generate and enjoy music in over 50 genres through AI-driven vocals, instrumentals, and complete compositions. The platform also serves as a social space where artists and fans connect around AI-created music content.
By April 2025, WAVs AI had grown its user base to over one million active users, supported by a USD 20 million funding round led by Regal Investments the previous year.
This acquisition presents new opportunities for WAVs AI to scale its pioneering technology into broader markets. Although specific plans remain private, the company has indicated intentions to broaden its AI capabilities and explore new creative frontiers.
Deal 4: Demyst Data Ltd. (United States) was acquired by Feedzai Inc. (United States) for an undisclosed amount.
Feedzai Inc. to Acquire Demyst Data Ltd.
Feedzai, a global leader in fraud and financial crime prevention, has acquired Demyst, including its Zonic data orchestration platform, intellectual property, and advanced integration tools. The transaction supports Feedzai’s strategy to unify AI-powered data orchestration and risk management into a single platform. Financial terms were not disclosed.
Based in New York, Demyst provides external data management solutions that help enterprises securely integrate third-party data—particularly valuable for banking, insurance, and fintech sectors where external data plays a key role in decision-making.
Feedzai’s RiskOps platform leverages AI to help financial institutions detect and prevent financial crime in real time by delivering contextual intelligence across identity, credit, and behavioral insights. With Demyst’s capabilities, Feedzai strengthens its ability to automate and manage external data workflows.
The integration of Zonic will streamline onboarding, enhance fraud detection, and reduce friction across risk operations. Together, the combined platform will offer improved customer experiences, deeper risk insights, and greater operational efficiency for financial institutions.
Deal 5: Further Advisory LLC (United States) was acquired by Tredence Inc. (United States) for an undisclosed amount.
Tredence Inc. to Acquire Further Advisory LLC
Data science and AI solutions provider Tredence has expanded its reach in the banking, financial services, and insurance (BFSI) sectors through the acquisition of Further Advisory. Although the financial details were not made public, the transaction enhances Tredence’s consulting strength and sector-specific knowledge.
Further Advisory delivers strategic consulting focused on technology transformation, go-to-market acceleration, executive leadership, and integrated risk management, supporting clients in translating strategic plans into tangible outcomes.
Together, the companies offer a broad range of AI-driven services, including machine learning, predictive analytics, and data engineering. Clients of Further Advisory will benefit from improved technological insights and advanced analytics, while Tredence gains a skilled consulting team and a wider presence in the BFSI sector, positioning the combined firm to provide customized, end-to-end solutions addressing complex industry challenges.
May
Artificial Intelligence (AI)
Deal 1: io Products, Inc. (United States) was acquired by OpenAI, L.L.C. (United States) for USD 6.50 billion.
OpenAI, L.L.C. to Acquire io Products, Inc.
OpenAI is set to acquire io Products Inc., a startup specializing in AI-driven hardware, co-founded by former Apple design chief Jony Ive, in an all-stock transaction valued at USD 6.5 billion. This acquisition represents OpenAI’s largest to date and will bring Ive, who is known for designing influential Apple products such as the iPhone and iPad, into a key creative position focused on developing next-generation AI hardware.
The deal will create a new hardware division within OpenAI, merging its advanced artificial intelligence technology with the design and engineering skills of Ive and his team of approximately 55 experts. This group consists of engineers, researchers, and product developers who have contributed to well-known Apple devices including the iPhone, iPad, MacBook, and Apple Watch. Ive’s design firm, LoveFrom, will remain independent while supporting design strategy efforts for both OpenAI and io Products.
By integrating io Products, OpenAI aims to develop AI-native devices that offer more intuitive and seamless interaction with tools like ChatGPT. This move aligns with CEO Sam Altman’s long-term vision of embedding AI more deeply into daily life through dedicated hardware.
OpenAI already holds a 23% stake in io Products from a prior investment. The transaction is expected to close in the summer of 2025, pending regulatory approvals.
Deal 2: Neon, Inc. (United States) was acquired by Databricks, Inc. (United States) for USD 1.00 billion.
Databricks, Inc. to Acquire Neon, Inc.
Databricks, a leading player in the data and AI space, has unveiled its plan to acquire Neon, a notable startup specializing in serverless Postgres database solutions, in a deal valued at USD 1 billion.
Neon is a cloud-native, open-source company offering a fully managed serverless PostgreSQL platform designed for developers. By decoupling storage from compute, it enables seamless autoscaling, improved cost efficiency, and high availability without manual configuration. Alongside support for standard PostgreSQL workflows, Neon introduces features like instant branching and environment forking to accelerate development and testing.
Databricks plans to integrate Neon’s advanced database technology into its Data Intelligence Platform to enhance the deployment of AI-powered applications and agents. With the ability to spin up databases in milliseconds, Neon is well-suited for agentic AI workloads that demand rapid, scalable data access. The integration is expected to simplify infrastructure, optimize costs, and improve system performance.
The transaction is expected to be finalized later this year.
Deal 3: Greenbids SAS (France) was acquired by Perion Network Ltd. (Israel) for USD 65.00 million.
Perion Network Ltd. to Acquire Greenbids SAS
Israel-based ad-tech company Perion Network has announced the acquisition of Greenbids, an AI-driven advertising optimization platform, in a deal valued at up to USD 65 million. The transaction includes USD 27.5 million in cash at closing, a USD 22.5 million two-year performance-based earnout, and a USD 15 million three-year employee retention package in cash and equity.
Greenbids specializes in developing custom AI algorithms that optimize campaign performance across major digital platforms such as YouTube, Facebook, and Instagram, as well as leading demand-side platforms like Google DV360 and The Trade Desk. Its proprietary technology creates bidding strategies tailored to each brand’s specific KPIs, enabling highly targeted and effective ad campaigns. The company currently supports over 80 brands, including Spotify, Ford, and Accor.
The acquisition significantly enhances Perion’s ability to deliver personalized, performance-driven advertising at scale. It is expected to unlock new revenue opportunities, strengthen client retention, and make a positive contribution to Perion’s revenue and adjusted EBITDA within the current fiscal year.
This transaction reflects Perion’s strategic and disciplined approach to M&A—securing access to high-impact AI capabilities and a premium customer base while aligning future payments with performance and integration goals.
LUMA Partners served as the exclusive advisor to Greenbids.
Deal 4: Vidurama, Inc. (United States) was acquired by Weave Communications, Inc. (United States) for USD 35.00 million.
Weave Communications, Inc. to Acquire Vidurama, Inc. dba TrueLark
Weave, a leading provider of customer experience and payment solutions for healthcare-focused SMBs, has announced plans to acquire TrueLark, an AI-powered front-desk automation platform, in a USD 35 million deal comprising USD 25 million in cash and USD 10 million in equity.
TrueLark offers an AI-powered communication solution tailored for appointment-based businesses, automating key interactions such as scheduling, answering customer inquiries, and sending reminders across text, chat, and voice. Its platform is designed to operate 24/7, seamlessly integrating with existing systems to improve efficiency, reduce administrative burdens, and enhance client engagement across sectors including wellness, beauty, and healthcare.
This acquisition enables Weave to broaden its presence in multi-location practices, where intelligent automation is increasingly vital due to staffing constraints and rising operational demands. TrueLark’s strong traction among appointment-based SMBs—including dental service organizations—complements Weave’s healthcare verticals and enhances its ability to meet the evolving needs of modern front-office operations.
Together, Weave and TrueLark aim to address the widening gap between patient requests and front-office availability—one of the healthcare industry’s growing operational challenges.
The transaction is expected to close in the second quarter of 2025, pending customary regulatory approvals and closing conditions.
Deal 5: Arcus Inc. (United States) was acquired by Addepar, Inc. (United States) for an undisclosed amount.
Addepar, Inc. to Acquire Arcus Inc.
Addepar is enhancing its artificial intelligence capabilities with the acquisition of Arcus, a cloud-native platform specializing in AI-driven workflow automation. Financial terms of the deal were not disclosed.
Addepar offers a data-centric platform tailored for wealth, investment, and asset management. Its flagship Data Intelligence Platform consolidates over USD 5 trillion in assets across more than 7 million accounts from hundreds of global custodians. The platform enables in-depth analytics, custom reporting, and actionable insights to drive long-term value for clients and stakeholders.
Arcus brings advanced capabilities in building multi-step AI agents that can interpret data, execute computations, connect with external systems via APIs, and generate reports—streamlining operations with minimal coding. Its technology supports use cases such as sales analysis, invoice parsing, compliance tracking, and personalized outreach, helping businesses scale efficiently.
The acquisition aligns with Addepar’s strategy to integrate sophisticated AI and machine learning into its offerings. By leveraging Arcus’s technology, Addepar aims to deliver more intelligent and automated tools that elevate client experiences and optimize decision-making across the financial ecosystem.
June
Artificial Intelligence (AI)
Deal 1: Base44, Inc. (United States) was acquired by Wix.com Ltd. (Israel) for USD 80.00 million.
Wix.com Ltd. to Acquire Base44, Inc.
Wix, a leading SaaS platform for website creation, has acquired San Francisco–based AI startup Base44 for USD 80 million, with additional earn-out payments scheduled through 2029. The acquisition is intended to strengthen Wix’s AI portfolio and enhance its suite of intelligent tools, helping users more effectively build, manage, and scale their online presence.
Base44 offers an AI-driven, no-code platform that allows users to build fully functional web and mobile applications using simple natural language prompts. Its chat-based interface handles all technical aspects—including database setup, authentication, and deployment—without requiring manual configuration or third-party tools, streamlining the development process for both technical and non-technical users.
The acquisition represents a key step in Wix’s strategy to lead the future of digital creation through AI innovation. Base44 will continue to operate as an independent product and brand, while leveraging Wix’s infrastructure and global reach to accelerate growth.
Deal 2: TheLoopsai Inc (United States) was acquired by Industrial and Financial Systems, IFS Aktiebolag (Sweden) for an undisclosed amount.
Industrial and Financial Systems, IFS Aktiebolag to Acquire TheLoopsai Inc.
IFS, a global enterprise software company focused on cloud and AI solutions, has acquired TheLoops, an AI startup known for its autonomous agent technology. While financial terms were not disclosed, the deal highlights IFS’s strategic push to deepen its AI offerings across critical industrial operations.
TheLoops has developed an AI platform that enhances customer service operations through real-time agent assistance, automated ticket routing, predictive insights, and quality assurance. Its ability to integrate directly with CRM and service tools allows companies to boost operational efficiency while improving the overall customer experience.
With the acquisition, IFS becomes the first enterprise software provider to deliver an industrial-grade agentic AI platform. TheLoops’ capabilities will power a multi-agent system where autonomous agents are composable, governed, and contextually aware of their environments. These agents will be embedded throughout IFS’s industrial suite, forming a digital workforce designed specifically to meet the complex demands of regulated, asset-heavy sectors.
This integration will help IFS customers accelerate their digital transformation by enabling intelligent automation across operations, from service delivery to asset management.
Deal 3: Invariant Labs AG (Switzerland) was acquired by Snyk, Inc. (United States) for an undisclosed amount.
Snyk, Inc. to Acquire Invariant Labs AG
Snyk Labs, a developer security platform focused on AI-native software, has announced the acquisition of Invariant Labs, a cutting-edge AI security research firm. The move strengthens Snyk’s AI Trust Platform by integrating advanced capabilities to protect against emerging threats in agentic and AI-native software environments.
Based in Zurich, Invariant Labs was spun out of ETH Zurich’s renowned AI research program. The startup focuses on enhancing the safety and reliability of autonomous AI systems through tools such as Guardrails, Explorer, and MCP-Scan. These technologies enable real-time monitoring, context-aware safeguards, and detection of risks like tool poisoning and Model Context Protocol (MCP) vulnerabilities—critical for securing increasingly complex AI-driven applications.
The acquisition reflects Snyk’s ongoing commitment to equipping security teams with the tools and research necessary to manage the evolving risk landscape of AI-powered software. It also reinforces Snyk Labs’ leadership in AI security, backed by deep technical expertise and a developer-first approach.
Deal 4: Blush Design Inc. dba Lummi (United States) was acquired by Udemy, Inc. (United States) for an undisclosed amount.
Udemy, Inc. to Acquire Blush Design Inc. dba Lummi
Udemy, an AI-driven skills development platform, has acquired Lummi, a creative technology startup specializing in AI-generated visual content, for an undisclosed amount.
Founded in 2020, Lummi uses advanced AI to help designers, marketers, and businesses create unique stock images, illustrations, and 3D visuals. Its platform enables seamless content creation through an intuitive interface, eliminating common AI artifacts. Lummi’s tools have been widely adopted across design ecosystems, including Canva, Figma, and Adobe Express.
Through this acquisition, Udemy aims to empower its instructor community by offering tools for custom visual storytelling, enhancing the overall course experience. The Lummi team will join Udemy’s Innovation Studio, where they’ll help accelerate product development and expand the company’s portfolio of AI-powered creator tools.
This deal also supports Udemy’s vision for a redesigned Instructor Academy—a future centralized hub offering integrated features like Lummi, Role Play, Assessments, and Labs to help instructors build more engaging, skills-oriented courses.
For enterprise clients, Lummi Pro will be introduced as an optional add-on to Udemy Business plans, unlocking new creative possibilities for corporate training and content personalization.
Deal 5: TrueLaw, Inc. (United States) was acquired by Consilio, LLC (United States) for an undisclosed amount.
Consilio, LLC to Acquire TrueLaw, Inc.
Consilio has acquired legal AI firm TrueLaw in a strategic move aimed at expanding its artificial intelligence capabilities across legal workflows. The deal, part of a broader push toward next-generation legal tech, enhances Consilio’s portfolio with proprietary LLMs and advanced narrative analysis.
TrueLaw specializes in developing enterprise-grade AI agents tailored for legal tasks such as eDiscovery, litigation analysis, investigations, and document review. Its technology enables law firms and in-house legal teams to build customizable Expert Legal Models (ELMs), designed to streamline workflows and extract actionable insights from complex datasets.
By integrating TrueLaw’s capabilities into its Aurora platform, Consilio will strengthen its ability to deliver practical, outcome-driven AI solutions that support both the practice and business of law. This acquisition not only adds depth to Consilio’s legal tech offerings but also reinforces its position as a global leader in technology-enabled legal services.
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