- Blog
MONTHLY DEALS – DRAFT
- Anica Malimban
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.
May
Consumer Products and Services
Deal 1: UniFirst Corporation (United States) was acquired by Cintas Corporation (United States) for USD 5.20 billion.
Deal 2: LG Energy Solution’s Assets including building and its infrastructure in Ohio, USA (United States) was acquired by Honda Development and Manufacturing of America, LLC (United States) for USD 2.90 billion.
Deal 3: Domestic & General Services Limited (United Kingdom) was acquired by Asurion, LLC (United States) for USD 2.74 billion.
Deal 4: Diageo Kenya Limited (Kenya) was acquired by Asahi Group Holdings, Ltd. (Japan) for USD 2.30 billion.
Deal 5: Advanced Driver Assistance Systems (ADAS) business of ZF Friedrichshafen AG (Germany) was acquired by Harman International Industries, Incorporated (United States) for USD 1.77 billion.
December
Consumer Products and Services
Deal 1: UniFirst Corporation (United States) was acquired by Cintas Corporation (United States) for USD 5.20 billion.
Cintas Corporation to Acquire UniFirst Corporation
Cintas has renewed its bid to acquire rival UniFirst Corporation, proposing a USD 5.2 billion all-cash transaction priced at USD 275 per share, matching the offer it made roughly nine months earlier. The renewed approach underscores Cintas’ continued interest in consolidating the uniform and facility services market and expanding its scale.
UniFirst provides workplace uniforms, protective apparel, and facility services through rental, cleaning, and managed programs across the United States, Canada, and parts of Europe. The company supplies uniforms, safety and protective garments, facility-related supplies, and first-aid and safety solutions, supporting customers across diverse industries with large, geographically distributed workforces.
If completed, the transaction would result in a combined platform serving well over one million business customers across the US and Canada. Cintas’ track record of steady organic growth, coupled with UniFirst’s operational footprint, is expected to enhance processing capacity and route density, supporting operational efficiencies and improved customer service.
The proposed transaction remains subject to the negotiation of a definitive agreement and customary closing conditions, including approval by UniFirst shareholders. Davis Polk & Wardwell LLP is serving as legal counsel to Cintas, while FGS Global is acting as its strategic communications advisor.
Deal 2: LG Energy Solution's Assets including building and its infrastructure in Ohio, USA (United States) was acquired by Honda Development and Manufacturing of America, LLC (United States) for USD 2.90 billion.
Honda Development and Manufacturing of America, LLC to Acquire LG Energy Solution's Assets including building and its infrastructure in Ohio, USA
South Korea’s LG Energy Solution has agreed to sell its stake in the buildings and infrastructure assets of its Ohio electric-vehicle battery joint venture to Honda for USD 2.85 billion. The transaction covers the plant’s buildings and related infrastructure but excludes the land and manufacturing equipment.
The Ohio battery plant spans more than 2 million square feet and forms part of a joint investment by LG Energy Solution and Honda, backed by an estimated investment of roughly USD 4.4 billion. The facility is intended to manufacture advanced pouch-format lithium-ion battery cells for Honda’s next generation of electric vehicles in North America, with a planned annual output of approximately 40 GWh.
Battery production at the site is expected to begin next year to support Honda’s North American EV portfolio, with flexibility built into the project to allow for potential expansion into energy storage system applications in the future. While Honda will assume full ownership of the battery plant’s building assets, the automaker is also prioritizing the rollout of new hybrid models as part of its broader, long-term electrification strategy.
For LG Energy Solution, the divestment is intended to streamline operations within the joint venture and improve overall efficiency. The transaction is expected to be completed by 28 February 2026.
Deal 3: Domestic & General Services Limited (United Kingdom) was acquired by Asurion, LLC (United States) for USD 2.74 billion.
Asurion, LLC to Acquire Domestic & General Services Limited
US-based Asurion will acquire Domestic & General, a leading appliance care provider across the UK and Europe, in a transaction valued at GBP 2.1 billion (USD 2.74 billion), forming one of the world’s most comprehensive providers of protection services for appliances and connected devices.
Domestic & General offers warranty, repair, replacement, and maintenance services for household appliances and consumer electronics. The company supports its 6.8 million subscribers through a network of roughly 25,000 independent repair engineers and long-standing partnerships with major brands and retailers, including Whirlpool, Sky, Hoover-Candy, and John Lewis.
By combining Asurion’s global scale and technology-driven service capabilities with Domestic & General’s strong appliance care platform, the merged entity is positioned to address the increasing convergence of home technology and appliances. Asurion will further strengthen its presence in the USD 154 billion connected home devices market, enhancing its ability to deliver integrated protection solutions.
The acquisition also supports Asurion’s broader vision of becoming the “CTO of the home,” offering seamless, intelligent support across all connected devices and appliances to make technology more reliable, efficient, and sustainable for millions of households.
For Domestic & General, joining Asurion provides access to advanced digital tools, global service infrastructure, and innovations such as predictive diagnostics, intelligent logistics, and AI-enabled service models—capabilities that will accelerate its growth trajectory.
The transaction is expected to close in mid-2026. Upon completion, Domestic & General will continue to operate under its own brand as a distinct business unit within Asurion. Goldman Sachs & Co. LLC is serving as Asurion’s lead financial advisor.
Deal 4: Diageo Kenya Limited (Kenya) was acquired by Asahi Group Holdings, Ltd. (Japan) for USD 2.30 billion.
Asahi Group Holdings, Ltd. to Acquire Diageo Kenya Limited
Japanese brewer Asahi is acquiring Diageo’s Kenyan operations for approximately USD 2.3 billion, a transaction that includes the UK-based group 65% stake in East African Breweries Limited (EABL). The deal marks a significant strategic entry for Asahi into the African alcoholic beverages market.
EABL is a well-established branded alcohol beverage company in East Africa, with a strong operating presence in Kenya, Uganda, and Tanzania. Its products are distributed across more than 10 markets in Africa and internationally. The company’s portfolio combines well-known local brands with globally recognized spirits, including Tusker, Guinness, Bell Lager, Chrome Vodka, Johnnie Walker, Captain Morgan, and Smirnoff.
The transaction also covers Diageo’s 53.68% stake in UDV (Kenya) Limited, a spirits producer and importer based in Kenya. Asahi plans to maintain the heritage and identity of established local brands while selectively introducing products from its international portfolio to meet evolving consumer demand across East Africa.
This acquisition represents the largest investment by a Japanese brewing group in the African alcohol beverage sector to date. It positions Asahi as a long-term partner for EABL, bringing capital, operational expertise, and global brand capabilities to support the company’s next phase of growth.
Deal 5: Advanced Driver Assistance Systems (ADAS) business of ZF Friedrichshafen AG (Germany) was acquired by Harman International Industries, Incorporated (United States) for USD 1.77 billion.
Harman International Industries, Incorporated to Acquire Advanced Driver Assistance Systems (ADAS) business of ZF Friedrichshafen AG
ZF Group is divesting its Advanced Driver Systems (ADAS) business to Harman International in a transaction valued at EUR 1.5 billion (USD 1.77 billion). Harman, a global automotive technology company with a strong presence in connected car systems and in-vehicle experiences, will acquire the unit as part of its strategy to expand further into safety-critical automotive electronics.
ZF’s ADAS business develops integrated solutions across sensors, computing platforms, and software designed to enhance vehicle safety and support higher levels of driving automation. Its systems enable vehicles to perceive their surroundings, process data in real time, and respond accordingly—helping reduce accident risk and improve driver assistance through tightly integrated hardware and software architectures.
For Harman, the acquisition adds advanced safety and automation capabilities to its existing strengths in connectivity, digital cockpits, and in-vehicle systems. The combined portfolio allows automakers to access a more unified offering that brings together perception, intelligence, connectivity, and interior technologies into a cohesive driver and passenger experience.
From ZF’s perspective, the divestment supports its focus on core businesses and disciplined portfolio optimization. Proceeds from the sale are expected to materially reduce financial liabilities, strengthening the group’s balance sheet and enhancing flexibility for long-term, profitable growth.
The transaction is expected to close in the second half of 2026.
M&A Activity in the Software and IT Industry
The top global M&A deals in this sector are at the heart of the digital revolution. This industry list includes companies that develop software, provide IT services, and offer technological solutions driving innovation and efficiency.
Deal 1: Confluent, Inc. (United States) was acquired by International Business Machines Corporation (United States) for USD 11.00 billion.
Deal 2: Clearwater Analytics Holdings, Inc. (United States) was acquired by Permira Advisers Ltd. (United Kingdom), Warburg Pincus LLC (United States), and Temasek Holdings (Private) Limited (Singapore) for USD 8.40 billion.
Deal 3: Armis Inc. (United States) was acquired by ServiceNow, Inc. (United States) for USD 7.75 billion.
Deal 4: Celestial AI Inc. (United States) was acquired by Marvell Technology, Inc. (United States) for USD 3.25 billion.
Deal 5: Encora Digital LLC (United States) was acquired by Coforge Limited (India) for USD 2.35 billion.
December
Software and IT
Deal 1: Confluent, Inc. (United States) was acquired by International Business Machines Corporation (United States) for USD 11.00 billion.
International Business Machines Corporation to Acquire Confluent, Inc.
IBM has agreed to acquire data infrastructure specialist Confluent in an all-cash transaction valued at USD 11 billion, equivalent to USD 31 per share. The acquisition strengthens IBM’s position across artificial intelligence and data management, where real-time data availability is increasingly critical to scalable AI deployment.
Confluent develops a cloud-native data streaming platform based on Apache Kafka that allows enterprises to continuously capture, process, and distribute data across applications and environments. Its technology enables real-time analytics, event-driven workflows, and operational monitoring, addressing data fragmentation challenges that increasingly constrain agentic and AI-based systems. Over the past four years, Confluent’s total addressable market has expanded significantly, doubling from approximately USD 50 billion to USD 100 billion by 2025, reflecting growing demand for real-time data infrastructure.
The acquisition aligns closely with IBM’s hybrid cloud and AI strategy. By combining Confluent’s real-time data streaming capabilities with IBM’s AI infrastructure software and automation portfolio, the group is positioned to deliver more integrated, end-to-end solutions for enterprises seeking to operationalize AI at scale.
The transaction is expected to generate meaningful product and commercial synergies, with IBM’s global go-to-market platform providing an avenue to accelerate adoption and revenue growth across Confluent’s offerings.
Completion of the transaction is targeted for mid-2026, subject to customary regulatory approvals and closing conditions.
Deal 2: Clearwater Analytics Holdings, Inc. (United States) was acquired by Permira Advisers Ltd. (United Kingdom), Warburg Pincus LLC (United States), and Temasek Holdings (Private) Limited (Singapore) for USD 8.40 billion.
Permira Advisers Ltd.; Warburg Pincus LLC; Temasek Holdings (Private) Limited to Acquire Clearwater Analytics Holdings, Inc.
An investor group led by Permira and Warburg Pincus is acquiring Clearwater Analytics in an all-cash transaction valued at USD 8.4 billion. The consortium also includes Temasek and has strong backing from Francisco Partners.
Clearwater Analytics delivers cloud-native investment accounting, reporting, and analytics solutions to insurers, asset managers, and institutional investors. Its platform consolidates and reconciles complex, multi-asset-class investment data, enabling clients to automate accounting processes, enhance portfolio oversight, strengthen risk management, and meet regulatory reporting requirements through a unified system.
The acquisition provides Clearwater with a strong foundation for its next phase of expansion. Leveraging deep financial technology experience, Permira and Warburg Pincus aim to support the company amid a market environment increasingly shaped by AI, data-driven decision-making, and automation.
The transaction is expected to close in the first half of 2026. PJT Partners is advising Clearwater, while Goldman Sachs & Co. LLC is advising the investor consortium.
Deal 3: Armis Inc. (United States) was acquired by ServiceNow, Inc. (United States) for USD 7.75 billion.
ServiceNow, Inc. to Acquire Armis Inc.
Armis, a cybersecurity company specializing in cyber exposure management and cyber-physical security, is being acquired by ServiceNow in an all-cash transaction valued at USD 7.75 billion. The deal aligns with ServiceNow’s efforts to deepen its security capabilities and broaden its addressable market across enterprise risk, resilience, and operations.
Armis helps organizations to manage cyber risk across the full attack surface, including IT environments, operational technology (OT), medical devices, and connected assets. Its agentless platform provides continuous visibility, risk assessment, and threat detection across enterprise networks, helping companies, governments, and critical infrastructure operators identify vulnerabilities and secure IoT, medical, and cloud-based assets without installing software on devices.
Cybersecurity remains a top strategic priority for corporate leaders as AI adoption accelerates. Global end-user spending on information security is projected to increase by 12.5% in 2026 to approximately USD 240 billion, driven by a rising threat landscape and the expanding use of AI and generative AI technologies.
The combination of Armis and ServiceNow is expected to create an integrated, end-to-end security exposure and operations platform that delivers unified visibility, intelligence, and automated response across the entire technology estate. The acquisition is expected to significantly expand ServiceNow’s security and risk solutions opportunity while accelerating its transition toward more autonomous, proactive cybersecurity capabilities.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions. Tidal Partners is serving as lead financial advisor to ServiceNow, alongside J.P. Morgan Securities LLC and Barclays.
Deal 4: Celestial AI Inc. (United States) was acquired by Marvell Technology, Inc. (United States) for USD 3.25 billion.
Marvell Technology, Inc. to Acquire Celestial AI Inc.
Marvell Technology is acquiring optical-interconnect innovator Celestial AI in a transaction valued at USD 3.25 billion, advancing Marvell’s strategy to strengthen connectivity solutions for next-generation AI and cloud data-center infrastructure.
Celestial AI develops optical interconnect technology that enhances the speed, efficiency, and scalability of advanced computing systems. Its core innovation, the Photonic Fabric platform, enables scale-up architectures by allowing large AI clusters to communicate both within and across racks through high-bandwidth, low-latency, and energy-efficient optical links. This technology reduces power consumption while supporting the growing data-movement demands of modern AI workloads.
As AI accelerates the transformation of data-center design, system architectures are expanding from single-rack configurations to multi-rack deployments connecting hundreds of accelerators through seamless, high-performance fabrics. Celestial AI is working closely with hyperscale customers and ecosystem partners preparing to incorporate its Photonic Fabric chiplets into next-generation systems. Based on this momentum, Marvell expects these chiplets to be co-packaged with custom XPUs and scale-up switches, enabling the first large-scale commercial rollout of optical interconnects for scale-up computing.
The acquisition strengthens Marvell’s position in this emerging market and extends its technology portfolio into a new semiconductor segment centered on optical connectivity. It expands the company’s addressable market, enhances its leadership in high-performance interconnect solutions, and accelerates development of a unified connectivity platform for AI and cloud customers.
Marvell anticipates meaningful revenue from Celestial AI starting in the second half of fiscal 2028, projecting an annualized run rate of USD 500 million by the fourth quarter of fiscal 2028 and USD 1 billion by the fourth quarter of fiscal 2029.
The transaction is expected to close in the first quarter of 2026, with Citi serving as Marvell’s exclusive financial advisor.
Deal 5: Encora Digital LLC (United States) was acquired by Coforge Limited (India) for USD 2.35 billion.
Coforge Limited to Acquire Encora Digital LLC
Indian IT services company Coforge has agreed to acquire Encora for USD 2.35 billion. The transaction significantly expands Coforge’s scale and strengthens its capabilities in high-growth digital segments.
Encora specializes in digital engineering, with expertise spanning product development, cloud-native architectures, data engineering, and AI-driven platforms. The company supports end-to-end software development for technology-led enterprises and large organizations, with delivery operations across the Americas, Europe, and Asia. Its long-standing partnerships with Amazon Web Services, Microsoft, Google, and Snowflake further reinforce its positioning in cloud and data transformation programs.
The acquisition materially enhances Coforge’s exposure to AI-led engineering, data, and cloud services, which are expected to serve as the core growth drivers of the combined business. By FY27, these segments are projected to contribute approximately USD 2.0 billion in revenue, led by AI-driven product engineering at more than USD 1.25 billion, followed by cloud services at around USD 500 million and data engineering exceeding USD 250 million. This revenue mix aligns with accelerating enterprise demand for scalable, intelligence-led digital solutions.
In addition, Coforge’s Hi-Tech and Healthcare verticals are expected to achieve meaningful scale immediately following the transaction. The acquisition significantly strengthens the company’s near-shore delivery capabilities in Latin America, supported by an engineering and AI talent pool of more than 3,100 subject-matter experts primarily serving US clients. It also expands Coforge’s presence in the US West and Midwest regions, which accounted for roughly 25% of its US revenues prior to the deal. Post-integration, the combined entity will manage forty-five client relationships generating more than USD 10 million each, providing a strong foundation for scalable growth.
The transaction remains subject to customary closing conditions and regulatory approvals. BDA Partners acted as exclusive financial adviser to the transaction, while JSA and Khaitan & Co. served as legal advisers to Coforge and Encora, respectively.
M&A Activity in the Media and Entertainment Industry
The top global M&A deals in this list include businesses involved in content production, distribution, and various forms of entertainment, reflecting the evolving ways people consume media and engage with entertainment.
Deal 1: Warner Bros. Discovery, Inc. (United States) was acquired by Netflix, Inc. (United States) for USD 72.00 billion.
Deal 2: TAE Technologies, Inc. (United States) was acquired by Trump Media & Technology Group Corp. (United States) for USD 6.00 billion.
Deal 3: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Deal 4: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Deal 5: Pittsburgh Penguins, Inc. (United States) was acquired by Hoffmann Family of Companies (United States) for USD 1.80 billion.
DECEMBER
Media and Entertainment
Deal 1: Warner Bros. Discovery, Inc. (United States) was acquired by Netflix, Inc. (United States) for USD 72.00 billion.
Netflix, Inc. to Acquire Warner Bros. Discovery, Inc.
Streaming giant Netflix announced a landmark USD 72 billion cash-and-stock agreement to acquire Warner Bros., marking one of the most significant transactions in the entertainment industry.
Over the years, Warner Bros. has grown into a major global media player, building a diverse catalog of films, television series, and animated content. Its portfolio includes widely recognized franchises such as DC, Harry Potter, and Game of Thrones.
The transaction covers Warner Bros’ film and television studios, as well as premium assets such as HBO and the HBO Max streaming platform. HBO Max, together with Discovery+, reaches an estimated 128 million subscribers globally. This combined footprint gives Netflix an opportunity to access a substantial audience base and integrate high-value content into its ecosystem.
For Netflix, the deal significantly strengthens its production infrastructure and increases its U.S. studio capacity, supporting long-term growth in original content creation. Bringing in Warner Bros’ vast library, together with HBO’s premium programming, broadens the depth and range of titles available to subscribers. This strategic expansion enhances Netflix’s ability to diversify its offerings and deliver a richer viewing experience across global markets.
The agreement follows a competitive bidding process that included Comcast and Paramount Global, both of which submitted updated proposals in the final stages. The transaction is expected to be completed within 12 to 18 months, pending regulatory review. Moelis & Company LLC and Wells Fargo are advising Netflix, while Allen & Company, J.P. Morgan, and Evercore are advising Warner Bros. Discovery.
Deal 2: TAE Technologies, Inc. (United States) was acquired by Trump Media & Technology Group Corp. (United States) for USD 6.00 billion.
Trump Media & Technology Group Corp. to Acquire TAE Technologies, Inc.
Trump Media & Technology Group is merging with TAE Technologies in a USD 6 billion all-stock transaction, aligning TMTG’s access to capital with TAE’s advanced fusion technology to address the rising energy demands driven by AI infrastructure.
TAE Technologies is a US-based fusion energy company working to develop carbon-free, commercially viable nuclear fusion. Its approach uses advanced plasma physics and hydrogen–boron fuel to produce energy with minimal radioactive byproducts. After more than 25 years of R&D, TAE has made meaningful progress in reducing the size, complexity, and cost of fusion systems.
Beyond its core fusion program, TAE operates two partially owned subsidiaries. TAE Power Solutions develops high-performance energy storage and power management systems for AI data centers, industrial applications, and electric mobility. TAE Life Sciences focuses on a targeted radiotherapy platform designed for cancer treatment. The company employs more than 400 people, including 62 PhD-level specialists, and holds over 1,600 issued patents.
The merger aims to accelerate the development of fusion power for next-generation computing. The combined company plans to begin constructing a 50-megawatt fusion facility next year, with future plants envisioned to produce 350 to 500 megawatts each. Initial power generation is targeted for 2031.
The deal is expected to close in mid-2026, with shareholders of each company owning approximately 50% of the combined group. Yorkville Securities is acting as lead financial and M&A advisor to Trump Media, with Clear Street as financial advisor, while Barclays is advising TAE Technologies.
Deal 3: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Alphabet Inc. to Acquire Intersect Power, LLC
Alphabet, the parent of Google, has agreed to acquire data center and energy infrastructure company Intersect Power LLC in an all-cash transaction valued at approximately USD 4.75 billion, including the assumption of debt. Google already holds a minority interest in Intersect from an earlier funding round.
Intersect Power develops, owns, and operates utility-scale renewable energy and energy storage assets across the United States, with a primary focus on solar generation and battery storage. The company supplies clean power and capacity to utilities, corporate customers, and data center operators, with a growing emphasis on meeting the energy demands of AI and cloud computing infrastructure through long-term power solutions.
The transaction includes Intersect’s management team and multiple gigawatts of energy and data center projects that are under construction or in advanced stages of development, many of which stem from its existing partnership with Google. Intersect is also expected to continue evaluating emerging technologies that can broaden and diversify energy supply while supporting Google’s expanding US data center footprint.
The acquisition underscores Alphabet’s strategy to secure long-term, reliable, and affordable energy in partnership with utilities and developers, supporting the expansion of data center capacity without transferring additional costs to grid customers.
Following completion, Intersect will continue to operate as a standalone business under its existing brand. Certain assets are excluded from the transaction, including operating projects in Texas and both operating and in-development assets in California.
The transaction is expected to close in the first half of 2026.
Deal 4: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Meta Platforms, Inc. to Acquire Butterfly Effect Pte. Ltd. (doing business as Manus)
Meta Platforms has announced the acquisition of Singapore-based AI startup Manus AI in a transaction valued at approximately USD 2 billion, as it looks to expand automation capabilities across its consumer and enterprise offerings.
Founded in China, Manus AI has gained recognition for developing autonomous AI agents that can plan, execute, and complete complex tasks with minimal human input. Unlike traditional conversational systems, its technology supports end-to-end workflows across functions such as research, data analysis, software development, and operational automation, reflecting the industry’s shift toward more agent-driven AI systems.
Under the deal, Meta plans to keep Manus AI operating as an independent unit while integrating its agent technology into platforms including Facebook, Instagram, and WhatsApp, where Meta AI is already deployed. The acquisition aligns with Meta’s broader AI strategy of acquiring specialized startups to accelerate product development, strengthen talent depth, and support its wider AI roadmap, including continued advancement of its open-source Llama large language models.
Following completion of the transaction, Manus AI will wind down its services and operations in China, consolidating its activities under Meta’s global AI ecosystem.
Deal 5: Pittsburgh Penguins, Inc. (United States) was acquired by Hoffmann Family of Companies (United States) for USD 1.80 billion.
Hoffmann Family of Companies to Acquire Pittsburgh Penguins, Inc.
Hoffmann Family of Companies, owners of the Florida Everblades of the ECHL, have agreed to acquire a controlling stake in the Pittsburgh Penguins from Fenway Sports Group in a transaction valued at approximately USD 1.8 billion. The investment marks Hoffmann’s first entry into ownership of a major professional sports franchise.
The Pittsburgh Penguins are a professional ice hockey team based in Pittsburgh, Pennsylvania, competing in the National Hockey League as part of the Metropolitan Division. The franchise has built a strong legacy of on-ice success, highlighted by multiple Stanley Cup championships and a roster historically anchored by elite talent, including Sidney Crosby. The team plays its home games at PPG Paints Arena.
The sale comes as the organization enters a transitional phase, with the long-standing core of Crosby, Evgeni Malkin, and Kris Letang approaching the later stages of their careers. The trio has been central to the Penguins’ three Stanley Cup titles in 2009, 2016, and 2017, though the club has missed the playoffs since 2022 and has not advanced in the postseason since 2018.
Following the transaction, the existing executive leadership team will remain in place to ensure stability across the organization. Kyle Dubas will continue to oversee hockey operations as President of Hockey Operations and General Manager, retaining responsibility for roster construction and long-term competitive strategy.
The transaction is subject to approval by the NHL Board of Governors and other customary regulatory conditions. Hoffmann Family of Companies, a rapidly expanding, family-owned private equity group with more than 125 global brands led by brothers Geoff and Greg Hoffmann, has stated its intention to build on the foundation established under Fenway Sports Group and support management in restoring the Penguins’ competitive position.
M&A Activity in the Health Care Industry
Focused on improving health outcomes, the top global M&A deals in this industry list includes providers of medical services, manufacturers of medical equipment, and developers of healthcare technologies.
Deal 1: OneOncology, LLC (United States) was acquired by Cencora, Inc. (United States) for USD 5.00 billion.
Deal 2: Amicus Therapeutics, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 4.80 billion.
Deal 3: Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd (United States) was acquired by Shionogi Inc. (Japan) for USD 2.50 billion.
Deal 4: Dynavax Technologies Corporation (United States) was acquired by Sanofi (France) for USD 2.20 billion.
Deal 5: Swixx Biopharma SA (Switzerland) was acquired by SK Capital Partners, LP (United States) for USD 1.80 billion.
December
Health Care
Deal 1: OneOncology, LLC (United States) was acquired by Cencora, Inc. (United States) for USD 5.00 billion.
Cencora, Inc. to Acquire OneOncology, LLC
Cencora has agreed to acquire a majority of the outstanding equity interests it does not already own in OneOncology from TPG, valuing the transaction at approximately USD 5 billion, including debt. OneOncology operates as a physician-led national platform that supports independent oncology-focused medical specialty practices.
OneOncology partners with community oncology groups across the US, providing clinical, operational, and management support. Its platform enables practices to adopt advanced technologies, participate in clinical research, navigate value-based care arrangements, and strengthen practice operations, allowing physicians to maintain independence while enhancing care delivery.
The transaction reinforces Cencora’s pharmaceutical-focused strategy and supports its growth priorities by expanding its specialty solutions through OneOncology’s MSO and clinical capabilities, deepening collaboration with established oncology platforms, and improving patient access to complex therapies.
Following completion, OneOncology’s affiliated practices will retain a minority ownership stake. The transaction is expected to close by the end of Cencora’s fiscal second quarter of 2026. Citi is acting as lead financial advisor to Cencora, with J.P. Morgan Securities LLC also serving as financial advisor.
Deal 2: Amicus Therapeutics, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 4.80 billion.
BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc.
BioMarin is set to acquire rare disease drugmaker Amicus Therapeutics for USD 4.8 billion in cash, marking the largest transaction in BioMarin’s history. The deal is intended to broaden BioMarin’s presence in the rare disease market and support the company’s long-term growth outlook through 2030 and beyond.
Amicus Therapeutics develops and commercializes therapies for a range of rare genetic conditions. Its programs focus on correcting fundamental disease drivers such as protein misfolding and enzyme deficiencies through chaperone-based treatments and gene-directed approaches aimed at improving long-term patient outcomes.
The acquisition enhances BioMarin’s commercial portfolio with the addition of two marketed therapies for lysosomal storage disorders: Galafold (migalastat), an oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) paired with Opfolda (miglustat) for Pompe disease. Amicus also holds U.S. rights to DMX-200, an investigational small molecule in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a severe and progressive kidney disorder.
With BioMarin’s global infrastructure and financial scale, the transaction is expected to enhance the reach and accessibility of Amicus’ therapies across international markets.
The transaction is expected to close in the second quarter of 2026. Morgan Stanley & Co. LLC is serving as lead financial advisor to BioMarin, with J.P. Morgan Securities LLC also advising. Centerview Partners LLC and Goldman Sachs & Co. LLC are advising Amicus.
Deal 3: Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd (United States) was acquired by Shionogi Inc. (Japan) for USD 2.50 billion.
Shionogi Inc. to Acquire Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd.
Tanabe Pharma America has agreed to sell the global rights to RADICAVA®, including markets in Japan, the United States, and Canada, to Shionogi for USD 2.5 billion. The transaction significantly expands Shionogi’s commercial footprint in rare and specialty diseases.
RADICAVA ORS is approved by the U.S. Food and Drug Administration and other global regulatory authorities for the treatment of amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative condition with limited therapeutic options. The oral suspension formulation, together with the previously available intravenous version, has been used by more than 20,000 ALS patients in the United States, underscoring its established clinical and commercial presence.
The acquisition supports Shionogi’s strategy to build scale in high-social-impact, quality-of-life disorders and deepen its position in rare diseases. The company already has active research programs targeting conditions such as Fragile X syndrome, Jordan’s syndrome, and Pompe disease, alongside early-stage rare disease assets recently added to its pipeline. RADICAVA provides an immediate commercial platform that can accelerate the development and launch of future rare disease therapies.
The transaction is expected to be immediately accretive in FY26, contributing approximately USD 700 million in annual global revenue following completion, which is anticipated on or after April 1.
Closing is expected in the second quarter of 2026, subject to customary conditions. Centerview Partners acted as lead financial adviser to Tanabe, with Goldman Sachs also advising. Bank of America served as financial adviser to Bain Capital.
Deal 4: Dynavax Technologies Corporation (United States) was acquired by Sanofi (France) for USD 2.20 billion.
Sanofi to Acquire Dynavax Technologies Corporation
Sanofi will acquire Dynavax Technologies in an all-cash transaction valued at USD 2.2 billion, or USD 15.50 per share. The acquisition strengthens Sanofi’s vaccines franchise by adding a commercially established adult hepatitis B vaccine alongside an early-stage shingles program, combining immediate revenue contribution with longer-term pipeline potential.
Dynavax focuses on the development and commercialization of vaccines for serious infectious diseases and currently markets HEPLISAV-B, which is approved in the United States, the European Union, and the United Kingdom for the prevention of hepatitis B infection in adults aged 18 and older. The acquisition also includes Dynavax’s shingles vaccine candidate, Z-1018, which is in Phase 1/2 clinical development, along with additional vaccine research programs.
By integrating Dynavax into its global vaccines platform, Sanofi is positioned to scale the commercial reach of HEPLISAV-B while advancing the development of Z-1018 and other pipeline programs. Sanofi’s global infrastructure, development expertise, and focus on evidence-based immunization are expected to accelerate clinical progress and expand patient access across key markets.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.
Deal 5: Swixx Biopharma SA (Switzerland) was acquired by SK Capital Partners, LP (United States) for USD 1.80 billion.
SK Capital Partners, LP to Acquire Swixx Biopharma SA
SK Capital Partners has agreed to acquire a majority stake in Swixx BioPharma in a transaction valued at approximately EUR 1.5 billion (USD 1.8 billion). The investment is intended to support Swixx’s next phase of growth and accelerate its international expansion.
Swixx BioPharma provides commercialization, distribution, and market access services to innovative pharmaceutical companies, enabling the launch and scaling of specialty medicines across Central and Eastern Europe, Greece, Eurasia, several CIS countries, the Middle East, and Latin America. Operating in 45 countries, the company has built a rapidly expanding platform, with annual sales expected to exceed EUR 1.3 billion by 2026.
The partnership brings additional capital and sector expertise to support Swixx’s expansion strategy while reinforcing its role as a long-term partner to global biopharmaceutical companies seeking efficient, outsourced solutions in complex and emerging markets.
Following completion of the transaction, SK Capital will become Swixx’s lead investor. The company’s founders, along with existing private equity shareholders HBM Healthcare Investments and Mérieux Equity Partners, will reinvest alongside SK Capital and retain board representation, ensuring continuity in governance and strategy.
The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Jefferies acted as lead financial adviser to Swixx BioPharma, with Centerview Partners also advising. Rothschild & Co. is serving as sole financial adviser to SK Capital.
M&A Activity in the Pharmaceutical and Biotechnology Industry
The top global M&A deals in this industry list includes companies engaged in drug development, biotechnological research, and the production of pharmaceutical products, aiming to advance medical science and patient care.
Deal 1: Exact Sciences Corporation (United States) was acquired by Abbott Laboratories (United States) for USD 21.00 billion.
Deal 2: Cidara Therapeutics, Inc. (United States) was acquired by Merck Sharp & Dohme LLC (United States) for USD 9.20 billion.
Deal 3: Halda Therapeutics Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 3.05 billion.
Deal 4: Selected assets of Laboratoire Provence Canada Inc (Canada) was acquired by Crescita Therapeutics Inc. (Canada) for USD 549.00 million.
Deal 5: Arthrosi Therapeutics, Inc. (United States) was acquired by Swedish Orphan Biovitrum AB (Sweden) for USD 1.50 billion.
December
Pharmaceutical and Biotechnology
Deal 1: Amicus Therapeutics, Inc. (United States) was acquired by BioMarin Pharmaceutical Inc. (United States) for USD 4.80 billion.
BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc.
BioMarin is set to acquire rare disease drugmaker Amicus Therapeutics for USD 4.8 billion in cash, marking the largest transaction in BioMarin’s history. The deal is intended to broaden BioMarin’s presence in the rare disease market and support the company’s long-term growth outlook through 2030 and beyond.
Amicus Therapeutics develops and commercializes therapies for a range of rare genetic conditions. Its programs focus on correcting fundamental disease drivers such as protein misfolding and enzyme deficiencies through chaperone-based treatments and gene-directed approaches aimed at improving long-term patient outcomes.
The acquisition enhances BioMarin’s commercial portfolio with the addition of two marketed therapies for lysosomal storage disorders: Galafold (migalastat), an oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) paired with Opfolda (miglustat) for Pompe disease. Amicus also holds U.S. rights to DMX-200, an investigational small molecule in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a severe and progressive kidney disorder.
With BioMarin’s global infrastructure and financial scale, the transaction is expected to enhance the reach and accessibility of Amicus’ therapies across international markets.
The transaction is expected to close in the second quarter of 2026. Morgan Stanley & Co. LLC is serving as lead financial advisor to BioMarin, with J.P. Morgan Securities LLC also advising. Centerview Partners LLC and Goldman Sachs & Co. LLC are advising Amicus.
Deal 2: Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd (United States) was acquired by Shionogi Inc. (Japan) for USD 2.50 billion.
Shionogi Inc. to Acquire Global rights to RADICAVA ORS and IV RADICAVA from Tanabe Pharma Provision Co., Ltd
Tanabe Pharma America has agreed to sell the global rights to RADICAVA®, including markets in Japan, the United States, and Canada, to Shionogi for USD 2.5 billion. The transaction significantly expands Shionogi’s commercial footprint in rare and specialty diseases.
RADICAVA ORS is approved by the U.S. Food and Drug Administration and other global regulatory authorities for the treatment of amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative condition with limited therapeutic options. The oral suspension formulation, together with the previously available intravenous version, has been used by more than 20,000 ALS patients in the United States, underscoring its established clinical and commercial presence.
The acquisition supports Shionogi’s strategy to build scale in high-social-impact, quality-of-life disorders and deepen its position in rare diseases. The company already has active research programs targeting conditions such as Fragile X syndrome, Jordan’s syndrome, and Pompe disease, alongside early-stage rare disease assets recently added to its pipeline. RADICAVA provides an immediate commercial platform that can accelerate the development and launch of future rare disease therapies.
The transaction is expected to be immediately accretive in FY26, contributing approximately USD 700 million in annual global revenue following completion, which is anticipated on or after April 1.
Closing is expected in the second quarter of 2026, subject to customary conditions. Centerview Partners acted as lead financial adviser to Tanabe, with Goldman Sachs also advising. Bank of America served as financial adviser to Bain Capital.
Deal 3: Dynavax Technologies Corporation (United States) was acquired by Sanofi (France) for USD 2.20 billion.
Sanofi to Acquire Dynavax Technologies Corporation
Sanofi will acquire Dynavax Technologies in an all-cash transaction valued at USD 2.2 billion, or USD 15.50 per share. The acquisition strengthens Sanofi’s vaccines franchise by adding a commercially established adult hepatitis B vaccine alongside an early-stage shingles program, combining immediate revenue contribution with longer-term pipeline potential.
Dynavax focuses on the development and commercialization of vaccines for serious infectious diseases and currently markets HEPLISAV-B, which is approved in the United States, the European Union, and the United Kingdom for the prevention of hepatitis B infection in adults aged 18 and older. The acquisition also includes Dynavax’s shingles vaccine candidate, Z-1018, which is in Phase 1/2 clinical development, along with additional vaccine research programs.
By integrating Dynavax into its global vaccines platform, Sanofi is positioned to scale the commercial reach of HEPLISAV-B while advancing the development of Z-1018 and other pipeline programs. Sanofi’s global infrastructure, development expertise, and focus on evidence-based immunization are expected to accelerate clinical progress and expand patient access across key markets.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.
Deal 4: Swixx Biopharma SA (Switzerland) was acquired by SK Capital Partners, LP (United States) for USD 1.80 billion.
SK Capital Partners, LP to Acquire Swixx Biopharma SA
SK Capital Partners has agreed to acquire a majority stake in Swixx BioPharma in a transaction valued at approximately EUR 1.5 billion (USD 1.8 billion). The investment is intended to support Swixx’s next phase of growth and accelerate its international expansion.
Swixx BioPharma provides commercialization, distribution, and market access services to innovative pharmaceutical companies, enabling the launch and scaling of specialty medicines across Central and Eastern Europe, Greece, Eurasia, several CIS countries, the Middle East, and Latin America. Operating in 45 countries, the company has built a rapidly expanding platform, with annual sales expected to exceed EUR 1.3 billion by 2026.
The partnership brings additional capital and sector expertise to support Swixx’s expansion strategy while reinforcing its role as a long-term partner to global biopharmaceutical companies seeking efficient, outsourced solutions in complex and emerging markets.
Following completion of the transaction, SK Capital will become Swixx’s lead investor. The company’s founders, along with existing private equity shareholders HBM Healthcare Investments and Mérieux Equity Partners, will reinvest alongside SK Capital and retain board representation, ensuring continuity in governance and strategy.
The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Jefferies acted as lead financial adviser to Swixx BioPharma, with Centerview Partners also advising. Rothschild & Co. is serving as sole financial adviser to SK Capital.
Deal 5: Arthrosi Therapeutics, Inc. (United States) was acquired by Swedish Orphan Biovitrum AB (Sweden) for USD 1.50 billion.
Swedish Orphan Biovitrum AB (publ) to Acquire Arthrosi Therapeutics, Inc.
Swedish Orphan Biovitrum (Sobi) has agreed to acquire Arthrosi Therapeutics in a transaction valued at up to USD 1.5 billion, reinforcing its strategic focus on expanding its gout treatment portfolio and long-term growth opportunities.
Founded in 2018 and headquartered in San Diego, Arthrosi Therapeutics is a clinical-stage biotechnology company focused on developing therapies for gout and related conditions. Its lead oral candidate, pozdeutinurad (AR882), is currently in Phase 3 clinical trials and is designed to lower serum uric acid levels, reduce gout flares, and promote the resolution of tophi in patients with progressive disease, addressing key unmet needs in gout management.
The acquisition is expected to support Sobi’s mid- to long-term growth and margin profile, with pozdeutinurad potentially contributing meaningfully to revenues through the mid-2030s and beyond.
The transaction is anticipated to close in the first quarter of 2026, subject to customary conditions, with Barclays Bank PLC acting as Sobi’s financial advisor.
M&A Activity in the Energy and Power Industry
Covering both renewable and non-renewable sources, the top global M&A deals in this industry list include companies involved in power generation, energy infrastructure, and the global pursuit of sustainable energy solutions.
Deal 1: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Deal 2: TRC Companies, Inc. (United States) was acquired by WSP Global Inc. (Canada) for USD 3.30 billion.
Deal 3: LLOG Exploration Company, L.L.C. (United States) was acquired by Harbour Energy plc (United Kingdom) for USD 3.19 billion.
Deal 4: HG Energy II Production Holdings, LLC (United States) was acquired by Antero Resources Corporation (United States) for USD 2.80 billion.
Deal 5: Verdad Resources Intermediate Holdings, LLC (United States) was acquired by Japan Petroleum Exploration Co. (Japan) for USD 1.90 billion.
December
Energy and Power
Deal 1: Intersect Power, LLC (United States) was acquired by Alphabet Inc. (United States) for USD 4.75 billion.
Alphabet Inc. to Acquire Intersect Power, LLC
Alphabet, the parent of Google, has agreed to acquire data center and energy infrastructure company Intersect Power LLC in an all-cash transaction valued at approximately USD 4.75 billion, including the assumption of debt. Google already holds a minority interest in Intersect from an earlier funding round.
Intersect Power develops, owns, and operates utility-scale renewable energy and energy storage assets across the United States, with a primary focus on solar generation and battery storage. The company supplies clean power and capacity to utilities, corporate customers, and data center operators, with a growing emphasis on meeting the energy demands of AI and cloud computing infrastructure through long-term power solutions.
The transaction includes Intersect’s management team and multiple gigawatts of energy and data center projects that are under construction or in advanced stages of development, many of which stem from its existing partnership with Google. Intersect is also expected to continue evaluating emerging technologies that can broaden and diversify energy supply while supporting Google’s expanding US data center footprint.
The acquisition underscores Alphabet’s strategy to secure long-term, reliable, and affordable energy in partnership with utilities and developers, supporting the expansion of data center capacity without transferring additional costs to grid customers.
Following completion, Intersect will continue to operate as a standalone business under its existing brand. Certain assets are excluded from the transaction, including operating projects in Texas and both operating and in-development assets in California.
The transaction is expected to close in the first half of 2026.
Deal 2: TRC Companies, Inc. (United States) was acquired by WSP Global Inc. (Canada) for USD 3.30 billion.
WSP Global Inc. to Acquire TRC Companies, Inc.
WSP Global is acquiring TRC Companies in an all-cash transaction valued at USD 3.3 billion. The acquisition strengthens WSP’s presence in the power and energy market and expands its capabilities across utility-focused infrastructure and advisory services.
TRC Companies provides engineering, consulting, and advisory services across power and energy, utilities, environmental solutions, and program management. With more than five decades of operating history, the firm supports complex infrastructure projects and maintains long-standing relationships with major utility clients across the United States.
The transaction broadens WSP’s exposure to attractive end markets, deepens client engagement, and enhances service delivery across the full project lifecycle. TRC’s advisory and program management expertise complements WSP’s technical engineering strengths, creating opportunities across power engineering, environmental services, and strategic consulting. Following the acquisition, WSP’s US workforce is expected to reach approximately 27,000 employees, representing about 34% of its US revenue.
The transaction is expected to close in the first quarter of 2026. J.P. Morgan and CIBC Capital Markets are acting as financial advisors to WSP, while Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey are advising TRC Companies.
Deal 3: LLOG Exploration Company, L.L.C. (United States) was acquired by Harbour Energy plc (United Kingdom) for USD 3.19 billion.
Harbour Energy plc to Acquire LLOG Exploration Company, L.L.C.
Harbour Energy has announced the acquisition of LLOG Exploration Company, marking Harbour’s strategic entry into the US Gulf of Mexico. The transaction is valued at USD 3.2 billion, comprising USD 2.7 billion in cash and USD 0.5 billion in Harbour Energy shares.
LLOG is focused on the exploration, development, and production of oil and natural gas in the deepwater Gulf of Mexico, with particular strength in offshore asset development. Its portfolio includes a mix of producing fields and development-stage discoveries advanced through technical expertise and long-standing partnerships.
The acquired assets are concentrated in the deepwater US Gulf, including operated interests at Who Dat in Mississippi Canyon and Buckskin and Leon-Castile in Keathley Canyon. The portfolio currently produces approximately 34,000 barrels of oil equivalent per day (boepd), with Harbour expecting output to roughly double by 2028, supported by exposure to the Lower Tertiary Wilcox play.
The acquisition adds a high-quality, long-life asset base to Harbour’s portfolio, strengthening its production and cash flow growth profile. It establishes a meaningful presence in one of the world’s most established offshore basins, supported by mature infrastructure, a deep supplier ecosystem, and a stable regulatory environment. The transaction also creates a new core business unit for Harbour alongside its existing operations in Norway, the UK, Argentina, and Mexico.
Following completion, LLOG shareholders will own approximately 11% of Harbour’s voting ordinary shares, with existing Harbour shareholders retaining the remaining 89%. The transaction is expected to close in late Q1 2026. J.P. Morgan is acting as financial advisor to Harbour, while Guggenheim Securities, LLC is advising LLOG.
Deal 4: HG Energy II Production Holdings, LLC (United States) was acquired by Antero Resources Corporation (United States) for USD 2.80 billion.
Antero Resources Corporation to Acquire HG Energy II Production Holdings, LLC
Antero Resources is acquiring HG Energy’s upstream Marcellus shale assets in West Virginia in an all-cash transaction valued at USD 2.8 billion. The acquisition expands Antero’s core operating footprint and reinforces its position as a liquids-focused developer in the Marcellus.
The acquisition covers roughly 385,000 net acres located adjacent to Antero’s existing 475,000 net acres in the core Marcellus. The assets are expected to contribute approximately 850 MMcfe per day of production in 2026 and include more than 400 undeveloped drilling locations, around three-quarters of which are liquids-rich and immediately viable within Antero’s capital program.
In addition to adding scale, the assets are expected to improve Antero’s long-term capital efficiency and provide greater flexibility to direct dry gas volumes toward increasing regional demand, particularly from data center development and gas-fired power generation.
The transaction is expected to close in the second quarter of 2026. RBC Capital Markets is advising Antero Resources on the transaction, while Jefferies is acting as financial advisor to HG Energy.
Deal 5: Verdad Resources Intermediate Holdings, LLC (United States) was acquired by Japan Petroleum Exploration Co. (Japan) for USD 1.30 billion.
Japan Petroleum Exploration Co. to Acquire Verdad Resources Intermediate Holdings, LLC
Japan Petroleum Exploration (JAPEX) is expanding its US upstream presence through the USD 1.3 billion acquisition of Verdad Resources, a DJ Basin–focused operator. The transaction represents JAPEX’s largest acquisition to date and marks its first entry into operated oil and gas assets in the United States.
The assets are primarily located in the Denver-Julesburg Basin in northeastern Colorado, with additional interests in southeastern Wyoming. Production is liquids-weighted, consisting of approximately 49% light oil, 24% natural gas liquids, and 27% natural gas from the Niobrara and Codell formations. The portfolio includes more than 1,000 producing wells and a comparable inventory of future drilling locations, spanning about 125,000 gross operated acres and 127,000 gross non-operated acres.
The acquisition will be executed through JAPEX’s US subsidiary, Peoria Resources, which will oversee operations of the tight oil and gas assets in Colorado and Wyoming. Current production stands at approximately 35,000 barrels of oil equivalent per day (BOEPD), with ongoing development in the DJ Basin expected to lift output to around 50,000 BOEPD by 2030.
Strategically, the transaction supports JAPEX’s objective of scaling its North American upstream presence while applying operational experience gained from prior US investments. Direct operation of the assets is expected to materially enhance the company’s production profile and reserves, with net output projected to nearly double and proved reserves estimated to increase by roughly threefold.
Closing is anticipated toward the end of February 2026, subject to customary conditions.
M&A Activity in the Chemicals Industry
The top global M&A deals included in this industry list includes companies producing chemicals for various applications, from industrial manufacturing to consumer products, highlighting the sector’s role in global manufacturing and technological advancement.
Deal 1: MCC Real Estate Group Co., Ltd. (China) was acquired by Minmetals Property Holding Co Ltd (China) for USD 4.42 billion.
Deal 2: US Salt, LLC (United States) was acquired by ContextLogic Holdings Inc. (United States) for USD 907.50 million.
Deal 3: Liquid Nails of The Pittsburgh Paints Company (United States) was acquired by Henkel Loctite Corporation (United States) for USD 725.00 million.
Deal 4: PROFERTIL S.A. (Argentina) was acquired by Adecoagro S.A. (Argentina), and Asociación de Cooperativas Argentinas C.L. (Argentina) for USD 635.00 million.
Deal 5: Rana Gruber ASA (Norway) was acquired by Champion Iron Limited (Australia) for USD 289.00 million.
December
Chemicals
Deal 1: MCC Real Estate Group Co., Ltd. (China) was acquired by Minmetals Property Holding Co Ltd (China) for USD 4.42 billion.
Minmetals Property Holding Co Ltd to Acquire MCC Real Estate Group Co., Ltd.
Metallurgical Corporation of China (MCC) is undertaking a portfolio realignment by exiting its real estate business, selling its entire equity interest in MCC Real Estate to China Minmetals for CNY 31.2 billion (USD 4.42 billion). The transaction reflects MCC’s decision to concentrate resources on its primary engineering and metallurgical construction activities.
MCC Real Estate operates as MCC’s real estate development platform, undertaking large-scale urban projects that include residential communities, commercial complexes, and industrial parks. The business combines property development with infrastructure delivery by drawing on MCC’s engineering capabilities, with many projects linked to urban regeneration and mixed-use developments across China.
Separately, Minmetals will acquire MCC’s full equity interests in China ENFI Engineering, MCC Copper and Zinc, and Ramu Nico Management MCC, as well as a 67% stake in MCC Metallurgical and Chemical, for an aggregate consideration of CNY 29.4 billion (USD 4.2 billion).
Proceeds from the divestments will be directed toward reinforcing MCC’s core metallurgical construction franchise, supporting new industrialization and urbanization initiatives, and accelerating investment in engineering services, advanced materials, and high-end equipment manufacturing.
China Minmetals, a state-owned metals and mining group, is MCC’s controlling shareholder. Upon completion of the transactions, MCC’s position within the Minmetals group is expected to become more clearly defined, with a streamlined mandate centered on engineering contracting and specialized industrial services.
Deal 2: US Salt, LLC (United States) was acquired by ContextLogic Holdings Inc. (United States) for USD 907.50 million.
ContextLogic Holdings Inc. to Acquire US Salt, LLC
ContextLogic has announced the acquisition of US Salt from Emerald Lake Capital Management in a transaction valued at USD 907.5 million. The deal represents ContextLogic’s first major investment as it begins repositioning itself as a differentiated business ownership platform focused on long-term value creation.
Founded more than 130 years ago, US Salt has operated continuously from Watkins Glen, New York, and is among a small group of U.S. producers capable of manufacturing high-purity food- and pharmaceutical-grade salt. The company serves a diversified set of essential end markets, including grocery retail, food processing, pharmaceuticals, water treatment, and select industrial applications, benefiting from steady demand across economic cycles. Its industrial-grade salt is a critical input for downstream chemical and water treatment processes, positioning the company as an important supplier within broader industrial and chemical value chains.
The transaction marks a significant milestone in ContextLogic’s strategic transformation toward owning niche, competitively advantaged businesses with durable cash flows and strong management teams. Operating in an industry characterized by high barriers to entry and limited supply growth over the past 25 years, US Salt has sustained a resilient, inflation-resistant growth profile. Its strong leadership, proven operating model, consistent performance, and opportunities for future expansion—including selective acquisitions—position it as a compelling cornerstone asset within ContextLogic’s evolving platform.
Rothschild & Co acted as exclusive financial advisor to ContextLogic, while US Salt and Emerald Lake Capital Management were advised by Kirkland & Ellis LLP.
Deal 3: Liquid Nails of The Pittsburgh Paints Company (United States) was acquired by Henkel Loctite Corporation (United States) for USD 725.00 million.
Henkel Loctite Corporation to Acquire Liquid Nails of The Pittsburgh Paints Company
German chemical group Henkel has agreed to acquire Liquid Nails, a competing construction adhesive brand to its Loctite portfolio, in a transaction valued at USD 725 million.
Liquid Nails, owned by Pittsburgh Paints Company, is a widely recognized construction adhesives brand used across building, repair, and home improvement applications. Its products are designed for high-strength bonding of materials such as wood, metal, drywall, concrete, and tile, and are trusted by both professional contractors and DIY consumers for their durability and performance in interior and exterior projects.
The transaction brings together two of the largest brands in the U.S. market for liquid construction adhesives, strengthening Henkel’s competitive position in the segment. Strategically, the acquisition supports Henkel’s efforts to deepen its reach across professional and consumer channels, expand its construction adhesives portfolio, and capture operational and innovation synergies in a renovation-driven end market.
Deal 4: PROFERTIL S.A. (Argentina) was acquired by Adecoagro S.A. (Argentina), and Asociación de Cooperativas Argentinas C.L. (Argentina) for USD 635.00 million.
Adecoagro S.A. to Acquire PROFERTIL S.A.
Adecoagro is acquiring the remaining 50% interest in Profertil, South America’s largest producer of granular urea, for USD 635 million.
Profertil is among the world’s lowest-cost producers of urea and ammonia, with annual production capacity of approximately 1.3 million tonnes of urea and 790,000 tonnes of ammonia. The company supplies roughly 60% of Argentina’s urea demand and operates a modern, integrated production complex in Bahía Blanca, the country’s main petrochemical hub. Its operations benefit from reliable access to competitively priced natural gas and power, which underpins its low-cost position.
Following completion of the transaction, Adecoagro will become Profertil’s controlling shareholder, holding a 90% interest, while the remaining 10% will continue to be owned by Asociación de Cooperativas Argentinas.
The acquisition strengthens Adecoagro’s industrial footprint, enhances portfolio diversification, and supports long-term earnings stability. Profertil’s cost-advantaged position and proximity to the Vaca Muerta shale basin further enhance its ability to strengthen Argentina’s competitive standing in fertilizers and support sustainable, long-term growth.
Deal 5: Rana Gruber ASA (Norway) was acquired by Champion Iron Limited (Australia) for USD 289.00 million.
Champion Iron Limited to Acquire Rana Gruber ASA
Rana Gruber, Norway’s only iron ore producer, is being acquired by Champion Iron in a USD 289 million transaction that supports Champion’s strategy to build a globally scaled producer of high-grade iron ore.
Based in Rana in northern Norway, Rana Gruber specializes in the extraction and processing of high-quality iron ore concentrates and pellets primarily used in steelmaking. The company supplies customers across Europe and benefits from established rail and port infrastructure, access to renewable hydropower, and operations aligned with the steel industry’s shift toward lower-emission production.
The transaction provides Champion with a long-life mining asset in a stable jurisdiction, supported by a proven operating history with continuous production since the 1960s. Rana Gruber has recently produced more than 1.8 million tonnes per year of high-grade iron ore and is advancing projects to upgrade output to 65% iron-content concentrate.
The acquisition also expands Champion’s product portfolio, adding additional blends of high-grade iron ore concentrate and magnetite products used in industrial and chemical applications.
Champion has stated its intention to retain Rana Gruber as a standalone company under its existing name, with business operations continuing as usual and employees remaining in place to ensure continuity for customers, partners, and the local community.
M&A Activity in the Artificial Intelligence (AI) Industry
Representing the forefront of technological innovation, the top global deals in this industry list includes companies developing AI and machine learning technologies, reshaping industries with intelligent solutions.
Deal 1: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Deal 2: Neptune Labs, Inc. (United States) was acquired by OpenAI OpCo, LLC (United States) for USD 400.00 million.
Deal 3: Codegen, Inc. (United States) was acquired by Mango Technologies, Inc. (United States) for an undisclosed amount.
Deal 4: Placekey (United States) was acquired by Senzing, Inc. (United States) for an undisclosed amount.
Deal 5: Limitless AI, Inc. (United States) was acquired by Meta Platforms, Inc. (United States) for an undisclosed amount.
December
Artificial Intelligence (AI)
Deal 1: Butterfly Effect Pte. Ltd. (Singapore) was acquired by Meta Platforms, Inc. (United States) for USD 2.00 billion.
Meta Platforms, Inc. Acquired Butterfly Effect Pte. Ltd. (doing business as Manus)
Meta Platforms has announced the acquisition of Singapore-based AI startup Manus AI in a transaction valued at approximately USD 2 billion, as it looks to expand automation capabilities across its consumer and enterprise offerings.
Founded in China, Manus AI has gained recognition for developing autonomous AI agents that can plan, execute, and complete complex tasks with minimal human input. Unlike traditional conversational systems, its technology supports end-to-end workflows across functions such as research, data analysis, software development, and operational automation, reflecting the industry’s shift toward more agent-driven AI systems.
Under the deal, Meta plans to keep Manus AI operating as an independent unit while integrating its agent technology into platforms including Facebook, Instagram, and WhatsApp, where Meta AI is already deployed. The acquisition aligns with Meta’s broader AI strategy of acquiring specialized startups to accelerate product development, strengthen talent depth, and support its wider AI roadmap, including continued advancement of its open-source Llama large language models.
Following completion of the transaction, Manus AI will wind down its services and operations in China, consolidating its activities under Meta’s global AI ecosystem.
Deal 2: Neptune Labs, Inc. (United States) was acquired by OpenAI OpCo, LLC (United States) for USD 400.00 million.
OpenAI OpCo, LLC Acquired Neptune Labs, Inc.
OpenAI has agreed to acquire Neptune AI in an all-stock transaction valued at under USD 400 million, strengthening its capabilities in AI model training, experimentation, and monitoring.
Neptune AI develops an experiment tracking and model management platform used by machine learning researchers and engineering teams to log experiments, manage metadata, compare results, and improve reproducibility across the model development lifecycle. As training advanced AI systems is inherently iterative and exploratory, Neptune’s tools provide real-time visibility into how models evolve during training, helping teams better understand performance dynamics and complex behaviors as they emerge.
OpenAI plans to work closely with Neptune to integrate its technology more deeply into OpenAI’s training infrastructure, improving transparency into how models learn and scale. The two companies have previously collaborated on building a metrics dashboard for AI teams, establishing a foundation for deeper technical integration following the acquisition.
The transaction is expected to support more efficient development of advanced AI models across OpenAI’s research and commercial initiatives. For Neptune, joining OpenAI provides the scale, resources, and collaborative environment needed to accelerate innovation, help shape best practices in large-scale model development, and significantly expand the reach and impact of its technology.
Deal 3: Codegen, Inc. (United States) was acquired by Mango Technologies, Inc. (United States) for an undisclosed amount.
Mango Technologies, Inc. (doing business as ClickUp) Acquired Codegen, Inc.
ClickUp has acquired Codegen, an AI-powered software engineering platform, for an undisclosed amount, reinforcing its ambition to create a fully converged AI workspace.
Codegen develops technology that applies machine learning to core software engineering tasks, including code generation, transformation, and modernization. Its platform enables development teams to work more efficiently by reducing manual effort, improving code quality, and accelerating the maintenance and evolution of large and complex codebases.
The acquisition brings Codegen’s technology and engineering talent into ClickUp to support the development of advanced AI capabilities, including its Super Agents initiative—AI systems designed to reason, collaborate, and execute tasks in ways that mirror human workflows. By embedding Codegen’s AI coding agents directly into ClickUp, the platform aims to allow users to move beyond task tracking and use their work context to build, adapt, and update the software systems they depend on—effectively lowering the barrier between software usage and software creation.
Deal 4: Placekey (United States) was acquired by Senzing, Inc. (United States) for an undisclosed amount.
Senzing, Inc. Acquired Placekey
Senzing has acquired Placekey in a move aimed at expanding the use of open standards for location data interoperability. Financial terms of the transaction were not disclosed.
Placekey provides a universal identifier for physical locations, making it easier for organizations to match, enrich, and analyze place-based data across disparate systems and datasets. The service is widely used by developers, analysts, and enterprises to reduce complexity when working with geospatial data that often varies in format, completeness, and structure.
The transaction brings together two complementary approaches to data connectivity. Senzing’s platform specializes in entity resolution, enabling organizations to accurately link records related to people, companies, and relationships across multiple data sources. Placekey applies a similar principle to the physical world by standardizing how location data is joined, addressing common challenges such as inconsistent addresses and fragmented data inputs.
By combining Placekey’s location identifiers with Senzing’s AI-powered entity resolution capabilities, the acquisition is intended to simplify data integration and improve location accuracy across complex datasets. The enhanced platform supports more reliable analytics and decision-making for applications spanning artificial intelligence, geographic information systems (GIS), and other data-intensive industries where precise context across people, organizations, and places is critical.
Deal 5: Limitless AI, Inc. (United States) was acquired by Meta Platforms, Inc. (United States) for an undisclosed amount.
Meta Platforms, Inc. Acquired Limitless AI, Inc.
Meta has acquired AI wearables startup Limitless for an undisclosed sum, advancing its efforts to expand AI-enabled wearable technologies.
Limitless created a lightweight, AI-enabled pendant that can be clipped to clothing or worn as jewelry. The device records spoken interactions throughout the day, produces real-time transcripts, and uses AI to turn conversations into summaries, searchable notes, and contextual reminders—essentially acting as a digital memory companion for both structured meetings and casual discussions.
The acquisition comes as momentum builds around AI wearables and as Meta continues to invest in its own vision for hands-free, AI-supported hardware. Meta’s roadmap already includes AR and AI-integrated eyewear such as its Ray-Ban Meta and Oakley Meta smart glasses, along with early work on display-equipped lenses.
Limitless’s technology and team are expected to support Meta’s broader ambition to deliver “personal superintelligence” through everyday devices and enhance the functionality of its current wearable products. Following the transaction, Limitless will stop selling its hardware device while continuing to support existing users for up to one year to ensure a smooth transition.
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