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M&A News: Global M&A Deals Week of January 12 to 18, 2026
- IMAA
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From January 12 to January 18, the global M&A market recorded 605 announced deals totaling USD 46.03 billion. Twelve transactions valued above USD 500 million contributed USD 36.90 billion, accounting for roughly 80% of the week’s total value and highlighting a continued tilt toward large-scale deals.
The week’s top deal was the USD 14.5 billion acquisition of Penumbra by Boston Scientific, marking 2026’s first major healthcare deal and the company’s second-largest takeover to date. The acquisition expands Boston Scientific’s presence in fast-growing areas of vascular care and supports its return to the neurovascular segment. Penumbra develops minimally invasive technologies for neurovascular and peripheral interventions, including advanced clot-removal systems used in treating ischemic stroke and pulmonary embolism.
Energy-related transactions were also prominent, led by Mitsubishi Corporation’s USD 7.53 billion acquisition of Aethon Energy and Talen Energy’s USD 3.45 billion purchase of PJM natural gas assets from Energy Capital Partners.
On a week-over-week basis, deal volume declined by 16%, falling from 720 to 605 transactions. In contrast, aggregate deal value rose by 18%, increasing from USD 38.99 billion to USD 46.03 billion, driven by activity at the upper end of the market.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of January 12 to 18, 2026 in detail:
Deal No. 1: Boston Scientific Corporation to Acquire Penumbra, Inc. for USD 14.50 Billion
Deal No. 2: Mitsubishi Corporation to Acquire Aethon III LLC/Aethon United LP for USD 7.53 Billion
Deal No. 3: Talen Energy Corporation to Acquire PJM Natural Gas Assets of Energy Capital Partners, LLC for USD 3.45 Billion
Deal No. 4: Sunway Berhad to Acquire IJM Corporation Berhad for USD 2.71 Billion
Deal No. 5: Worthington Steel, Inc. to Acquire Klöckner & Co SE for USD 2.40 Billion
Deal No. 1:
Boston Scientific Corporation to Acquire Penumbra, Inc. for USD 14.50 Billion
Boston Scientific has agreed to acquire Penumbra in a cash-and-stock transaction valued at USD 14.5 billion. The deal expands Boston Scientific’s cardiovascular portfolio and strengthens its exposure to therapies addressing the rising incidence of vascular disease across global markets.
Penumbra is a medical technology company focused on minimally invasive solutions for neurovascular and peripheral vascular conditions. Its product portfolio includes advanced systems for the treatment of ischemic stroke, pulmonary embolism, and other complex vascular disorders, notably the Lightning Bolt® and Lightning Flash® computer-assisted vacuum thrombectomy (CAVT™) platforms, which are designed to enhance clot removal efficiency.
Penumbra’s technologies will complement Boston Scientific’s existing peripheral intervention offerings, including AngioJet, its primary thrombectomy solution. The acquisition provides Boston Scientific with access to additional, fast-growing segments within the vascular space and broadens its therapeutic reach beyond its current platforms.
By leveraging its global manufacturing, distribution, and commercial infrastructure, Boston Scientific is positioned to accelerate the adoption and integration of Penumbra’s mechanical thrombectomy and vascular technologies across hospitals and health systems worldwide.
The transaction is expected to close in 2026. Perella Weinberg Partners is acting as exclusive financial advisor to Penumbra, while Boston Scientific is being advised by Allen Overy Shearman & Sterling LLP and Arnold & Porter Kaye Scholer LLP.
Boston Scientific announces agreement to acquire Penumbra, Inc. – Jan 15, 2026
Boston Scientific to snap up Penumbra in deal valued at $14.5B
JPM26: Boston Scientific acquires Penumbra in $14.5bn deal – Medical Device Network
Boston Scientific beefs up heart device portfolio with $14.5 billion Penumbra deal | Reuters
Deal No. 2:
Mitsubishi Corporation to Acquire Aethon III LLC/Aethon United LP for USD 7.53 Billion
Mitsubishi Corporation will acquire Aethon III LLC and Aethon United LP for approximately USD 7.53 billion on a debt-inclusive basis. The transaction marks Mitsubishi’s entry into the U.S. shale gas sector, providing exposure across upstream production, domestic gas sales, and LNG exports.
The acquired assets are concentrated in the Haynesville Shale across Texas and Louisiana and currently produce around 2.1 Bcf per day of natural gas, equivalent to roughly 15 million metric tons of LNG annually. The Haynesville is a major supply basin for the southern United States and benefits from close proximity to multiple LNG export terminals, supporting both domestic sales and export opportunities.
Gas production from the Aethon portfolio is currently sold into the southern U.S. market, with a portion under evaluation for LNG exports to Asia—including Japan—as well as to Europe. This positioning aligns with rising global demand for flexible and reliable natural gas supply.
This acquisition complements Mitsubishi’s existing North American energy footprint, which includes upstream shale gas development with Ovintiv in Canada, midstream marketing through CIMA Energy, LNG export exposure via LNG Canada and Cameron LNG, and power generation through Diamond Generating Corporation. Together, these assets reinforce Mitsubishi’s integrated gas, LNG, and power strategy.
Mitsubishi aims to capture demand growth driven by data centers, industrial expansion, and LNG exports by scaling its presence in the world’s largest natural gas market. With current LNG production capacity of around 15 million metric tons per year, the Aethon assets are expected to add a comparable volume, effectively doubling total capacity.
The transaction is expected to close in the first quarter of Japan’s fiscal year 2026.
Deal No. 3:
Talen Energy Corporation to Acquire PJM Natural Gas Assets of Energy Capital Partners, LLC for USD 3.45 Billion
Energy Capital Partners has agreed to sell its PJM natural gas generation portfolio to Talen Energy for USD 3.45 billion. The deal includes the Waterford Energy Center and Darby Generating Station in Ohio, along with the Lawrenceburg Power Plant in Indiana.
The portfolio comprises modern, high-efficiency combined-cycle gas turbine (CCGT) facilities, including the 1,218-megawatt Lawrenceburg plant and the 869-megawatt Waterford facility. With total installed capacity of approximately 2.6 gigawatts, the assets provide reliable, dispatchable power into the PJM Interconnection grid and benefit from access to competitively priced natural gas, supporting rising electricity demand from data centers and industrial users.
For Talen, the acquisition significantly expands its footprint in the western PJM market and adds efficient baseload generation to its fleet. Following completion, Talen expects its annual power output to nearly double within two years, while improving fleet diversification and generating free cash flow per share accretion exceeding 15% annually through 2030.
The addition of these facilities strengthens Talen’s ability to supply reliable, scalable, grid-supported, and regionally diversified lower-carbon capacity to hyperscale data centers and large commercial customers.
The transaction is expected to close in the early part of the second half of 2026. RBC Capital Markets is acting as exclusive M&A advisor to Talen, while Jefferies LLC and PEI Global Partners are serving as financial advisors to Energy Capital Partners.
Deal No. 4:
Sunway Berhad to Acquire IJM Corporation Berhad for USD 2.71 Billion
Malaysian conglomerate Sunway Group has proposed to acquire IJM Corporation Berhad for approximately USD 2.71 billion (MYR 11 billion), a transaction that would bring together two of the country’s major construction and property groups. The combination would create a larger, more diversified platform across infrastructure development and real estate.
Hisamitsu Pharmaceutical specializes in transdermal drug delivery and topical therapies, developing and commercializing both prescription and over-the-counter products. The company has built a strong international footprint, with its pain relief and fever-care brands distributed in more than 50 countries, supported by continued investment in research and product innovation.
IJM is a diversified infrastructure and construction group with operations spanning construction, infrastructure concessions, property development, and manufacturing. Its portfolio includes long-term assets such as highways, ports, and utilities, alongside large-scale civil engineering and building projects, supported by a strong domestic presence and selective international exposure.
The combined entity is positioned to emerge as Malaysia’s largest property and construction group by revenue and total assets, forming a national champion with enhanced scale, operational depth, and regional competitiveness.
The proposed takeover comes as Malaysia benefits from shifting global trade flows toward ASEAN, supported by competitiveness-enhancing reforms and the development of special economic zones that continue to attract investment. These conditions underpin job creation, technology development, and spillover effects across related sectors, making the transaction strategically well timed for both corporate and national value creation.
The offer is expected to complete by the third quarter of 2026, subject to regulatory and shareholder approvals. Maybank Investment Bank is acting as principal adviser to Sunway Group.
Deal No. 5:
Worthington Steel, Inc. to Acquire Klöckner & Co SE for USD 2.40 Billion
Worthington Steel is set to acquire Germany-based Klöckner & Co for approximately USD 2.4 billion, a move that strengthens Worthington Steel’s position in the North American metals processing market while extending its international footprint.
Klöckner & Co SE is a major producer-independent steel and metal distribution and processing group, supplying flat and long steel as well as non-ferrous products to industrial and construction customers. The company operates a wide network of service centers across Europe and North America, offering value-added services such as cutting, forming, and logistics.
The combination brings together complementary strengths in processing, distribution, and customer reach, creating a more diversified platform with expanded access to both European and North American markets. Together, the companies are positioned to operate as a large, integrated service-center and metal-processing group with enhanced operational scale.
Worthington Steel has committed to supporting Klöckner & Co’s management and long-term strategy, providing operational expertise, industry relationships, and financial flexibility to support continued development. The transaction is expected to accelerate innovation and broaden the combined company’s product and service offering.
The proposed acquisition is expected to be completed in the second half of 2026, subject to customary approvals. Goldman Sachs Bank Europe SE is acting as financial advisor to Klöckner & Co.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of January 12 to 18, 2026. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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