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M&A News: Global M&A Deals Week of July 7 to 13, 2025
- IMAA
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The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
As the second half of the year begins, the global mergers and acquisitions (M&A) market recorded 605 announced deals between July 7 and July 13, with a total deal value of USD 47.64 billion. Sixteen of these transactions surpassed USD 500 million, collectively accounting for USD 40.60 billion—representing the bulk of the week’s total deal value.
The largest transaction during this period was Merck’s USD 10 billion acquisition of Verona Pharma, aimed at strengthening its portfolio in respiratory care. Verona’s lead asset, Ohtuvayre, is a first-in-class therapy for chronic obstructive pulmonary disease (COPD), combining bronchodilation and anti-inflammatory properties. The acquisition supports Merck’s strategy to diversify revenue streams as it prepares for upcoming patent expirations of its top-selling cancer drug, Keytruda, starting in 2028.
Another major deal was CoreWeave’s USD 9 billion all-stock acquisition of Core Scientific, which significantly enhances its data center capacity to support AI and high-performance computing workloads. By moving from a leasing to an ownership model, CoreWeave expects to save around USD 500 million annually by 2027 and eliminate over USD 10 billion in future lease obligations. The transaction also brings operational efficiencies, accelerates deployment, and strengthens CoreWeave’s positioning as a vertically integrated AI infrastructure provider.
Compared to the previous week, overall deal volume dipped slightly by 3%, from 623 to 605. However, total disclosed deal value increased by 9.16%, rising from USD 43.64 billion to USD 47.64 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of July 7 to 13, 2025 in detail:
Deal No. 1: Merck Sharp & Dohme LLC to Acquire Verona Pharma plc for USD 10.00 Billion
Deal No. 2: CoreWeave, Inc. to Acquire Core Scientific, Inc. for USD 9.00 Billion
Deal No. 3: Royal Gold, Inc. to Acquire Sandstorm Gold Ltd. for USD 3.50 Billion
Deal No. 4: Capgemini SE to Acquire WNS (Holdings) Limited for USD 3.30 Billion
Deal No. 5: Ferrero International S.A. to Acquire WK Kellogg Co for USD 3.10 Billion
Deal No. 1:
Merck Sharp & Dohme LLC to Acquire Verona Pharma plc for USD 10.00 Billion
Merck, known as MSD outside the U.S. and Canada, is strengthening its presence in cardio-pulmonary care with a USD 10 billion acquisition of Verona Pharma. The move reflects Merck’s strategic focus on expanding its pipeline of innovative therapies for chronic respiratory conditions.
Verona Pharma, a UK-based clinical-stage biopharmaceutical company, specializes in inhaled treatments for respiratory diseases. Its lead product, ensifentrine—commercialized as Ohtuvayre—is a dual PDE3 and PDE4 inhibitor designed to improve breathing and reduce inflammation in patients with chronic obstructive pulmonary disease (COPD). Following its U.S. FDA approval in 2024, Ohtuvayre has experienced strong uptake and is also being studied for its potential in treating non-cystic fibrosis bronchiectasis.
By combining Merck’s commercial reach and clinical development expertise with Verona’s innovation in respiratory care, the acquisition is expected to accelerate the global impact of Ohtuvayre and support access to more patients living with COPD and related conditions.
The agreement has received unanimous approval from both companies’ boards and is anticipated to close by the end of 2025, subject to customary regulatory approvals. Merck was advised by Citi and Morgan Stanley & Co. LLC, while enterview Partners LLC served as Verona Pharma’s exclusive financial advisor.
Deal No. 2:
CoreWeave, Inc. to Acquire Core Scientific, Inc. for USD 9.00 Billion
CoreWeave, a U.S.-based cloud infrastructure company specializing in AI workloads, has entered into an all-stock agreement to acquire Core Scientific in a deal valued at approximately USD 9 billion. The transaction represents a strategic move to bring data center operations in-house, allowing CoreWeave to strengthen its infrastructure control, support long-term revenue growth, and improve operational scalability amid accelerating demand for AI and high-performance computing (HPC) solutions.
Under the terms of the deal, shareholders of Core Scientific will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific they hold.
Core Scientific operates one of the largest fleets of high-efficiency data centers in North America, specializing in Bitcoin mining and infrastructure services for blockchain networks. The company also provides hosting for third-party clients, with a strong emphasis on low-cost and sustainable power sources.
Post-acquisition, CoreWeave will gain control of approximately 1.3 gigawatts (GW) of existing power capacity across Core Scientific’s national data center portfolio, with the option to expand by more than 1 GW. This expanded infrastructure base is expected to accelerate CoreWeave’s ability to deploy AI and HPC workloads at scale.
The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals. Goldman Sachs & Co. LLC is advising CoreWeave, while Moelis & Company LLC and PJT Partners LP are acting as financial advisors to Core Scientific.
Deal No. 3:
Royal Gold, Inc. to Acquire Sandstorm Gold Ltd. for USD 3.50 Billion
Royal Gold has agreed to acquire Sandstorm Gold in an all-stock deal valued at approximately USD 3.5 billion, a move that further solidifies its position as a major North American streaming and royalty company focused on precious metals.
Sandstorm Gold, headquartered in Canada, focuses on acquiring and managing streams, royalties, and related interests tied to precious metals—primarily gold, silver, and copper. The company holds a diversified portfolio of over 240 assets at different stages of development across several regions. Its business model allows investors to benefit from metal price movements without the direct risks and capital requirements of operating mines.
The acquisition is expected to expand Royal Gold’s asset base and increase its cash flow, creating a combined portfolio of 393 royalty and streaming interests, including 80 producing assets. The portfolio is designed to be well-balanced, with no single asset contributing more than 13% to the total net asset value. The projected 2025 revenue mix will consist of roughly 87% precious metals, with gold contributing around 75%. Additionally, Sandstorm’s development-stage projects are set to support Royal Gold’s long-term growth and gold-focused strategy.
Under the terms of the deal, Sandstorm shareholders will receive 0.0625 shares of Royal Gold stock for each Sandstorm share held. Approximately 19 million shares will be issued, giving Sandstorm shareholders a 23% stake in the combined company on a fully diluted basis.
The deal is subject to customary closing conditions, including regulatory approvals, shareholder votes, and court clearance. Scotiabank is acting as lead financial advisor to Royal Gold, while BMO Capital Markets is advising Sandstorm Gold.
Deal No. 4:
Capgemini SE to Acquire WNS (Holdings) Limited for USD 3.30 Billion
Capgemini has announced its intention to acquire WNS in a cash transaction valued at approximately USD 3.3 billion. The deal is set to position Capgemini as a global leader in Agentic AI-powered intelligent operations and significantly strengthen its business process services capabilities.
WNS is a trusted partner in digital business transformation, combining deep domain expertise with capabilities in business process management, analytics, AI, and technology. The company delivers industry-specific solutions across eight sectors, using highly automated platforms to drive better business outcomes. WNS serves over 700 clients globally, including major names such as United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods.
The acquisition will enhance Capgemini’s presence in key markets, particularly the United States, where WNS has a well-established footprint. It is expected to generate immediate cross-selling opportunities through the combination of complementary service offerings and client portfolios. Financially, the transaction is projected to increase Capgemini’s normalized earnings per share (EPS) by 4% in 2026 before synergies, and by 7% in 2027 after synergies are realized.
The deal is expected to close by the end of the year, subject to customary regulatory approvals and closing conditions.
Deal No. 5:
Ferrero International S.A. to Acquire WK Kellogg Co for USD 3.10 Billion
Ferrero Group, the global confectionery company behind brands like Nutella and Ferrero Rocher, has agreed to acquire WK Kellogg Co in an all-cash deal valued at approximately USD 3.1 billion (USD 23 per share). The acquisition builds on Ferrero’s track record of expanding in the U.S. market and enhances its presence and product offering across North America.
WK Kellogg Co is a North American food company focused on ready-to-eat cereals, with a well-established brand lineup that includes Frosted Flakes, Froot Loops, Corn Flakes, and Rice Krispies. Created in 2023 following its separation from Kellogg Company, WK Kellogg operates across the U.S., Canada, and the Caribbean with a focused strategy on growing its cereal business.
The acquisition gives Ferrero control over the production, marketing, and distribution of WK Kellogg’s brands in these markets. It aligns with Ferrero’s broader growth strategy of entering new categories and reaching more eating occasions while continuing to build consumer relevance through established brands.
In North America, Ferrero and its related companies employ over 14,000 people across 22 manufacturing sites and 11 offices. Its local portfolio includes household names such as Nutella, Kinder, Tic Tac, and Ferrero Rocher.
Upon completion of the deal, WK Kellogg will become a wholly owned subsidiary of Ferrero, and its shares will be removed from trading on the New York Stock Exchange. Lazard is acting as lead financial advisor to Ferrero, with BofA Securities as co-advisor. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to WK Kellogg.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of July 7 to 13, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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