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M&A News: Global M&A Deals Week of November 10 to 16, 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.
From November 10 to November 16, global mergers and acquisitions activity totaled 595 announced deals with a combined value of USD 49.01 billion. Seventeen transactions exceeded USD 500 million, contributing USD 40.59 billion, or 83% of the week’s total value.
The largest transaction was Parker-Hannifin’s USD 9.25 billion acquisition of Filtration Group, a move that strengthens its presence in performance-critical sectors such as life sciences, HVAC/R, and industrial applications. Filtration Group brings a portfolio of advanced filtration solutions and a solid track record of organic growth. The combination will create one of the most significant industrial filtration platforms globally, while providing Filtration Group with the scale and investment capacity needed to support further expansion.
Another major deal was Merck’s USD 9.2 billion acquisition of Cidara Therapeutics, reflecting its continued effort to reinforce its late-stage pipeline ahead of the anticipated patent expiry of Keytruda. Cidara develops antiviral treatments, including programs focused on influenza. This follows Merck’s USD 10 billion acquisition of Verona Pharma earlier in the year, which added the COPD therapy Ohtuvayre to its portfolio.
Week-on-week, the market saw a pullback in activity. Deal volume declined 21%, falling from 754 to 595 transactions, while aggregate deal value dropped 57%, from USD 113.86 billion to USD 49.01 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of November 10 to 16, 2025 in detail:
Deal No. 1: Parker-Hannifin Corporation to Acquire Filtration Group Corporation for USD 9.25 Billion
Deal No. 2: Merck Sharp & Dohme LLC to Acquire Cidara Therapeutics, Inc. for USD 9.20 Billion
Deal No. 3: Public Property Invest ASA to Acquire Social Property Portfolio of SBB for USD 3.40 Billion
Deal No. 4: InvestIndustrial to Acquire TreeHouse Foods, Inc. for USD 2.90 Billion
Deal No. 5: An Undisclosed Buyer to Acquire U.S. Eagle Ford Assets of Baytex Energy Corp. for USD 2.31 Billion
Deal No. 1:
Parker-Hannifin Corporation to Acquire Filtration Group Corporation for USD 9.25 Billion
Parker Hannifin, a global powerhouse in motion and control systems, is set to acquire Filtration Group in a landmark USD 9.25 billion transaction, significantly bolstering its presence across life sciences, HVAC/R, and the industrial sector.
Filtration Group Corporation specializes in advanced filtration and separation solutions that enhance air quality, protect equipment, and support efficient operations across diverse industries. Its products combine proprietary media with extensive technical expertise and application knowledge. The company generates approximately 85% of its revenue from the aftermarket, creating robust recurring income streams across multiple product lines. Its portfolio spans air and liquid filtration, medical and life-science applications, and industrial process filtration.
The acquisition is set to establish one of the largest industrial filtration businesses worldwide. It is expected to drive accretive organic growth and enhance synergized EBITDA margins, adjusted EPS, and cash flow for Parker Hannifin.
The transaction is anticipated to close in 2026, with Barclays acting as financial advisor to Parker Hannifin and Lincoln International advising Filtration Group.
Deal No. 2:
Merck Sharp & Dohme LLC to Acquire Cidara Therapeutics, Inc. for USD 9.20 Billion
Merck has announced an all-cash acquisition of Cidara Therapeutics valued at USD 9.2 billion, or USD 221.50 per share, broadening its portfolio to include a late-stage antiviral asset.
San Diego–based Cidara Therapeutics develops long-acting therapies targeting infectious diseases. Its pipeline features rezafungin, a once-weekly antifungal, and CD388, a long-acting antiviral created using the company’s proprietary Cloudbreak™ platform, designed to provide enhanced protection against influenza and other viral infections. CD388 has received FDA Breakthrough Therapy and Fast Track designations, highlighting its potential as a transformative antiviral treatment.
The deal complements Merck’s respiratory pipeline at a time when influenza continues to be a major public health concern, causing significant illness and mortality, particularly among older adults and immunocompromised populations.
The deal is expected to close in the first quarter of 2026. BofA Securities, Inc. advised Merck, while Evercore and Goldman Sachs & Co. LLC served as financial advisors to Cidara Therapeutics.
Deal No. 3:
Public Property Invest ASA to Acquire Social Property Portfolio of SBB for USD 3.40 Billion
SBB Norden is selling its social infrastructure portfolio to Public Property Invest ASA (PPI) for approximately USD 3.4 billion.
The transaction includes around 740 properties across Sweden, Norway, Denmark, and Finland, covering care homes, healthcare facilities, and other public-use buildings. These assets, primarily held through SBB’s SocialCo subsidiaries, are valued at SEK 32 billion and constitute a core part of SBB’s community portfolio, generating stable long-term cash flows from publicly funded leases.
The deal positions PPI as Europe’s largest publicly listed social infrastructure company, with NOK 53 billion in assets and an expanded presence across key Nordic markets. It expands PPI’s footprint in Sweden and strengthens its portfolio across community, healthcare, and essential public-service sectors. The increased scale enhances the balance sheet and access to capital markets, enabling the company to capitalize on rising demographic demand for social infrastructure.
As part of the agreement, SBB will receive shares in PPI, becoming a significant shareholder and retaining exposure to the transferred assets. This transaction completes SBB’s strategic transformation by establishing three distinct segments: Education, Residential, and Community assets through PPI.
The transaction is expected to close in the fourth quarter of 2025 or the first quarter of 2026. Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE, Sweden Bankfilial, are acting as joint financial advisors to SBB.
Deal No. 4:
InvestIndustrial to Acquire TreeHouse Foods, Inc. for USD 2.90 Billion
TreeHouse Foods is being acquired by the European investment group Investindustrial in an all-cash deal valued at USD 2.9 billion, taking the company private.
TreeHouse Foods is a major manufacturer of private-label food and beverage products, operating a network of about 26 production facilities across the U.S. and Canada. Its portfolio spans sauces, dressings, soups, snacks, and beverages, serving a wide range of retail and foodservice customers across North America.
Post-acquisition, TreeHouse will operate independently within Investindustrial’s portfolio, becoming its newest platform in the global food and beverage sector. The deal expands Investindustrial’s footprint in North America, bringing its total network to over 85 manufacturing facilities and 16,000 employees.
This strategic acquisition underscores TreeHouse’s established position in the private-label market and its potential for steady, long-term growth within the sector.
The transaction is expected to close in the first quarter of 2026.
Deal No. 5:
An Undisclosed Buyer to Acquire U.S. Eagle Ford Assets of Baytex Energy Corp. for USD 2.31 Billion
Baytex Energy is divesting its Eagle Ford assets, which represent the entirety of its U.S. operations, to an undisclosed buyer for approximately USD 2.31 billion (CAD 3.25 billion), allowing the company to refocus on its Canadian core portfolio.
The Eagle Ford position consists of a mature, oil-weighted asset base with substantial proved and probable reserves. As of late 2024, the portfolio contained an estimated 400 million barrels of oil equivalent and delivered more than 80,000 boe/d in 2025 across light oil, condensate, natural gas liquids, and natural gas.
The sale strengthens Baytex’s balance sheet and provides greater financial flexibility to pursue its long-term strategy, which centers on capital-efficient heavy oil development and the continued build-out of its scalable Pembina Duvernay position.
The transaction is expected to close in late 2025 or early 2026, with RBC Capital Markets acting as financial advisor to Baytex.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of November 10 to 16, 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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