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M&A News: Global M&A Deals Week of October 6 to 12, 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.
Between October 6 and October 12, the global mergers and acquisitions (M&A) market saw 641 announced deals with a combined value of USD 59.48 billion. Among these, 11 transactions surpassed the USD 500 million mark, representing 85% of the total weekly deal value, or approximately USD 50.69 billion.
The week’s largest transactions were concentrated in the banking sector. HSBC’s USD 13.63 billion offer to acquire the remaining stake in Hang Seng Bank aims to take the bank private while reinforcing HSBC’s strategy of deepening its presence in markets where it maintains a competitive edge—preserving Hang Seng’s brand, heritage, and customer base. Meanwhile, Fifth Third Bancorp’s USD 10.9 billion acquisition of Comerica will combine two long-established banking institutions, forming the ninth-largest U.S. bank with assets of about USD 288 billion.
Week over week, deal volume rose by 4%, increasing from 615 to 641 transactions. However, total deal value declined by 38%, falling from USD 96.58 billion to USD 59.48 billion, reflecting a slowdown in large-cap activity despite higher transaction counts.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of October 6 to 12, 2025 in detail:
Deal No. 1: The Hongkong and Shanghai Banking Corporation Limited to Acquire Hang Seng Bank Limited for USD 13.63 Billion
Deal No. 2: Fifth Third Financial Corporation to Acquire Comerica Incorporated for USD 10.90 Billion
Deal No. 3: Qualtrics, LLC to Acquire Forsta group for USD 6.75 Billion
Deal No. 4: SoftBank Group Corp. to Acquire Robotics division of ABB for USD 5.38 Billion
Deal No. 5: Novo Nordisk A/S to Acquire Akero Therapeutics, Inc. for USD 5.20 Billion
Deal No. 1:
The Hongkong and Shanghai Banking Corporation Limited to Acquire Hang Seng Bank Limited for USD 13.63 Billion
HSBC has made an offer to acquire the remaining 36.5% of Hang Seng Bank for USD 13.63 billion, aiming to take full ownership and take the bank private.
Hang Seng Bank, headquartered in Hong Kong, offers a broad range of financial services, including retail and corporate banking, wealth management, and investment solutions. With HSBC as its majority shareholder, the bank is well-established in the region and is known for its stability, extensive branch network, and deep connection to the local market.
The offer gives Hang Seng shareholders immediate cash returns, allowing them to realize the value of their investment without waiting for future dividends.
HSBC intends to retain Hang Seng’s brand, heritage, unique customer focus, and branch network while investing in enhancements to products, services, and technology to offer customers greater choice and innovation.
This move supports HSBC’s broader strategy of expanding in markets where it holds competitive advantages. By leveraging the strengths of both HSBC Asia Pacific and Hang Seng, the bank aims to grow its presence in Hong Kong while giving customers flexibility in selecting their banking services.
Deal No. 2:
Fifth Third Financial Corporation to Acquire Comerica Incorporated for USD 10.90 Billion
Fifth Third Bancorp has announced plans to acquire Comerica in an all-stock transaction valued at approximately USD 10.9 billion. The merger would create the ninth-largest bank in the United States, with combined assets of around USD 288 billion.
Comerica is a diversified financial services firm offering business and personal banking, treasury management, wealth management, and lending solutions. The company is recognized for its strong focus on serving small- and mid-sized businesses through tailored financial products, such as commercial loans, credit lines, and cash management tools. Comerica operates more than 430 banking centers across key markets, including Texas, Arizona, California, Florida, and Michigan, and maintains a presence in seven of the ten largest U.S. cities.
The acquisition represents a significant step in Fifth Third’s long-term expansion strategy, aimed at increasing its scale, profitability, and regional reach. The integration of Fifth Third’s retail and digital banking strengths with Comerica’s established middle-market banking network will enhance the combined company’s competitive positioning across high-growth regions. Upon completion, the merged institution will operate in 17 of the 20 fastest-growing U.S. markets, strengthening its presence in the Southeast, Texas, and California, while reinforcing its foundation in the Midwest.
The transaction is expected to close by the end of the first quarter of 2026, subject to customary closing conditions and regulatory approvals. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Fifth Third Bancorp, while J.P. Morgan Securities LLC serves as lead financial advisor to Comerica.
Deal No. 3:
Qualtrics, LLC to Acquire Forsta group for USD 6.75 Billion
Qualtrics, a provider of experience management software, has agreed to acquire Press Ganey Forsta in a transaction valued at approximately USD 6.75 billion.
Press Ganey Forsta is a global healthcare analytics and experience management company that delivers data-driven insights to enhance patient, employee, and consumer experiences. Formed through the merger of Press Ganey and Forsta, the company combines deep expertise in healthcare performance measurement with advanced analytics and feedback technology to help organizations improve satisfaction, quality, and outcomes across the care continuum. It serves more than 41,000 healthcare providers in 30 countries.
The acquisition strengthens Qualtrics’ position in the healthcare sector by expanding its access to Press Ganey Forsta’s extensive hospital network and rich data assets. The combination of Qualtrics’ AI-powered experience management platform with Press Ganey Forsta’s benchmarking capabilities and healthcare specialization will create a comprehensive technology suite designed to advance customer, patient, employee, and market experience insights.
The transaction is expected to close in the coming months. BDT & MSD Partners and Centerview Partners LLC are serving as financial advisors to Qualtrics. JPMorgan Chase Bank, N.A., BMO Capital Markets, Citi, Deutsche Bank, Goldman Sachs & Co. LLC, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo have made debt commitments and are also advising Qualtrics on the deal.
Deal No. 4:
SoftBank Group Corp. to Acquire Robotics division of ABB for USD 5.38 Billion
ABB has announced plans to divest its Robotics division to Japan’s SoftBank in a transaction valued at approximately USD 5.38 billion, as SoftBank strengthens its position within the global artificial intelligence ecosystem.
ABB’s Robotics division specializes in industrial and collaborative automation, offering robotic systems and digital technologies that improve manufacturing productivity, precision, and adaptability. Its solutions are used across sectors such as automotive, electronics, logistics, and consumer goods, integrating robotics with AI and machine learning to support smart and connected factory environments.
Through this acquisition, SoftBank plans to leverage ABB Robotics’ global platform and technological expertise alongside its existing investments in companies such as AutoStore, Agile Robots, and Skild AI. The combination is expected to accelerate innovation and advance the development of artificial superintelligence.
ABB stated that proceeds from the divestment will be allocated in line with its established capital deployment strategy. The transaction is expected to close between mid and late 2026, subject to regulatory approvals and customary closing conditions.
Deal No. 5:
Novo Nordisk A/S to Acquire Akero Therapeutics, Inc. for USD 5.20 Billion
Novo Nordisk has announced plans to acquire Akero Therapeutics in a transaction valued at up to USD 5.2 billion, strengthening its position in metabolic and liver disease treatment.
Akero Therapeutics is a clinical-stage biotechnology company developing treatments for severe metabolic conditions, with a main focus on nonalcoholic steatohepatitis (NASH). Its lead candidate, efruxifermin (EFX), is a long-acting analog of fibroblast growth factor 21 (FGF21) that aims to improve liver health by reducing fat accumulation, inflammation, and fibrosis while enhancing insulin sensitivity and lipid regulation. The therapy is designed as a once-weekly injectable treatment targeting the underlying metabolic dysfunction associated with NASH and related diseases.
Akero’s EFX program, which targets metabolic dysfunction-associated steatohepatitis (MASH), will complement Novo Nordisk’s expertise in GLP-1–based metabolic therapies. The acquisition will enable Novo Nordisk to leverage its global capabilities in cardiovascular and metabolic diseases to advance EFX through Phase 3 trials under the SYNCHRONY program, support commercialization efforts, and accelerate access to treatment for patients worldwide.
The transaction is expected to close by the end of the year, subject to customary approvals. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Akero Therapeutics.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of October 6 to 12, 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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