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M&A News: Global M&A Deals Week of June 9 to 15, 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 June 9 to June 15, the mergers and acquisitions (M&A) market recorded 618 announced deals, with a total deal value of USD 38.98 billion. Of these, 16 transactions surpassed the USD 500 million threshold, collectively accounting for USD 30.44 billion, or approximately 78% of the week’s total deal value.
The week’s largest deal was Brown & Brown’s USD 9.83 billion acquisition of Accession Risk Management Group, paid in cash and stock. The deal is expected to expand Brown & Brown’s market presence and broaden its capabilities across specialty insurance. Accession owns Risk Strategies, a specialty insurance brokerage, and One80 Intermediaries, which operates as a wholesale broker and program manager. The acquisition is anticipated to strengthen relationships with customers and insurance carriers, enhance platform efficiency, and support long-term revenue and cash flow growth.
This transaction adds to a growing trend of consolidation in the insurance brokerage industry, where leading firms are pursuing large-scale acquisitions to build scale and strengthen their competitive positioning. Other major deals in this space include Aon’s USD 13 billion purchase of NFP, Marsh McLennan’s USD 7.75 billion acquisition of McGriff Insurance Services, and Arthur J. Gallagher’s planned USD 13.45 billion acquisition of AssuredPartners.
Overall, the M&A market experienced a week-over-week decline, with deal volume falling 24% from 815 to 618 and total deal value dropping 56% from USD 88.76 billion to USD 38.98 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of June 9 to 15, 2025 in detail:
Deal No. 1: Brown & Brown, Inc. to Acquire Accession Risk Management Group for USD 9.83 Billion
Deal No. 2: Advent International, L.P. to Acquire Spectris plc for USD 5.06 Billion
Deal No. 3: Allison Transmission Holdings, Inc. to Acquire Off-Highway Business of Dana Incorporated for USD 2.70 Billion
Deal No. 4: Actis LLP to Acquire Sacyr’s Portfolio of operational toll roads in Colombia for USD 1.60 Billion
Deal No. 5: Dundee Precious Metals Inc. to Acquire Adriatic Metals PLC for USD 1.30 Billion
Deal No. 1:
Brown & Brown, Inc. to Acquire Accession Risk Management Group for USD 9.83 Billion
Brown & Brown, Inc., a prominent insurance brokerage firm, has entered into an agreement to acquire RSC Topco, the holding company of Accession Risk Management Group, for USD 9.83 billion. This strategic acquisition aims to significantly strengthen Brown & Brown’s offerings in the property and casualty, as well as employee benefits sectors.
Accession Risk Management Group provides a broad range of specialty insurance and risk management services through its two main subsidiaries, Risk Strategies and One80 Intermediaries. With a workforce of over 5,000 professionals across the U.S., the group offers solutions that include retail and wholesale brokerage, employee benefits consulting, private client advisory, program design, actuarial services, and alternative risk options like captive insurance. Its extensive network of carrier relationships and internally developed programs positions it to serve a diverse client base across multiple industries throughout North America.
Upon completion, Risk Strategies will join Brown & Brown’s Retail segment, while One80 Intermediaries will be integrated into a newly formed Specialty Distribution segment, which will consolidate the firm’s current Programs and Wholesale Brokerage operations.
The acquisition is expected to expand Brown & Brown’s access to specialized markets, enhance its ability to offer tailored solutions for complex risks, and strengthen its trading platforms for insurance carrier partners. Additionally, the deal is projected to be accretive to Brown & Brown’s adjusted diluted net income per share in 2024.
The deal is expected to close in the third quarter of 2025. BofA Securities and J.P. Morgan Securities served as financial advisors to Brown & Brown.
Deal No. 2:
Advent International, L.P. to Acquire Spectris plc for USD 5.06 Billion
Spectris plc, a UK-based industrial technology company, has received a takeover proposal valued at GBP 3.73 billion (USD 5.06 billion) from private equity firm Advent International, following its rejection of a second bid from rival suitor KKR.
The company operates through two primary divisions: Spectris Scientific and Spectris Dynamics. Spectris Scientific—comprising Malvern Panalytical, Particle Measuring Systems, and Servomex—provides scientific instruments and services for the pharmaceutical, semiconductor, advanced materials, and research sectors. Spectris Dynamics, which includes HBK, delivers high-precision testing, sensing, and measurement solutions for the automotive, aerospace, machine manufacturing, electronics, and advanced research industries.
With a global workforce of approximately 7,600 employees, Spectris develops high-performance systems designed to enhance productivity, quality, and efficiency in complex industrial applications. The company’s focus on precision and innovation positions it as a strategic asset in sectors that demand advanced testing and measurement technologies.
While Spectris continues discussions with Advent regarding the potential acquisition, both bidders face regulatory deadlines: Advent must submit a formal offer by July 7, while KKR has until July 11. The competitive bidding underscores the growing interest in UK-listed firms, which have become attractive acquisition targets due to their comparatively lower valuations in the global market.
Should a firm offer be submitted, Spectris’s board has indicated that it would likely recommend Advent’s proposal unanimously to shareholders, following careful evaluation with its financial advisers. Goldman Sachs and Rothschild & Co. are advising Spectris, while Morgan Stanley is advising Advent.
Deal No. 3:
Allison Transmission Holdings, Inc. to Acquire Off-Highway Business of Dana Incorporated for USD 2.70 Billion
Dana Incorporated has agreed to sell its Off-Highway business to Allison Transmission Holdings in a transaction valued at USD 2.7 billion, aligning with Allison’s strategy to broaden its commercial powertrain portfolio and strengthen its presence in global markets.
Dana’s Off-Highway division operates in over 25 countries and employs approximately 11,000 people, serving a global customer base. It specializes in drivetrain and motion systems for heavy-duty vehicles in industries such as construction, agriculture, mining, and material handling. The division’s product lineup—including axles, transmissions, and hydraulic systems—supports both traditional and electrified applications, delivering integrated solutions that enhance performance, efficiency, and durability in off-road environments.
The acquisition advances Allison’s strategic priorities to expand in emerging markets, enhance core technological capabilities, and improve financial performance. Incorporating Dana’s drivetrain and propulsion technologies is expected to broaden Allison’s technical expertise and global reach while supporting the development of innovative solutions for mobile equipment manufacturers.
Dana expects to receive approximately USD 2.4 billion in net cash proceeds from the sale, with USD 2 billion allocated to debt reduction and an additional USD 300 million in anticipated cost savings through ongoing efficiency measures.
The transaction is expected to close in the fourth quarter of 2025. BofA Securities and KPMG LLP are advising Allison, while Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are advising Dana. Committed financing is being provided by Barclays, BofA Securities, and Citigroup.
Deal No. 4:
Actis LLP to Acquire Sacyr's Portfolio of operational toll roads in Colombia for USD 1.60 Billion
Global investment firm Actis is acquiring a portfolio of operational toll roads in Colombia from Spanish infrastructure group Sacyr for USD 1.6 billion.
The portfolio spans 416 kilometers and includes three major roads located in northern and western Colombia. Actis will take full ownership of the 123-kilometer Pamplona-Cúcuta toll road, a controlling stake in the 112-kilometer Rumichaca-Pasto highway—which serves as a key cross-border link with Ecuador—and a co-control position in the 181-kilometer Autopista al Mar 1, which connects Medellín to Colombia’s Caribbean coast.
The acquisition involves Sacyr’s entire equity interest in all three assets, each governed by long-term concessions that extend through the mid-2040s. The deal will be financed through Actis’ Long Life Infrastructure Fund 2 (ALLIF2) and marks the firm’s first investment in Latin American toll roads. Colombia’s toll road sector is supported by a well-established and investor-friendly regulatory framework. Since the 1990s, it has attracted international capital through successive waves of concessions and currently operates under its fifth generation of infrastructure programs.
For Sacyr, the divestment is part of its ongoing asset rotation strategy, aimed at rebalancing its infrastructure portfolio and generating capital for international expansion.
The deal is subject to regulatory approvals and standard closing conditions. Milbank LLP is serving as legal advisor to Actis.
Deal No. 5:
Dundee Precious Metals Inc. to Acquire Adriatic Metals PLC for USD 1.30 Billion
Canada’s Dundee Precious Metals (DPM) has entered into a definitive agreement to acquire UK-based Adriatic Metals in a cash-and-stock transaction valued at USD 1.3 billion. The acquisition is set to expand DPM’s production capacity and extend its mineral reserve life, reinforcing its position in the precious metals sector.
The deal includes Adriatic’s flagship Vareš Silver Operation in Bosnia and Herzegovina, which produces silver-lead and zinc concentrates, and the earlier-stage Raška Project in Serbia. Vareš is underpinned by a high-grade mineral reserve with an estimated 15-year mine life and has the potential to become one of the largest low-cost silver producers globally. Once fully operational, it is expected to yield 90,000 tonnes of zinc concentrate and 65,000 tonnes of silver-lead concentrate annually.
Integrating Vareš into Dundee’s portfolio is expected to strengthen the company’s position as a high-growth precious metals producer, offering a strong development and exploration pipeline and a solid platform for generating sustainable returns. The acquisition is projected to lift DPM’s annual production to around 425,000 gold-equivalent ounces by 2027, with Vareš contributing roughly 168,000 ounces.
Strategically, Vareš complements Dundee’s existing operations by expanding mine life, accelerating near-term production growth, and broadening regional exposure and cash flow sources. Dundee plans to leverage its proven expertise in underground mining, regional presence, and strong financial foundation to optimize the Vareš operation and unlock its full value.
The transaction is expected to close by the end of December 2025. BMO Capital Markets is serving as financial advisor to Dundee, while RBC Capital Markets and Macquarie Capital (Europe) Limited are acting as joint financial advisors to Adriatic Metals.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of June 9 to 15, 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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