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M&A News: Global M&A Deals Week of July 21 to 27, 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 July 21 and July 27, the global mergers and acquisitions (M&A) market recorded 649 announced deals with a total value of USD 46.37 billion. Of these, 23 transactions surpassed the USD 500 million mark, contributing USD 36.32 billion—approximately 78% of the week’s total deal value.
The highlight deal of the week is the USD 8.6 billion all-stock merger between Pinnacle Financial Partners and Synovus. The merged entity will operate under the Pinnacle Financial Partners and Pinnacle Bank brands, with the goal of becoming the top-performing regional bank in the Southeast. The merger is structured to combine the strengths of both institutions, focusing on high-growth markets and offering an expanded suite of financial services. Both companies have already reached agreement on key elements of the future operating model, including board structure, executive leadership, regional management, brand strategy, headquarters, recruitment plans, compensation policies, and community initiatives. This groundwork sets the stage for a seamless integration once the transaction is finalized.
Weekly data indicates a 5% increase in deal volume compared to the previous week, rising from 618 to 649 transactions. However, the aggregate deal value declined by 9%, falling from USD 50.82 billion to USD 46.37 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of July 21 to 27, 2025 in detail:
Deal No. 1: Pinnacle Financial Partners, Inc. to Acquire Synovus Financial Corp. for USD 8.60 Billion
Deal No. 2: Orange S.A. to Acquire Masorange, S.L. for USD 4.68 Billion
Deal No. 3: Goldman Sachs Asset Management, L.P.; Blackstone Inc. to Acquire NAVEX Global, Inc. for USD 2.50 Billion
Deal No. 4: Birch Hill Equity Partners Management Inc.; Brookfield Asset Management Ltd. to Acquire First National Financial Corporation for USD 2.10 Billion
Deal No. 5: Compass Group PLC to Acquire Vermaat Groep B.V. for USD 1.75 Billion
Deal No. 1:
Pinnacle Financial Partners, Inc. to Acquire Synovus Financial Corp. for USD 8.60 Billion
Pinnacle Financial Partners has entered into a definitive agreement to merge with Synovus Financial Corp. through an all-stock transaction valued at USD 8.6 billion. The merger will establish a major regional bank with a strategic focus on the fastest-growing markets in the Southeastern United States.
Synovus, a financial services company with approximately USD 61 billion in assets, operates across Georgia, Alabama, Florida, South Carolina, and Tennessee. Its diverse offerings include commercial and consumer banking, wealth management, treasury and mortgage solutions, premium and structured finance, capital markets, and international banking. The company is known for its strong regional footprint and client-centric approach.
Under the terms of the agreement, each Pinnacle share will be exchanged for 0.5237 Synovus shares, valuing Synovus stock at USD 61.18 per share. The combined institution will continue to operate under the Pinnacle Financial Partners and Pinnacle Bank brands.
Together, the merged entity will manage over USD 115 billion in assets and significantly expand its footprint across high-growth Southeastern markets. With minimal overlap in branch networks, the transaction is expected to generate cost efficiencies, boost earnings, and enhance competitiveness against larger financial institutions and fintech firms. Both organizations will continue to prioritize their relationship-driven, community-oriented banking model while offering an expanded array of financial solutions.
Upon closing, Pinnacle shareholders will own approximately 51.5% of the combined company, with Synovus shareholders holding around 48.5%.
The transaction is expected to close in the first quarter of 2026. Centerview Partners LLC is acting as lead financial advisor to Pinnacle, while Synovus is being advised by Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, a Stifel Company.
Pinnacle Financial Partners and Synovus to Combine to Create the Southeast Growth Champion – Synovus
Pinnacle Financial Partners, Synovus Financial to merge in $8.6 billion deal | Reuters
Pinnacle Financial Partners, Synovus announce $8.6bn merger
Pinnacle Financial, Synovus Financial Agree to $8.6 Billion Merger – WSJ
Deal No. 2:
Orange S.A. to Acquire Masorange, S.L. for USD 4.68 Billion
French telecommunications group Orange is seeking full ownership of its Spanish subsidiary, MasOrange, with a EUR 4 billion (USD 4.68 billion) offer to acquire the remaining 50% stake held by private equity firms Cinven, KKR, and Providence Equity Partners.
MasOrange was formed in 2024 through the merger of Orange España and MásMóvil. It is now the largest telecom operator in Spain by customer base, serving millions of mobile, broadband, and television subscribers. With extensive 5G coverage and a nearly nationwide fiber-optic network, the company focuses on advancing digital connectivity and providing high-speed communication services to both households and businesses.
Gaining full control of MasOrange would give Orange a stronger position in the Spanish telecom sector. MasOrange controls 37% of the country’s mid and high band 5G spectrum, which is essential for network expansion in urban and suburban areas. This strong spectrum portfolio places it in a strong position to compete with Telefónica’s Movistar and Vodafone España.
If completed, the acquisition would reinforce Orange’s market presence, enabling it to accelerate network investments and adapt to ongoing consolidation and technological transformation in the sector.
Deal No. 3:
Goldman Sachs Asset Management, L.P.; Blackstone Inc. to Acquire NAVEX Global, Inc. for USD 2.50 Billion
A Goldman Sachs-led consortium has agreed to acquire a majority stake in NAVEX, a global provider of ethics, risk, and compliance management SaaS solutions, in a deal valued at USD 2.5 billion. Blackstone will also join the investor group as a significant minority shareholder.
NAVEX delivers governance, risk, and compliance (GRC) solutions to more than 13,000 organizations worldwide. Its NAVEX One platform offers an integrated suite of tools for compliance training, policy and incident management, whistleblower reporting, and third-party risk oversight, helping companies enhance ethical standards, regulatory adherence, and risk management capabilities.
The acquisition aligns with NAVEX’s strategy to strengthen its market position through global expansion, continued growth of the NAVEX One platform, and targeted mergers and acquisitions.
BC Partners, currently NAVEX’s majority owner, will retain a notable minority interest, while Vista will fully divest its stake.
Goldman Sachs Alternatives received legal counsel from Weil, Gotshal & Manges, while NAVEX was advised by J.P. Morgan and Simpson Thacher & Bartlett LLP.
Deal No. 4:
Birch Hill Equity Partners Management Inc.; Brookfield Asset Management Ltd. to Acquire First National Financial Corporation for USD 2.10 Billion
Brookfield Asset Management and Birch Hill Equity Partners will acquire First National Financial in a CAD 2.9 billion (USD 2.12 billion) transaction, marking a major consolidation in Canada’s mortgage lending industry.
The transaction will result in the two firms collectively owning 62% of First National, while founders Stephen Smith and Moray Tawse will each hold a reduced 19% stake. The founders will partially monetize their investment and exchange a portion of their holdings for interests in Regal.
First National Financial is among Canada’s largest independent nonbank mortgage lenders, specializing in the origination, underwriting, and servicing of prime residential and commercial mortgages. Its portfolio includes single-family and multi-unit properties, primarily distributed through the mortgage broker network. As of 2025, the company manages over CAD 150 billion in mortgages and provides a broad range of financing solutions for both individual borrowers and institutional investors.
Birch Hill and Brookfield bring extensive experience in the Canadian financial services sector, and their partnership is expected to enhance First National’s growth strategy, drive innovation, and strengthen its ability to serve customers, employees, and institutional partners.
A special shareholder meeting is expected in September 2025 to vote on the deal, which requires approval by two-thirds of the votes cast, as well as a majority of votes excluding shares held by Smith and Tawse.
Deal No. 5:
Compass Group PLC to Acquire Vermaat Groep B.V. for USD 1.75 Billion
Compass Group is acquiring Vermaat Groep (Vermaat), a leading European premium catering company, from Bridgepoint and Partners Group for EUR 1.5 billion (USD 1.74 billion).
Vermaat operates as a premium food services provider, delivering customized on-site dining concepts, high-quality delivered-in solutions, and consumer-focused retail offerings. The company serves over 200,000 guests daily across corporate workplaces, healthcare facilities, leisure destinations, travel hubs, and large-scale events. Its portfolio includes proprietary brands such as La Place, Stach, and DAY, as well as innovative corporate dining programs like Join. By the end of 2025, Vermaat is expected to generate approximately EUR 700 million in revenue with a double-digit operating margin.
With a strong market position in the Netherlands, Vermaat is also expanding into Germany and France, two of Compass Group’s top European markets. The acquisition aligns with Compass’s strategy to replicate its proven growth model from North America in Europe, targeting an estimated EUR 115 billion addressable market.
The deal, which is expected to enhance Compass’s margins and earnings per share in the first full year, remains subject to regulatory approval. Bridgepoint received financial advice from Goldman Sachs Bank Europe SE.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of July 21 to 27, 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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