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2024 Top Global M&A Deals
- IMAA
IMAA’s 2024 Top Global M&A Deals industry coverage offers an overview of the year’s most significant M&A transactions across eight key industries. This monthly M&A activity overview provides the top 5 M&A deals for each industry, which offers a clear view of major market movements and highlights key players in each sector.
These monthly M&A insights can benefit M&A practitioners, corporate strategists, investment bankers, legal advisors, C-level executives, investors, and policymakers. It aids in identifying market trends, investment opportunities, and strategic decision-making, while also serving as a valuable resource for academic research in finance, business strategy, and economics.
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M&A Activity per Industry
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M&A Activity in the Consumer Products and Services Industry
The top global M&A deals in this industry list include companies that manufacture and sell goods or services directly to the end consumer, covering a wide array of products from household items to personal care.
January
Consumer Products and Services
- Deal 1: 337 Morrisons petrol forecourts & more than 400 Ultra-Rapid EV sites of Wm Morrison Supermarkets (United Kingdom) was acquired by Motor Fuel Limited (United Kingdom) for USD 3.16 billion.
- Deal 2: Kindred Group plc (Malta) was acquired by La Française des Jeux Société anonyme (France) for USD 2.83 billion.
- Deal 3: Carrols Restaurant Group, Inc. (United States) was acquired by Restaurant Brands International Inc. (Canada) for USD 1.00 billion.
- Deal 4: 204 gas stations and convenience stores of Sunoco LP (United States) was acquired by 7-Eleven, Inc. (United States) for USD 0.95 billion.
- Deal 5: CH&CO (United Kingdom) was acquired by Compass Group PLC (United Kingdom) for USD 0.60 billion.
February
Consumer Products and Services
- Deal 1: VIZIO Holding Corp. (United States) was acquired by Walmart Inc. (United States) for USD 2.30 billion.
- Deal 2: Courvoisier S.A.S. (France) was acquired by Davide Campari-Milano N.V. (Netherlands) for USD 1.30 billion.
- Deal 3: Forno d’Asolo S.p.A (Italy) was acquired by InvestIndustrial (United Kingdom) and Sammontana S.p.A. (Italy) for USD 1.20 billion.
- Deal 4: Global Gaming and PlayDigital Businesses of International Game Technology PLC (United Kingdom) was acquired by Everi Holdings Inc. (United States) for USD 1.16 billion.
- Deal 5: Jackpocket, Inc. (United States) was acquired by DraftKings Holdings Inc. (United States) for USD 0.75 billion.
March
Consumer Products and Services
- Deal 1: SRS Distribution Inc. (United States) was acquired by The Home Depot, Inc. (United States) for USD 18.25 billion.
- Deal 2: Vista Outdoor Inc. (United States) was acquired by MNC Capital Partners, L.P. (Canada) for USD 2.90 billion.
- Deal 3: CWT US, LLC (United States) was acquired by Global Business Travel Group, Inc. (United States) for USD 0.57 billion.
- Deal 4: Autry International S.R.L. (Italy) was acquired by Style Capital Sgr S.P.A.; Q Group International (Italy) for USD 0.34 billion.
- Deal 5: Hilton Paris Opéra (France) was acquired by City Developments Limited (Singapore) for USD 0.26 billion.
April
Consumer Products and Services
- Deal 1: L’Occitane International S.A. (Luxembourg) was acquired by L’Occitane Groupe S.A. (Luxembourg) for USD 1.78 billion.
- Deal 2: Milanese building on via Monte Napoleone 8 in Milan (Italy) was acquired by Kering SA (France) for USD 1.41 billion.
- Deal 3: Snap One Holdings Corp. (United States) was acquired by ADI Global Distribution (United States) for USD 1.40 billion.
- Deal 4: Motel One Gmbh (Germany) was acquired by One Hotels & Resorts AG (Germany) for USD 1.36 billion.
- Deal 5: Hibbett, Inc. (United States) was acquired by JD Sports Fashion Plc (United Kingdom) for USD 1.10 billion.
May
Consumer Products and Services
- Deal 1: PlayAGS, Inc. (United States) was acquired by Brightstar Capital Partners, L.P. (United States) for USD 1.10 billion.
- Deal 2: Hanon Systems (South Korea) was acquired by Hankook Tire & Technology Co., Ltd. (South Korea) for USD 1.00 billion.
- Deal 3: Foodpanda Taiwan Co., Ltd. (Taiwan) was acquired by Uber Eats (United States) for USD 0.95 billion.
- Deal 4: Princes Limited (United Kingdom) was acquired by Newlat Food S.p.A. (Italy) for USD 0.89 billion.
- Deal 5: Turtle Bay Resort Hotel, LLC (United States) was acquired by Host Hotels & Resorts, Inc. (United States) for USD 0.73 billion.
June
Consumer Products and Services
Deal 1: El Colorado (Chile), and Centro Farellones (Chile) was acquired by Mountain Capital Partners, LLC (United States) for USD 6.00 billion.
Mountain Capital Partners, LLC to acquire El Colorado and Centro Farellones
US-based Mountain Capital Partners (MCP) has proposed a significant acquisition of two prominent ski resorts, Farellones and El Colorado, for USD 6 billion, with the aim of establishing the largest ski area in South America. If successful, MCP will become the majority shareholder of Andacor, the entity currently controlling both venues.
MCP manages a diverse portfolio that includes over a dozen ski areas, bike parks, and golf courses across the US and Chile. Adding El Colorado and Farellones to its portfolio will complement its existing operations, which include Valle Nevado and La Parva, two ski resorts already under its management.
This strategic integration could streamline operations and offer visitors the convenience of accessing multiple resorts with a single ski pass, potentially positioning the Andes Valley as a premier global ski destination.
The timing of this acquisition offer is crucial for Andacor, which is undergoing financial restructuring due to debts accumulated during the COVID-19 pandemic. With liabilities totaling USD 15 billion, Andacor seeks a strategic partner to stabilize its financial position. MCP’s potential investment could provide the capital infusion needed to support Andacor’s recovery.
Moreover, integrating these ski centers under unified management has the potential to boost tourism, create new employment opportunities, and stimulate regional development.
Deal 2: CP Kelco ApS (United States) was acquired by Tate & Lyle plc (United Kingdom) for USD 1.80 billion.
Tate & Lyle plc to Acquire CP Kelco ApS
Tate & Lyle plans to acquire CP Kelco in a USD 1.8 billion deal, aimed at bolstering its specialty ingredients division and tapping into the growing market for plant-based products. The acquisition includes USD 1.15 billion in cash and 75 million new Tate & Lyle ordinary shares valued at USD 645 million.
With over 3,300 employees across 121 countries, Tate & Lyle specializes in developing products that enhance nutritional profiles by reducing sugar, calories, and fat while boosting fiber and protein content in food and beverages.
The merger aims to combine CP Kelco’s expertise in nature-based specialty ingredients—particularly in stabilization and texture enhancement—with Tate & Lyle’s strengths in sweetening and fortification. This integration is expected to strengthen market leadership across diverse product segments and explore new markets in consumer care and industrial applications.
Anticipated synergies include annual cost savings of at least USD 50 million within two years post-completion and potential revenue synergies of up to 10% of CP Kelco’s current revenue.
Pending regulatory approvals, the acquisition is scheduled to close by the fourth quarter of this year, positioning Tate & Lyle for significant growth in the global specialty ingredients market.
Deal 3: Fancl Corporation (Japan) was acquired by Kirin Holdings Company, Limited (Japan) for USD 1.39 billion.
Kirin Holdings Company, Limited to Acquire Fancl Corporation
Japanese beverage giant Kirin Holdings is set to acquire skincare and cosmetics brand Fancl for approximately JPY 220 billion (USD 1.39 billion), advancing its strategy to expand its health business amidst challenges in the beer market.
While Kirin’s alcoholic beverages contributed JPY 119.9 billion in profit last year, its health science division recorded a loss of JPY 12.5 billion. Acquiring Fancl is expected to strengthen Kirin’s health science segment, opening up new global market opportunities for its products.
Already owning a 33% stake in Fancl, Kirin plans to convert it into a wholly-owned subsidiary through a public tender offer. This strategic move aims to synergize their strengths in natural fermentation technologies and deepen consumer relationships across the Asia-Pacific region. By integrating management resources and expanding product channels, Kirin seeks to meet consumer health needs in both the cosmetics and health food sectors, reinforcing its global market presence alongside its strong Japanese foothold.
For Fancl, the acquisition promises to enhance domestic operations and support strategic investments in international markets to fuel future growth.
Kirin anticipates completing the acquisition by the year’s end.
Deal 4: Global Champion Business of Hanesbrands Inc. (United States) was acquired by Authentic Brands Group LLC (United States) for USD 1.20 billion.
Authentic Brands Group LLC to Acquire Global Champion Business of Hanesbrands Inc.
HanesBrands, a renowned global apparel company, has agreed to sell its sportswear business, Champion, to Authentic Brands in a substantial USD 1.2 billion transaction. This move allows HanesBrands to refocus on enhancing its leadership in the innerwear market and driving growth through consumer-driven product innovation and increased investment in its core brands such as Hanes, Bonds, Maidenform, and Bali.
For Authentic Brands, acquiring Champion presents an opportunity to enter the rapidly expanding sportswear market, leveraging Champion’s strong reputation for athletic tops and hoodies.
The deal includes provisions for additional contingent cash considerations of up to USD 300 million based on performance milestones, potentially bringing the total transaction value to USD 1.5 billion.
HanesBrands anticipates approximately USD 900 million in net proceeds from the sale of Champion, which will primarily be used to retire debt. Following the transaction’s completion, HanesBrands will provide transitional support for Champion, including managing operations in select regions for a specified transition period.
The transaction is scheduled to close in the latter half of 2024, pending regulatory approvals and customary closing conditions.
Deal 5: CPMC Holdings Limited (China) was acquired by Huarui Fengquan Development Limited (Hong Kong) for USD 1.03 billion.
Huarui Fengquan Development Limited to Acquire CPMC Holdings Limited
CPMC Holdings Limited recently announced that Huarui Fengquan Development Limited has made a voluntary conditional general cash offer to acquire all outstanding CPMC shares not currently held by Huarui and its affiliates. The transaction is valued at HKD 8.03 billion (approximately USD 1.03 billion).
As China’s largest integrated packaging group for consumer goods such as food, beverages, and household chemicals, CPMC specializes in three packaging segments: Tinplate Packaging, Aluminum Packaging, and Plastic Packaging.
Huarui’s acquisition aims to boost the competitiveness of Chinese packaging enterprises and establish a leading national brand in metal packaging. This move is expected to create synergies in technology, marketing strategies, production capabilities, and supply chain management. By diversifying its offerings and strengthening strategic partnerships, Huarui seeks to reduce dependence on single customer bases and promote sustainable growth.
Upon completion of the offer, CPMC will become a subsidiary of Huarui Parent. China Securities International served as the financial advisor to Huarui.
July
Consumer Products and Services
Deal 1: Neiman Marcus Group LTD LLC (United States) was acquired by Hudson's Bay Company (Canada) for USD 2.65 billion.
Hudson's Bay Company to acquire Neiman Marcus Group LTD LLC
Hudson’s Bay Co. (HBC), the Canadian retail powerhouse and owner of Saks Fifth Avenue, is set to acquire Neiman Marcus Group for USD 2.65 billion. This strategic move aims to expand HBC’s footprint in the luxury retail sector amid current industry challenges.
The acquisition will facilitate the creation of Saks Global, a leading entity that combines luxury retail and real estate assets. Saks Global will oversee Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman as distinct brands. It will also merge HBC’s U.S. real estate holdings with those of Neiman Marcus Group, forming a substantial USD 7 billion portfolio centered on premier retail locations.
In parallel, HBC plans to reorganize its Canadian operations into a separate entity from Saks Global. This restructuring is intended to lower leverage and improve liquidity for HBC’s Canadian retail and real estate assets, including Hudson’s Bay stores and TheBay.com.
The USD 2.65 billion acquisition will be financed through a mix of equity from new and existing shareholders and debt arrangements. Strategic investors such as Amazon, Rhône Capital, Insight Partners, and Salesforce will support Saks Global post-acquisition, driving innovation and growth.
M. Klein & Company is advising HBC on the acquisition and financing, serving as the lead financial and capital markets advisor. J.P. Morgan and Lazard are providing financial advisory services to Neiman Marcus Group throughout the transaction.
Deal 2: Supreme Holdings, Inc. (United States) was acquired by EssilorLuxottica Société anonyme (France) for USD 1.50 billion.
EssilorLuxottica Société anonyme to Acquire Supreme Holdings, Inc.
EssilorLuxottica, a global leader in the optical and eyewear industry, has agreed to acquire Supreme, the prominent American skateboarding and streetwear brand, from VF Corporation for USD 1.5 billion in cash. This acquisition marks EssilorLuxottica’s first foray into the apparel sector.
Supreme is renowned for its distinctive red-and-white logo, exclusive limited-edition releases, and high-profile collaborations with notable brands and artists. Known for its influence in street fashion, Supreme operates primarily through a digital-first model, supported by 17 retail stores located across the U.S., Asia, and Europe.
This strategic acquisition aligns with EssilorLuxottica’s broader innovation and growth objectives, providing a direct entry into new consumer segments and enhancing its connection with contemporary fashion trends. Supreme will become a distinct entity within EssilorLuxottica’s brand portfolio, complementing its existing licensed brands and expanding its presence in the lifestyle sector.
The transaction is anticipated to close by the end of 2024. J.P. Morgan is serving as the exclusive financial advisor to EssilorLuxottica in this deal.
Deal 3: Sleep Country Canada Holdings Inc. (Canada) was acquired by Fairfax Financial Holdings Limited (Canada) for USD 1.24 billion.
Fairfax Financial Holdings Limited to Acquire Sleep Country Canada Holdings Inc.
Fairfax Financial Holdings, a prominent Canadian financial holding company, will acquire Sleep Country Canada Holdings for CAD 1.7 billion (approximately USD 1.23 billion). This acquisition supports Fairfax’s strategy to broaden its non-insurance operations.
Sleep Country Canada, a leading specialty mattress retailer, operates under multiple banners including Sleep Country Canada, Dormez-vous, Endy, Silk & Snow, Hush, and Casper Canada. The company boasts 307 corporate-owned stores, 18 warehouses, and a robust e-commerce platform across Canada.
Sleep Country’s established market presence and strong bargaining power with mattress manufacturers contribute to its higher profitability compared to other North American bedding retailers.
The transaction is expected to close in the fourth quarter of 2024. Following the completion of the deal, Sleep Country will seek to delist from the Toronto Stock Exchange. CIBC Capital Markets is serving as the financial advisor to Sleep Country, while Torys LLP is providing legal counsel to Fairfax.
Deal 4: Fikes Wholesale, Inc. (United States) was acquired by Casey's General Stores, Inc. (United States) for USD 1.15 billion.
Casey's General Stores, Inc. to Acquire Fikes Wholesale, Inc.
Casey’s General Stores, the third-largest convenience store retailer in the United States, has agreed to acquire Fikes Wholesale, Inc., the owner of CEFCO Convenience Stores, in an all-cash transaction valued at USD 1.15 billion. This acquisition will significantly enhance Casey’s presence in key markets, particularly Texas and the Southern region of the U.S.
The deal will see Casey’s incorporate 198 retail locations and an extensive dealer network, increasing its total store count to nearly 2,900. Specifically, the acquisition will add 148 stores in Texas—a strategically important market for Casey’s—and 50 additional stores across Alabama, Florida, and Mississippi. The transaction also includes a fuel terminal and a commissary, which will support operations for the newly acquired Texas stores.
The acquisition is expected to be completed by the end of the fourth quarter of 2024. BMO Capital Markets Corp. is acting as the financial advisor to Casey’s General Stores, while BofA Securities is advising Fikes Wholesale, Inc.
Deal 5: Chuy's Holdings, Inc. (United States) was acquired by Darden Restaurants, Inc. (United States) for USD 0.61 billion.
Darden Restaurants, Inc. to Acquire Chuy's Holdings, Inc.
Chuy’s Holdings, the popular Tex-Mex restaurant chain, is set to be acquired by Darden Restaurants for USD 605 million, or USD 37.50 per share, in an all-cash transaction. This acquisition will enhance Darden’s diverse portfolio, which includes well-known dining brands such as Olive Garden, LongHorn Steakhouse, and Ruth’s Chris Steak House.
With this deal, Darden will integrate Chuy’s 101 locations across 15 states into its existing network of approximately 1,900 restaurants operating nationwide. This expansion will bolster Darden’s presence in the casual dining segment and diversify its offerings within the restaurant industry.
The acquisition is anticipated to be finalized in Darden’s fiscal second quarter. BofA Securities is serving as the financial advisor to Darden, while Piper Sandler is advising Chuy’s on the transaction.
August
Consumer Products and Services
Deal 1: Kellanova (United States) was acquired by Mars, Incorporated (United States) for USD 35.90 billion.
Mars, Incorporated to acquire Kellanova
Mars, a leading name in the confectionery industry, has agreed to acquire Kellanova in a USD 35.9 billion deal, including debt. This acquisition will significantly strengthen Mars’s position in the global snack market and could potentially double its snack business within the next decade.
Kellanova, formerly Kellogg Co., owns well-known brands like Cheez-It, Pop-Tarts, Pringles, Nutri-Grain, and Eggo. With 2023 net sales over USD 13 billion, the company operates in 180 markets and employs around 23,000 people.
This transaction, the largest M&A deal of the year, will bring two billion-dollar brands—Pringles and Cheez-It—under Mars’s umbrella, adding to its existing portfolio of 15 major brands. It will also enhance Mars’s health and wellness snack offerings with RXBAR and Nutri-Grain, in line with the trend toward healthier snacks.
The expanded portfolio will cater to diverse consumer tastes across various price points, especially in fast-growing regions like Africa and Latin America. The integration of supply chains and local operations will further boost market reach.
Mars aims to finalize the acquisition by mid-2025, financing it with a combination of cash reserves and new debt. Citi is serving as Mars’s financial advisor, with J.P. Morgan and Citi also providing financing support. Goldman Sachs is advising Kellanova on the transaction.
Deal 2: Vector Group Ltd. (United States) was acquired by Japan Tobacco Inc. (Japan) for USD 2.40 billion.
Japan Tobacco Inc. to Acquire Vector Group Ltd.
Japan Tobacco Inc. (JT) is set to acquire Vector Group Ltd., the fourth-largest tobacco company in the United States, in a USD 2.4 billion deal. This strategic move marks JT’s shift towards expanding its footprint in the U.S. market, which has become increasingly important due to growth challenges in Russia caused by geopolitical tensions. As the second-largest tobacco market globally by net sales, the U.S. offers significant opportunities for JT.
JT Group, recognized for its global tobacco portfolio, produces and markets well-known brands such as Winston and Camel (outside the U.S.), along with MEVIUS and LD, across more than 130 countries. The acquisition of Vector Group will notably increase JT’s U.S. market share from 2.3% to 8%.
Furthermore, JT plans to use the cash flow from this acquisition to bolster its investment in heated tobacco products. JT, in partnership with Altria Group, is working to introduce its Ploom heated tobacco line to the U.S. market. Earlier this year, JT announced a 50% increase in spending on this segment to explore new market opportunities.
The transaction is anticipated to close by the end of 2024, after which Vector Group will become a wholly-owned subsidiary of JT and will be delisted from the New York Stock Exchange. Jefferies LLC served as the exclusive financial advisor to Vector Group, while J.P. Morgan Securities acted as the exclusive financial advisor to JT Group.
Deal 3: Cheney Bros., Inc. (United States) was acquired by Performance Food Group Company (United States) for USD 2.10 billion.
Performance Food Group Company to Acquire Cheney Bros., Inc.
Performance Food Group Company (PFG) has announced its acquisition of Cheney Bros., a major foodservice distributor, in a strategic move to bolster its presence in the Southeast and broaden its distribution network. Valued at USD 2.1 billion, the all-cash deal is anticipated to finalize in 2025.
Cheney Bros. caters to a wide range of clients, including independent restaurants, restaurant chains, hotels, country clubs, and institutional groups, generating annual net sales of USD 3.2 billion.
The integration of Cheney Bros.’ distribution network will enhance PFG’s platform by adding five state-of-the-art broadline distribution centers in key states such as Florida, Georgia, North Carolina, and South Carolina. These facilities will provide additional capacity for future expansion.
Although Cheney Bros. has a significant presence among independent restaurants, its private brand portfolio is relatively modest. PFG intends to utilize its extensive private brand offerings to boost sales within Cheney Bros.’ independent restaurant segment.
J.P. Morgan is advising PFG on the transaction, while Morgan Stanley & Co. LLC is providing counsel to Cheney Bros.
Deal 4: Shenzhen Yinwang Intelligent Technology Co., Ltd. (China) was acquired by Seres Automobile Co., Ltd. (China) for USD 1.61 billion.
Seres Automobile Co., Ltd. to Acquire Shenzhen Yinwang Intelligent Technology Co., Ltd.
Chinese automaker Seres has unveiled its intention to acquire a 10% stake in Huawei’s Shenzhen Yinwang Intelligent Technology Co., Ltd., valued at CNY 11.5 billion (USD 1.61 billion). This investment makes Seres the second Chinese automaker to take a stake in Huawei’s intelligent driving subsidiary. The acquisition is expected to drive Seres’ growth and enhance its Aito smart new energy vehicle brand, which is developed in collaboration with Huawei, aiming to elevate it into a leading luxury brand.
Yinwang benefits from Huawei’s cutting-edge intelligent automotive technologies. Huawei is dedicated to supporting Yinwang in maintaining its leadership in the industry and advancing the intelligent transformation of automotive technology. This acquisition strengthens the strategic alliance between Huawei and Seres, paving the way for further development of the Aito brand and the launch of new products.
This deal follows a similar move by Changan Automobile, which recently saw Avatr Technology—a joint venture between Changan, Huawei, and Contemporary Amperex Technology Co.—acquire a 10% stake in Shenzhen Yinwang.
Huawei utilizes three partnership models with automotive manufacturers: as a vertical parts supplier, an intelligent systems provider through the Huawei Inside model, and a full-set solutions provider via the Harmony Intelligent Mobility Alliance. The collaboration with Seres on the Aito brand falls under the full-set solutions provider model.
Deal 5: Shenzhen Yinwang Intelligent Technology Co., Ltd. (China) was acquired by Avatr Technology Co Ltd (China) for USD 1.61 billion.
Avatr Technology Co., Ltd to Acquire Shenzhen Yinwang Intelligent Technology Co., Ltd.
Avatr Technology will acquire a 10% stake in Huawei’s smart car subsidiary, Yinwang Intelligent Technology Co. Ltd., for USD 1.6 billion.
Yinwang is dedicated to developing advanced automotive systems and components that integrate artificial intelligence (AI) and AI-based software.
Avatr Technology, a joint venture between Changan and CATL—the largest battery manufacturer globally—will strengthen its strategic relationship with Huawei through this investment. The deal follows a November agreement between Huawei and Changan to co-invest in a smart automotive technology firm. Huawei will retain a 90% ownership stake in Yinwang.
For Avatr Technology, this move will strengthen its position in the electric vehicle sector and aid Changan’s transition to becoming a technology-driven company focused on smart, low-carbon mobility. Huawei, on the other hand, aims to expand its emerging smart EV business and counteract the effects of U.S. sanctions on its other operations through this investment.
September
Consumer Products and Services
Deal 1: Nordstrom, Inc. (United States) was acquired by El Puerto de Liverpool, S.A.B. de C.V. (Mexico) for USD 3.80 billion.
El Puerto de Liverpool, S.A.B. de C.V. to acquire Nordstrom, Inc.
Mexican retail giant Liverpool has submitted a buyout proposal for the U.S. department store chain Nordstrom, spearheaded by CEO Erik Nordstrom, President Pete Nordstrom, and other members of the Nordstrom family. This cash offer is valued at USD 3.8 billion, translating to USD 2.3 per share, presenting Liverpool with a substantial opportunity for geographic diversification.
With over 300 stores throughout Mexico, Liverpool boasts a strong e-commerce presence and a range of financial services, including 7.2 million store credit card holders. Additionally, the company operates nearly 120 boutiques for U.S. brands like Gap, Banana Republic, Williams Sonoma, Pottery Barn, West Elm, MAC, and Kiehl’s.
Currently, Liverpool owns approximately 9.6% of Nordstrom’s stock. If the acquisition is successful, Liverpool and the Nordstrom family would control 49.9% and 50.1% of Nordstrom’s capital stock, respectively.
Nordstrom’s special committee is being advised by Morgan Stanley & Co. LLC and Centerview Partners LLC as they evaluate the buyout proposal.
Deal 2: CALA Group Limited (United Kingdom) was acquired by Patron Capital Limited (United Kingdom), and Sixth Street Partners, LLC (United States) for USD 1.80 billion.
Sixth Street Partners, LLC; Patron Capital Limited to Acquire CALA Group Limited
Cala Group, a notable UK housebuilder, has been acquired by global investment firm Sixth Street Partners and Patron Capital, a pan-European institutional investor focused on property-backed assets, for GBP 1.35 billion (approximately USD 1.80 billion) from Legal & General (L&G).
Cala Group is renowned for its dedication to high-quality construction and possesses a substantial landbank, primarily developing luxury homes across the South of England, the Cotswolds, and Scotland. The company has set an ambitious target to deliver 3,000 new homes by the end of 2024.
This acquisition reflects a larger trend in the UK housebuilding sector, where developers are adapting to a challenging environment marked by increasing mortgage rates while looking forward to a potential market recovery driven by declining interest rates.
For Legal & General, this divestment is a strategic move aimed at optimizing operations and concentrating on its primary business functions.
Under its new ownership, Cala Group is poised to embark on its next growth phase. The transaction is anticipated to close in the fourth quarter of 2024.
Deal 3: LG Display's LCD plant in Guangzhou, China (China) was acquired by Shenzhen China Star Optoelectronics Technology Co., Ltd. (China) for USD 1.54 billion.
Shenzhen China Star Optoelectronics Technology Co., Ltd. to Acquire LG Display's LCD plant in Guangzhou, China
LG Display, a prominent South Korean flat-screen manufacturer, has announced plans to divest a significant liquid crystal display (LCD) manufacturing facility in China, selling it for CNY 10.8 billion (approximately USD 1.54 billion) to TCL China Star Optoelectronics Technology (TCL CSOT), a leading Chinese display producer.
As part of the agreement, TCL CSOT will acquire 80% of LG Display’s 8.5-generation LCD panel plant, along with its entire LCD module factory. The 8.5-generation facility specializes in producing large television panels and has a monthly output capacity of 180,000 units. In the previous year, the plant achieved a net profit of CNY 600 million (around USD 85.6 million) on revenues of CNY 6.3 billion (approximately USD 898.5 million). The module factory, which can produce 2.3 million units monthly, reported a profit of CNY 536 million and revenues of CNY 11.9 billion.
Located in Guangzhou, LG Display’s factories primarily supply panels to both South Korean and Chinese television manufacturers, including industry leaders such as Samsung Electronics, LG Group, and Skyworth Group.
This divestiture signifies the conclusion of LG Display’s LCD production operations in China. The sale is considered a strategic step toward improving asset efficiency, as the LCD segment has been a significant contributor to the company’s ongoing financial losses. This transaction is expected to enhance LG Display’s financial flexibility, allowing the company to focus more intently on OLED technology. Moreover, it presents an opportunity for LG Display to reposition itself in the highly competitive and oversaturated large LCD market, where it faces intense pressure from cost-effective Chinese rivals.
The completion of the deal is anticipated by March 31, 2025. The transaction is projected to close by March 31, 2025, with Latham & Watkins serving as legal advisor to LG Display.
Deal 4: K.W. Bruun Import/K.W. Bruun NxT (Denmark) was acquired by Global Auto Holdings Limited (United Kingdom) for USD 1.20 billion.
Global Auto Holdings Limited to Acquire K.W. Bruun Import/K.W. Bruun NxT
Global Auto Holdings, Canada’s leading automotive retailer, is set to acquire K.W. Bruun Import, one of Denmark’s largest car importers, for approximately USD 1.2 billion, including debt. This acquisition encompasses K.W. Bruun’s extensive workshop chain, K.W. Bruun NxT.
With over 70 years of experience, K.W. Bruun Import has established itself as a significant player in the Nordic region, specializing in the import and distribution of new vehicles and OEM-branded spare parts for various Stellantis brands, including Peugeot, Citroen, DS, Opel, Fiat, Fiat Pro, Alfa Romeo, and Jeep, as well as Mitsubishi in Denmark.
Through this acquisition, Global Auto Holdings aims to enhance its position as a global leader in automotive retail and related services, emphasizing digital transformation and expanding its role as a major car importer in Europe.
This marks Global Auto’s second expansion into the European market; last year, it acquired U.K. competitor Lookers for approximately USD 645 million, gaining nearly 150 dealerships and additional assets, including a fleet and leasing business.
The transaction is anticipated to finalize in December 2024, with BNP Paribas serving as the lead financial adviser for Global Auto.
Deal 5: Yonghui Superstores Co., Ltd. (China) was acquired by Miniso Group Holdings Limited (China) for USD 0.89 billion.
Miniso Group Holdings Limited to Acquire Yonghui Superstores Co., Ltd.
Miniso Group, a global value retailer, is acquiring a 29.4% equity stake in Yonghui Superstores for approximately CNY 6.3 billion (USD 893 million).
Yonghui Superstores is a well-established retail chain in China, operating around 850 supermarkets that provide fresh produce and everyday necessities to consumers. Notably, it was one of the first distribution enterprises in the China to incorporate fresh produce into modern supermarkets, solidifying its status as the second-largest supermarket chain in the country by sales.
This acquisition offers significant growth opportunities for Miniso and aims to deliver long-term value for our shareholders. With Miniso’s design-focused product expertise, Yonghui is well-positioned to enhance its portfolio of self-branded products, catering to the evolving preferences of consumers. Additionally, the collaboration between Miniso and Yonghui on retail channel upgrades and supply chain optimization will facilitate resource sharing, enabling enhanced economies of scale and cost efficiencies while creating additional value for customers.
Furthermore, this strategic move will broaden Miniso’s access to the essential goods sector, facilitating business diversification and reducing cyclical risks.
The completion of this transaction is anticipated in the first half of 2025.
October
Consumer Products and Services
Deal 1: Nord Anglia Education Limited (United Kingdom) was acquired by Neuberger Berman Group LLC (United States), Canada Pension Plan Investment Board (Canada), and EQT Private Capital Asia (Hong Kong) for USD 14.50 billion.
Neuberger Berman Group LLC; Canada Pension Plan Investment Board; EQT Private Capital Asia to acquire Nord Anglia Education Limited
Neuberger Berman has joined EQT and CPP Investments in acquiring the UK-based private school operator Nord Anglia Education for USD 14.5 billion. This acquisition reinforces Nord Anglia’s commitment to delivering premium educational experiences and nurturing future global leaders and innovators.
Nord Anglia operates a network of over 80 international schools across 33 countries, serving more than 85,000 students aged 2 to 18. Through exclusive partnerships with leading institutions, such as UNICEF, MIT, Juilliard, and IMG Academy, along with its proprietary digital learning platforms, Nord Anglia offers unique and enriched educational opportunities.
With Neuberger Berman as a new strategic partner, the consortium reaffirms its dedication to Nord Anglia’s growth through both organic and acquisition-driven strategies. Neuberger Berman, EQT, and CPP Investments will collaborate closely with Nord Anglia to lead it into its next growth phase, further expanding its ability to deliver quality education in major global markets.
This acquisition builds on EQT’s long-standing relationship with Nord Anglia, which began in 2008 and saw an expansion in 2017 when CPP Investments joined as a partner, marking CPP Investments’ first direct equity venture in private education. Neuberger Berman, alongside other global institutional investors, joins as a new stakeholder.
Goldman Sachs, J.P. Morgan, and Morgan Stanley serve as lead financial advisors to Nord Anglia, with Lazard advising on private capital matters. Deutsche Bank and HSBC are also engaged as financial advisors.
Deal 2: Professional Bull Riders, On Location, and IMG (United States) was acquired by TKO Group (United States) for USD 3.25 billion.
TKO Group to Acquire Professional Bull Riders, On Location, and IMG
TKO Group, the parent company of WWE and UFC, is broadening its reach into related sports and entertainment assets by acquiring Professional Bull Riders, On Location, and IMG from Endeavor Group in an all-stock transaction valued at USD 3.25 billion.
Professional Bull Riders operates over 200 live events each year, drawing approximately 1.25 million fans and reaching more than 285 million households across 65 territories. On Location is a premier live event company, managing experiences for over 1,200 high-profile events, including the Super Bowl, Ryder Cup, and NCAA Final Four. IMG is a prominent distributor and producer of sports content, responsible for managing media rights, brand partnerships, consulting, digital services, and event management for clients such as the NFL and NHL. However, the acquisition of IMG excludes its licensing, models and tennis representation, and certain segments of its event portfolio.
This strategic acquisition enhances TKO’s position in the rapidly growing premium sports market, allowing direct engagement with lucrative opportunities through media rights, live events, ticket sales, premium experiences, brand partnerships, and venue fees. By broadening its operational footprint, TKO aims to strengthen its market presence and drive sustainable growth, ultimately increasing shareholder value.
This sale is part of Endeavor’s strategy to streamline its assets as it considers going private in a potential deal with private equity firm Silver Lake.
The transaction is expected to close in the first half of 2025, increasing Endeavor’s ownership stake in TKO from 53% to 59%, while existing TKO shareholders will retain 41%. Morgan Stanley & Co. LLC is acting as the financial advisor for TKO in this acquisition.
Deal 3: JDE Peet's N.V. (Netherlands) was acquired by Jab Holding Company S.à.R.L. (Luxembourg) for USD 2.30 billion.
Jab Holding Company S.à.R.L. to Acquire JDE Peet's N.V.
German conglomerate JAB Holding Company is set to increase its stake in Dutch coffee producer JDE Peet’s to 68% by acquiring 86 million shares from Mondelez for USD 2.30 billion.
Recognized as the world’s leading pure-play coffee and tea enterprise, JDE Peet’s manages an extensive portfolio of over 50 brands, including L’OR, Peet’s Coffee, Jacobs, Senseo, Tassimo, Douwe Egberts, OldTown, Super, Pickwick, and Moccona.
With more than USD 50 billion in managed assets, JAB focuses on fast-moving consumer goods (FMCG), including coffee, soft drinks, and confectionery, as well as investments in hospitality and insurance. JAB also holds a controlling interest in Panera Brands, which includes fast-casual chains such as Panera Bread, Caribou Coffee, and Einstein Bros. Bagels, in addition to UK-based Pret A Manger and Sweden’s Espresso House. Furthermore, JAB maintains minority stakes of 44% in Krispy Kreme and 34% in Keurig Dr Pepper.
This acquisition represents a meaningful development for JDE Peet’s, reinforcing its status as a recognized blue-chip company. JAB’s investment indicates confidence in the stability of the global coffee market and the long-term growth prospects of JDE Peet’s. Additionally, JAB has distributed 43 million shares—representing 9% of the company’s total share capital—to over 70 limited partners within JAB Consumer Partners (JCP), increasing JDE Peet’s public float to 32% and improving its market visibility.
Deal 4: The Duckhorn Portfolio, Inc. (United States) was acquired by Butterfly Equity LP (United States) for USD 1.95 billion.
Butterfly Equity LP to Acquire The Duckhorn Portfolio, Inc.
California-based luxury wine producer Duckhorn is poised for acquisition by private equity firm Butterfly Equity in a USD 1.95 billion cash transaction.
Duckhorn is renowned for its high-end wine offerings and boasts a curated selection of premium brands, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, and Kosta Browne. Its products reach luxury consumers in over 50 countries across five continents.
Butterfly Equity, which specializes in investments within the food and beverage industry, holds a diverse portfolio that includes Milk Specialties Global, Chosen Foods, MaryRuth Organics, Orgain, Bolthouse Fresh Foods, and QDOBA. With deep expertise in the sector, a data-driven investment strategy, and a hands-on operational approach, Butterfly aims to drive Duckhorn’s continued growth and expansion.
J.P. Morgan Securities LLC is acting as the financial advisor for Duckhorn, while KKR Capital Markets LLC is providing capital markets advisory services to Butterfly Equity.
Deal 5: Garza Food Ventures, LLC (United States) was acquired by PepsiCo, Inc. (United States) for USD 1.20 billion.
PepsiCo, Inc. to Acquire Garza Food Ventures, LLC (Siete Foods)
Food and beverage powerhouse PepsiCo is acquiring Garza Food Ventures (Siete Foods) for USD 1.2 billion, significantly enhancing its snacking portfolio in response to the growing demand for value-driven brands among budget-conscious consumers.
Siete Foods is known for its authentic, heritage-inspired offerings, which include tortillas, salsas, seasonings, sauces, cookies, and snacks. The brand’s products are widely available in over 40,000 grocery stores, club stores, and organic food retailers across the United States.
This acquisition will further diversify PepsiCo’s portfolio by integrating a well-established Mexican-American brand, while also expanding its better-for-you food segment. Siete’s products are expected to bring a fresh, vibrant dimension to PepsiCo’s multicultural range, offering consumers flavorful and culturally significant food choices that align with a variety of dining occasions.
The deal is anticipated to close in the first half of 2025. Centerview Partners LLC is serving as the lead financial advisor to PepsiCo, while Lazard is advising Siete Foods.
November
Consumer Products and Services
Deal 1: North American Premium Cat feeding and Pet Treating Business of Whitebridge Pet Brands, LLC (United States) was acquired by General Mills, Inc. (United States) for USD 1.45 billion.
General Mills, Inc. to acquire North American Premium Cat feeding and Pet Treating Business of Whitebridge Pet Brands, LLC
General Mills has unveiled plans to acquire the North American premium cat feeding and pet treating division of Whitebridge Pet Brands from NXMH for USD 1.45 billion. This acquisition represents the fifth deal General Mills has announced or completed within the pet care segment, underscoring its commitment to this growing market.
The acquisition includes the Tiki Pets and Cloud Star brands, which are recognized leaders in the cat feeding and pet treating segments—key categories that account for USD 24 billion of the broader USD 52 billion U.S. pet food market. These brands will complement General Mills’ existing Blue Buffalo portfolio, reinforcing its position in the high-growth premium pet food space and driving incremental growth in cat feeding and treats.
This transaction aligns with General Mills’ Accelerate strategy, which focuses on fostering long-term growth by prioritizing key markets and brands, expanding into adjacent categories, and improving operational efficiency to achieve sustainable and profitable growth.
The deal is expected to close in the third quarter of fiscal 2025. General Mills plans to finance the acquisition through a combination of cash on hand and new debt. Legal counsel for General Mills is being provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, while NXMH is advised by Houlihan Lokey as its exclusive financial advisor.
Deal 2: Personal Protective Equipment Business of Honeywell International Inc. (United States) was acquired by Protective Industrial Products, Inc. (United States) for USD 1.33 billion.
Protective Industrial Products, Inc. to Acquire Personal Protective Equipment Business of Honeywell International Inc.
Honeywell is divesting its Personal Protective Equipment (PPE) business to Protective Industrial Products (PIP) for USD 1.33 billion in cash. PIP is a leading global supplier of PPE products to industrial wholesalers and distributors.
The PPE business being sold encompasses a wide range of trusted brands serving a varied customer base through an extensive distributor network worldwide. With approximately 5,000 employees, the business benefits from a streamlined global manufacturing and distribution structure, featuring 20 manufacturing facilities and 17 distribution centers across the U.S., Mexico, Europe, North Africa, Asia Pacific, and China. Key brands within the portfolio include Fendall, Fibre-Metal, Howard Leight, KCL, Miller, Morning Pride, North, Oliver, Salisbury, and UVEX, among others.
This acquisition enhances PIP’s already broad product offering, which spans hand protection, head and face protection, workwear, and footwear, and is supported by operations in 35 locations across 18 countries. The addition of Honeywell’s PPE business will not only expand PIP’s brand portfolio but also strengthen its global presence, unlocking new growth opportunities for its customers.
The deal is anticipated to close in the first half of 2025.
Deal 3: LYNK & CO Automotive Technology Co., Ltd. (China) was acquired by ZEEKR Intelligent Technology Holding Limited (China) for USD 1.24 billion.
ZEEKR Intelligent Technology Holding Limited to Acquire LYNK & CO Automotive Technology Co., Ltd.
Zeekr, China’s premium electric vehicle (EV) brand, is acquiring a 50% stake in Lynk & Co for CNY 9 billion (approximately USD 1.24 billion), raising its ownership to a controlling 51%. Both Zeekr and Lynk & Co are brands under Geely, one of China’s leading automotive groups.
This acquisition is part of a broader strategic shift under the leadership of Li Shufu, the billionaire behind Geely Auto, one of China’s largest EV manufacturers. As part of the consolidation, Geely Holding will transfer 20% of its shares in Lynk & Co to Zeekr, while Volvo Cars will divest 30%. Once the transaction is complete, Zeekr will hold a 51% controlling stake in Lynk & Co, with Geely maintaining a 49% interest, while Volvo Cars will exit the venture entirely.
The integration of Zeekr and Lynk & Co comes in response to overlapping product offerings and unclear brand positioning, which have limited their individual growth potential. By consolidating their operations, the brands aim to enhance market coverage and eliminate intra-brand competition. However, the success of this strategy in the competitive new energy vehicle (NEV) market remains uncertain.
Despite the merger, Geely plans to retain a dual-brand strategy, allowing Zeekr and Lynk & Co to remain distinct and relatively independent. Geely Holdings envisions the two brands becoming globally competitive luxury new energy vehicle players, with a target of producing and selling more than one million units annually by the end of 2026, solidifying its leadership in the rapidly growing EV sector.
Deal 4: Rakuten Card Co.,Ltd. (Japan) was acquired by Mizuho Financial Group, Inc. (Japan) for USD 1.06 billion.
Mizuho Financial Group, Inc. to Acquire Rakuten Card Co.,Ltd.
Japan’s Mizuho Financial Group has reached an agreement to acquire a 14.99% stake in Rakuten Card, a financial services arm of Rakuten, Inc., for approximately USD 1.06 billion, further strengthening the strategic partnership between the two companies.
This move is part of an ongoing collaboration involving Mizuho FG, Mizuho Bank, UC Card, Orient Corporation, Rakuten Group, and Rakuten Card, aimed at advancing Japan’s digital payments ecosystem.
Mizuho and Rakuten have been working together to develop innovative retail business models focused on asset building and management by combining their financial expertise and fintech capabilities. As part of the partnership, they plan to launch a new co-branded credit card for retail customers in December. This card will offer Rakuten Points and benefits such as reduced ATM fees.
Additionally, the collaboration will introduce a digital installment payment option on Rakuten Ichiba, enabling immediate approval and repeat use. For corporate clients, Mizuho FG and Rakuten Group aim to streamline payment processes and digitalize transactions for Rakuten Card’s extensive network of approximately 900,000 affiliate stores.
This transaction is expected to generate a special profit of USD 1.02 billion in the financial year ending December.
Deal 5: ZEEKR Intelligent Technology Holding Limited (China) was acquired by Geely Automobile Holdings Limited (China) for USD 0.81 billion.
Geely Automobile Holdings Limited to Acquire ZEEKR Intelligent Technology Holding Limited
As part of its strategic plan to optimize operations and drive cost efficiencies across its diverse portfolio, Geely will acquire an additional 11.3% stake in Zeekr for USD 806 million, increasing its ownership to 62.8%.
This move enhances Geely’s control over Zeekr, strengthening its ability to leverage synergies between its brands, including Lynk & Co and Polestar, and reinforcing its position in the rapidly evolving global electric vehicle (EV) market.
Zeekr, a leader in premium electric mobility and connected vehicle technology, is set to drive innovation within the group, sharing its advancements with other Geely brands. In 2024, Zeekr achieved impressive growth, selling nearly 143,000 vehicles in the first nine months, an 81% increase compared to the same period last year.
This acquisition further positions Geely to capitalize on the growing demand for electric and connected vehicles, solidifying its future in the high-end EV segment.
M&A Activity in the Software and IT Industry
The top global M&A deals in this sector are at the heart of the digital revolution. This industry list includes companies that develop software, provide IT services, and offer technological solutions driving innovation and efficiency.
January
Software and IT
- Deal 1: ANSYS, Inc. (United States) was acquired by Synopsys, Inc. (United States) for USD 35.00 billion.
- Deal 2: Juniper Networks, Inc. (United States) was acquired by Hewlett Packard Enterprise Company (United States) for USD 14.00 billion.
- Deal 3: Procare Software, LLC (United States) was acquired by Roper Technologies, Inc. (United States) for USD 1.75 billion.
- Deal 4: Pagero Group AB (Sweden) was acquired by Thomson Reuters Finance S.A. (Luxembourg) for USD 0.80 billion.
- Deal 5: Habu, Inc. (United States) was acquired by LiveRamp, Inc. (United States) for USD 0.20 billion.
February
Software and IT
- Deal 1: Altium Limited (Australia) was acquired by Renesas Electronics Corporation (Japan) for USD 5.90 billion.
- Deal 2: Yandex LLC (Russia) was acquired by Multiple Buyers Including Russia-Based Yandex Senior Managers and Oil Company Lukoil (Russia) for USD 5.20 billion.
- Deal 3: End-User Computing Division of Broadcom Inc. (United States) was acquired by KKR & Co. Inc. (United States) for USD 4.00 billion.
- Deal 4: Everbridge, Inc. (United States) was acquired by Thoma Bravo, L.P. (United States) for USD 1.50 billion.
- Deal 5: Marlowe PLC’s Governance, Risk & Compliance Software and Services Assets (United Kingdom) was acquired by Inflexion Private Equity Partners LLP (United Kingdom) for USD 0.50 billion.
March
Software and IT
- Deal 1: Beta Cae Systems International Ag (Switzerland) was acquired by Cadence Design Systems, Inc. (United States) for USD 1.24 billion.
- Deal 2: Jama Software, Inc. (United States) was acquired by Francisco Partners Management, L.P. (United States) for USD 1.20 billion.
- Deal 3: One Network Enterprises, Inc. (United States) was acquired by Blue Yonder Group, Inc. (United States) for USD 0.84 billion.
- Deal 4: SanDisk Semiconductor (Shanghai) Co. Ltd (China) was acquired by JCET Management Co., Ltd. (China) for USD 0.62 billion.
- Deal 5: TASK Group Holdings Limited (Australia) was acquired by PAR Technology Corporation (United States) for USD 0.21 billion.
April
Software and IT
- Deal 1: ChampionX Corporation (United States) was acquired by Schlumberger Limited (United States) for USD 7.80 billion.
- Deal 2: HashiCorp, Inc. (United States) was acquired by International Business Machines Corporation (United States) for USD 6.40 billion.
- Deal 3: Darktrace plc (United Kingdom) was acquired by Thoma Bravo, L.P. (United States) for USD 5.32 billion.
- Deal 4: Matterport, Inc. (United States) was acquired by CoStar Group, Inc. (United States) for USD 1.60 billion.
- Deal 5: Model N, Inc. (United States) was acquired by Vista Equity Partners Management, LLC (United States) for USD 1.25 billion.
May
Software and IT
- Deal 1: Squarespace, Inc. (United States) was acquired by Accel Partners (United States), General Atlantic Service Company, L.P. (United States), and Permira Advisers LLC (United States) for USD 6.90 billion.
- Deal 2: AuditBoard, Inc. (United States) was acquired by HgCapital LLP (United Kingdom), and HgCapital Trust plc (United Kingdom) for USD 3.00 billion.
- Deal 3: Software Integrity Group Business of Synopsys, Inc. (United States) was acquired by Francisco Partners Management, L.P. (United States), and Clearlake Capital Group, L.P. (United States) for USD 2.10 billion.
- Deal 4: Venafi, Inc. (United States) was acquired by CyberArk Software Ltd. (Israel) for USD 1.54 billion.
- Deal 5: Foodpanda Taiwan Co., Ltd. (Taiwan) was acquired by Uber Eats (United States) for USD 0.95 billion.
June
Software and IT
Deal 1: Aareon AG (Germany) was acquired by Caisse de dépôt et placement du Québec (Canada), and TPG Capital, L.P. (United States) for USD 4.20 billion.
Caisse de dépôt et placement du Québec; TPG Capital, L.P. to acquire Aareon AG
Aareal Bank and Advent International have announced the sale of Aareon AG, a leading European provider of Software-as-a-Service (SaaS) solutions for the property industry, to TPG and Caisse de dépôt et placement du Québec (CDPQ) for EUR 3.9 billion (USD 4.2 billion).
Aareon AG is renowned for its innovative Property Management System solutions, which enhance efficient and sustainable property management and maintenance. The company’s comprehensive portfolio supports seamless, automated end-to-end processes, connecting property managers and owners across both residential and commercial real estate sectors.
This strategic acquisition by TPG will provide Aareon with enhanced resources and expertise to drive further innovation and growth. TPG will channel its investment through TPG Capital, its U.S. and European private equity platform, with CDPQ co-investing and acquiring a minority stake in Aareon.
The deal is expected to close in the latter half of 2024. Arma Partners served as the lead financial advisor, with Goldman Sachs also advising Advent International and Aareal. Morgan Stanley & Co. International Plc provided financial advisory services to TPG and CDPQ.
Deal 2: WalkMe Ltd. (Israel) was acquired by SAP SE (Germany) for USD 1.50 billion.
SAP SE to acquire WalkMe Ltd.
Enterprise software giant SAP SE is set to acquire Israeli software firm WalkMe for USD 1.5 billion in cash.
WalkMe specializes in digital adoption platforms (DAPs), offering solutions that help organizations navigate ongoing technology changes. Their advanced guidance and automation features enable seamless workflow execution across diverse applications, driving higher adoption rates and enhancing overall value for customers such as IBM, Nestle, Thermo Fisher Scientific, and the U.S. Department of Defense.
WalkMe’s platform automatically maps an organization’s software landscape and collects usage data for optimizing software licenses and procurement strategies. This acquisition will complement SAP’s Business Transformation Management portfolio, enhancing its SAP Signavio and SAP LeanIX solutions to better support customers in their transformation journeys.
WalkMe is also set to launch WalkMeX, an innovative AI-powered copilot designed to provide contextual guidance and suggest optimal workflows across various applications. This capability, which operates as an overlay compatible with different vendor copilots, promises to significantly boost productivity and efficiency. By combining WalkMe’s digital adoption capabilities with SAP’s AI assistant, Joule, SAP customers will experience enhanced AI assistant functionality and productivity gains.
The acquisition is slated to close in the third quarter of 2024.
Deal 3: Belcan, LLC (United States) was acquired by Cognizant Domestic Holdings Corporation (United States) for USD 1.30 billion.
Cognizant Domestic Holdings Corporation to acquire Belcan, LLC
Cognizant, a leading provider of digital, technology, and consulting services, has announced its acquisition of Belcan, a prominent digital engineering firm, for USD 1.3 billion in cash and stock. This transaction comprises USD 1.19 billion in cash and 1.47 million shares of Cognizant stock valued at USD 97 million.
Belcan operates a global workforce of 10,000 employees across 60 locations worldwide, serving high-profile clients such as Boeing, General Motors, Rolls-Royce, NASA, and the U.S. Navy.
The acquisition strategically positions Cognizant to strengthen its presence in the expanding Engineering Research & Development (ER&D) services market, which is projected to grow at a robust CAGR of over 10% through 2026. Belcan’s extensive engineering capabilities and domain expertise in aerospace & defense will complement Cognizant’s scale and decades-long digital engineering proficiency. This integration will provide Belcan’s prestigious client base access to Cognizant’s advanced AI, Cloud, and Data technologies, leveraging a combined team of over 6,500 engineers and technical consultants.
The acquired business is expected to contribute revenue exceeding USD 800 million annually to Cognizant starting in 2024, depending on the timing of the transaction closure, which is anticipated in Q3 2024.
Financial advisory services for Cognizant were provided by Perella Weinberg Partners, while Jefferies and Solomon Partners acted as financial advisors to Belcan.
Deal 4: eStruxture Data Centers Inc. (Canada) was acquired by Fengate Asset Management (Canada) for USD 1.30 billion.
Fengate Asset Management to acquire eStruxture Data Centers Inc.
Fengate Asset Management, a Toronto-based alternative asset managerhas acquired eStruxture Data Centers for CAD 1.8 billion (USD 1.3 billion), marking the largest transaction in Canada’s data center sector. Fengate now holds over two-thirds equity in eStruxture, following the purchase of shares previously held by Caisse de dépôt et placement du Québec (CDPQ).
The acquisition was funded with capital from institutional secondary investors, co-led by Partners Group and Pantheon. Investors also include Fengate Infrastructure Fund III and IV, as well as affiliated entities such as LiUNA’s Pension Fund of Central and Eastern Canada.
Significant stakeholders, including Jonathan Wener and the Wener Family Office, along with Todd Coleman, Founder, President, and CEO of eStruxture, and the company’s management team, will reinvest a substantial portion of their holdings in the firm.
As major technology companies continue to expand their cloud operations in Canada and increasingly rely on AI and machine learning, eStruxture is poised to meet these demands with scalable and sustainable data center solutions. This strategic acquisition is expected to accelerate eStruxture’s growth in hyperscale infrastructure, supporting its expansion and solidifying its leadership in Canada’s digital infrastructure market.
Financial advisory services for eStruxture were provided by DH Capital, while Campbell Lutyens served as Fengate’s exclusive financial advisor for the transaction.
Deal 5: Tegus, Inc. (United States) was acquired by AlphaSense, Inc. (United States) for USD 0.93 billion.
AlphaSense, Inc. to Acquire Tegus, Inc.
AI research firm AlphaSense has acquired rival Tegus, a significant provider of expert research, private company content, financial data, and workflow tools, in a transaction valued at USD 930 million.
This acquisition follows AlphaSense’s successful securing of a new USD 650 million funding round, co-led by Viking Global Investors and BDT & MSD Partners, with additional participation from J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, and existing investors Alphabet Inc.’s CapitalG and Goldman Sachs Alternatives.
AlphaSense offers a comprehensive market intelligence platform utilized by asset management firms to identify investment opportunities through access to public and private content, including equity research, company filings, transcripts, and news. The company also provides an AI-powered enterprise solution that enables organizations to centralize and leverage their market intelligence with advanced search, summarization, and monitoring capabilities.
With Tegus’ extensive library covering more than 35,000 public and private companies across sectors including technology, media, consumer goods, energy, and life sciences, along with financial data on over 4,000 public companies, this acquisition strengthens AlphaSense’s competitive edge against industry leaders like Bloomberg L.P., Exabel AS, and FactSet.
AlphaSense’s client roster includes notable firms such as SAP SE, 3M, and Google, among others.
The transaction is expected to close in the third quarter of 2024, with Goldman Sachs & Co. LLC acting as AlphaSense’s financial advisor.
July
Software and IT
Deal 1: Instructure Holdings, Inc. (United States) was acquired by KKR & Co. Inc. (United States), and Dragoneer Investment Group, LLC (United States) for USD 4.80 billion.
KKR & Co. Inc.; Dragoneer Investment Group, LLC to acquire Instructure Holdings, Inc.
KKR has announced its acquisition of Instructure Holdings, an education software company, for USD 4.8 billion, or USD 23.60 per share, in cash. Dragoneer Investment Group is also involved in the transaction.
KKR will acquire all outstanding shares of Instructure (INST), including those held by the current majority stakeholder, Thoma Bravo.
Instructure is a global leader in learning management systems, educational technology, and credentialing solutions. Serving around 200 million learners across more than 100 countries, the company partners with over 1,000 organizations. Its flagship product, Canvas, competes with platforms such as Google Classroom, Blackboard Learn, and Schoology.
KKR intends to enhance Instructure’s global learning platform by increasing investment in technology and innovation, with a focus on advancing its core products, Canvas and Parchment. Earlier this year, Instructure acquired the academic credential management platform Parchment for USD 835 million.
The transaction is expected to be completed later this year. J.P. Morgan Securities LLC acted as the lead financial advisor for Instructure, with Macquarie Capital also advising the company. KKR was advised by Morgan Stanley & Co. LLC, Moelis & Company LLC, and UBS Investment Bank.
Deal 2: Envestnet, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States), and Reverence Capital Partners, L.P. (United States) for USD 4.50 billion.
Bain Capital Private Equity, LP; Reverence Capital Partners, L.P. to acquire Envestnet, Inc.
Bain Capital, a Boston-based private equity firm, has announced its acquisition of wealth management software company Envestnet for USD 4.5 billion, further enhancing its investment portfolio with a prominent industry player.
Envestnet offers a comprehensive range of services, including data aggregation, analytics, reporting solutions, financial planning, wealth management, and portfolio management tools. The company serves 17 of the 20 largest U.S. banks, manages over USD 6 trillion in assets, oversees nearly 20 million accounts, and supports over 109,000 financial advisors with its scalable digital platform. Envestnet’s Wealth Management Platform also supports more than 800 asset managers.
Reverence Capital will join Bain Capital in this transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to investing in the deal and will acquire minority stakes in Envestnet upon completion.
The acquisition is expected to close in the fourth quarter of 2024. Following the deal, Envestnet will cease to be publicly traded and will become a privately held company.
Morgan Stanley & Co. LLC is acting as the exclusive financial advisor to Envestnet, while Bain Capital is receiving lead financial advisory services from J.P. Morgan Securities LLC. RBC Capital Markets, BMO Capital Markets, Barclays, and Goldman Sachs & Co. LLC are providing committed debt financing and additional advisory services.
Deal 3: Exclusive Networks SA (France) was acquired by Clayton, Dubilier & Rice, LLC (United States), and Permira Advisers Ltd. (United Kingdom) for USD 2.40 billion.
Clayton, Dubilier & Rice, LLC; Permira Advisers Ltd. to acquire Exclusive Networks SA
Exclusive Networks, a French cybersecurity firm, has received a buyout proposal from Clayton Dubilier & Rice (CD&R), in collaboration with Permira, its majority shareholder. The proposed deal is valued at EUR 2.2 billion (USD 2.4 billion).
Exclusive Networks is a key player in the global cybersecurity sector, serving as a market and technical service specialist. The company provides cybersecurity vendors with access to fragmented national markets and equips local partners with the necessary expertise to address their end-customers’ security needs. With operations in over 45 countries and the ability to serve customers across more than 170 countries, Exclusive Networks offers a comprehensive suite of products and services, including managed security, technical accreditation, and training.
As the cybersecurity landscape evolves, Exclusive Networks is strategically positioned to capitalize on trends such as increased vendor spend consolidation and product innovation, which demand advanced expertise and channel support.
CD&R brings extensive experience in the technology sector, particularly in IT services and solutions, while Permira offers over 35 years of expertise in technology investments. The combined resources and strategic support from this consortium are expected to drive Exclusive Networks’ growth and help the company seize new opportunities in the rapidly expanding cybersecurity market.
Deal 4: Seidor, S.A. (Spain) was acquired by The Carlyle Group Inc. (United States) for USD 1.09 billion.
The Carlyle Group Inc. to acquire Seidor, S.A.
The Carlyle Group is in advanced talks to acquire a 60% stake in Seidor, a Spain-based technology consulting and services firm currently controlled by the Benito family. The transaction is valued at EUR 1 billion (approximately USD 1.09 billion). The Benito family will retain a 40% interest and continue to oversee the company’s management.
Seidor is a prominent player in the IT sector, offering a broad range of services including enterprise resource planning (ERP), digital transformation, and business process optimization. Renowned for its expertise in implementing SAP solutions, Seidor’s impressive growth—evidenced by its EBITDA increasing from around EUR 30 million in 2021 to over EUR 80 million this year—makes it a compelling target for Carlyle.
The acquisition aligns with Seidor’s strategic goal of becoming a leading global technology consultancy. The company plans to broaden its presence in key markets such as Spain, the United States, Italy, France, Germany, and the United Kingdom, while further solidifying its position in Latin America, the Middle East, and Africa.
Carlyle’s involvement, supported by its successful investments in Spanish firms like Codorniu, Garnica, Altadia, and Cepsa, is anticipated to drive Seidor’s continued expansion and enhance its competitive position on the global stage.
Deal 5: LinQuest Corporation (United States) was acquired by KBR, Inc. (United States) for USD 0.74 billion.
KBR, Inc. to Acquire LinQuest Corporation
KBR Inc., a provider of science, technology, and engineering solutions across industries such as aerospace, defense, and intelligence, is preparing to acquire LinQuest in a cash transaction valued at USD 737 million.
LinQuest, a key player in the national security space, delivers advanced digital transformation solutions and develops, integrates, and operates mission-critical systems. The company specializes in addressing complex challenges in space, air dominance, and connected battlespace missions, leveraging advanced AI and machine learning technologies.
This acquisition supports KBR’s strategy to enhance its capabilities in delivering sophisticated technology and mission-critical expertise. The complementary nature of both companies’ offerings is expected to create significant synergies and stimulate revenue growth. Furthermore, with over 74% of LinQuest’s more than 1,500 employees holding security clearances, KBR will be better positioned to support U.S. government clients in meeting the demands of a rapidly evolving defense and national security landscape.
The deal is expected to close by the fourth quarter of 2024. Arena Strategic Advisors provided financial due diligence for KBR, while Baird served as the exclusive financial advisor to LinQuest.
August
Software and IT
Deal 1: ZT Group Int'l, Inc. (United States) was acquired by Advanced Micro Devices, Inc. (United States) for USD 4.90 billion.
Advanced Micro Devices, Inc. to Acquire ZT Group Int'l, Inc.
Semiconductor firm Advanced Micro Devices (AMD) is strengthening its artificial intelligence (AI) capabilities through the acquisition of ZT Systems, a leading provider of AI infrastructure for hyperscale computing, in a deal worth approximately USD 4.9 billion, consisting of both cash and stock.
ZT Systems is known for its advanced compute, storage, and accelerator solutions, partnering with major technology companies like Nvidia Corp. and Intel Corp. to serve cloud and enterprise clients. With its expertise in design, integration, manufacturing, and deployment, ZT Systems has become a significant player in AI training and inference infrastructure.
Once the transaction is finalized, ZT Systems will join AMD’s Data Center Solutions Business Group. This acquisition is a strategic move aimed at enhancing AMD’s AI capabilities. Over the last year, AMD has invested more than USD 1 billion in expanding its AI ecosystem and improving AI software, alongside its continued research and development efforts.
The transaction is anticipated to close in the first half of 2025. Citi is serving as the exclusive financial advisor to AMD, while Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to ZT Systems.
Deal 2: Fuji Soft Incorporated (Japan) was acquired by KKR & Co. Inc. (United States) for USD 3.80 billion.
KKR & Co. Inc. to acquire Fuji Soft Incorporated
KKR has accelerated the timeline for its acquisition of Fuji Soft Inc., a major Japanese systems developer, moving the start date to September 5. This change reduces the possibility of a bidding war with Bain Capital. The acquisition remains valued at approximately USD 3.8 billion.
Fuji Soft, a leading system integrator in Japan, is known for its expertise in embedded, control, and operational software. With more than 10,000 engineers, the company delivers cutting-edge technological solutions across various industries, leveraging decades of experience. Its strategic focus includes improving profitability, enhancing group synergies, and pursuing growth opportunities.
KKR intends to utilize its global network and IT services expertise to drive Fuji Soft’s long-term growth, aiming to deliver greater value to Japanese businesses and their customers.
Japan continues to be a key market for KKR within the Asia-Pacific region and globally, especially as the country’s IT services sector experiences rapid digital transformation, marked by increased adoption of cloud computing, IoT, and generative AI. This acquisition aligns with KKR’s broader strategy in Japan, where it has operated since 2006, investing over USD 8 billion and managing USD 18 billion in assets across multiple sectors.
Despite receiving a higher bid from Bain, Fuji Soft opted for KKR’s offer, citing its legally binding nature and greater certainty of execution. Fuji Soft also noted that Bain’s offer lacked consent from 3D Investment Partners and raised concerns about financing for the deal.
Deal 3: Cloud-based digital banking business of NCR Voyix Corporation (United States) was acquired by Veritas Capital Fund Management, L.L.C (United States) for USD 2.55 billion.
Veritas Capital Fund Management, L.L.C. to acquire Cloud-based digital banking business of NCR Voyix Corporation
Veritas Capital, a prominent investor in the technology and government sectors, is set to acquire NCR Voyix’s cloud-based digital banking division for USD 2.45 billion in cash, with a potential additional payout of up to USD 100 million.
NCR Voyix’s digital banking platform stands as the largest independent solution of its kind in the U.S., offering a comprehensive suite of digital-first tools designed to elevate both consumer and business banking experiences. Serving over 1,300 financial institutions and 20 million active users, the platform is positioned for continued growth and innovation as a standalone business.
Veritas Capital sees this acquisition as a strategic opportunity to leverage the platform’s advanced features and capitalize on its substantial growth potential.
NCR Voyix is selling this business unit to concentrate on its core software and services for the restaurant and retail industries.
Goldman Sachs & Co. LLC served as the financial advisor to NCR Voyix, while Evercore advised Veritas Capital.
Deal 4: Thoughtworks Holding, Inc. (United States) was acquired by Apax Partners LLP (United Kingdom) for USD 1.75 billion.
Apax Partners LLP to Acquire Thoughtworks Holding, Inc.
Apax Partners, a British private equity firm, is poised to take IT consulting firm Thoughtworks private through a USD 1.75 billion acquisition.
Under the agreement, Apax will acquire all remaining shares of Thoughtworks’ common stock that it does not already own, at a price of USD 4.40 per share.
Thoughtworks provides consulting services across various industries, specializing in software engineering, IT modernization, customer experience, cloud computing, data, and artificial intelligence (AI). The firm assists enterprises in upgrading their IT infrastructure by optimizing databases, developing new applications, and refining code bases, among other software solutions.
Despite its broad service offerings, Thoughtworks has faced challenges in gaining traction on Wall Street since going public. The buyout follows the company’s decision to expand its restructuring efforts, aiming for additional savings of USD 85 million to USD 95 million, bringing the total targeted savings to between USD 185 million and USD 210 million.
Apax has been a long-term strategic partner of Thoughtworks. The acquisition will enable the firm to pursue necessary investments and further strengthen its position as a strategic partner to its clients. The shift to private ownership is expected to help the company refocus on its growth strategy.
The deal is expected to close in the fourth quarter of 2024. Goldman Sachs & Co. LLC serves as the exclusive financial advisor to Apax, while Paul Hastings LLP is providing legal counsel to Thoughtworks.
Deal 5: Transact Campus, Inc. (United States) was acquired by Roper Technologies, Inc. (United States) for USD 1.50 billion.
Roper Technologies, Inc. to Acquire Transact Campus, Inc.
Roper Technologies has agreed to acquire Transact Campus (Transact) for USD 1.5 billion, enhancing its offerings for higher education institutions and healthcare facilities.
Transact is a leading provider of advanced campus technology and payment solutions. Its services include campus ID software, secure access systems, tuition and fees management, payment processing, and point-of-sale campus commerce solutions. With over 12 million users, Transact caters to higher education institutions, healthcare facilities, and corporate campuses.
This acquisition aligns with Roper’s strategic goals, meeting criteria such as mission-critical solutions, strong customer retention, and robust cash conversion.
Following the acquisition, Transact will be integrated with Roper’s CBORD business, which delivers access and security solutions as well as campus commerce services to acute healthcare and senior living facilities, higher education institutions, and K-12 school districts.
Roper forecasts that Transact will contribute approximately USD 325 million in revenue and USD 105 million in EBITDA by 2025, with anticipated long-term organic revenue growth in the high single digits.
The deal, expected to be finalized within the current quarter, will be financed through Roper’s existing cash reserves and revolving credit facility.
September
Software and IT
Deal 1: Smartsheet Inc. (United States) was acquired by Vista Equity Partners (United States), and Blackstone Inc. (United States) for USD 8.40 billion.
Vista Equity Partners; Blackstone Inc. to Acquire Smartsheet Inc.
Vista Equity Partners and Blackstone have agreed to acquire Smartsheet, a prominent software-as-a-service (SaaS) platform designed for workplace collaboration, in an all-cash deal valued at USD 8.4 billion.
Smartsheet provides intuitive and scalable tools that enable organizations to optimize essential business processes. The platform fosters collaboration, enhances productivity, and accelerates data-driven decision-making. It seamlessly integrates with Google Workspace and Microsoft Office and connects with popular cloud storage and customer relationship management services like Salesforce and Dropbox. Competing with alternatives such as Asana and Monday.com, Smartsheet is trusted by 85% of Fortune 500 companies, including major players like Pfizer and Procter & Gamble.
Vista, with its focus on enterprise software and technology-driven businesses, will partner with Blackstone to enhance Smartsheet’s growth. Their collaboration seeks to increase the platform’s availability for teams and organizations globally, fostering success through enhanced collaboration.
The transaction is anticipated to close in the fourth quarter of Smartsheet’s fiscal year, which ends on January 31, 2025. Qatalyst Partners is acting as the exclusive financial advisor to Smartsheet, while Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are providing advisory services to Blackstone and Vista Equity Partners.
Deal 2: Fuji Soft Incorporated (Japan) was acquired by Bain Capital, LP (United States) for USD 4.10 billion.
Bain Capital, LP to acquire Fuji Soft Incorporated
U.S. private equity firm Bain Capital has made a counteroffer of USD 4.1 billion (JPY 600 billion) to acquire Japanese software developer Fuji Soft, exceeding KKR’s original bid by 5%.
Previously, KKR secured an agreement to acquire Fuji Soft for USD 3.8 billion, with intentions to take the company private.
Fuji Soft is a key software provider for Fujitsu, offering critical clearance and network systems to major Japanese banks, including Mizuho Financial Group, as well as various government agencies.
The company has stated that it will evaluate Bain’s counteroffer to assess its implications for shareholder interests while maintaining its current stance on KKR’s proposal. If KKR chooses to present a revised bid, it could spark a bidding war—a rare event in Japan’s typically reserved corporate acquisition environment.
Under pressure from its largest shareholder, Singapore-based 3D Investment Partners, Fuji Soft is being urged to enhance shareholder value, potentially through privatization. This counteroffer indicates that the movement toward realizing shareholder value is gaining momentum.
Deal 3: Recorded Future, Inc. (United States) was acquired by Mastercard Incorporated (United States) for USD 2.65 billion.
Mastercard Incorporated to acquire Recorded Future, Inc.
Mastercard, a leader in financial services has announced plans to acquire cybersecurity firm Recorded Future for USD 2.65 billion, significantly enhancing its cybersecurity capabilities. This acquisition is designed to improve Mastercard’s use of threat intelligence and insights, further securing its financial services infrastructure.
Recorded Future is a top provider of threat intelligence, serving over 1,900 clients across 75 countries, including 45 national governments and more than half of the Fortune 100 companies. The firm delivers real-time threat visibility through extensive data analysis, empowering clients to proactively manage risks. Its expertise in artificial intelligence and advanced technologies will strengthen Mastercard’s identity verification, fraud prevention, and real-time decision-making solutions, benefiting its vast network of financial institutions and merchants.
This acquisition builds on a recent partnership between Mastercard and Recorded Future, during which they launched a tool to detect compromised payment cards. By integrating Recorded Future into its operations, Mastercard can closely align the firm’s technological advancements with its product strategy and reduce the likelihood of competitors acquiring the company.
The transaction is expected to close by the first quarter of 2025.
Deal 4: OwnCompany Inc. (United States) was acquired by Salesforce, Inc. (United States) for USD 1.90 billion.
Salesforce, Inc. to Acquire OwnCompany Inc.
Salesforce, the premier provider of AI-driven customer relationship management (CRM) solutions, is acquiring data management and protection solutions firm Own Company (Own) in a cash deal valued at USD 1.9 billion.
This acquisition represents Salesforce’s largest since its purchase of Slack for USD 27.7 billion in 2021 and ranks among its most significant deals, following the USD 2.5 billion acquisition of ExactTarget (Marketing Cloud) and preceding the USD 1.33 billion acquisition of Vlocity (Salesforce Industries).
Own is recognized for its innovative enterprise data backup and protection solutions, which include automated backups, disaster recovery options, and an array of tools focused on security, compliance, and data archiving. The company has earned acclaim for its cutting-edge products, including AI-powered insights derived from historical data.
As the importance of data security escalates, Own’s expertise will bolster Salesforce’s capacity to provide robust data management and protection solutions. This acquisition addresses the growing need for effective measures to mitigate data loss resulting from system failures, human errors, and cyberattacks.
Integrating Own’s solutions will enhance Salesforce’s existing offerings, such as Salesforce Backup, Shield, and Data Mask, creating a more comprehensive suite for data protection and loss prevention.
The deal is anticipated to close in the fourth quarter of Salesforce’s fiscal year 2025.
Deal 5: Esker SA (France) was acquired by General Atlantic Ltd. (United Kingdom), and Bridgepoint Group plc (United Kingdom) for USD 1.81 billion.
Bridgepoint Group plc; General Atlantic Ltd. to Acquire Esker SA
British private equity firm Bridgepoint, alongside General Atlantic and members of Esker’s management, has put forth an all-cash proposal to acquire 100% of Esker’s shares for approximately EUR 1.62 billion (about USD 1.81 billion).
This acquisition positions Esker, a leader in the automation of Source-to-Pay and Order-to-Cash management processes, to advance its growth strategy with the strategic backing and flexibility offered by Bridgepoint and General Atlantic.
Esker’s vital software solutions enable enterprise clients to optimize and automate their financial operations, leading to significant efficiency gains and cost savings. The company is well-equipped for continued expansion, leveraging favorable digitization trends and a growing market as businesses face increasing operational challenges. With a stronghold in France and a solid presence across various European markets and the Asia-Pacific region, as well as substantial operations in North America, Esker aligns effectively with Bridgepoint’s strategic vision.
The transaction is expected to close by the end of 2024 or in the first quarter of 2025. Deutsche Bank serves as the exclusive financial advisor to Esker, while Morgan Stanley & Co International is acting as the lead financial advisor for Bridgepoint. Legal counsel for General Atlantic is provided by Paul, Weiss, Rifkind, Wharton & Garrison and Bredin Prat.
October
Software and IT
Deal 1: Altair Engineering Inc. (United States) was acquired by Siemens AG (Germany) for USD 10.60 billion.
Siemens AG Acquire Altair Engineering Inc.
Siemens, a prominent force in industrial and infrastructure technologies, has announced plans to acquire Altair Engineering, a recognized provider of simulation, analysis, and AI-driven software solutions for industrial applications, in a deal valued at USD 10.6 billion. This acquisition aligns with Siemens’ goal of advancing its industrial software and artificial intelligence capabilities.
Altair Engineering specializes in software and cloud solutions that support simulation, analysis, data science, and high-performance computing (HPC). By leveraging AI-powered simulation, Altair enables both engineers and non-specialists to apply advanced simulation tools, helping to reduce time-to-market and expedite design processes.
This acquisition presents significant synergies, supporting Siemens’ balanced approach to capital allocation, which combines investment in growth with returns for shareholders. Siemens anticipates an 8% boost to its digital business revenue, adding EUR 600 million to the EUR 7.3 billion reported in its digital segment for fiscal year 2023.
Integrating Altair’s advanced simulation tools will enhance Siemens’ mechanical and electromagnetic capabilities, furthering its ability to offer a complete, physics-based simulation suite within the Siemens Xcelerator portfolio. Altair’s data science expertise will also augment Siemens’ industrial knowledge in product lifecycle management and manufacturing processes, enabling Siemens to further democratize AI and data benefits across various industries.
The acquisition is projected to close in the second half of 2025, with Citi and J.P. Morgan Securities LLC acting as Altair’s financial advisors.
Deal 2: Zuora, Inc. (United States) was acquired by Silver Lake Technology Management, L.L.C. (United States) , and GIC Special Investments Pte. Ltd. (Singapore) for USD 1.70 billion.
Silver Lake Technology Management, L.L.C.; GIC Special Investments Pte. Ltd. to acquire Zuora, Inc.
Zuora, a software company specializing in monetization solutions, is set to be acquired for USD 1.7 billion by technology investment firm Silver Lake Management and Singapore’s sovereign wealth fund GIC, taking the company private.
Zuora’s platform offers a complete suite of tools that help businesses manage pricing, packaging, billing, payments, and revenue accounting. Its flexible, modular software is designed to evolve alongside customer demands, making it an ideal solution for companies navigating the complexities of the expanding Subscription Economy. Zuora’s established expertise in this growing sector positions it for continued success as a market leader.
The all-cash deal is expected to close in the first quarter of 2025. Foros is advising Zuora on the transaction.
Deal 3: NEC Networks & System Integration Corporation (Japan) was acquired by NEC Corporation (Japan) for USD 1.58 billion.
NEC Corporation to acquire NEC Networks & System Integration Corporation
NEC Corp. is set to take its subsidiary, NEC Networks & Systems Integration Corp (NESIC), private by acquiring the remaining shares it does not already own in a transaction valued at JPY 235.5 billion (approximately USD 1.58 billion). The proposed acquisition price is JPY 3,250 per share.
As a vital part of the NEC Group, NEC Networks & Systems Integration focuses on the construction and maintenance of IT infrastructure. It caters to a wide array of clients, including corporations, telecommunications providers, government entities, municipalities, and social infrastructure organizations. NESIC offers a broad spectrum of ICT systems and services, which encompass planning, consulting, design, construction, operation, monitoring, outsourcing, and cloud solutions. Additionally, the company engages in the manufacturing and sales of network and communications equipment.
The decision to take NESIC private reflects NEC’s ambition to enhance sustainable growth and improve its competitive stance within the fast-changing network solutions and IT markets. By making NESIC a private entity, NEC seeks to resolve potential conflicts of interest that may arise from being a publicly traded subsidiary. This shift will allow for better alignment of management resources and expertise between NEC and NESIC, positioning NESIC as a stronger partner in digital transformation for local governments and businesses.
Moreover, the privatization will enable quicker decision-making and facilitate strategic investments, creating a unified operational framework capable of swiftly adapting to market dynamics and technological innovations. Overall, this strategic move aims to solidify NESIC’s business foundation and boost its value within the NEC Group.
Deal 4: Global Switch Australia Holdings Pty Limited (Australia) was acquired by HMC Capital Limited (Australia) for USD 1.40 billion.
HMC Capital Limited to Acquire Global Switch Australia Holdings Pty Limited
HMC Capital has finalized an agreement to acquire Global Switch Australia for USD 1.40 billion, establishing it as the cornerstone asset for a new real estate investment trust (REIT) concentrating on digital infrastructure.
Global Switch Australia operates a 26MW colocation data center that offers high-density, low-latency IT capacity, along with advanced technological solutions and expertise to leading technology firms on a flexible basis. In the 2023 calendar year, it reported earnings of AUD 86 million and boasts 72,800 square meters of floor space accommodating 86 distinct customers. This space accounts for approximately 17% of the total floor area of Global Switch’s data centers located in Europe and the Asia-Pacific, including cities such as Amsterdam, Madrid, Singapore, and Hong Kong.
As a prominent owner, operator, and developer of large-scale data centers in Europe and the Asia-Pacific, Global Switch is well-positioned to leverage the proceeds from this transaction to enhance its balance sheet. The capital infusion will facilitate significant growth opportunities in key markets through redevelopment, the incorporation of cutting-edge cooling technologies, and the construction of new data centers to meet the rising demand for artificial intelligence (AI) and high-performance computing (HPC).
For HMC Capital, this acquisition is part of a strategy to leverage infrastructure-focused investments. Data centers have become highly sought after, particularly as the AI sector continues to expand, prompting firms like HMC to establish a presence in this dynamic market.
Global Switch anticipates that the transaction will conclude by late 2024 or early 2025. Upon completion, the center will be integrated into HMC’s new global DigiCo Infrastructure REIT, which is set to be listed on the ASX alongside a new unlisted institutional fund.
Deal 5: WorkForce Software, LLC (United States) was acquired by Automatic Data Processing, Inc. (United States) for USD 1.20 billion.
Automatic Data Processing, Inc. to Acquire WorkForce Software, LLC
Automatic Data Processing, Inc. (ADP), a leading provider of human capital management (HCM) solutions, is expanding its global offerings and advancing workforce management capabilities through the acquisition of WorkForce Software, a top provider of workforce management solutions for large, multinational organizations. The deal is valued at USD 1.2 billion.
As global workforce needs evolve, employers require flexible solutions to maintain compliance and engage employees. WorkForce Software’s suite of solutions, including time and attendance tracking, scheduling, forecasting, leave and absence management, and employee communications, will strengthen ADP’s existing workforce management portfolio, serving its client base across 140 countries
WorkForce Software’s solutions are highly adaptable, supporting a range of employee types, including deskless, hourly, unionized, and seasonal workers, while addressing diverse pay rules and labor regulations. This acquisition will leverage ADP’s global expertise and resources to deliver innovative, enterprise-grade workforce management solutions that improve both operational efficiency and the employee experience.
By combining WorkForce Software’s capabilities with ADP’s global resources, expertise, and reach, this acquisition will enable the delivery of future-ready workforce management solutions, empowering businesses to enhance the employee experience while managing a diverse and dynamic global workforce.
November
Software and IT
Deal 1: Aspen Technology, Inc. (United States) was acquired by Emerson Electric Co. (United States) for USD 6.53 billion.
Emerson Electric Co. Acquire Aspen Technology, Inc.
Emerson Electric, a global innovator in technology, software, and engineering, plans to acquire the remaining shares of Aspen Technology (AspenTech) that it does not already own. The all-cash transaction, valued at USD 240 per share or approximately USD 6.53 billion, represents a key milestone in Emerson’s transformation into an industrial technology leader with a strong focus on automation.
AspenTech specializes in software solutions for asset performance management, process engineering, and industrial AI, serving diverse industries. Integrating AspenTech fully into Emerson’s portfolio is expected to drive significant advancements in industrial software capabilities. The acquisition aligns with Emerson’s strategy to accelerate innovation and create new growth opportunities, leveraging the combined strengths of both organizations.
The partnership between Emerson and AspenTech has already demonstrated strategic and operational success over the past two years, particularly in enhancing software-defined control capabilities. This success underpins Emerson’s confidence in the timing of the acquisition. By uniting as one company, Emerson aims to achieve greater alignment in priorities and investments, fostering growth, margin expansion, and enhanced shareholder value.
Emerson currently holds 57.4% of AspenTech’s outstanding common shares. Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Emerson in this transaction.
Deal 2: Net One Systems Co., Ltd. (Japan) was acquired by SCSK Corporation (Japan) for USD 2.38 billion.
SCSK Corporation to acquire Net One Systems Co., Ltd.
SCSK Corporation, a prominent player in Japan’s IT services sector, has initiated a tender offer to acquire Net One Systems for JPY 357.48 billion (approximately USD 2.38 billion), aiming to bolster its position in the IT industry.
Net One Systems is a provider of IT infrastructure solutions, specializing in network integration, cloud computing, cybersecurity, and digital transformation services. Serving a diverse client base, including enterprises, telecom carriers, and public institutions, the company delivers customized solutions to enhance IT environments and optimize ICT strategies for leading organizations.
Net One’s expertise in system integration, cloud services, and IT infrastructure aligns strategically with SCSK’s objectives to enhance business efficiency, drive technological innovation, and accelerate digital transformation for its clients.
The acquisition will also expand SCSK’s customer base, offering a broader range of services and strengthening its competitive edge in the fast-evolving technology landscape.
By integrating the capabilities and resources of both companies, SCSK expects to foster innovation, improve operational synergies, and position itself for sustained growth and profitability. This move underscores SCSK’s dedication to maintaining leadership in the IT sector and delivering advanced solutions to meet the increasing demand for digital transformation.
Mitsubishi UFJ Morgan Stanley Securities is serving as financial advisor to Net One Systems, while Daiwa Securities is advising SCSK.
Deal 3: Advanced Computing activities of Atos' BDS division (France) was acquired by France Government (France) for USD 0.65 billion.
France Government to acquire Advanced Computing activities of Atos' BDS division
The French government has proposed acquiring the Advanced Computing Activities division of Atos, with the transaction valued at up to EUR 625 million (roughly USD 653 million).
This division, which forms part of Atos’s BDS segment, includes operations in advanced computing, cybersecurity, and mission-critical systems. It is a leader in supercomputing, advanced data analytics, and secure platforms designed to manage complex simulations, process large volumes of data, and ensure secure communication. The division is integral to meeting the growing demand for high-performance computing, supporting innovation, enhancing national security, and addressing the needs of industries that require advanced data processing for sensitive or large-scale operations. Its contributions span sectors such as defense, research, and critical infrastructure.
With around 2,500 employees, the division generated EUR 570 million in revenue in 2023.
This offer emerges amid increasing speculation about the French government’s plans to secure vital IT infrastructure. Supercomputers and high-performance servers are crucial for safeguarding the nation’s defense, sovereignty, and technological advancement, while also driving economic growth and providing significant employment opportunities.
For Atos, the sale offers a chance to reduce its debt load as the company undergoes a comprehensive financial restructuring. The offer is set to expire by the end of May 2025.
Deal 4: Dazz, Inc. (United States) was acquired by Wiz, Inc. (United States) for USD 0.45 billion.
Wiz, Inc. to Acquire Dazz, Inc.
Wiz, a leader in cloud security, has acquired Dazz, an Israel-based expert in security remediation and risk management, for USD 450 million. This acquisition enhances Wiz’s AI-driven cloud security capabilities.
Dazz has transformed vulnerability and risk management by utilizing AI, automation, and root-cause analysis to enable security and engineering teams to identify and address vulnerabilities within hours, rather than weeks. Its platform enhances collaboration between security and development teams, providing comprehensive visibility across the entire attack path, from cloud infrastructure to code, including CI/CD pipelines.
Dazz has experienced substantial growth, with its Annual Recurring Revenue (ARR) increasing by 500% year-over-year.
The acquisition builds on Wiz’s September launch of Wiz Code, a product designed to bridge the gap between security and development teams by tracing cloud security issues to their code origins. By acquiring Dazz, Wiz aims to expand its offerings with AI-driven prioritization and remediation capabilities, further strengthening security and providing a unified platform for vulnerability management, ultimately enabling more efficient threat mitigation.
Deal 5: Worldgrid Solutions Limited (United Kingdom) was acquired by Alten S.A. (France) for USD 0.29 billion.
Alten S.A. to Acquire Worldgrid Solutions Limited
Atos has finalized the divestiture of its Worldgrid business unit to Alten, a global leader in engineering and technology consulting, for EUR 270 million (approximately USD 294 million).
Worldgrid offers consulting and engineering services to the energy and utilities sectors, employing nearly 1,100 professionals. In 2023, the business generated EUR 170 million in revenue, supported by a robust client base, particularly within the energy sector, and a specialized focus on nuclear activities.
This acquisition will allow Alten to strengthen its expertise in these industries, particularly in France, Spain, and Germany, by integrating Worldgrid’s specialized knowledge and capabilities. Additionally, the deal has been structured to ensure seamless continuity of service for Worldgrid’s key clients and employees.
The merger of Alten’s capabilities with Worldgrid’s unique skills will position Alten as the preferred partner for deploying critical business systems. Following the transaction, Atos will reduce its net debt by approximately EUR 0.2 billion.
M&A Activity in the Media and Entertainment Industry
The top global M&A deals in this list include businesses involved in content production, distribution, and various forms of entertainment, reflecting the evolving ways people consume media and engage with entertainment.
January
Media and Entertainment
- Deal 1: STN Video Incorporated (Canada) was acquired by Minute Media (Canada) for USD 0.15 billion.
- Deal 2: Portland Thorns FC (United States) was acquired by RAJ Sports (United States) for USD 0.06 billion.
- Deal 3: Fantasy Sports and Sports Game Development Business Units of SharpLink Gaming Ltd (United States) was acquired by RSports Interactive, Inc. for USD 0.02 billion.
- Deal 4: Mobile Application, Internet Radio and Streaming Business of AppSmartz and RadioFM was acquired by Auddia Inc. (United States) for USD 0.02 billion.
- Deal 5: Certain Assets of Streaming TVEE, Inc. was acquired by Bravo Multinational Incorporated (United States) for USD 0.01 billion.
February
Media and Entertainment
- Deal 1: MultiChoice Group Limited (South Africa) was acquired by CANAL + SA (France) for USD 2.50 billion.
- Deal 2: VIZIO Holding Corp. (United States) was acquired by Walmart Inc. (United States) for USD 2.30 billion.
- Deal 3: Believe S.A. (France) was acquired by TCMI Inc. (United States) and EQT AB (publ) (Sweden) for USD 1.64 billion.
- Deal 4: All3Media Limited (United Kingdom) was acquired by RedBird Capital Partners LLC (United States) and International Media Investments FZ LLC (United Arab Emirates) for USD 1.40 billion.
- Deal 5: Certain Assets Related to the Business of Complex Media, Inc. (United States) was acquired by NTWRK – Commerce Media Holdings LLC (United States) for USD 0.10 billion.
March
Media and Entertainment
- Deal 1: Viacom 18 (India) was acquired by Reliance Industries Limited (India) for USD 0.52 billion.
- Deal 2: The Gearbox Entertainment Company, Inc. (United States) was acquired by Take-Two Interactive Software, Inc. (United States) for USD 0.46 billion.
- Deal 3: BritBox International Limited (United Kingdom) was acquired by BBC Studios Distribution Limited (United Kingdom) for USD 0.32 billion.
- Deal 4: Selected assets from Saber Interactive Inc. (United States) was acquired by Beacon Interactive (United States) for USD 0.25 billion.
- Deal 5: 9 Story Media Group Inc. (Canada) was acquired by Scholastic – 1000815816 Ontario Inc. (Canada) for USD 0.19 billion.
April
Media and Entertainment
- Deal 1: Endeavor Group Holdings, Inc. (United States) was acquired by Silver Lake Technology Management, L.L.C. (United States) for USD 13.00 billion.
- Deal 2: Dorna Sports, S.L. (Spain) was acquired by Formula One Group (United States) for USD 3.80 billion.
- Deal 3: Contracts of Arizona executives, coaches and players of IceArizona Hockey Co LLC (United States) was acquired by Smith Entertainment Group (United States) for USD 1.20 billion.
- Deal 4: Drone Racing League, Inc. (United States) was acquired by Infinite Reality, Inc. (United States) for USD 0.25 billion.
- Deal 5: Substantially all of the assets of Estrella Broadcasting, Inc. (United States) was acquired by MediaCo Holding Inc. (United States) for an undisclosed amount.
May
Media and Entertainment
- Deal 1: Authentic Brands Group LLC (United States) was acquired by General Atlantic Service Company, L.P. (United States), Leonard Green & Partners, L.P. (United States), Temasek Holdings (Private) Limited (Singapore), Jasper Ridge Partners, L.P. (United States), and HPS Investment Partners, LLC (United States) for USD 1.20 billion.
- Deal 2: PlayAGS, Inc. (United States) was acquired by Brightstar Capital Partners, L.P. (United States) for USD 1.10 billion.
- Deal 3: Global Technology Acquisition Corp. (Cayman Islands) was acquired by Tyfon Culture Holdings Limited (China) for USD 0.43 billion.
- Deal 4: Envato Pty. Ltd. (Australia) was acquired by Shutterstock Aus Emu Pty Ltd (Australia) for USD 0.25 billion.
- Deal 5: APG|SGA SA (Switzerland) was acquired by Neue ZüRcher Zeitung AG (Switzerland) for USD 0.18 billion.
June
Media and Entertainment
Deal 1: Preqin Ltd. (United Kingdom) was acquired by BlackRock, Inc. (United States) for USD 3.23 billion.
BlackRock, Inc. to acquire Preqin Ltd.
BlackRock has agreed to acquire UK data provider Preqin for GBP 2.55 billion (USD 3.23 billion) in cash, reinforcing its expansion into alternative investments. The acquisition price reflects 13 times Preqin’s projected 2024 revenue of USD 240 million.
Preqin, with over two decades of experience, supports investors by providing data and insights that improve transparency and access in the global alternatives market. As a leading independent data solutions provider in private markets, Preqin covers 190,000 funds, 60,000 fund managers, and 30,000 private markets investors, serving over 200,000 users., including asset managers, insurers, pensions, wealth managers, and banks.
The deal integrates a complementary data business into BlackRock’s investment technology, marking a strategic move into the growing private markets data sector.
BlackRock’s Aladdin platform delivers technology solutions to over 1,000 clients will integrate Preqin with its private markets solution, eFront, enhancing data, research, and investment processes.
The USD 10.5 trillion asset manager outbid S&P Global and Bloomberg to secure Preqin, continuing its trend of acquiring specialized data providers. Earlier this year, BlackRock agreed to purchase private equity firm Global Infrastructure Partners for approximately USD 12.5 billion in cash and stock.
The Preqin transaction is expected to close by the end of 2024. Barclays served as the lead financial advisor to BlackRock, while Goldman Sachs International was the sole financial advisor to Preqin.
Deal 2: idealista, S.A.U. (Spain) was acquired by Cinven Limited (United Kingdom) for USD 3.10 billion.
Cinven Limited Acquired idealista, S.A.U.
EQT has finalized the sale of its majority stake in Madrid-based Idealista, Southern Europe’s largest online real estate classifieds platform, for EUR 2.9 billion (USD 3.1 billion) to international private equity firm Cinven.
Idealista operates extensively across Spain, Portugal, and Italy, facilitating property advertisements through a subscription-based model. Additionally, it offers online advertising services, mortgage brokerage, and advanced data analytics tailored for real estate professionals.
Cinven identified Idealista as a strategic investment opportunity, emphasizing its established market position, robust business model, and strong brand recognition. The platform is well-positioned to capitalize on ongoing growth opportunities within its sector.
Upon completion of the transaction, Cinven will hold a 70% stake in Idealista, with EQT retaining the remaining 18%.
The sale is subject to regulatory approvals and standard closing conditions.
Deal 3: Infocom Corporation (Japan) was acquired by Blackstone Inc. (United States) for USD 1.70 billion.
Blackstone Inc. to Acquire Infocom Corporation
Blackstone, a leading global alternative asset manager, has announced the acquisition of Japanese E-Comics Giant, Infocom, for USD 1.7 billion. This strategic move positions Blackstone to enter Japan’s burgeoning digital manga market, now valued at USD 3 billion.
In 2023, Infocom reported a notable 85% increase in net profit to JPY 6.6 billion, driven by a 20% rise in revenue to JPY 84.4 billion, with digital comics contributing approximately 70% of its total revenue. Its Mecha Comic platform stands as one of Japan’s premier digital comics providers.
Teijin, owning a 55% stake in Infocom, has granted Blackstone preferential negotiating rights for these shares. Blackstone plans to acquire Teijin’s entire stake through a tender offer, aiming to privatize Infocom.
This acquisition marks Blackstone’s largest venture into Japan’s Private Equity sector and highlights its third significant investment in Japan within the past six months. It underscores Blackstone’s commitment to investing in high-quality, growth-oriented businesses in Japan and empowering them to achieve market leadership.
Blackstone is dedicated to supporting Infocom in exploring new growth avenues, leveraging its global scale, capabilities, and sector expertise to foster continued success.
Deal 4: BeReal SAS (France) was acquired by Voodoo SAS (France) for USD 0.53 billion.
Voodoo SAS to Acquire BeReal SAS
Voodoo, a prominent French publisher of mobile apps and games, has acquired BeReal, a distinctive social media platform known for its ephemeral photo-sharing feature, for EUR 500 million (USD 537 million). This acquisition marks Voodoo’s strategic move into consumer apps.
BeReal encourages authenticity and real-life sharing among its users. Daily push notifications prompt users to share current moments within a two-minute window. Photos vanish after 24 hours, fostering a non-competitive environment without ‘likes’ or ‘followers’. With over 40 million active users, BeReal is particularly popular in key markets like the USA, Japan, and France, with half of its users using the app at least six days a week.
Voodoo plans to accelerate BeReal’s growth by introducing new features and employing a blend of organic and paid marketing strategies globally. This approach leverages Voodoo’s successful track record in developing and scaling mobile apps such as Helix Jump, Mob Control, and Block Jam 3D. The acquisition also involves integrating teams to capitalize on Voodoo’s technological capabilities and innovative approaches.
With Voodoo’s backing, BeReal enters a transformative phase. Leveraging Voodoo’s platform and expertise, BeReal aims to innovate further, introduce new features, and drive global growth through targeted marketing initiatives.
Deal 5: Festival and international ticketing activities of Vivendi SE (France) was acquired by CTS Eventim AG & Co. KGaA (Germany) for USD 0.32 billion.
CTS Eventim AG & Co. KGaA to Acquire Festival and international ticketing activities of Vivendi SE
CTS EVENTIM, a global leader in ticketing services and live entertainment, has finalized the acquisition of Vivendi’s festival and international ticketing operations for USD 327 million. This includes See Tickets, the UK’s second-largest ticketing provider, offering extensive services for concerts, trade fairs, and sporting events.
This acquisition opens new growth avenues for Vivendi’s festival portfolio and See Tickets’ operations across eight European countries (Belgium, Denmark, Germany, the Netherlands, Portugal, Spain, Switzerland, and the UK), as well as in the US. It ensures seamless continuity for all partners and supports CTS EVENTIM’s global expansion strategy, enhancing services for artists and managers worldwide.
In 2023, Vivendi’s ticketing and festival activities generated EUR 137 million in revenue, with ticketing accounting for approximately EUR 105 million. The UK market led in revenue generation, followed by the US.
Aligned with its strategic evolution, Vivendi has nurtured growth in its ticketing and festival businesses, adapting them to meet evolving customer expectations. Now under the stewardship of a leading European player in live entertainment, these assets are poised for further development and innovation in the global market.
July
Media and Entertainment
Deal 1: Paramount Global (United States) was acquired by Skydance Media (United States), and RedBird Capital Partners LLC (United States) for USD 4.50 billion.
Skydance Media; RedBird Capital Partners LLC to acquire Paramount Global
Skydance Investor Group, which includes Skydance Media and Redbird Capital Partners, is poised to invest up to USD 6 billion in a strategic two-step transaction designed to reshape the future of Paramount Global.
The transaction’s first phase involves acquiring National Amusements, Inc. (NAI), which holds the controlling interest in Paramount, for USD 2.4 billion in cash. This will be followed by a merger between Skydance and Paramount Global, offering an additional USD 4.5 billion in cash and stock to Paramount’s shareholders.
This strategic move aims to reposition Paramount for increased profitability, enhancing stability and independence for content creators, and enabling greater investment in rapidly expanding digital platforms. For the first time since the 1980s, iconic media assets such as CBS, Nickelodeon, and Paramount Pictures will come under new ownership, marking a pivotal shift in the media landscape.
Skydance Media is a diversified entertainment company known for producing high-quality, blockbuster content for global audiences. Skydance’s portfolio includes films that have collectively grossed over USD 8 billion worldwide, including the record-breaking and Academy Award-winning Top Gun: Maverick. By merging with Paramount, Skydance brings substantial investment and strategic access to emerging entertainment and media sectors, positioning both companies for sustained growth and economic advantage.
The deal is anticipated to close in the first half of 2025. Financial advisors for the Skydance Investor Group include RedBird Advisors, BofA Securities, Inc., Moelis & Company LLC, and The Raine Group. BDT & MSD Partners is advising National Amusements, Inc., while Rothschild & Co is serving as the financial advisor to Paramount Global.
Deal 2: Keywords Studios plc (United Kingdom) was acquired by EQT Private Capital Asia (Hong Kong), CPP Investments (Canada), and Rosa Investments Pte. Ltd (Singapore) for USD 2.70 billion.
EQT Private Capital Asia; CPP Investments; Rosa Investments Pte. Ltd to Acquire Keywords Studios plc
A consortium led by EQT, the Swedish private equity group, has agreed to acquire Keywords Studios, an Irish video game services company, in a deal valued at GBP 2.1 billion (USD 2.7 billion).
Keywords Studios is a leader in the video game and entertainment sectors, providing a full range of services from creative and technology solutions to content development. With over 70 facilities in 26 countries, the company serves major clients including Activision Blizzard, Microsoft, Netflix, and Ubisoft.
EQT’s acquisition is set to expand Keywords Studios’ capabilities and market presence, leveraging the company’s global reach and technological expertise. EQT aims to enhance growth by integrating Keywords Studios into broader media and entertainment markets.
Following the transaction, EQT’s BPEA Fund VIII will own 51% of Keywords Studios, while CPP Investments and Temasek’s Rosa Investments will each hold 24.5%.
The deal is anticipated to close in the fourth quarter of 2024. J.P. Morgan Cazenove acted as the financial advisor to EQT, and Robey Warshaw LLP advised Keywords Studios.
Deal 3: National Amusements, Inc. (United States) was acquired by Skydance Media (United States), and RedBird Capital Partners LLC (United States) for USD 2.40 billion.
Skydance Media; RedBird Capital Partners LLC to Acquire National Amusements, Inc.
Skydance Investor Group, which includes Skydance Media and Redbird Capital Partners, is poised to invest up to USD 6 billion in a strategic two-step transaction designed to reshape the future of Paramount Global.
The transaction’s first phase involves acquiring National Amusements, Inc. (NAI), which holds the controlling interest in Paramount, for USD 2.4 billion in cash. This will be followed by a merger between Skydance and Paramount Global, offering an additional USD 4.5 billion in cash and stock to Paramount’s shareholders.
This strategic move aims to reposition Paramount for increased profitability, enhancing stability and independence for content creators, and enabling greater investment in rapidly expanding digital platforms. For the first time since the 1980s, iconic media assets such as CBS, Nickelodeon, and Paramount Pictures will come under new ownership, marking a pivotal shift in the media landscape.
Skydance Media is a diversified entertainment company known for producing high-quality, blockbuster content for global audiences. Skydance’s portfolio includes films that have collectively grossed over USD 8 billion worldwide, including the record-breaking and Academy Award-winning Top Gun: Maverick. By merging with Paramount, Skydance brings substantial investment and strategic access to emerging entertainment and media sectors, positioning both companies for sustained growth and economic advantage.
The deal is anticipated to close in the first half of 2025. Financial advisors for the Skydance Investor Group include RedBird Advisors, BofA Securities, Inc., Moelis & Company LLC, and The Raine Group. BDT & MSD Partners is advising National Amusements, Inc., while Rothschild & Co is serving as the financial advisor to Paramount Global.
Deal 4: Ascential plc (United Kingdom) was acquired by Informa plc (United Kingdom) for USD 1.50 billion.
Informa plc to Acquire Ascential plc
Informa, the event and publishing leader, has agreed to acquire Ascential PLC, a British firm known for its expertise in data, analytics, and e-commerce optimization, for USD 1.5 billion (USD 7.35 per share) in cash.
Ascential operates two prestigious global events, Cannes Lions and Money20/20, generating diverse, sustainable revenues from live events, awards, digital subscriptions, and advisory services.
Post-acquisition, Informa plans to make Cannes Lions the centerpiece of a new Informa Festivals division, incorporating flagship events like the Monaco Yacht Show, London Tech Week, and Black Hat. Additionally, Informa aims to expand Money20/20 into the Middle East and Africa through its joint venture, Tahaluf, with the Saudi Arabian Federation for Cyber Security and Programming.
The acquisition is expected to yield USD 15.5 million (GBP 12 million) in cost savings and significant revenue opportunities through cross-selling and expanding into fast-growing markets.
Morgan Stanley is serving as the sole financial advisor to Informa, while BofA Securities and Goldman Sachs are joint financial advisors to Ascential.
Deal 5: Curated, Inc. (United States) was acquired by Humans, Inc. (United States) for USD 0.33 billion.
Humans, Inc. to Acquire Curated, Inc.
Humans Inc., operating as Flip, is set to acquire Curated, a top marketplace for personalized expert advice on high-value purchases, for USD 330 million in stock.
This acquisition reinforces Flip’s leadership in social commerce, which is driven by its unique approach of integrating user-generated videos to enhance the shopping experience. By adding Curated’s personalized consulting services, Flip will broaden its reach into the specialty market, providing customers with expert guidance on high-consideration purchases such as golf equipment and skis.
Curated connects consumers with verified experts, providing personalized consultations that ensure high-quality, informed purchase decisions. The acquisition enables Flip to tap into the specialty market, enhancing its offerings with expert-driven insights.
Both Flip and Curated have seen substantial growth, and the deal is expected to more than double their combined revenues for 2023. Curated will continue to operate independently, with ongoing investments to expand its platform while maintaining its distinct business model and customer engagement.
August
Media and Entertainment
Deal 1: FGS Global Inc (United States) was acquired by KKR & Co. Inc. (United States) for USD 1.70 billion.
KKR & Co. Inc. to acquire FGS Global Inc.
KKR will acquire FGS Global, a top-tier global communications and public affairs consultancy, for USD 1.7 billion. This acquisition reflects KKR’s strong confidence in FGS’s vision and its strategic direction and its role as a top advisor in an increasingly complex stakeholder landscape.
Under the terms of the deal, KKR will acquire a 30% stake from senior FGS employees and its largest investors, including the prominent London-based advertising firm WPP Plc.
Since KKR’s initial minority stake in July 2023, FGS has leveraged KKR’s extensive global resources, network, and expertise to build a world-class enterprise. Both KKR and FGS are committed to advancing the company’s growth and reinforcing its leading position as a trusted advisor to Boards and executive teams in critical business situations. FGS will remain a partner-led firm, continuing under the leadership of its current team.
The deal is anticipated to be completed by the end of the year. KKR will fund the acquisition through its European Fund VI, an USD 8 billion fund aimed at fostering the growth of prominent businesses by leveraging KKR’s expansive network and development resources.
Deal 2: Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited (India) was acquired by Zomato Limited (India) for USD 0.24 billion.
Zomato Limited to Acquire Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited
Online food delivery leader Zomato has finalized the acquisition of Paytm’s movie and ticketing division, encompassing Wasteland Entertainment (Insider) and Orbgen Technologies (TicketNew), for USD 244 million in cash.
This strategic move aligns with Zomato’s broader goal to diversify beyond food delivery, following its significant investment in the quick commerce sector with Blinkit. The company plans to expand its “going-out” business by launching a new app named District, marking its third major B2C vertical after its food delivery service and Blinkit.
By integrating Paytm’s entertainment ticketing assets, Zomato aims to enhance its live event offerings and strengthen its competitive position against BookMyShow, the current leader in the market.
Paytm, in turn, will redirect its focus towards payments and financial services distribution following this transaction.
Deal 3: Roctec Global Public Company Limited (Thailand) was acquired by BTS Group Holdings Public Company Limited (Thailand) for USD 0.20 billion.
BTS Group Holdings Public Company Limited to Acquire Roctec Global Public Company Limited
BTS Group Holdings (BTS) has finalized the acquisition of Roctec Global for USD 200 million, marking a significant step in its strategy to enhance its transportation management system and strengthen its long-term competitive edge. This acquisition is intended to improve BTS’s capabilities in managing and optimizing transportation operations, leveraging Roctec’s extensive expertise in ICT solutions.
Roctec Global is a leading provider of comprehensive ICT services, specializing in areas such as railway infrastructure, data networks, cybersecurity, and digital display systems. With nearly 30 years of experience, Roctec is renowned for its expertise in large-scale communication systems for mass transit. Its notable clients include BTS Skytrain, Hong Kong Mass Transit Railway (HK MTR), Hong Kong International Airport, Macau Light Rapid Transit (MacauLRT), and Singapore Mass Rapid Transit (SMRT).
The acquisition aligns with BTS’s broader internal restructuring efforts aimed at refining its business structure. By integrating Roctec’s advanced ICT solutions, particularly in transportation, BTS aims to enhance service capabilities and drive operational synergies, positioning itself for greater efficiency and innovation in the transportation sector.
Deal 4: Chorokbaem Media Co., Ltd. (South Korea) was acquired by Q Capital Partners Co., Ltd. (South Korea) for USD 0.14 billion.
Q Capital Partners Co., Ltd. to Acquire Chorokbaem Media Co., Ltd.
Seoul-based private equity firm Q Capital Partners (Q Capital) has acquired a 39.93% equity stake in South Korean drama producer Chorokbaem Media, renowned for hits like “My Mister” and “All In,” in a transaction valued at KRW 180 billion (USD 137 million).
This acquisition comes as Green Snake Media is integrated into the Q Capital Partners group, raising expectations for potential synergies in video content production. Q Capital, a prominent player in private equity management, has a strong track record in the cultural content sector, including significant investments in Korean films such as ‘Parasite,’ ‘Baekdusan,’ and ‘Exit.’ Green Snake Media, with its own track record in major drama productions, is expected to contribute to this synergy.
The deal is anticipated to close around November. Currently, Chorokbaem Media is experiencing a trading halt, which is expected to be lifted upon completion of the transaction, resolving the trading suspension.
Deal 5: CNET Networks, Inc. (United States) was acquired by Ziff Davis, Inc. (United States) for USD 0.10 billion.
Ziff Davis, Inc. to Acquire CNET Networks, Inc.
Media giant Ziff Davis is set to acquire the tech-focused website CNET for USD 100 million from Red Ventures, marking CNET’s third change in corporate ownership within four years.
This acquisition is particularly notable given the historical context: in 2000, CNET Networks Inc. acquired Ziff-Davis Inc. and its online services arm, ZDNet, for USD 1.6 billion. The tech landscape has evolved significantly since then, with numerous divestments and strategic realignments, making this reverse acquisition a noteworthy development rather than a full-circle scenario.
The acquisition of CNET fits into Ziff Davis’s broader strategy of expanding its digital media portfolio. The company already owns prominent brands such as PC Mag, Mashable, IGN, and Lifehacker, which it acquired from G/O Media last year. With CNET now joining its ranks, Ziff Davis continues to consolidate its position in the tech media space.
Ziff Davis has entered into an exclusive agreement to acquire CNET, with the deal expected to close in the third quarter of 2024. This move reinforces Ziff Davis’s commitment to expanding its influence and presence in the technology and media sectors.
September
Media and Entertainment
Deal 1: DirecTV, LLC (United States) was acquired by TPG Capital, L.P. (United States) for USD 7.60 billion.
TPG Capital, L.P. to acquire DirecTV, LLC
Telecommunications giant AT&T is selling its 70% ownership stake in DIRECTV, a leading satellite television provider in the United States, to private equity firm TPG Capital for USD 7.6 billion.
Since 2021, DIRECTV has operated as a joint venture between AT&T and TPG, combining the services of DIRECTV, DIRECTV STREAM, and U-verse video, which were formerly managed by AT&T. As a key player in the pay-TV sector, DIRECTV provides a wide variety of programming, including live television, on-demand content, sports, movies, and premium channels.
This transaction is anticipated to strengthen DIRECTV’s financial position, enabling further investment in innovative video services that enhance consumer experience. Additionally, it will deepen TPG’s existing partnership with DIRECTV, utilizing TPG’s vast expertise in internet, digital media, and communications to drive the growth of DIRECTV’s next-generation streaming service, which currently boasts millions of subscribers and generates significant annual revenue.
The transaction is projected to be finalized in the second half of 2025. Barclays is acting as the lead financial advisor for TPG, with additional financial guidance provided by BofA Securities, Evercore, LionTree, and Morgan Stanley.
Deal 2: Maple Leaf Sports & Entertainment Ltd. (Canada) was acquired by Rogers Communications Inc. (Canada) for USD 3.50 billion.
Rogers Communications Inc. to Acquire Maple Leaf Sports & Entertainment Ltd.
Rogers Communications, a major Canadian media and communications firm, is set to acquire a 37.5% equity stake in Maple Leaf Sports & Entertainment (MLSE) for CAD 4.7 billion (approximately USD 3.5 billion). MLSE is widely recognized as one of the leading sports and entertainment organizations globally, owning high-profile teams such as the NHL’s Toronto Maple Leafs and the NBA’s Toronto Raptors.
With this acquisition, Rogers will elevate its ownership in MLSE to 75%, reinforcing its status as the majority shareholder. The company also owns Major League Baseball’s Toronto Blue Jays and the Rogers Centre, their home stadium, and has established partnerships with several NHL franchises, including the Vancouver Canucks, Edmonton Oilers, and Calgary Flames.
Live sports and entertainment are integral to Rogers’ business strategy, with the company investing CAD 14 billion in Canadian sports over the past decade. By increasing its stake in MLSE, Rogers aims to strengthen its influence within the sports industry and further its commitment to bringing championships to Canada.
The deal is projected to close by mid-2025.
Deal 3: Snaitech S.p.A. (Italy) was acquired by Flutter Entertainment plc (Ireland) for USD 2.60 billion.
Flutter Entertainment plc to Acquire Snaitech S.p.A.
Flutter Entertainment, a prominent global entity in online sports betting and iGaming, is poised to acquire Playtech’s Italian gambling division, Snaitech, in an all-cash transaction valued at USD 2.6 billion, inclusive of debt. This acquisition strengthens Flutter’s foothold in Europe’s largest gambling market.
This strategic move aligns with Flutter’s ongoing international expansion efforts, which have gained traction through significant growth in the US market. Following the relocation of its primary stock listing from London to New York, Flutter has solidified its position in the US, bolstered by its 2018 acquisition of a majority stake in FanDuel. Additionally, in February, the company enhanced its portfolio by acquiring UK-based gaming software provider BeyondPlay.
Snaitech is recognized as one of Italy’s leading consumer-focused gambling operators. While Italy boasts the largest gambling market in Europe, its online segment remains relatively undeveloped, presenting an opportunity for Flutter to capitalize on the expected shift toward digital platforms. The Italian online gambling market is anticipated to grow by 10% over the next three years. By merging Snaitech with its existing Sisal brand—acquired in 2022 and known as the online market leader in Italy—Flutter aims to capture approximately 30% of the Italian online market.
This acquisition reflects Flutter’s commitment to strategic, value-driven mergers and acquisitions, equipping Snaitech with the necessary resources to accelerate its growth by leveraging Flutter’s industry-leading products and expertise on both US and global stages.
The transaction is expected to close by the second quarter of 2025.
Deal 4: SUPERPLAY Ltd. (Israel) was acquired by Playtika Ltd. (Israel) for USD 1.95 billion.
Playtika Ltd. to Acquire SUPERPLAY Ltd.
Israeli mobile games developer Playtika has unveiled its plans to acquire gaming rival SuperPlay, known for popular mobile games such as Dice Dreams and Domino Dreams, in a deal valued at up to USD 1.95 billion. The agreement includes an initial payment of USD 700 million, with the potential for an additional USD 1.25 billion contingent upon achieving specific financial targets over the next three years.
This acquisition is a strategic move for Playtika, aimed at reinforcing its leadership in the mobile gaming sector, driving growth through established franchises, and unlocking new opportunities in the industry.
As of August 2024, SuperPlay’s Dice Dreams, a rapidly expanding coin looter game, along with Domino Dreams, a popular board game, had a combined average of 1.7 million daily active users. This robust user engagement enhances Playtika’s capacity to deliver exceptional gaming experiences worldwide. Furthermore, integrating SuperPlay’s experienced team and broadening its game portfolio is anticipated to positively impact Playtika’s growth trajectory in the coming years.
The transaction is anticipated to finalize in the fourth quarter of 2024, pending regulatory approvals. Morgan Stanley & Co. LLC is serving as the exclusive financial advisor for Playtika, while The Raine Group and Aream & Co. are advising SuperPlay.
Deal 5: NSX Group (Brazil) was acquired by Flutter Entertainment plc (Israel) for USD 0.35 billion.
Flutter Entertainment plc to Acquire NSX Group
Flutter Entertainment is expanding its presence in Brazil through the acquisition of NSX Group for USD 350 million. This transaction aligns with Flutter’s strategy to merge Betnacional with Betfair, positioning the company for significant growth in Brazil’s regulated iGaming market.
NSX Group, which features Betnacional as its flagship brand, also operates other platforms such as Pagbet, MrJack.bet, and Betpix within the iGaming and sports betting sectors. Since its entry into Brazil in 2021, NSX has rapidly become one of the nation’s leading operators. According to estimates from Regulus Partners and internal analyses, NSX commands 12% of Brazil’s sports betting market and 9% of the overall online market.
With Brazil set to fully regulate its online sports betting and iGaming sectors by January 2025, the strengthened Flutter Brazil business is well-positioned to seize the opportunities this lucrative market presents.
This acquisition is consistent with Flutter’s strategic focus and exemplifies the company’s commitment to allocating capital for shareholder value enhancement. The completion of the transaction is pending customary regulatory approvals and is anticipated to finalize by the second quarter of 2025.
October
Media and Entertainment
Deal 1: Professional Bull Riders, On Location, and IMG (United States) was acquired by TKO Group (United States) for USD 3.25 billion.
TKO Group to acquire Professional Bull Riders, On Location, and IMG
TKO Group, the parent company of WWE and UFC, is broadening its reach into related sports and entertainment assets by acquiring Professional Bull Riders, On Location, and IMG from Endeavor Group in an all-stock transaction valued at USD 3.25 billion.
Professional Bull Riders operates over 200 live events each year, drawing approximately 1.25 million fans and reaching more than 285 million households across 65 territories. On Location is a premier live event company, managing experiences for over 1,200 high-profile events, including the Super Bowl, Ryder Cup, and NCAA Final Four. IMG is a prominent distributor and producer of sports content, responsible for managing media rights, brand partnerships, consulting, digital services, and event management for clients such as the NFL and NHL. However, the acquisition of IMG excludes its licensing, models and tennis representation, and certain segments of its event portfolio.
This strategic acquisition enhances TKO’s position in the rapidly growing premium sports market, allowing direct engagement with lucrative opportunities through media rights, live events, ticket sales, premium experiences, brand partnerships, and venue fees. By broadening its operational footprint, TKO aims to strengthen its market presence and drive sustainable growth, ultimately increasing shareholder value.
This sale is part of Endeavor’s strategy to streamline its assets as it considers going private in a potential deal with private equity firm Silver Lake.
The transaction is expected to close in the first half of 2025, increasing Endeavor’s ownership stake in TKO from 53% to 59%, while existing TKO shareholders will retain 41%. Morgan Stanley & Co. LLC is acting as the financial advisor for TKO in this acquisition.
Deal 2: Global Experience Specialists, Inc. (United States) was acquired by Truelink Capital (United States) for USD 0.54 billion.
Truelink Capital to Acquire Global Experience Specialists, Inc.
Viad Corp has announced the sale of its Global Experience Specialists (GES) business to Truelink Capital, a Los Angeles-based private equity firm, for USD 535 million. GES is a prominent player in the global exhibition and event industry, known for its reliable services and innovative solutions.
The sale includes several core divisions of GES, such as GES Exhibitions, which specializes in global exhibitions and logistics; Spiro, a leading experiential marketing agency; and onPeak, SHOWTECH, and Visit, which focus on event accommodation, power and lighting, and registration services, respectively. Following the transaction, GES will become a stand-alone, privately held company under Truelink Capital, continuing to deliver a wide range of experiential and event management solutions to its clients.
The acquisition, anticipated to close by the end of 2024, is expected to strengthen GES’s operational and financial position. With a sharpened margin profile and clear opportunities for growth, GES is well-positioned to thrive under Truelink Capital’s stewardship, which is committed to driving the company’s long-term success and expanding its market potential.
Deal 3: LiveIntent Inc. (United States) was acquired by Zeta Global Holdings Corp. (United States) for USD 0.33 billion.
Zeta Global Holdings Corp. to Acquire LiveIntent Inc.
Marketing technology firm Zeta Global has agreed to acquire LiveIntent, a leading advertising and marketing platform, in a cash-and-stock deal valued at USD 250 million. This acquisition enhances Zeta’s AI-powered marketing capabilities and expands its presence in digital advertising.
LiveIntent is recognized for its people-based marketing platform, which allows brands and publishers to engage audiences across email, mobile apps, and the web. By leveraging first-party data, the platform offers a strong alternative to third-party cookies, enabling marketers to execute highly targeted campaigns. It also features tools for performance measurement and optimization, aimed at improving campaign effectiveness and driving revenue. With seamless integration into existing systems, LiveIntent simplifies identity resolution and audience reactivation across various channels.
The acquisition significantly strengthens the Zeta Marketing Platform, particularly in identity resolution and publisher engagement. By integrating LiveIntent’s extensive network of over 2,000 premium publishers, including partnerships with eight of the top 10 publishers in the Comscore rankings, Zeta is poised to enter the publisher monetization space. This strategic move will enable Zeta to launch the Publisher Cloud, a new product that creates a closed-loop ecosystem with targeting and reach comparable to leading advertising platforms.
Furthermore, the integration of more than 235 million unique hashed email addresses from LiveIntent’s database into Zeta’s Data Cloud will further enhance its data-driven marketing capabilities. These developments will strengthen Zeta’s ability to deliver personalized marketing solutions, while solidifying its competitive edge in the AI-powered marketing sector.
The deal is expected to close in the fourth quarter of 2024. Roth Capital Partners, LLC acted as Zeta’s transaction advisor, while Houlihan Lokey advised LiveIntent.
Deal 4: LINQ Promenade (United States) was acquired by TPG Real Estate (United States), and Acadia Realty Trust (United States) for USD 0.28 billion.
TPG Real Estate; Acadia Realty Trust to Acquire LINQ Promenade
Caesars Entertainment has revealed the sale of the LINQ Promenade to a joint venture between TPG Real Estate (TPG) and Acadia Realty Trust for USD 275 million.
The LINQ Promenade is a lively Las Vegas destination offering a wide range of shopping, dining, and entertainment options, including the renowned High Roller Ferris wheel and the Fly LINQ zipline. With over 35 venues, it attracts both locals and visitors looking for a fun, vibrant experience along the Las Vegas Strip.
For Caesars, this sale represents the divestment of a non-core asset, aligning with its strategic goal of reducing debt and strengthening its financial position.
The sale is expected to close in the fourth quarter of 2024. Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP served as legal advisors to Caesars, while Kirkland & Ellis LLP provided counsel to TPG and Acadia.
Deal 5: Dharma Productions Pvt. Ltd./Dharmatic Entertainment Pvt. Ltd. (India) was acquired by Serene Productions LLP (India) for USD 0.12 billion.
Serene Productions LLP to Acquire Dharma Productions Pvt. Ltd./Dharmatic Entertainment Pvt. Ltd.
Serene Productions, led by Indian businessman Adar Poonawalla, is set to acquire a 50% stake in Dharma Productions and Dharma Entertainment for approximately USD 120 million.
India’s entertainment industry has experienced significant growth, fueled by the rise in digital media consumption and an increasingly diverse audience seeking premium content across various platforms, gaining international recognition. This partnership between Serene Productions and Dharma Productions is designed to leverage these opportunities, combining Dharma’s long-standing expertise in storytelling with Poonawalla’s strategic leadership and resources. The collaboration seeks to transform content creation, distribution, and audience interaction by incorporating innovative technologies and advanced production techniques.
By harnessing this synergy, Serene Productions and Dharma aim to meet the evolving needs of digitally engaged consumers and push the boundaries of creative content.
Karan Johar, the influential filmmaker behind some of India’s most iconic movies, will continue to serve as Executive Chairman of Dharma Productions and retain a 50% ownership stake. JSA provided advisory services to Serene Productions LLP throughout the deal.
November
Media and Entertainment
Deal 1: MBC Group (Saudi Arabia) was acquired by Public Investment Fund (United Arab Emirates) for USD 2.00 billion.
Public Investment Fund to acquire MBC Group
Saudi Arabia’s Public Investment Fund (PIF) is acquiring a 54% stake in MBC Group, a leading media and entertainment company in the MENA region, for around USD 2 billion (SAR 7.5 billion).
MBC operates 13 free-to-air TV channels and the Shahid streaming platform, reaching 150 million viewers each week. Its portfolio includes prominent channels such as Al Arabiya, MBC Max, and MBC Bollywood. In the first half of 2024, MBC reported a net income of SAR 237.8 million, marking a substantial 359.8% year-on-year increase.
This acquisition is part of PIF’s broader strategy to strengthen its media investments and expand Saudi Arabia’s influence in the regional media sector. PIF is also shifting its focus toward domestic assets, aiming to establish the kingdom as a global leader in artificial intelligence. With a goal of reaching USD 2 trillion in assets under management by 2030, PIF aims to rise to the second-largest sovereign wealth fund in the world.
The deal is pending regulatory approval.
Deal 2: Easybrain Ltd (Cyprus) was acquired by Miniclip Group SA (Switzerland) for USD 1.20 billion.
Miniclip Group SA to Acquire Easybrain Ltd
Swedish video game and media company Embracer Group is selling its mobile game development subsidiary, Easybrain, to Miniclip in a deal valued at USD 1.2 billion.
Easybrain, known for its popular puzzle games like Sudoku.com, Word Search, and Number Sums, has been a key part of the Embracer Group for over three years, driving significant value creation. As the mobile gaming market evolves, Miniclip is positioned as the ideal buyer to help Easybrain remain a leader in the ad-driven mobile game sector.
Miniclip, a long-established leader in casual and strategy gaming, has seen success with titles such as Mini Football, Golf Strike, and 8 Ball Pool. With this acquisition, Miniclip aims to strengthen its global presence and expand its audience reach, with Easybrain’s franchises like Sudoku.com offering new opportunities for engagement. This merger aligns with Miniclip’s vision of bringing gaming experiences to a broader audience.
The transaction is expected to close in early 2025. Aream & Co. is advising Embracer on the deal, while Merrill Lynch International (BofA Securities) is acting as Miniclip’s financial advisor.
Deal 3: Plarium Global Ltd (Israel) was acquired by Modern Times Group MTG AB (Sweden) for USD 0.62 billion.
Modern Times Group MTG AB to Acquire Plarium Global Ltd
Global mobile gaming company Modern Times Group (MTG) is set to acquire Plarium, the developer behind the global hit RPG Raid: Shadow Legends, for USD 620 million, further strengthening its position in the mobile gaming market.
Plarium, based in Israel, is renowned for popular titles such as Raid: Shadow Legends, Mech Arena, Vikings, and Merge Gardens, which generate nearly 90% of its revenue. In the past year, Plarium reported USD 613 million in revenue and a USD 137 million profit.
This acquisition enhances MTG’s portfolio by adding a highly creative studio with a strong track record of commercial success and momentum into 2024. It also provides significant opportunities for synergies, particularly in tech, live-operations, marketing, and monetization. The deal will improve MTG’s cash flow generation and performance, with plans to integrate key MTG titles into Plarium’s platforms, Plarium Play and GoGame, accelerating growth. Additionally, MTG aims to contribute its technologies and expertise in browser play, casual game optimization, and expanding games to new platforms.
The transaction is anticipated to close in Q1 2025, with EY Corporate Finance acting as the financial advisor to MTG.
Deal 4: Innovid Corp. (Israel) was acquired by Mediaocean, Inc. (United States) for USD 0.50 billion.
Mediaocean, Inc. to Acquire Innovid Corp.
Mediaocean will acquire Israeli digital advertising firm Innovid in a deal valued at USD 500 million, taking Innovid private. As part of the transaction, Innovid will merge with Mediaocean’s subsidiary, Flashtalking, to form a leading global, independent omnichannel ad tech platform.
Innovid specializes in video advertising across smart TVs and digital platforms, providing solutions for ad delivery, creative personalization, and measurement. The company helps brands optimize campaigns and engage consumers across connected TV (CTV), digital, and linear TV channels, with major clients including Procter & Gamble.
Currently, brands often depend on technology owned by media sellers, limiting access to inventory and data, reducing control over ad placements, and optimizing media spend for publisher yield. The merger of Innovid and Flashtalking will deliver a wide range of solutions, such as ad delivery, creative personalization, measurement, and optimization across digital, social, CTV, and linear TV. This integration will empower advertisers with more control over data and decisions, greater flexibility in ad spend allocation, and improved tools to enhance the efficiency and impact of media investments.
The acquisition is expected to close in early 2025. Deutsche Bank Securities Inc. is serving as financial advisor for Mediaocean, while Evercore is advising Innovid.
Deal 5: ZP Better Together, LLC (United States) was acquired by Teleperformance SE (France) for USD 0.49 billion.
Teleperformance SE to Acquire ZP Better Together, LLC
Teleperformance is expanding its specialized services with the acquisition of ZP Better Together, a rapidly growing leader in providing language solutions and technology platforms for the deaf and hard-of-hearing community in the United States, valued at USD 490 million.
The acquisition aligns with Teleperformance’s commitment to inclusivity and strengthens its subsidiary, LanguageLine Solutions, a global leader in interpretation, translation, and localization services. ZP will integrate into LanguageLine, expanding its offerings and reinforcing its position as the world’s largest company of its kind.
ZP Better Together is renowned for delivering innovative communication solutions tailored to the deaf and hard-of-hearing community. Its services span hardware, software, cloud-based, and in-person solutions, including Video Relay Service (VRS), Video Remote Interpreting (VRI), Communication Access Real-Time Translation (CART), On-Site Interpreting, CloudVP, and Scheduled Virtual Interpreting (SVI). With a strong track record of double-digit growth over the past seven years, ZP is expected to generate over USD 230 million in revenue in 2024.
This partnership with Teleperformance will open new opportunities for ZP, expanding its global reach and solidifying its position as a leader in delivering high-quality and innovative communication services for the deaf and hard-of-hearing community.
The transaction is expected to close in early 2025, with Jefferies serving as the exclusive financial advisor to ZP.
M&A Activity in the Health Care Industry
Focused on improving health outcomes, the top global M&A deals in this industry list includes providers of medical services, manufacturers of medical equipment, and developers of healthcare technologies.
January
Health Care
- Deal 1: Axonics, Inc. (United States) was acquired by Boston Scientific Corporation (United States) for USD 3.68 billion.
- Deal 2: Medicare Advantage, Cigna Supplemental Benefits and CareAllies Businesses (United States) was acquired by Health Care Service Corporation, a Mutual Legal Reserve Company (United States) for USD 3.30 billion.
- Deal 3: Inhibrx, Inc. (United States) was acquired by Aventis Inc. (United States) for USD 2.20 billion.
- Deal 4: Ambrx Biopharma Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 1.98 billion.
- Deal 5: Aiolos Bio, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.40 billion.
February
Health Care
- Deal 1: Catalent, Inc. (United States) was acquired by Novo Holdings A/S (Denmark) for USD 16.50 billion.
- Deal 2: CymaBay Therapeutics, Inc. (United States) was acquired by Gilead Sciences, Inc. (United States) for USD 4.30 billion.
- Deal 3: China Traditional Chinese Medicine Holdings Co. Limited (Hong Kong) was acquired by Sinopharm Common Wealth Company Limited (China) for USD 3.00 billion.
- Deal 4: MorphoSys AG (Germany) was acquired by Novartis data42 AG (Switzerland) for USD 2.90 billion.
- Deal 5: Fountain Valley Regional Hosp (United States), Lakewood Regional Medical (United States), Los Alamitos Medical (United States), and Placentia-Linda (United States) were acquired by UCI Medical Center (United States) for USD 0.90 billion.
March
Health Care
- Deal 1: Cardior Pharmaceuticals GmbH (Germany) was acquired by Novo Nordisk A/S (Denmark) for USD 1.11 billion.
- Deal 2: Amolyt Pharma SAS (France) was acquired by AstraZeneca PLC (United Kingdom) for USD 1.05 billion.
- Deal 3: IFM Due, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 0.84 billion.
- Deal 4: Medical Device Components business of Johnson Matthey Plc (United Kingdom) was acquired by Montagu Private Equity LLP (United Kingdom) for USD 0.70 billion.
- Deal 5: Endpoint Clinical and Patient Access Businesses of Fortrea (United States) was acquired by Arsenal Capital Partners (United States) for USD 0.35 billion.
April
Health Care
- Deal 1: Shockwave Medical, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 13.10 billion.
- Deal 2: Alpine Immune Sciences, Inc. (United States) was acquired by Vertex Pharmaceuticals Incorporated (United States) for USD 4.90 billion.
- Deal 3: Deciphera Pharmaceuticals, Inc. (United States) was acquired by Ono Pharmaceutical Co., Ltd. (Japan) for USD 2.40 billion.
- Deal 4: ProfoundBio (United States) was acquired by Genmab A/S (Denmark) for USD 1.80 billion.
- Deal 5: Global Surgical Solutions Business of Ecolab Inc. (United States) was acquired by Medline Industries, Inc. (United States) for USD 0.95 billion.
May
Health Care
- Deal 1: Eyebiotech Limited (United Kingdom) was acquired by Merck & Co., Inc. (United States) for USD 3.00 billion.
- Deal 2: Human Immunology Biosciences, Inc. (United States) was acquired by Biogen Inc. (United States) for USD 1.80 billion.
- Deal 3: Mariana Oncology, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.75 billion.
- Deal 4: Calliditas Therapeutics AB (publ) (Sweden) was acquired by Asahi Kasei Corporation (Japan) for USD 1.15 billion.
- Deal 5: Atrion Corporation (United States) was acquired by Nordson Medical Corporation (United States) for USD 0.82 billion.
June
Health Care
Deal 1: Critical Care Product Group of Edwards Lifesciences Corporation (United States) was acquired by Becton, Dickinson and Company (United States) for USD 4.20 billion.
Becton, Dickinson and Company to Acquire Critical Care Product Group of Edwards Lifesciences Corporation
Edwards Lifesciences Corporation plans to divest its critical care products unit to Becton Dickinson & Co. (BD) in a significant all-cash transaction valued at USD 4.2 billion. This acquisition will be funded with approximately USD 1 billion in cash and USD 3.2 billion in new debt.
Edwards’ Critical Care division, known for its advanced patient monitoring technologies enhanced by artificial intelligence, has been a pioneer in the hemodynamic monitoring field widely used in operating rooms and intensive care units. These solutions are deployed in over 10,000 hospitals globally, providing real-time cardiovascular insights crucial for improving patient outcomes. Key innovations include the Swan Ganz pulmonary artery catheter, minimally invasive sensors, noninvasive cuffs, and tissue oximetry sensors and monitors. In 2023, this segment generated over USD 900 million in revenue, underscoring its substantial market presence and the strong demand for its innovative medical technologies.
For BD, the acquisition represents a strategic opportunity to expand its portfolio of smart connected care solutions. Integrating Critical Care’s hemodynamic monitoring technologies and AI-driven clinical decision tools is expected to enhance BD’s offerings and foster further innovation.
The transaction is expected to yield immediate benefits across key financial metrics, demonstrating a robust return profile and reinforcing BD’s commitment to delivering sustained shareholder value.
The transaction is scheduled to be completed before the end of the year, with BD receiving financial advisory services from Perella Weinberg Partners and Citi.
Deal 2: Shanghai Henlius Biotech, Inc. (China) was acquired by Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) for USD 1.71 billion.
Boston Scientific Corporation to Acquire Silk Road Medical, Inc.
Boston Scientific is set to acquire Silk Road Medical in a strategic deal valued at USD 1.26 billion, aimed at bolstering its position in the neurovascular market.
Silk Road Medical specializes in innovative medical devices designed to prevent strokes in patients with carotid artery disease, notably through their transcarotid artery revascularization (TCAR) procedure. TCAR plays a crucial role in mitigating stroke risks associated with carotid artery disease, which contributes to one-third of all strokes. This procedure involves temporarily reversing blood flow to divert plaque away from the brain, followed by the insertion of a stent to stabilize plaque and reduce future stroke risks.
The acquisition will integrate Silk Road Medical’s advanced stroke prevention technology with Boston Scientific’s extensive distribution network and operational capabilities. Boston Scientific aims to accelerate TCAR adoption across the U.S., introduce innovative products, and explore global markets such as China and Japan.
This move follows Boston Scientific’s recent USD 3.7 billion acquisition of Axonics, which expanded its portfolio to include devices that enhance bladder function.
The transaction is expected to close in the second half of 2024, with Silk Road Medical becoming a wholly-owned subsidiary of Boston Scientific. BofA Securities, Inc. is serving as Silk Road Medical’s exclusive financial advisor throughout the acquisition process.
Deal 3: Silk Road Medical, Inc (United States) was acquired by Boston Scientific Corporation (United States) for USD 1.26 billion.
Fosun Pharmaceutical (Group) Co., Ltd. to Acquire Henlius Biotech, Inc.
Chinese conglomerate Fosun International, through its subsidiary Fosun Pharmaceutical Group, will acquire the remaining stake in Shanghai Henlius Biotech that it does not already own. This deal values the Hong Kong-listed drugmaker at HKD 13.37 billion (USD 1.71 billion).
Henlius Biotech primarily engaged in the development, manufacturing, and sale of monoclonal antibody drugs, alongside providing related technical services. Currently, Fosun Pharma holds nearly 60% of Henlius. The move to acquire the remaining stake aligns with Fosun’s strategy to focus more on consolidating existing assets rather than acquiring new ones.
Fosun plans to merge Henlius with Shanghai Fosun Pharmaceutical and take it private. According to Fosun, Henlius’s current public listing status limits its access to capital and imposes additional expenses. Fosun also believes that the current underperformance of Henlius’s shares does not reflect its true value as a global biopharmaceutical company with a diverse product pipeline. The merger aims to allow Henlius to concentrate on its core operations without being distracted by fluctuations in share prices.
The transaction underscores Fosun’s commitment to enhancing operational efficiencies and maximizing the potential of Henlius as a key player in the biopharmaceutical sector.
Deal 4: Northstar Switzerland SARL (Switzerland) was acquired by Dr. Reddy'S Laboratories S.A. (India) for USD 0.63 billion.
Dr. Reddy'S Laboratories S.A. to Acquire Northstar Switzerland SARL
Hyderabad-based Dr. Reddy’s Laboratories has agreed to acquire Northstar Switzerland, a division of Haleon plc, for GBP 500 million (USD 633 million), marking a significant expansion in the global Nicotine Replacement Therapy (“NRT”) market. The acquisition involves an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million.
The acquisition includes Nicotinell, a leading NRT brand with a strong presence in over 30 countries across Europe, Asia (including Japan), and Latin America. It also encompasses local market leaders such as Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada, covering all product formats including lozenges, patches, gums, and pipeline products.
Upon completion, Dr. Reddy’s will assume control of the global NRT business, excluding the United States, with a phased integration plan into its operations.
Dr. Reddy’s has consistently expanded its over-the-counter (OTC) portfolio, featuring leading products in allergy relief, pain management, gastro-intestinal health, and women’s health globally. This acquisition is expected to enhance Dr. Reddy’s capabilities in brand-building, marketing, digital strategies, and analytics, including exploring e-commerce partnerships.
The acquired business from Haleon has demonstrated strong sales and profitability, supported by loyal customers and a robust global presence. Dr. Reddy’s anticipates leveraging this acquisition to create additional value, expand its portfolio, and improve consumer access to these established global brands.
The transaction is anticipated to be finalized in early Q4 of 2024, subject to regulatory approvals and customary closing conditions.
Deal 5: Sharecare, Inc. (United States) was acquired by Altaris, LLC (United States) for USD 0.54 billion.
Altaris, LLC to Acquire Sharecare, Inc.
Sharecare, a prominent digital health company, is poised to be acquired by Healthcare Investment firm Altaris for USD 540 million.
Sharecare utilizes a data-driven virtual health platform to manage patients’ health, collaborating with providers, employers, health plans, and government organizations to optimize individual and population-wide well-being. For individuals, Sharecare offers an app to store and access health information, including lab results, medications, and health benefits details, while tracking health and wellness metrics.
Expanding into home health three years ago through the acquisition of CareLinx for USD 65 million, Sharecare gained access to a network of over 450,000 tech-enabled caregivers. CareLinx provides on-demand personal care services at home, integrating mobile technology for population health analytics and real-time care coordination with remote clinical teams.
With three robust business channels, Sharecare enhances patient access and outcomes within the healthcare system. These objectives align closely with Altaris’ investment strategy and priorities. The acquisition is expected to foster continued growth and innovation at Sharecare, reinforcing its position as a leader in deploying advanced technology across the healthcare sector.
The transaction is slated to close during the second half of 2024. Houlihan Lokey Capital, Inc. and MTS Health Partners, L.P. are serving as financial advisors to Sharecare’s special committee, while Kirkland & Ellis LLP is acting as legal advisor to Altaris.
July
Health Care
Deal 1: Morphic Holding, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 3.20 billion.
Eli Lilly and Company to Acquire Morphic Holding, Inc.
Pharmaceutical giant Eli Lilly & Co. has entered into an agreement to acquire Morphic Holding, a biopharmaceutical company focused on developing oral medicines that target integrins—a group of cell surface receptors essential in inflammation, fibrosis, and cancer. The deal is valued at USD 3.2 billion, or USD 57 per share in cash.
This acquisition includes Morphic’s flagship drug candidate, MORF-057, currently in Phase II clinical trials for ulcerative colitis and Crohn’s disease. MORF-057 is a selective, oral small molecule that inhibits the α4β7 integrin and shows potential for enhancing patient outcomes and expanding available treatment options.
Beyond MORF-057, Morphic is advancing a preclinical pipeline focused on developing treatments for autoimmune diseases, pulmonary hypertension, fibrotic conditions, and cancer.
Lilly intends to utilize its extensive resources and commitment to the field of inflammation and immunology through this acquisition. Morphic’s therapies for bowel disease will further bolster Lilly’s portfolio in this area, complementing its existing drug Omvoh, which was approved by the FDA last year for treating moderate-to-severe ulcerative colitis in adults.
The transaction is anticipated to close in the third quarter of 2024. Citi is serving as Lilly’s exclusive financial advisor, while Centerview Partners LLC is acting as the exclusive financial advisor to Morphic.
Deal 2: Alinamin Pharmaceutical Co., Ltd. (Japan) was acquired by MBK Partners (South Korea) for USD 2.17 billion.
MBK Partners to Acquire Alinamin Pharmaceutical Co., Ltd.
Blackstone is set to sell its Japanese drugmaker subsidiary, Alinamin Pharmaceutical, to MBK Partners, a North Asian buyout fund, in a deal valued at JPY 350 billion (USD 2.17 billion). This transaction reflects MBK Partners’ focus on expanding its health care portfolio.
Alinamin Pharmaceutical has been a leading provider of over-the-counter products and quasi-drugs for health and wellness in Japan and Asia for over 60 years, with its flagship product, Alinamin, being a household name. Since Blackstone took control four years ago, Alinamin has experienced significant growth, particularly through mergers and acquisitions. In fiscal 2023, the company reported earnings before interest, tax, depreciation, and amortization (EBITDA) of around JPY 23 billion, a nearly 60% increase from fiscal 2020.
MBK Partners aims to strengthen Alinamin’s retail presence in Japan, accelerate its international expansion, and enhance its direct-to-consumer offerings. This acquisition underscores MBK’s strategic intent to deepen its investments in the health care sector, especially given the aging population in the region.
In 2024, MBK Partners has already completed two significant health care deals with Blackstone. In April, MBK signed a sale and purchase agreement with the U.S. investment firm to acquire Geo-Young, the largest pharmaceutical wholesaler in Korea.
Last year, MBK Partners expanded its health care investments by acquiring Medit, a dental scanner solutions provider, and Osstem Implant, a leading dental implant company.
Deal 3: Denali Capital Acquisition Corp. (Cayman Islands) was acquired by Semnur Pharmaceuticals, Inc. (United States) for USD 2.00 billion.
Semnur Pharmaceuticals, Inc. to Acquire Denali Capital Acquisition Corp.
Semnur Pharmaceuticals, a subsidiary of Scilex Holding Company, is preparing to go public through a merger with Denali Capital Acquisition Corp, a special purpose acquisition company (SPAC). The transaction, valued at USD 2 billion, is designed to expand Semnur’s market reach and accelerate the development of its innovative therapies.
Semnur Pharmaceuticals is at the forefront of non-opioid pain treatment, with its flagship product, SP-102 (SEMDexa), leading the way. SP-102 is a Phase 3 viscous gel formulation of a commonly used corticosteroid, specifically developed for epidural injections to alleviate lumbosacral radicular pain, or sciatica. The capital raised through this merger is expected to significantly propel the advancement of SP-102, reinforcing its potential to revolutionize pain management.
Post-merger, the entity will continue under the Semnur Pharmaceuticals brand, with Scilex retaining majority ownership. The merger is anticipated to drive significant growth, with annual peak sales potentially reaching USD 3.6 billion within five years of the product’s launch.
The deal is expected to close in the second half of 2024, marking a critical step for both companies as they work together to bring groundbreaking pain management solutions to the market.
Deal 4: Rotech Healthcare Holdings Inc. (United States) was acquired by Owens & Minor, Inc. (United States) for USD 1.36 billion.
Owens & Minor, Inc. to Acquire Rotech Healthcare Holdings Inc.
Global healthcare solutions company Owens & Minor has announced its acquisition of Rotech Healthcare for USD 1.36 billion in cash. This strategic move aims to expand Owens & Minor’s footprint in the growing home-based care market.
Rotech Healthcare is a leading provider of home medical equipment across the United States, offering a wide range of products, including oxygen and respiratory therapy equipment, wound care supplies, and diabetes management devices. With a workforce of over 4,200 employees, Rotech operates in 46 states through approximately 325 locations, making it a significant player in the industry.
This acquisition will allow Owens & Minor to tap into Rotech’s extensive portfolio of home medical equipment, particularly in areas such as sleep apnea and diabetes care. The deal is expected to accelerate the growth of Owens & Minor’s Patient Direct segment, supporting its target to reach USD 5 billion in revenue by 2028.
The transaction is anticipated to close by the end of 2024. Citi served as the exclusive financial advisor to Owens & Minor, while Jefferies LLC provided financial advisory services to Rotech.
Deal 5: Nerio Therapeutics, Inc. (United States) was acquired by Boehringer Ingelheim International GmbH (Germany) for USD 1.30 billion.
Boehringer Ingelheim International GmbH to Acquire Nerio Therapeutics, Inc.
Boehringer Ingelheim, a prominent German biopharmaceutical company specializing in both human and animal health, will acquire Nerio Therapeutics Inc. for up to USD 1.3 billion. This acquisition will significantly advance Boehringer Ingelheim’s immuno-oncology pipeline.
Nerio Therapeutics has developed potent and highly selective PTPN2/N1 inhibitors with favorable drug-like properties. These inhibitors function as immune checkpoints, potentially enabling the immune system to better target and eradicate cancer cells. Preclinical studies have demonstrated that Nerio’s small molecules could substantially modify the tumor microenvironment. The company was preparing to file for FDA approval in the latter half of this year to advance its lead candidate into clinical trials.
Boehringer Ingelheim plans to incorporate Nerio’s preclinical assets both as an independent therapy and in conjunction with its existing oncology portfolio. This strategy aims to fill existing gaps in current checkpoint inhibitor therapies, providing new options for patients who do not benefit from existing treatments.
This acquisition aligns with Boehringer Ingelheim’s strategic goal announced in April 2024 to introduce 25 new treatments by 2030. The plan includes launching 10 new mid- and late-stage clinical trials over the next 12 to 18 months, targeting mental health, oncology, cardiovascular, renal, and metabolic diseases.
August
Health Care
Deal 1: R1 RCM Inc. (United States) was acquired by TowerBrook Capital Partners L.P. (United States), and Clayton, Dubilier & Rice, LLC (United States) for USD 8.90 billion.
TowerBrook Capital Partners L.P.; Clayton, Dubilier & Rice, LLC to Acquire R1 RCM Inc.
R1 RCM, a healthcare revenue cycle management specialist, is set to be acquired by private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice (CD&R) in a transaction valued at USD 8.9 billion.
TowerBrook, which already holds around 36% of R1 RCM’s shares, will partner with CD&R to privatize the company. The acquisition deal offers USD 14.30 per share for the remaining shares.
R1 RCM provides technology-driven solutions to healthcare providers, including health systems, hospitals, and physician groups, with services that streamline front-, middle-, and back-office operations. The company supports over 3,700 hospitals and 30,000 physicians, delivering scalable operational models that enhance revenue, increase cash flow, reduce costs, and improve patient experiences.
Since 2016, TowerBrook has been a key player in R1 RCM’s rise in the healthcare revenue management sector. By teaming up with CD&R, TowerBrook seeks to further strengthen the company’s leadership in intelligent automation and General Artificial Intelligence (GAI) for revenue management, ultimately boosting performance and value for clients.
The acquisition is anticipated to close by the end of the year. Centerview Partners LLC is serving as the lead financial advisor for TowerBrook and CD&R, with Deutsche Bank and Royal Bank of Canada providing financing. Deutsche Bank Securities, Inc. and RBC Capital Markets, LLC are also advising on the transaction.
Deal 2: Vantive Inc. (United States) was acquired by The Carlyle Group Inc. (United States) for USD 3.80 billion.
The Carlyle Group Inc. to Acquire Vantive Inc.
Baxter International has entered into an agreement to sell its kidney care division to the Carlyle Group for USD 3.8 billion. Following the completion of the transaction, the division will be renamed Vantive.
Vantive will emerge as a global leader in kidney care, offering a broad portfolio of products and services that include peritoneal dialysis, hemodialysis, and continuous renal replacement therapy (CRRT). With over 23,000 employees worldwide, Vantive reported revenues of USD 4.5 billion in 2023.
Carlyle, a key investor in the medtech industry, has committed over USD 40 billion to medical technology and diagnostics companies in the past decade. Its acquisition of Vantive is in partnership with Atmas Health, a group led by three experienced healthcare executives aiming to build a premier healthcare organization.
This transaction positions Vantive as a leading independent provider of kidney care, backed by Carlyle’s global investment capabilities and industry expertise. It also enables both Baxter and Vantive to focus on strategic growth opportunities and optimize their capital allocation.
The transaction is projected to close between late 2024 and early 2025. Baxter is advised by Perella Weinberg Partners LP and J.P. Morgan Securities LLC, while Carlyle is working with Barclays and Goldman Sachs & Co. LLC.
Deal 3: Community Oncology Revitalization Enterprise Ventures, LLC (United States) was acquired by Mckesson Corp. (United States) for USD 2.49 billion.
Mckesson Corp. to Acquire Community Oncology Revitalization Enterprise Ventures, LLC
Drug distributor McKesson will acquire a 70% controlling interest in Community Oncology Revitalization Enterprise Ventures, LLC (Core Ventures) for USD 2.49 billion in cash.
Core Ventures, founded by Florida Cancer Specialists & Research Institute, LLC (FCS), offers nonclinical administrative and operational services to FCS clinics throughout Florida. Post-acquisition, FCS physicians will retain a minority ownership stake. Established in early 2024, Core Ventures was created to tackle rising drug shortages and costs by working closely with distributors.
Once the acquisition is complete, Core Ventures will be integrated into McKesson’s oncology platform, with its financial performance reported under McKesson’s US Pharmaceutical segment. Florida Cancer Specialists & Research Institute (FCS), which boasts over 250 physicians and 280 advanced practice providers across nearly 100 Florida locations, will remain independently owned while becoming part of McKesson’s US Oncology Network.
McKesson’s US Oncology Network enhances cancer care by offering operational support, clinical assistance, and advanced technology to community-based practices. The integration of Core Ventures and the addition of Florida Cancer Specialists & Research Institute (FCS) will further enhance McKesson’s platform. This expansion will provide more robust, patient-centered solutions and solidify McKesson’s leadership in the oncology market.
Deal 4: V-Wave Ltd. (Israel) was acquired by Johnson & Johnson, Inc. (United States) for USD 1.70 billion.
Johnson & Johnson, Inc. to Acquire V-Wave Ltd.
Israel-based V-Wave Ltd., a leader in medical technology, will be acquired by Johnson & Johnson in a deal worth USD 1.7 billion. The agreement includes an initial payment of USD 600 million and additional potential payments up to approximately USD 1.1 billion contingent on regulatory approvals and commercial milestones.
Following the acquisition, V-Wave will become part of Johnson & Johnson MedTech. V-Wave’s cutting-edge Ventura interatrial shunt (IAS) technology addresses heart failure with reduced ejection fraction (HFrEF) by creating a shunt between the left and right atria, thereby alleviating elevated left atrial pressure—a common issue in congestive heart failure.
This acquisition will bolster Johnson & Johnson MedTech’s position as a leader in cardiovascular innovation and support its expansion into high-growth markets. It will also deepen the company’s engagement with structural interventional cardiologists and heart failure specialists.
Johnson & Johnson MedTech is committed to advancing V-Wave’s innovative solutions to improve patient outcomes. The deal is expected to be finalized by the end of 2024 and aligns with Johnson & Johnson’s strategy to foster growth beyond 2025.
Deal 5: Jnana Therapeutics Inc. (United States) was acquired by Otsuka America, Inc. (United States) for USD 1.13 billion.
Otsuka America, Inc. to Acquire Jnana Therapeutics Inc.
Otsuka Pharmaceutical is expanding its global footprint by acquiring the US-based biotech company Jnana Therapeutics in a deal valued at USD 1.13 billion. The acquisition includes an upfront payment of USD 800 million and potential additional payments of up to USD 325 million based on development and regulatory milestones.
Under the terms of the acquisition, Jnana will become a wholly owned subsidiary of Otsuka through its American arm, Otsuka America, Inc. (OAI).
Otsuka Pharmaceutical, known for its expertise in mental health, renal care, and cardiovascular treatments, is also active in oncology and addressing several unmet medical needs, including tuberculosis.
Jnana Therapeutics specializes in developing innovative therapies for a range of diseases, including rare and immune-mediated conditions. Its leading program, JNT-517, aims to be a pioneering oral treatment for phenylketonuria (PKU), a rare genetic metabolic disorder, by targeting an allosteric site on the phenylalanine transporter SLC6A19.
The acquisition also provides Otsuka with access to Jnana’s RAPID chemoproteomics platform, a cutting-edge drug discovery technology that has been instrumental in identifying therapies for various cancers, immune-mediated diseases, and neurological conditions. Jnana has previously partnered with Roche on two drug discovery projects.
The integration of Jnana’s advanced drug discovery technology and its small molecule pipeline will enhance Otsuka’s research and development capabilities in the Boston area, a key hub for biotechnology. This strategic acquisition is expected to contribute significantly to Otsuka’s global expansion efforts.
The transaction is anticipated to close in the third quarter of fiscal 2024. Centerview Partners LLC served as the financial advisor, and Latham & Watkins LLP acted as the legal advisor for Jnana Therapeutics.
September
Health Care
Deal 1: An exclusive worldwide license to certain Prime Editing technology of Prime Medicine, Inc. (United States) was acquired by Bristol Myers Squibb Company (United States) for USD 3.61 billion.
Bristol Myers Squibb Company to Acquire An exclusive worldwide license to certain Prime Editing technology of Prime Medicine, Inc.
Bristol Myers Squibb has signed an exclusive global licensing agreement for Prime Medicine’s Prime Editing technology in a deal valued at USD 3.61 billion. This agreement includes an initial payment of USD 55 million, along with a USD 55 million equity investment in Prime Medicine. Additionally, Prime Medicine is eligible to receive up to USD 3.5 billion in milestone payments based on achieving specified goals.
Prime Medicine is recognized for its pioneering efforts in gene editing, with a focus on developing groundbreaking therapies that aim to offer one-time, curative treatments for genetic disorders. Its Prime Editing platform, a highly accurate and efficient gene-editing tool, is designed to correct genetic mutations, enabling the development of new, innovative therapeutic approaches.
As part of the collaboration, Prime Medicine will design and optimize Prime Editor reagents for a selection of specific genetic targets, including those using its Prime Assisted Site-Specific Integrase Gene Editing (PASSIGE) technology. Bristol Myers Squibb will take charge of developing, manufacturing, and commercializing these next-generation cell therapies, while Prime Medicine will lend its expertise in gene editing and reagent development.
By combining Prime Medicine’s cutting-edge gene-editing technology with Bristol Myers Squibb’s established capabilities, the partnership seeks to advance cell therapies in areas such as immunology and oncology. Both companies anticipate that this collaboration will drive innovation and lead to transformative treatments that will benefit patients around the world.
Deal 2: Dermavant Sciences Ltd. (United States) was acquired by Organon & Co. (United States) for USD 1.20 billion.
Organon & Co. to Acquire Dermavant Sciences Ltd.
Global healthcare company Organon has announced its acquisition of Dermavant, a subsidiary of Roivant Sciences, for USD 1.2 billion. Dermavant focuses on developing and commercializing innovative treatments for immuno-dermatology conditions.
Dermavant’s leading product, Vtama (tapinarof) cream (1%), was granted approval by the U.S. Food and Drug Administration (FDA) in May 2022 for the management of mild to severe plaque psoriasis in adults. The company is now poised for significant market expansion as it seeks FDA approval for Vtama’s application in treating atopic dermatitis, which could substantially increase the drug’s eligible patient base. Following a successful phase 3 clinical trial in January, Dermavant submitted an application to the FDA for Vtama’s use in both adults and children aged two and older, with a decision expected by late 2024.
The acquisition merges Dermavant’s established U.S. dermatology commercial team with Organon’s strengths in market access, regulatory expertise, and global commercial strategy. This collaboration aims to enhance the availability of Vtama cream, benefiting millions of individuals affected by plaque psoriasis and potentially atopic dermatitis. Furthermore, this strategic move aligns with Organon’s mission to improve women’s health, as research indicates that women tend to face a higher disease burden from atopic dermatitis than men.
The transaction is anticipated to close in the fourth quarter of 2024.
Deal 3: Integrated Oncology Network, LLC (United States) was acquired by Cardinal Health, Inc. (United States) for USD 1.12 billion.
Cardinal Health, Inc. to Acquire Integrated Oncology Network, LLC
Cardinal Health, a prominent global manufacturer and distributor of pharmaceuticals, has announced its intent to acquire Integrated Oncology Network (ION), a physician-led independent community oncology network, for USD 1.12 billion in cash.
ION collaborates directly with physicians, hospitals, and healthcare providers to deliver advanced services and technologies to patients. Its extensive support offerings include revenue cycle management, payer relations, physician recruitment, practice marketing, finance, accounting, human resources, and information technology.
Upon completion of the acquisition, ION practices will become part of Navista, Cardinal Health’s oncology practice alliance. The practice management and growth services from ION will enhance Navista’s advanced service offerings. Additionally, ION practices will gain access to Navista’s sophisticated analytics capabilities, which employ artificial intelligence and leverage insights from Specialty Networks’ PPS Analytics and SoNaR technology solutions, providing valuable clinical and business intelligence.
With the integration of Navista’s technology platform, value-based care initiatives, and ancillary services, ION will complement and expand Cardinal Health’s comprehensive suite of clinical and practice management solutions, designed to support independent community oncology practices effectively.
This acquisition is subject to standard closing conditions and is projected to enhance non-GAAP earnings per share within 12 months following the deal’s completion.
Deal 4: Island Hospital Sdn. Bhd. (Malaysia) was acquired by Pantai Holdings Sdn Bhd (Malaysia) for USD 0.91 billion.
Pantai Holdings Sdn Bhd to Acquire Island Hospital Sdn. Bhd.
IHH Healthcare, through its subsidiary Pantai Holdings, is poised to acquire Island Hospital Sdn Bhd in an all-cash transaction valued at MYR 3.9 billion (approximately USD 905 million).
This acquisition will enhance IHH’s portfolio by integrating the 600-bed Island Hospital, further strengthening its clinical capabilities in Penang, Malaysia. Recognized as a leader in medical tourism, Island Hospital attracts about one in three inbound foreign patients to the country. It boasts accreditation from the Australian Council on Healthcare Standards (ACHS) and is among the few hospitals in Southeast Asia with ACHS-certified Centers of Excellence (COEs) in cancer care and cardiology.
The addition of Island Hospital represents a significant opportunity for IHH in Malaysia. Its dominant position in Penang, combined with a comprehensive range of specialist services and its appeal to international patients, aligns perfectly with IHH’s growth strategy in the region.
The transaction is expected to conclude by the end of 2024, at which point Island Hospital will join IHH Malaysia’s growing network as its 18th facility.
Deal 5: Portfolio of next-generation CDK inhibitors of Regor Pharmaceuticals, Inc. (United States) was acquired by Genentech, Inc. (United States) for USD 0.85 billion.
Genentech, Inc. to Acquire Portfolio of next-generation CDK inhibitors of Regor Pharmaceuticals, Inc.
Roche’s Genentech is enhancing its oncology portfolio with the acquisition of Regor Pharmaceuticals’ portfolio of cyclin-dependent kinase (CDK) inhibitors, aimed at treating breast cancer, in a deal valued at USD 850 million.
CDK inhibitors play a crucial role in breast cancer treatment by targeting and inhibiting overactive cyclin-dependent kinases. Roche has previously collaborated with CDK inhibitors from Lilly, Novartis, and Pfizer to enhance its treatment candidates. By acquiring Regor’s portfolio, Genentech will gain proprietary CDK inhibitors to further strengthen its offerings.
Regor will retain responsibility for its two ongoing Phase I trials involving the CDK4/2 inhibitor RGT-419B until their completion. Upon concluding these trials, Genentech will assume control over the global clinical development, manufacturing, and commercialization of the candidate. Additionally, the agreement includes preclinical candidate RGT-587, a Phase I-ready CDK4 inhibitor aimed at treating brain metastases.
Following the sale of its CDK inhibitor portfolio, Regor will shift its focus to its remaining assets in oncology, metabolic disease, and autoimmune conditions.
The transaction is expected to close in the fourth quarter of 2024, with BofA Securities, Inc. serving as the exclusive financial advisor to Regor.
October
Health Care
Deal 1: Longboard Pharmaceuticals, Inc. (United States) was acquired by H. Lundbeck A/S (United States) for USD 2.60 billion.
H. Lundbeck A/S to Acquire Longboard Pharmaceuticals, Inc.
Danish pharmaceutical firm Lundbeck has announced its plan to acquire U.S.-based Longboard Pharmaceuticals, a biopharmaceutical company focused on developing therapies for neurological disorders, in a USD 2.6 billion deal.
The acquisition is poised to strengthen Lundbeck’s portfolio, particularly in the area of rare neurological diseases. Longboard’s leading asset, bexicaserin, is being developed to address critical needs for patients with severe, rare forms of epilepsy. It has demonstrated promising seizure-reducing results in both preclinical and clinical trials and is currently undergoing a global Phase III trial under the DEEp Program.
Bexicaserin’s addition to Lundbeck’s mid- to late-stage development pipeline is anticipated to drive long-term growth, with the drug’s launch targeted for the fourth quarter of 2028. Lundbeck projects global peak sales for bexicaserin to reach between USD 1.5 billion and 2 billion.
Additionally, Longboard is advancing LP659, a potential treatment for neurological disorders such as multiple sclerosis, lupus, Parkinson’s disease, and Alzheimer’s disease.
The transaction is expected to close in the fourth quarter of 2024. PJT Partners LP is advising Lundbeck, while Longboard is being advised by Evercore and Centerview Partners LLC.
Deal 2: Aliada Therapeutics, Inc. (United States) was acquired by AbbVie Inc. (United States) for USD 1.40 billion.
AbbVie Inc. to Acquire Aliada Therapeutics, Inc.
AbbVie has agreed to acquire Aliada Therapeutics for USD 1.4 billion, reinforcing its commitment to advancing treatments for Alzheimer’s disease and expanding its neuroscience pipeline.
Aliada, a biotechnology firm, is pioneering therapies that leverage innovative blood-brain barrier (BBB)-crossing technology to treat complex central nervous system (CNS) disorders. Its lead drug candidate, ALIA-1758, is an antibody designed to target pyroglutamate amyloid beta, promoting the degradation and elimination of amyloid beta plaques, a hallmark of Alzheimer’s disease. ALIA-1758 is currently undergoing evaluation in a phase 1 clinical trial.
This acquisition enables AbbVie to accelerate the development of ALIA-1758, which has the potential to become a best-in-class, disease-modifying treatment for Alzheimer’s disease. Neuroscience is a core growth area for AbbVie, and the company is dedicated to advancing innovation in this field to address critical unmet needs for patients affected by debilitating neurological conditions like Alzheimer’s.
The transaction is expected to be finalized in the fourth quarter of 2024. AbbVie’s legal advisor for the deal was Covington & Burling LLP, while Centerview Partners LLC served as Aliada’s exclusive financial advisor.
Deal 3: Modifi Biosciences, Inc. (United States) was acquired by Merck & Co., Inc. (United States) for USD 1.33 billion.
Merck & Co., Inc. to Acquire Modifi Biosciences, Inc.
Modifi Biosciences, a Yale spin-out and innovator in direct DNA modification for cancer therapeutics, is being acquired by biopharmaceutical giant Merck for USD 1.33 billion. The deal includes an upfront payment of USD 30 million, with the potential for up to USD 1.3 billion in milestone payments, reflecting the anticipated value of Modifi’s innovative technologies.
Modifi Biosciences has pioneered a novel class of small molecules that target cancer cells deficient in O6-methylguanine methyl transferase (MGMT), a key DNA repair protein. Defects in DNA repair are a common characteristic of tumor cells and a significant contributor to cancer treatment resistance. Modifi’s innovative approach offers potential solutions for treating some of the most challenging and resistant cancer types.
The acquisition focuses on KL-50, a cutting-edge treatment targeting brain tumors. These tumors present particular challenges due to the blood-brain barrier and their resistance to conventional therapies.
Following the acquisition, Modifi Biosciences will operate as a wholly owned subsidiary of Merck, which views this deal as a strategic move to bolster its oncology pipeline. This acquisition follows Merck’s USD 5.5 billion collaboration with Japan’s Daiichi Sankyo last year to develop targeted cancer therapies, further emphasizing its commitment to strengthening its oncology portfolio and advancing innovative cancer treatments.
Deal 4: AdvancedMD, Inc. (United States) was acquired by Francisco Partners Management, L.P. (United States) for USD 1.13 billion.
Francisco Partners Management, L.P. to Acquire AdvancedMD, Inc.
San Francisco-based private equity firm Francisco Partners is acquiring AdvancedMD from Global Payments for USD 1.125 billion. This transaction marks a strategic move to strengthen Francisco Partners’ portfolio in the healthcare technology sector.
AdvancedMD specializes in cloud-native software for medical offices. Its platform combines practice management, electronic health records (EHR), patient engagement, and payment solutions, offering healthcare practices a comprehensive, integrated solution. Designed to streamline operations, reduce administrative burdens, and enhance patient outcomes, AdvancedMD’s platform helps practices manage growing patient volumes. The company serves 40,000 practitioners across 13,000 healthcare practices and 850 medical billing companies, employing 800 people.
With a portfolio of over 450 investments in technology companies, Francisco Partners has built a reputation for its expertise in healthcare technology. The firm is well-positioned to support AdvancedMD’s continued growth, leveraging its experience to expand the company’s product offerings and enhance its market presence. Francisco Partners focuses on helping companies improve their services and reach new levels of operational excellence.
This acquisition will enable AdvancedMD to further refine its platform and better meet the needs of its clients. It also ensures continued investment in both the business and its employees, paving the way for long-term success in a competitive healthcare technology landscape.
Deal 5: Global Rights to Enjaymo (United States) was acquired by Recordati Industria Chimica e Farmaceutica S.p.A. (Italy) for USD 1.08 billion.
Recordati Industria Chimica e Farmaceutica S.p.A. to Acquire Global Rights to Enjaymo
Italian pharmaceutical company Recordati has reached an agreement with Sanofi to acquire the global rights to Enjaymo, the sole approved treatment specifically for cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder, for USD 1.08 billion. The deal includes an upfront payment of USD 825 million, along with additional commercial milestone payments of up to USD 250 million.
Enjaymo is a humanized monoclonal antibody that is the only targeted therapy approved to treat hemolysis in adults with CAD. The drug gained regulatory approval in the U.S., Europe, and Japan in 2022. Over the past year, Enjaymo generated approximately USD 105 million in revenue, with Recordati forecasting that it will exceed USD 158 million in sales by 2025. The drug is expected to reach peak sales of between USD 263 million and USD 315 million.
This acquisition aligns with Recordati’s broader strategy to strengthen its position in the Rare Diseases sector while complementing its oncology portfolio, particularly with Sylvant. It enhances the company’s presence in key markets such as the U.S., Japan, and Europe and is expected to positively impact both revenue and profitability. Enjaymo’s unique position as the only approved CAD treatment addresses a significant unmet medical need.
The transaction is expected to be completed by the end of 2024.
November
Health Care
Deal 1: Retina Consultants of America (United States) was acquired by Cencora, Inc. (United States) for USD 4.60 billion.
Cencora, Inc. to Acquire Retina Consultants of America
Cencora, a global leader in healthcare solutions, is advancing its specialty services through the acquisition of Retina Consultants of America (RCA) in a USD 4.6 billion all-cash transaction. The deal also includes the potential for up to USD 500 million in contingent payments, based on the successful achievement of specified business milestones in fiscal years 2027 and 2028.
RCA is a prominent management services organization that operates a network of retina specialists, providing a range of services focused on conditions such as macular degeneration, diabetic retinopathy, and retinal detachments. The organization utilizes state-of-the-art technologies and treatment protocols to deliver exceptional care. RCA also boasts a strong clinical track record, managing a comprehensive research network with 40 clinical trial sites across Phases I-IV, supported by a dedicated team of 400 full-time research professionals.
By acquiring RCA, Cencora aims to deepen its relationships with community providers in a rapidly growing segment, further solidifying its leadership in specialty services. As the specialty healthcare landscape evolves, providers are increasingly seeking partners who can support practice management while maintaining their autonomy and patient-centered focus. The integration of RCA will enhance Cencora’s specialty capabilities, expand its MSO business, and strengthen its relationships with physicians and manufacturers, ultimately boosting its value proposition to all stakeholders.
The transaction is subject to customary closing conditions. Lazard is acting as the exclusive financial advisor to Cencora, while Goldman Sachs & Co. LLC and Rothschild & Co. are serving as financial advisors to RCA.
Deal 2: The GI Alliance Management, LLC (United States) was acquired by Cardinal Health, Inc. (United States) for USD 2.80 billion.
Cardinal Health, Inc. to Acquire The GI Alliance Management, LLC
Cardinal Health is acquiring a 71% majority stake in GI Alliance (GIA), a leading provider of gastroenterology management services, for USD 2.8 billion in cash. The transaction will integrate GIA into Cardinal Health’s Pharmaceutical and Specialty Solutions segment, establishing a foundation for its multi-specialty platform and supporting future growth initiatives.
GI Alliance’s network includes over 900 physicians across 345 locations in 20 states, offering a full spectrum of care. Its services extend beyond gastroenterology to include anesthesiology, pathology, radiology, infusion therapy, and clinical research. The organization operates 135 ambulatory surgical centers, partners with 165 hospital networks, and manages 95 infusion centers, ensuring broad access to specialized healthcare.
This acquisition aligns with Cardinal Health’s strategy to expand its specialty healthcare offerings. It complements prior acquisitions, such as Specialty Networks, which focuses on urology, rheumatology, and gastroenterology, and Integrated Oncology Network, specializing in medical and radiation oncology. Together, these acquisitions strengthen Cardinal Health’s capabilities in specialty practice management and technology-driven healthcare solutions.
Additionally, Cardinal Health has the option to acquire the remaining interest in GIA three years after the transaction closes, further cementing its commitment to expanding its presence in specialty healthcare services.
Deal 3: Poseida Therapeutics, Inc. (United States) was acquired by Roche Holdings, Inc. (United States) for USD 1.50 billion.
Roche Holdings, Inc. to Acquire Poseida Therapeutics, Inc.
Poseida Therapeutics, a clinical-stage biotechnology firm based in the United States, is set to be acquired by Roche for USD 1.5 billion, positioning Roche as a major player in the growing field of donor-derived, off-the-shelf cell therapies.
Poseida’s R&D pipeline features both pre-clinical and clinical-stage allogeneic (off-the-shelf) CAR-T therapies targeting a range of therapeutic areas, including hematological malignancies, solid tumors, and autoimmune diseases. The company’s lead program, P-BCMA-ALLO1, is an allogeneic CAR-T therapy aimed at B-cell maturation antigen (BCMA). P-BCMA-ALLO1 has garnered Regenerative Medicine Advanced Therapy designation for relapsed/refractory multiple myeloma (MM) after at least three prior treatments and has received FDA Orphan Drug Designation for MM. A second clinical-stage therapy, P-CD19CD20-ALLO1, is an allogeneic dual CAR-T therapy targeting B-cell malignancies. The FDA has recently cleared investigational new drug (IND) applications for this program, exploring its potential for treating multiple sclerosis and systemic lupus erythematosus. In addition, Poseida has launched another allogeneic dual CAR-T program targeting antigens commonly found in hematologic cancers (Poseida PR).
This acquisition further strengthens the collaboration between Roche and Poseida, following a licensing and partnership agreement established in 2022 to develop off-the-shelf CAR-T therapies for patients with hematological malignancies.
The deal is expected to finalize by the first quarter of 2025. Citi is acting as the exclusive financial advisor to Roche, while Centerview Partners LLC is advising Poseida in the transaction.
Deal 4: Nexus AG (Germany) was acquired by TA Associates Management, L.P. (United States) for USD 1.27 billion.
TA Associates Management, L.P. to Acquire Nexus AG
Private equity firm TA Associates has made an offer to acquire Nexus AG, a leading European e-health software provider, for EUR 70 per share, which totals EUR 1.21 billion (approximately USD 1.27 billion).
Nexus AG specializes in the development of software solutions for hospital management, patient care, and electronic health records (EHR), as well as offering IT infrastructure services. Operating primarily in Germany, Switzerland, and beyond, the company provides advanced IT solutions and consulting services to businesses in the healthcare sector, helping them optimize their operations.
This acquisition is strategically aimed at capitalizing on the rapidly expanding European e-health market. As the demand for digital solutions in healthcare continues to grow, Nexus AG is positioned to drive innovation and regional expansion. TA Associates, with its deep expertise in software, healthcare, and mergers and acquisitions, will support Nexus AG’s management in financing and implementing the necessary investments for continued growth, including strategic acquisitions and regional expansions.
TA has long recognized Nexus AG’s potential and its leadership in the healthcare IT space. The firm believes that with its modern technology platform, extensive product portfolio, and strong customer relationships, Nexus AG is well-positioned to continue its growth trajectory and expand its influence within the healthcare sector.
Deal 5: Kate Therapeutics, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.10 billion.
Novartis AG to Acquire Global Rights to Kate Therapeutics, Inc.
Novartis has acquired Kate Therapeutics, a biotechnology company based in San Diego, for USD 1.1 billion, reinforcing its commitment to advancing gene therapies for patients.
Kate Therapeutics, currently in its preclinical stage, focuses on adeno-associated virus (AAV)-based gene therapies. Its leading programs target Duchenne muscular dystrophy (DMD), facioscapulohumeral dystrophy (FSHD), and myotonic dystrophy type 1 (DM1).
The company’s proprietary platforms combine advanced capsid and cargo technologies, optimizing the delivery of gene therapy payloads to specific tissues while minimizing off-target effects, such as those on the liver. This approach aims to enhance the therapeutic efficacy and safety of gene therapies, offering new treatment possibilities for challenging diseases, including inherited neuromuscular disorders, which current therapies have struggled to address.
This acquisition complements Novartis’ established leadership in neuroscience drug discovery, bringing new talent and expertise that align with its internal research efforts. With the addition of Kate Therapeutics, Novartis gains a portfolio of preclinical gene therapies aimed at rare, muscle-debilitating diseases, reinforcing its dedication to meeting the medical needs of patients with inherited neuromuscular disorders and improving gene therapy options for these conditions.
M&A Activity in the Pharmaceutical and Biotechnology Industry
The top global M&A deals in this industry list includes companies engaged in drug development, biotechnological research, and the production of pharmaceutical products, aiming to advance medical science and patient care.
January
Pharmaceutical and Biotechnology
- Deal 1: Inhibrx, Inc. (United States) was acquired by Aventis Inc. (United States) for USD 2.20 billion.
- Deal 2 Ambrx Biopharma Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 1.98 billion.
- Deal 3: Aiolos Bio, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.40 billion.
- Deal 4: Harpoon Therapeutics, Inc. (United States) was acquired by Merck Sharp & Dohme LLC (United States) for USD 0.68 billion.
- Deal 5: Calypso Biotech B.V. (Switzerland) was acquired by Novartis AG (Switzerland) for USD 0.43 billion.
