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2025 Top Global M&A Deals
- IMAA
IMAA’s 2025 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: Sun Art Retail Group Limited (Hong Kong) was acquired by DCP Capital (China) for USD 1.58 billion.
DCP Capital to Acquire Sun Art Retail Group Limited
E-commerce giant Alibaba is selling its 78.7% majority stake in Sun Art Retail Group, a prominent hypermarket operator in China, for USD 1.58 billion (HKD 12.3 billion). The buyer is private equity firm DCP Capital Partners, acting through its subsidiary Paragon Shine.
Sun Art Retail Group is a key player in China’s hypermarket sector, operating well-established brands such as RT-Mart, RT-Super, and M-Club. These brands provide a comprehensive selection of groceries and general merchandise, catering to diverse consumer needs. Sun Art has built a strong presence across China through its extensive store network and the integration of online and offline retail strategies. By leveraging advanced digital tools and logistics capabilities, the company enhances customer convenience and reinforces its position in the highly competitive retail market.
This divestment aligns with Alibaba’s strategic focus on optimizing its asset portfolio and reallocating resources to strengthen its core business areas. The move underscores Alibaba’s intent to prioritize shareholder value while scaling back investments in physical retail—an initiative championed by former CEO Daniel Zhang. This sale marks another step in Alibaba’s broader plan to streamline its operations by merging domestic and international e-commerce activities and divesting from non-core holdings.
Despite this shift, Alibaba remains optimistic about the growth potential of China’s consumer sector. The company reiterates its commitment to driving industry-wide progress by leveraging technological innovations that elevate the consumer experience and promote high-quality growth.
Deal 2: Dowlais Group plc (United Kingdom) was acquired by American Axle & Manufacturing Holdings, Inc. (United States) for USD 1.44 billion.
American Axle & Manufacturing Holdings, Inc. to Acquire Dowlais Group plc
British automotive company Dowlais Group will be acquired by U.S. auto parts manufacturer American Axle & Manufacturing (AAM) for GBP 1.16 billion (USD 1.44 billion) in a combination of cash and stock. This acquisition will position the new entity as a significant global supplier of automotive components.
Dowlais is a leader in high-tech engineering, specializing in driveline technologies, electric vehicle solutions, precision metal parts, and hydrogen storage through its renowned GKN Automotive and GKN Powder Metallurgy businesses.
The merger will form a prominent global player in driveline and metal-forming solutions, offering a broad, powertrain-agnostic portfolio. The combined entity will serve multiple automotive segments, including internal combustion, hybrid, and electric powertrains. With projected annual revenues of around USD 12 billion and expected synergies of USD 300 million, the merger is anticipated to generate strong margins, earnings growth, cash flow, and an enhanced balance sheet.
Post-transaction, AAM shareholders will own 51% of the combined entity, while Dowlais shareholders will hold 49%.
The acquisition is slated for completion by the end of 2025. J.P. Morgan is serving as the exclusive financial advisor to AAM, while Barclays Bank and Rothschild & Co are advising Dowlais. The combined company will be headquartered in Detroit, Michigan.
Deal 3: Three highly prestigious real estate properties in Paris (France) was acquired by Ardian (France) for USD 0.86 billion.
Ardian to Acquire Three highly prestigious real estate properties in Paris
Kering SA has agreed to sell a 60% stake in three prestigious Parisian real estate assets to private equity firm Ardian in a transaction valued at USD 861 million (EUR 837 million).
The properties include the historic Hôtel de Nocé on Place Vendôme, home to Boucheron’s headquarters, as well as flagship stores for Valentino and Balenciaga on Avenue Montaigne, one of Paris’s most exclusive shopping streets.
This sale aligns with Kering’s strategic approach to real estate, which prioritizes securing prime retail locations for its brands over the long term in globally renowned luxury districts. For Ardian, the acquisition represents a rare opportunity to expand its presence in the high-end Parisian property market.
Following the deal’s completion, expected in Q1 2025, Kering will retain a 40% stake in the portfolio.
Deal 4: Simple Mills, Inc. (United States) was acquired by Flowers Foods, Inc. (United States) for USD 0.80 billion.
Flowers Foods, Inc. to Acquire Simple Mills, Inc.
Flowers Foods, a major U.S. producer of packaged bakery goods, has announced its acquisition of Simple Mills for USD 795 million. The transaction strengthens Flowers’ position in the growing better-for-you and snacking categories, which are outpacing broader market trends.
Headquartered in Chicago, Simple Mills specializes in nutrient-rich snacks and baking mixes made from whole-food ingredients. Its product range includes crackers, cookies, bars, and baking mixes, all formulated to be gluten-free, non-GMO, and free from artificial additives. The brand’s offerings are available in more than 30,000 retail locations across the country. In 2024, the company reported an estimated USD 240 million in net sales, reflecting a 14% increase from the previous year.
By joining Flowers Foods, Simple Mills will gain access to greater resources to expand its distribution, accelerate product innovation, and enhance brand visibility while staying true to its mission. Flowers has a proven history of nurturing acquired brands while maintaining their distinct identities.
Financially, the acquisition is expected to immediately contribute to Flowers’ net sales, adjusted EBITDA growth, and profit margins.
The deal is slated to close in the first quarter of 2025, after which Simple Mills will operate as an independent subsidiary. RBC Capital Markets LLC acted as the exclusive financial advisor to Flowers Foods, while Piper Sandler and Centerview Partners advised Simple Mills.
Deal 5: Nova Sea AS (Norway) was acquired by Mowi ASA (Norway) for USD 0.66 billion.
Mowi ASA to Acquire Nova Sea AS
Mowi ASA, a leading force in the global seafood industry, is acquiring an additional 46% stake in Nova Sea for approximately USD 655 million (NOK 7.4 billion), bringing its total ownership to 95%. The deal will be financed with 30% Mowi shares and 70% cash.
Nova Sea is a top salmon farmer in Northern Norway’s production area 8, overseeing the full value chain from broodstock and smolt production to harvesting and sales. The company is a significant player in the Norwegian aquaculture sector, with a projected harvest of 52,000 tonnes of salmon in 2025.
Mowi has held a substantial minority stake in Nova Sea since 1995 and is well-acquainted with its operations. With this acquisition, the two companies will reinforce their leadership in Northern Norway, one of the world’s prime salmon farming regions, with continued investments aimed at enhancing biological performance and fish health. Together, Mowi and Nova Sea are projected to harvest 157,000 tonnes of salmon in this region in 2025, contributing to a total harvest of 367,000 tonnes in Norway and 572,000 tonnes globally.
The integration of Nova Sea is anticipated to generate significant synergies, with annual savings projected to reach NOK 400 million.
The transaction is projected to close in the second half of 2025.
February
Consumer Products and Services
Deal 1: Just Eat Takeaway.com N.V. (Netherlands) was acquired by Prosus N.V. (Netherlands) for USD 4.30 billion.
Prosus N.V. to Acquire Just Eat Takeaway.com N.V.
Global tech investor Prosus is acquiring Just Eat Takeaway.com for USD 4.3 billion, aiming to establish the world’s fourth-largest food delivery group. Under the agreement, Prosus will purchase all issued and outstanding shares of Just Eat Takeaway.com at EUR 20.30 (USD 21.25) per share.
Headquartered in the Netherlands, Just Eat Takeaway.com is one of Europe’s most recognized food delivery platforms, operating in 17 international markets. It connects 61 million customers with over 356,000 local restaurant partners and holds leading market positions in several regions. The company has established strong brand recognition, particularly in the United Kingdom, Germany, and the Netherlands, where its profitable, cash-generating operations present significant growth potential—an opportunity Prosus aims to expand upon.
With extensive experience in scaling e-commerce and food delivery platforms, Prosus is well-positioned to drive Just Eat Takeaway.com’s expansion. Prosus’s global food delivery network spans over 70 countries, supporting more than one million restaurant partners. The company’s successful growth strategy at iFood in Brazil serves as a model for advancing Just Eat Takeaway.com through improvements in technology, product features, demand generation, service quality, and overall market presence.
The acquisition remains subject to customary pre-offer and offer conditions, including regulatory approvals.
Deal 2: Playa Hotels & Resorts N.V. (United States) was acquired by Hyatt Holdings Corp. (United States) for USD 2.60 billion.
Hyatt Holdings Corp. to Acquire Playa Hotels & Resorts N.V.
Hyatt is set to acquire Playa Hotels & Resorts, a prominent operator of all-inclusive resorts across Mexico and the Caribbean, for USD 2.6 billion (USD 13.5 per share), including debt. Hyatt currently holds a 9.4% stake in Playa’s outstanding shares.
Playa’s portfolio consists of 24 luxury resorts located in Mexico, Jamaica, and the Dominican Republic, with properties in prime, strategically important markets. The company operates high-end resorts under well-established brands such as Hyatt Ziva, Hyatt Zilara, and Hilton Playa del Carmen, offering exceptional accommodations and services for both leisure and corporate travelers.
With this acquisition, Hyatt seeks to strengthen its all-inclusive offerings and optimize its existing infrastructure across Mexico and the Caribbean. The company remains focused on its asset-light business model, which prioritizes global expansion through franchising and management agreements rather than owning properties directly. This approach enables Hyatt to expand its brand portfolio and revenue streams while reducing the capital and operational costs typically involved in property ownership.
Post-acquisition, Hyatt intends to pursue third-party buyers for Playa’s owned properties. The company forecasts generating at least USD 2 billion from asset sales by 2027, with asset-light earnings expected to exceed 90% on a pro forma basis by that time.
Deal 3: Metro AG (Germany) was acquired by EP Global Commerce GmbH (Czech Republic) for USD 2.10 billion.
EP Global Commerce GmbH to Acquire Metro AG
EP Global Commerce GmbH (EPGC), a holding company owned by billionaire Daniel Křetínský, is moving to take Metro AG private through a delisting offer.
Metro AG, headquartered in Düsseldorf, operates cash-and-carry stores and food service distribution for businesses such as hotels, restaurants, and caterers. The company serves customers across Europe and Asia, with a focus on professional food procurement and digital solutions for the hospitality sector.
EPGC, which holds 49.99% of Metro, is offering EUR 5.33 per share to acquire the remaining shares, valuing the deal at approximately EUR 2 billion (USD 2.1 billion). Other key shareholders collectively own 24.99% of Metro. Křetínský previously attempted a similar buyout in 2019 but did not secure enough shareholder support.
EPGC has expressed its commitment to Metro’s long-term growth, aligning with the company’s sCore strategy and related investment initiatives.
The offer is not subject to closing conditions or a minimum acceptance threshold. It requires approval from the German Federal Financial Supervisory Authority (BaFin), after which the acceptance period is expected to begin in March.
Deal 4: Alani Nutrition, LLC (United States) was acquired by Celsius Holdings, Inc. (United States) for USD 1.80 billion.
Celsius Holdings, Inc. to Acquire Alani Nutrition, LLC
Celsius Holdings, the owner of energy drink brand CELSIUS, is set to acquire health and wellness beverage company Alani Nutrition (Alani Nu) for USD 1.8 billion. This transaction brings together two rapidly expanding brands in the U.S. energy drink market, forming a functional lifestyle platform designed to meet the rising consumer demand for zero-sugar and performance-focused beverages.
Alani Nu, a brand with a strong focus on female consumers, offers a range of functional beverages and wellness products, including pre-workout supplements, protein powders, energy drinks, and wellness gummies. Its products are widely distributed online and in major retailers such as Target and GNC.
The acquisition is expected to create opportunities for category expansion, enabling Celsius to drive innovation, increase brand visibility, and accelerate growth in adjacent markets. The combined platform is expected to accelerate growth, providing the scale and resources needed for continued investment. Additionally, the integration of Alani Nu is projected to push annual sales to approximately USD 2 billion, reinforcing Celsius’ presence in the premium functional beverage market as health-conscious consumer preferences continue to evolve.
The transaction is slated to close in the second quarter of 2025, after which Alani Nu will operate under Celsius.
Deal 5: Autohome Inc. (China) was acquired by Haier Group Corporation (China) for USD 1.80 billion.
Haier Group Corporation to Acquire Autohome Inc.
Financial conglomerate Ping An is selling its 41.91% stake in Autohome, China’s largest online automotive marketplace, to consumer electronics giant Haier Group for USD 1.8 billion. The transaction aligns with Ping An’s strategic focus while expanding Haier’s involvement in the automotive sector.
Autohome operates a digital platform that provides car listings, reviews, financing options, and industry insights, connecting consumers, dealers, and manufacturers. It plays a key role in China’s automotive ecosystem by offering comprehensive services for vehicle transactions and research.
Haier established Cartech in 2021 to venture into automotive customizations, used car trading, and smart charging solutions. Following the acquisition, Haier plans to integrate Cartech with Autohome, enhancing user experience, smart hardware, and digital retail solutions.
The acquisition is expected to bring strategic changes to Autohome’s management and retail operations, strengthening its service capabilities under Haier’s leadership. Meanwhile, Ping An will continue collaborating with Autohome in after-sales services and offline marketing to support its long-term growth.
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: Paycor HCM, Inc. (United States) was acquired by Paychex, Inc. (United States) for USD 4.10 billion.
Paychex, Inc. to Acquire Paycor HCM, Inc.
Paychex has agreed to acquire its competitor, Paycor HCM, in a USD 4.1 billion all-cash transaction valued at USD 22.5 per share, aiming to strengthen its AI-driven HR solutions. This acquisition is part of a broader consolidation trend in the payroll and HR industry.
The transaction unites two significant players in the human resources software and services industry. Paycor, a leading provider of human capital management (HCM), payroll, and talent management solutions, employs over 2,900 people and supports approximately 2.7 million employees across more than 49,000 U.S. clients.
Since its public listing in 2021, Paycor has made significant investments in data and artificial intelligence, strengthening its position in the upmarket. This acquisition is strategically complementary, enhancing Paycor’s AI-driven HR technology capabilities and opening new avenues for sustained long-term growth. Additionally, Paycor’s clients will benefit from Paychex’s extensive HR advisory and employee solutions.
The acquisition is anticipated to close in the first half of 2025. J.P. Morgan Securities LLC is acting as the exclusive financial advisor to Paychex, while Goldman Sachs & Co. LLC is serving in the same capacity for Paycor.
Deal 2: Enfusion, Inc. (United States) was acquired by Clearwater Analytics Holdings, Inc. (United States) for USD 1.50 billion.
Clearwater Analytics Holdings, Inc. to acquire Enfusion, Inc.
Fintech firm Clearwater Analytics plans to acquire Enfusion, a software-as-a-service (SaaS) provider specializing in investment management and hedge fund solutions, in a USD 1.5 billion cash-and-stock deal.
This acquisition will enable Clearwater to expand into the hedge fund sector by integrating two complementary platforms into a seamless, cloud-native front-to-back solution. The combination is expected to enhance efficiency, improve workflows, and deliver greater value to clients.
Clearwater primarily serves the asset management sector, though this segment accounts for only a third of its revenue. Enfusion specializes in front-office solutions with an advanced platform for asset managers, while Clearwater focuses on middle- and back-office functions such as data aggregation, accounting, compliance, and reporting. By combining their technologies and expertise, Clearwater aims to strengthen its position across asset management firms of all sizes. The deal is expected to increase Clearwater’s Total Addressable Market (TAM) by USD 1.9 billion.
The transaction is set to close in the second quarter of 2025. J.P. Morgan is advising Clearwater Analytics, while Goldman Sachs is serving as the exclusive financial advisor to Enfusion’s Special Committee.
Deal 3: Thiqah Business Service (Saudi Arabia) was acquired by Elm Company (Saudi Arabia) for USD 0.91 billion.
Elm Company to acquire Thiqah Business Service
The Public Investment Fund (PIF) is selling Thiqah Business Services Company (Thiqah), a leading provider of smart technology solutions, to Elm Company for USD 906 million.
Thiqah is a global digital services provider, collaborating with over 100 partners worldwide. The company offers a variety of services, such as data management, business consulting, customer management, and connectivity solutions, all tailored to meet the specific needs of its wide-ranging clientele.
Elm, a Saudi joint-stock company owned by PIF, focuses on delivering digital services to government agencies, businesses, and individuals. This sale is part of PIF’s overarching strategy to maximize the value of its assets, promote Saudi Arabia’s digital transformation, and contribute to the realization of Saudi Vision 2030, which aims to foster innovation, create high-skilled job opportunities, and drive economic diversification.
This transaction holds strategic significance for Elm, enabling greater integration, cost efficiencies, increased profitability, and strategic advantages for both companies and the broader market.
Elm has enlisted HSBC Saudi Arabia as its financial advisor and AS&H Clifford Chance Law Firm as its legal advisor for the deal.
Deal 4: Hispasat, S.A. (Spain) was acquired by Indra Sistemas, S.A. (Spain) for USD 0.75 billion.
Indra Sistemas, S.A. to Acquire Hispasat, S.A.
Indra Group, a Spanish defense and technology company, has acquired an 89.68% stake in satellite operator Hispasat from Redeia for EUR 725 million (USD 753 million), further solidifying its position in the European space industry.
This acquisition aligns with Indra’s strategy to expand its presence in the space sector, particularly in communications, satellite technology, and surveillance. The deal also includes Redeia’s 43% share in Hisdesat, a Spanish government satellite services provider, with Indra already holding a 7% stake. This move reflects Indra’s ongoing efforts to secure control over space-based communications, a crucial aspect for both civilian and military applications. After acquiring 100% of Deimos in 2024, Indra is now adding Hispasat and Hisdesat to its portfolio, which will be integrated into Indra Space, a newly established division focused on space innovations and technologies.
The integration of Hispasat and Hisdesat will not only enhance Indra’s satellite communications capabilities but also foster synergies in the development of advanced software and IT systems supporting space operations. These innovations are particularly valuable for strengthening secure communications, real-time surveillance, navigation, and early warning systems in defense, as well as supporting critical software-driven applications like multi-domain combat clouds and border surveillance systems.
By incorporating these satellite technologies, Indra further bolsters its digital transformation efforts, enhancing its software and IT infrastructure to better support its growing footprint in the global space industry. The transaction is expected to be finalized in the fourth quarter of 2025.
Deal 5: TTTech Auto AG (Austria) was acquired by Dutch NXP B.V. (Netherlands) for USD 0.63 billion.
Dutch NXP B.V. to Acquire TTTech Auto AG
NXP, a prominent Dutch global semiconductor manufacturer, is advancing its transition to Software-Defined Vehicles (SDVs) through the acquisition of TTTech Auto, an Austrian leader in automotive technology, for USD 625 million in cash.
TTTech Auto is recognized for its platform products and services centered on system safety and security for Software-Defined Vehicles (4SDV). The company plays a pivotal role in driving the automotive industry’s transformation by delivering platform solutions that enhance performance, safety, integration, and software updates, while enabling customers to prioritize the driving experience. With this acquisition, NXP plans to integrate TTTech Auto’s advanced safety software, MotionWise, into its NXP CoreRide platform, further advancing the transition to SDVs in the automotive sector.
This acquisition represents a key step in NXP’s broader strategy to become a leader in intelligent edge systems for the automotive and industrial IoT sectors. As the automotive industry pivots from traditional hardware-based designs to platform-centric SDVs, the market for SDVs is projected to reach 45% penetration of global auto production by 2027.
Subject to regulatory approval, the acquisition will add approximately 1,100 engineers, along with TTTech Auto’s intellectual property and assets, to NXP’s automotive division.
February
Software and IT
Deal 1: SolarWinds Corporation (United States) was acquired by Turn/River Management, L.P. (United States) for USD 4.40 billion.
Turn/River Management, L.P. to Acquire SolarWinds Corporation
Software-focused private equity firm Turn/River Capital has agreed to acquire SolarWinds Corporation in a USD 4.4 billion all-cash transaction, taking the company private.
SolarWinds is a well-established software provider specializing in solutions that help businesses manage their IT infrastructure, including networks, systems, and applications. Its diverse product portfolio includes observability tools, database management solutions, and IT service management platforms, catering to organizations of various sectors and sizes.
With Turn/River Capital’s expertise in scaling software companies and its focus on operational efficiency and customer success, the investment is expected to accelerate SolarWinds’ growth and drive further innovation. Upon completion of the deal, SolarWinds will retain its brand identity, but its common stock will be delisted from the New York Stock Exchange.
The acquisition is projected to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. LLC acted as the lead financial advisor to SolarWinds, with Jefferies LLC also providing advisory services. J.P. Morgan, Barclays, Santander, and RBC Capital Markets served as financial advisors to Turn/River Capital.
Deal 2: Global Blue Group Holding AG (Switzerland) was acquired by Shift4 Payments, Inc. (United States) for USD 2.50 billion.
Shift4 Payments, Inc. to Acquire Global Blue Group Holding AG
Shift4, a U.S.-based fintech firm, has announced plans to acquire Swiss specialty payments and technology provider Global Blue in an all-cash transaction valued at USD 2.5 billion (USD 7.50 per share). This marks Shift4’s fourth major acquisition as part of its international expansion strategy.
Global Blue specializes in tax-free shopping and payment solutions for international travelers across 52 countries. Through its proprietary mobile platform, the company facilitates VAT refunds on overseas purchases while providing retailers with payment processing and technology services to enhance customer transactions. It has built a vast network of over 400,000 premium retail and hospitality locations, linking international shoppers with merchants across Europe, Asia, and South America.
The acquisition strengthens Shift4’s position as a global unified commerce payment provider, expanding its revenue opportunities and unlocking access to new markets. Additionally, the deal opens avenues for deeper integration with Alipay+ and Weixin Pay—two of China’s most widely used payment platforms. Shift4 aims to leverage its existing relationship with Global Blue to enhance global e-commerce payment solutions, including the distribution of Alipay+, which connects merchants with 1.6 billion user accounts across 35 digital payment methods, and Weixin Pay, China’s dominant mobile payment service.
The deal is expected to close by the third quarter of 2025. Goldman Sachs & Co. LLC is serving as Shift4’s exclusive financial advisor, while J.P. Morgan Securities LLC is acting as lead financial advisor for Global Blue, supported by Deutsche Bank Securities, IFBC, Oppenheimer & Co. Inc., PJT Partners, and UBS as co-financial advisors.
Deal 3: Khazna Data Center Limited (United Arab Emirates) was acquired by Group 42 Holding Ltd (United Arab Emirates) for USD 2.20 billion.
Group 42 Holding Ltd to Acquire Khazna Data Center Limited
UAE telecom giant e& is divesting its 40% stake in Khazna Data Centers to AI firm G42 for USD 2.2 billion. The sale aligns with e&’s asset monetization strategy, enabling it to concentrate on core operations while maximizing shareholder value.
E& and G42 initially merged their data center businesses in 2022 to form Khazna, now a key provider of wholesale data center solutions in the Middle East. Khazna specializes in secure, scalable, and energy-efficient infrastructure, supporting digital transformation and cloud computing for enterprises, hyperscalers, and government clients. With a focus on sustainability and innovation, the company delivers advanced colocation services across its expanding network of data centers.
Despite exiting its ownership stake, e& will remain a strategic partner and major tenant of Khazna, collaborating on AI-driven connectivity and next-generation digital infrastructure solutions.
Separately, MGX and Silver Lake will become minority investors, joining G42, which will retain a majority stake.
The transaction is expected to close by the end of the first quarter, with proceeds earmarked for debt reduction, enhancing e&’s financial flexibility and credit profile.
Deal 4: Converge Technology Solutions Corp. (Canada) was acquired by H.I.G. Capital, LLC (United States) for USD 0.91 billion.
H.I.G. Capital, LLC to Acquire Converge Technology Solutions Corp.
U.S.-based private equity firm H.I.G. Capital has agreed to acquire Converge Technology Solutions Corp., a Canadian IT and cloud solutions provider, in an all-cash transaction valued at CAD 1.3 billion (USD 910 million).
Converge specializes in digital infrastructure, cybersecurity, advanced analytics, and managed services, delivering technology solutions to businesses and government organizations. With over 3,000 employees across more than 60 offices in Canada, the U.S., Mexico, Germany, and the UK, the company has expanded through strategic growth initiatives and collaborations with leading IT vendors.
H.I.G. intends to integrate Converge with Mainline Information Systems, a Florida-based IT consultancy from its portfolio. Mainline specializes in enterprise servers, hybrid cloud, cybersecurity, storage, and networking. The merger is expected to strengthen their combined capabilities, enhancing service offerings in data center infrastructure, security, and cloud solutions for clients and technology partners.
For Converge, the deal is expected to drive expansion, introduce new service capabilities, and strengthen its position for long-term value creation benefiting both shareholders and customers.
The transaction is subject to regulatory and court approvals, with completion anticipated in the second quarter of 2025. Following the closure, Converge will delist its common shares from public markets.
Deal 5: Micromine Pty Ltd. (Australia) was acquired by The Weir Group PLC (United Kingdom) for USD 0.83 billion.
The Weir Group PLC to Acquire Micromine Pty Ltd.
Weir Group is acquiring Micromine, an Australian mining software provider, for USD 830.75 million (GBP 657 million), expanding its digital mining capabilities and advancing its growth strategy.
Micromine is a globally recognized software company offering end-to-end solutions for the mining industry, covering exploration, mine design, planning, operational scheduling, and production across hard rock, soft rock, and underground mining. Its technology improves operational efficiency, supports data-driven decision-making, and optimizes mining workflows.
The company has achieved a 25% compound annual growth rate in recent years, with projected revenues of approximately GBP 68 million in 2025. Its business model is largely driven by recurring software-as-a-service (SaaS) subscriptions, which account for around 90% of its revenue.
The acquisition aligns with Weir’s strategy to strengthen its position in mining software and build a comprehensive digital optimization platform. Micromine’s solutions will integrate with Weir’s existing MOTION METRICSTM and NEXT intelligent technologies, advancing process optimization and providing a competitive edge.
Following the acquisition, Micromine will initially operate independently while reporting under Weir’s ESCO Division. Leveraging Weir’s extensive mining distribution network, Micromine is expected to accelerate its global expansion.
The transaction is set to close in Q2 2025 and is expected to contribute positively to Weir’s revenue growth and operating margins.
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: Shutterstock, Inc. (United States) was acquired by Getty Images Holdings, Inc. (United States) for USD 1.35 billion.
Getty Images Holdings, Inc. to acquire Shutterstock, Inc.
Getty Images and Shutterstock, two prominent media companies, have announced a merger of equals transaction, forming a USD 3.7 billion visual content company. Getty will pay approximately USD 1.35 billion to acquire Shutterstock.
Following the merger, the combined entity will retain the Getty Images name and continue trading under the “GETY” ticker on the NYSE. Getty’s shareholders will hold a majority stake, owning 54.7% of the new company, while Shutterstock’s stockholders will own approximately 45.3%.
The merger will enhance the content libraries of both companies, providing a more diverse and expansive selection for customers. It also presents new opportunities for contributors and underscores a continued commitment to promoting inclusive and representative content. Additionally, the strengthened financial position of the merged entity will enable increased investment in product development and innovation, fostering growth in a rapidly evolving and competitive market.
With demand for high-quality visual content increasing across various sectors, this merger is well-timed to capitalize on current trends. The combined company is projected to generate significant cost synergies, estimated between USD 150 million and USD 200 million annually by the third year after the merger.
The transaction is subject to customary closing conditions. Berenson & Company, LLC serves as the lead financial advisor to Getty Images, with J.P. Morgan Securities LLC also advising Getty. Allen & Company LLC is the exclusive financial advisor to Shutterstock.
Deal 2: Kantar Media Audiences Limited (United Kingdom) was acquired by H.I.G. Capital, LLC (United States) for USD 1.00 billion.
H.I.G. Capital, LLC to Acquire Kantar Media Audiences Limited
Kantar Group, a London-based leader in marketing data and analytics, has announced the sale of its media division, Kantar Media, to HIG Capital for approximately USD 1 billion.
Kantar Media operates in over 60 global markets, offering comprehensive solutions in audience measurement, profiling, targeting, analytics, and advertising intelligence across multiple platforms. The company serves the advertising and content sectors, delivering key insights to its clients.
This transaction marks the beginning of a new growth phase for Kantar Media, with a renewed focus on driving innovation and enhancing its role in the content and advertising industries.
HIG Capital, managing USD 67 billion in capital, has a portfolio of over 400 companies across sectors like technology, media, and telecommunications. Known for its hands-on investment approach, HIG Capital is poised to provide Kantar Media with the resources and strategic support needed to further expand and strengthen its leadership in global media measurement and analytics.
The transaction is anticipated to close later this year. J.P. Morgan and Jefferies acted as financial advisors to Kantar Group, while Morgan Stanley & Co. International served as the lead financial advisor, with ING advising HIG Capital.
Deal 3: Clear Channel Outdoor Holdings Europe-North segment (United Kingdom) was acquired by Bauer Radio Ltd (United Kingdom) for USD 0.63 billion.
Bauer Radio Ltd to Acquire Clear Channel Outdoor Holdings Europe-North segment
Clear Channel Outdoor, a major player in the out-of-home media industry, has reached an agreement to sell its Europe-North segment, Clear Channel Europe-North, to Bauer Radio, a subsidiary of Bauer Media Group, for USD 625 million.
This acquisition significantly enhances Bauer Media’s European presence and strengthens its core media operations. Clear Channel Europe’s portfolio of highly digitized assets expands Bauer Media’s reach into 12 European markets, including the United Kingdom, Belgium, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands, Norway, Poland, and Sweden. Seven of these markets are already part of Bauer Media’s established network, while five represent new territories for the company.
The transaction further amplifies Bauer Media’s growing digital capabilities and expertise, allowing it to offer advertisers additional touchpoints for more impactful campaigns across Europe. Combined, the two companies will be able to engage 350 million consumers through a network that includes 200 magazine brands, 150 audio brands, and 110,000 out-of-home sites.
The deal is expected to close in 2025. LionTree Advisers is serving as Bauer Media’s lead M&A advisor.
Deal 4: Vistar Media, Inc. (United States) was acquired by T-Mobile Advertising Solutions (United States) for USD 0.60 billion.
T-Mobile Advertising Solutions to Acquire Vistar Media, Inc.
Vistar Media, a leading provider of technology solutions for digital-out-of-home (DOOH) advertising, will be acquired by T-Mobile through its T-Mobile Advertising Solutions division in a strategic move to expand its advertising capabilities. The acquisition is valued at USD 600 million in cash.
Vistar Media offers a programmatic advertising platform that enables advertisers to purchase, manage, and optimize digital billboard and screen ads in real time across a range of public spaces. The company operates a global network of more than 1.1 million digital screens, partnering with nearly 370 out-of-home media owners and supporting over 3,000 brand advertisers.
This acquisition is set to revolutionize the DOOH industry by integrating Vistar’s end-to-end ad-tech platform and substantial scale with T-Mobile’s deep customer insights and data. As a leading marketer, connectivity provider, and operator of one of the largest in-store retail media networks, T-Mobile will empower marketers with more targeted and measurable advertising solutions.
The transaction is expected to close in Q1 2025. Allen & Company LLC is advising T-Mobile on the deal, while Canaccord Genuity is providing financial counsel to Vistar Media.
Deal 5: Team Internet Group plc (United Kingdom) was acquired by Verdane Fund Manager AB (Norway) for USD 0.39 billion.
Verdane Fund Manager AB to Acquire Team Internet Group plc
London-based Team Internet Group has received a takeover proposal from Swedish investment manager Verdane, valued at USD 391 million (GBP 315 million).
Team Internet Group is a global technology and internet services provider, focusing on digital infrastructure, domain registration, and online marketing solutions. The company manages several well-known brands in the domain and hosting industries, offering innovative tools and services that support businesses in building and growing their online presence.
Negotiations between Team Internet and Verdane, including due diligence, finalizing the offer terms, and addressing other preconditions, have made significant progress and continue to move forward. Verdane Fund Manager AB must announce its decision to proceed with the offer or confirm its decision not to proceed by March 4.
February
Media and Entertainment
Deal 1: Autohome Inc. (China) was acquired by Haier Group Corporation (China) for USD 1.80 billion.
Haier Group Corporation to acquire Autohome Inc.
Ping An is divesting its 41.91% stake in Autohome, a leading Chinese online advertising services provider, to consumer electronics giant Haier Group for USD 1.8 billion.
Autohome operates a digital platform that provides car listings, reviews, financing options, and industry insights, connecting consumers, dealers, and manufacturers. It plays a key role in China’s automotive ecosystem by offering comprehensive services for vehicle transactions and research.
Haier established Cartech in 2021 to venture into automotive customizations, used car trading, and smart charging solutions. Following the acquisition, Haier plans to integrate Cartech with Autohome, enhancing user experience, smart hardware, and digital retail solutions.
The acquisition is expected to bring strategic changes to Autohome’s management and retail operations, strengthening its service capabilities under Haier’s leadership. Meanwhile, Ping An will continue collaborating with Autohome in after-sales services and offline marketing to support its long-term growth.
Deal 2: Domain Holdings Australia Limited (Australia) was acquired by CoStar Group, Inc. (United States) for USD 1.70 billion.
CoStar Group, Inc. to Acquire Domain Holdings Australia Limited
CoStar Group, a major U.S. property data and analytics company, plans to acquire Australian property classifieds firm Domain Holdings for USD 1.7 billion (AUD 2.7 billion), expanding its global reach and solidifying its position in the real estate market.
CoStar’s platforms—CoStar, LoopNet, Apartments.com, and Homes.com—provide property listings, market insights, and research tools for investors, brokers, and consumers. The company has expanded through acquisitions, enhancing its data, analytics, and marketing services across the commercial real estate sector in North America and Europe.
Domain Holdings Australia operates real estate listing platforms, digital marketing solutions, and data analytics services. Its majority shareholder, Nine Entertainment, holds a 60% stake and views Domain as a strategic asset within its media ecosystem. Nine will assess the offer with a focus on maximizing shareholder value.
If the acquisition moves forward, CoStar is expected to follow a strategy similar to its USD 156 million purchase of Homes.com in 2021. That deal included a USD 1 billion investment in sales and marketing, which significantly increased the platform’s market share.
The transaction is subject to approval from the Foreign Investment Review Board.
Deal 3: Eon TV International Ltd and sports broadcasting rights for the Western Balkans of United Group BV (Serbia) was acquired by Telekom Srbija a.d. Beograd (Serbia) for USD 0.67 billion.
Telekom Srbija a.d. Beograd to Acquire Eon TV International Ltd and sports broadcasting rights for the Western Balkans of United Group BV
United Group, a major telecommunications and media provider in Southeastern Europe, has agreed to sell its Net TV Plus business and sports broadcasting rights for the Western Balkans to Telekom Srbija for USD 673 million.
The transaction includes the full acquisition of Eon TV International Ltd, the holding company of NetTV Plus, which operates direct-to-home (DTH) services under EoNSat and Total TV in Serbia and North Macedonia. Additionally, Telekom Srbija will acquire specific rights, licenses, and assets related to the Sport Club channels for the Western Balkans, including Bosnia and Herzegovina.
Telekom Srbija aims to enhance Telekom Srbija’s content offerings, fueling growth and solidifying its competitive position in the region.
The acquisition is expected to create synergies, boost revenue, and optimize costs, supporting Telekom Srbija’s goal of becoming a leading telecommunications provider in the region, with targeted revenues of EUR 3 billion by 2030.
The deal is expected to close in the first half of 2025. Lazard served as Telekom Srbija’s financial advisor.
Deal 4: TV & Media Business of Telia Company AB (Sweden) was acquired by Schibsted Media Ab (Norway) for USD 0.62 billion.
Schibsted Media Ab to Acquire TV & Media Business of Telia Company AB
Norwegian media company Schibsted Media Group will acquire Telia Company’s TV & Media business for USD 615 million.
The acquisition includes Sweden’s TV4 and Finland’s MTV, two of the most prominent TV brands in their respective markets. By integrating these networks, Schibsted strengthens its commitment to independent journalism, premium content, and a diverse media portfolio across the Nordic region.
TV4 will complement Schibsted’s digital media brands—Aftonbladet, Svenska Dagbladet, Omni, and Podme—broadening its reach in news, sports, and entertainment across multiple platforms in Sweden. In Finland, acquiring MTV represents a significant expansion for Schibsted, which currently operates the podcast platform Podme.
Schibsted and TVM aim to capitalize on their combined expertise in content personalization, advertising, subscription models, and media rights to drive growth and enhance audience engagement.
The transaction is expected to be completed by the third quarter of 2025.
Deal 5: Core Gaming, Inc. (United States) was acquired by Siyata Mobile Inc. (Canada) for USD 0.16 billion.
Siyata Mobile Inc. to Acquire Core Gaming, Inc.
Siyata Mobile, a global B2B provider of next-generation Push-To-Talk over Cellular (PoC) handsets and accessories, is acquiring Core Gaming in a reverse-merger deal valued at USD 160 million.
Core Gaming is an international gaming company that develops, publishes, and distributes casual mobile games. With a portfolio of over 2,000 titles available in 140 countries, it reaches 40 million monthly active users and has amassed more than 600 million downloads through its extensive global distribution network.
The company leverages AI-driven tools incorporating text, language, image, and video models to increase content production by 50%, cutting development time by over 40% while enhancing creative output and efficiency.
For Siyata, the merger aligns with its strategic goals, positioning the company for growth in digital entertainment and AI-driven content.
The transaction is expected to close in the second quarter of 2025.
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: Intra-Cellular Therapies, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 14.60 billion.
Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc.
Johnson & Johnson (J&J) is expanding its neuroscience portfolio with the acquisition of Intra-Cellular Therapies in a transformative transaction valued at USD 14.6 billion (USD 132 per share). This marks J&J’s most significant deal in over two years, underscoring its commitment to advancing treatments in mental health and neurological conditions.
Intra-Cellular Therapies is a biopharmaceutical company focused on creating groundbreaking treatments for neuropsychiatric and neurological conditions. Utilizing a proprietary science platform, the company targets unmet medical needs in disorders such as schizophrenia, bipolar disorder, and major depressive disorder.
Through this acquisition, J&J will gain access to lumateperone, marketed as Caplyta, a novel treatment for schizophrenia and bipolar depression that generated USD 175 million in revenue during last year’s third quarter, driven by a 38% rise in total prescriptions. The deal also includes ITI-1284, a promising Phase 2 candidate being studied for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, alongside a pipeline of clinical-stage assets that complement J&J’s focus on neuroscience innovation.
The transaction is expected to close later this year. Citi is acting as J&J’s financial advisor, with Centerview Partners LLC and Jefferies advising Intra-Cellular Therapies.
Deal 2: Inari Medical, Inc. (United States) was acquired by Stryker Corporation (United States) for USD 4.90 billion.
Stryker Corporation to Acquire Inari Medical, Inc.
Stryker, a global leader in medical technology, is acquiring Inari Medical for USD 4.9 billion (USD 80 per share). The acquisition aims to strengthen Stryker’s presence in the peripheral vascular sector, with a particular focus on advancing solutions in the venous thromboembolism (VTE) market.
Inari Medical is known for its cutting-edge, minimally invasive solutions to treat venous thromboembolism, including deep vein thrombosis (DVT) and pulmonary embolism (PE). Its flagship products, the ClotTriever and FlowTriever systems, are recognized for effectively and safely removing blood clots without the need for thrombolytic drugs, establishing Inari as a pioneer in venous health.
By integrating Inari’s advanced product portfolio, Stryker aims to enhance its offerings for peripheral vascular diseases. Inari’s mechanical thrombectomy solutions align closely with Stryker’s Neurovascular business, creating significant opportunities for synergy. Leveraging Stryker’s robust global infrastructure and resources, Inari will be positioned to accelerate the development of new treatments and broaden its market reach.
The transaction is expected to conclude by the end of the first quarter of 2025, pending regulatory and customary approvals.
Deal 3: Surgery Partners, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.20 billion.
Bain Capital Private Equity, LP to Acquire Surgery Partners, Inc.
Bain Capital has made an offer to acquire Surgery Partners for USD 3.2 billion (USD 25.75 per share), with plans to take the company private.
Surgery Partners operates a network of over 200 surgical facilities, including ambulatory surgery centers and surgical hospitals, across 33 states. The company offers a wide range of surgical services in specialties such as orthopedics, pain management, gastroenterology, and ophthalmology, partnering with healthcare providers to enhance patient care and operational efficiency.
Bain Capital currently owns 39.3% of Surgery Partners. Other significant investors include Fidelity Investments, Wellington Management, and The Vanguard Group, each holding over 5% of the company’s shares.
Surgery Partners, which generates annual revenues of around USD 3.1 billion, has previously attracted acquisition interest, including from TPG and UnitedHealth Group, although no deal was finalized. Bain’s offer follows a recent review of the company’s strategic direction, which included exploring various transaction options that ultimately did not move forward.
Deal 4: Scorpion Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 2.50 billion.
Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc.
Eli Lilly, a global pharmaceutical leader, is acquiring Scorpion Therapeutics, a biotechnology firm focused on developing small molecule precision oncology therapies, for USD 2.5 billion in cash. This acquisition will enhance Lilly’s oncology portfolio and further its commitment to advancing cancer treatments.
Scorpion’s primary development, STX-478, is a mutant-selective PI3Kα inhibitor designed for oral, once-daily administration. It is currently being tested in Phase 1/2 trials for breast cancer and other advanced solid tumors. The drug selectively targets mutant PI3Kα pathways in cancer cells, while sparing healthy cells, addressing a key limitation of existing treatments. This targeted approach aims to improve disease control and patient tolerability by offering more effective inhibition of the pathway.
As part of the agreement, Scorpion will form a new independent entity to hold its employees and non-PI3Kα assets. The new company will remain owned by Scorpion’s current shareholders, with Lilly holding a minority stake.
The deal is contingent on standard closing conditions, with Citi serving as Lilly’s exclusive financial advisor. Scorpion’s financial advisory team includes Centerview Partners LLC as the lead advisor and Morgan Stanley providing additional support.
Deal 5: Hellenic Healthcare Group (Greece) was acquired by Pure Health Holding PJSC (United Arab Emirates) for USD 2.30 billion.
Pure Health Holding PJSC to Acquire Hellenic Healthcare Group
PureHealth Group, the largest healthcare provider in the Middle East, has reached an agreement to acquire a 60% stake in Hellenic Healthcare Group (HHG) from CVC Capital Partners for EUR 2.2 billion (USD 2.3 billion). This move is a key element of PureHealth’s broader strategy to expand its global footprint, diversify its revenue streams, and improve operational efficiencies.
HHG has established itself as a prominent healthcare provider in Greece and Cyprus, operating 10 hospitals and 16 diagnostic centers with over 1,600 beds. The group serves approximately 1.4 million patients annually, supported by more than 6,700 healthcare professionals. HHG offers a comprehensive range of medical specialties, including oncology, cardiology, neurosurgery, and IVF treatments.
Currently, HHG is majority-owned by CVC Capital Partners, holding 90%, with the remaining 10% held by CEO Dimitris Spyridis. Following the acquisition, PureHealth will take a 60% stake in HHG, while CVC will retain 35%, and Spyridis will maintain a 5% share. This collaboration combines the strengths, expertise, and global networks of PureHealth, CVC, and HHG, creating new opportunities for operational excellence and growth within the healthcare sector.
The transaction is subject to regulatory approvals and customary closing conditions.
February
Health Care
Deal 1: Purification & Filtration Business of Solventum Corporation (United States) was acquired by Thermo Fisher Scientific Inc. (United States) for USD 4.10 billion.
Thermo Fisher Scientific Inc. to Acquire Purification & Filtration Business of Solventum Corporation
Thermo Fisher Scientific, a global provider of scientific research and laboratory solutions, has announced the acquisition of Solventum’s Purification & Filtration business for approximately USD 4.1 billion in cash. The deal will strengthen Thermo Fisher’s bioprocessing portfolio by integrating advanced purification and filtration technologies.
Solventum’s Purification & Filtration business delivers essential purification and filtration solutions used in biologics manufacturing, medical technology, and industrial applications. With operations across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, the business employs approximately 2,500 people and generated around USD 1 billion in revenue in 2024.
The acquisition expands Thermo Fisher’s bioproduction capabilities, which include cell culture media, single-use technologies, purification systems, and analytical tools for biologics, cell therapy, and gene therapy manufacturing. Integrating Solventum’s filtration expertise will enhance Thermo Fisher’s end-to-end biomanufacturing processes.
Following the acquisition, the business is projected to achieve mid- to high-single-digit organic growth, with Thermo Fisher leveraging its PPI Business System to drive efficiency, margin expansion, and operational synergies.
The transaction is anticipated to close by the end of 2025, after which Solventum’s Purification & Filtration business will be integrated into Thermo Fisher’s Life Sciences Solutions segment. Wells Fargo is acting as Thermo Fisher’s exclusive financial advisor.
Deal 2: Mitsubishi Tanabe Pharma Corporation (Japan) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.30 billion.
Bain Capital Private Equity, LP to Acquire Mitsubishi Tanabe Pharma Corporation
Japanese pharmaceutical company Mitsubishi Tanabe Pharma is set to be acquired by U.S. private equity firm Bain Capital for USD 3.3 billion (JPY 510 billion), capitalizing on the significant growth potential of Japan’s healthcare sector.
Mitsubishi Tanabe Pharma specializes in therapeutic areas such as immunology, inflammation, vaccines, diabetes, and central nervous system and metabolic diseases. With a global workforce of over 5,000 employees, the company operates subsidiaries in Europe, the U.S., Korea, and other regions. As an independent entity, Mitsubishi Tanabe Pharma will continue its legacy of medical innovation, seeking new growth opportunities through business development, licensing, enhanced R&D productivity, commercialization, and strategic acquisitions.
Bain Capital’s extensive resources and healthcare expertise will provide Mitsubishi Tanabe Pharma with the support needed to accelerate growth. Japan’s life sciences sector presents ample opportunities, especially with government initiatives to streamline the development and approval of innovative medicines. Bain’s healthcare platform has a strong history of driving innovation and growth for pharmaceutical companies worldwide.
This acquisition enables Mitsubishi Tanabe Pharma to benefit from Bain’s clinical insights and support in creating a scalable platform, focusing on long-term drug development to address unmet medical needs and bring transformative treatments to patients in Japan and around the world.
The transaction is expected to be completed in the third quarter of 2025. Mitsubishi UFJ Morgan Stanley Securities and BofA Securities are serving as financial advisors to Bain Capital.
Deal 3: Anthos Therapeutics, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 3.08 billion.
Novartis AG to Acquire Anthos Therapeutics, Inc.
Swiss pharmaceutical company Novartis has announced the acquisition of Boston-based Anthos Therapeutics in a deal valued at up to USD 3.08 billion. The agreement includes an initial payment of USD 925 million, with the remaining USD 2.15 billion dependent on regulatory and commercial milestones.
Central to the deal is abelacimab, a monoclonal antibody designed to inhibit Factor XI, a key pathway in blood clot formation. The therapy is being developed for stroke prevention in patients with atrial fibrillation and cancer-associated thrombosis. Originally licensed from Novartis, abelacimab has shown a lower bleeding risk compared to standard anticoagulants in Phase II trials. It is currently undergoing three Phase III trials to further assess its efficacy. Anthos, founded in 2019 through a collaboration between Novartis and Blackstone Life Sciences, has been leading the drug’s development.
This acquisition aligns with Novartis’ strategy to expand its presence in cardiovascular medicine, reinforcing its expertise in the field.
The deal is expected to be finalized in the first half of 2025, pending customary regulatory approvals.
Deal 4: PRISM Vision Group (United States) was acquired by McKesson Corporation (United States) for USD 0.85 billion.
McKesson Corporation to Acquire PRISM Vision Group
McKesson Corporation, a diversified U.S. healthcare company, is strengthening its specialty care business with the acquisition of an 80% stake in PRISM Vision for USD 850 million. The deal enhances McKesson’s position in ophthalmology and retina care, a rapidly growing segment within specialty healthcare.
PRISM Vision is a leading provider of general ophthalmology and retina management services, with a network of over 180 providers, 91 office locations, and seven ambulatory surgery centers.
For PRISM Vision, McKesson’s investment will enhance its data and analytics capabilities, drive innovation in clinical research, and strengthen collaborations with biopharmaceutical companies.
Following the acquisition, PRISM Vision Holdings will be integrated into McKesson’s U.S. Pharmaceutical segment, with PRISM Vision physicians retaining a 20% ownership stake in the company.
Deal 5: Vascular Intervention business of BIOTRONIK SE & Co. KG (Germany) was acquired by Teleflex Incorporated (United States) for USD 0.79 billion.
Teleflex Incorporated to Acquire Vascular Intervention business of BIOTRONIK SE & Co. KG
Global medical technology company Teleflex has agreed to acquire Biotronik’s Vascular Intervention business for USD 791 million, expanding its presence in interventional cardiology and peripheral vascular markets.
The acquisition adds a wide range of vascular intervention devices to Teleflex’s Interventional portfolio, including drug-coated balloons, drug-eluting stents, covered stents, balloon and self-expanding bare metal stents, and balloon catheters.
Integrating these products will strengthen Teleflex’s position in the peripheral intervention market while complementing its complex percutaneous coronary intervention (PCI) platform. The combined portfolio is also expected to improve salesforce capabilities and diversify therapeutic offerings by incorporating Biotronik’s vascular intervention devices.
Additionally, the acquisition supports further investment in clinical trials for Freesolve, Biotronik’s sirolimus-eluting Resorbable Metallic Scaffold (RMS) technology. Approved in CE-mark-accepting countries for treating de novo coronary artery lesions, Freesolve provides temporary scaffolding with targeted drug delivery, aligning with the industry’s move toward reducing permanent implants in coronary and endovascular procedures.
The transaction is expected to close by the end of the third quarter of 2025.
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: Intra-Cellular Therapies, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 14.60 billion.
Johnson & Johnson to Acquire Intra-Cellular Therapies, Inc.
Johnson & Johnson (J&J) is expanding its neuroscience portfolio with the acquisition of Intra-Cellular Therapies in a transformative transaction valued at USD 14.6 billion (USD 132 per share). This marks J&J’s most significant deal in over two years, underscoring its commitment to advancing treatments in mental health and neurological conditions.
Intra-Cellular Therapies is a biopharmaceutical company focused on creating groundbreaking treatments for neuropsychiatric and neurological conditions. Utilizing a proprietary science platform, the company targets unmet medical needs in disorders such as schizophrenia, bipolar disorder, and major depressive disorder.
Through this acquisition, J&J will gain access to lumateperone, marketed as Caplyta, a novel treatment for schizophrenia and bipolar depression that generated USD 175 million in revenue during last year’s third quarter, driven by a 38% rise in total prescriptions. The deal also includes ITI-1284, a promising Phase 2 candidate being studied for generalized anxiety disorder and Alzheimer’s-related psychosis and agitation, alongside a pipeline of clinical-stage assets that complement J&J’s focus on neuroscience innovation.
The transaction is expected to close later this year. Citi is acting as J&J’s financial advisor, with Centerview Partners LLC and Jefferies advising Intra-Cellular Therapies.
Deal 2: Scorpion Therapeutics, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 2.50 billion.
Eli Lilly and Company to Acquire Scorpion Therapeutics, Inc.
Eli Lilly, a global pharmaceutical leader, is acquiring Scorpion Therapeutics, a biotechnology firm focused on developing small molecule precision oncology therapies, for USD 2.5 billion in cash. This acquisition will enhance Lilly’s oncology portfolio and further its commitment to advancing cancer treatments.
Scorpion’s primary development, STX-478, is a mutant-selective PI3Kα inhibitor designed for oral, once-daily administration. It is currently being tested in Phase 1/2 trials for breast cancer and other advanced solid tumors. The drug selectively targets mutant PI3Kα pathways in cancer cells, while sparing healthy cells, addressing a key limitation of existing treatments. This targeted approach aims to improve disease control and patient tolerability by offering more effective inhibition of the pathway.
As part of the agreement, Scorpion will form a new independent entity to hold its employees and non-PI3Kα assets. The new company will remain owned by Scorpion’s current shareholders, with Lilly holding a minority stake.
The deal is contingent on standard closing conditions, with Citi serving as Lilly’s exclusive financial advisor. Scorpion’s financial advisory team includes Centerview Partners LLC as the lead advisor and Morgan Stanley providing additional support.
Deal 3: IDRX, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.15 billion.
GSK plc to Acquire IDRX, Inc.
Multinational pharmaceutical firm GSK plc is strengthening its gastrointestinal (GI) cancer portfolio with the acquisition of IDRx, a US-based biopharmaceutical company focused on precision therapies for gastrointestinal stromal tumors (GIST). The USD 1.15 billion all-cash deal includes an upfront payment of USD 1 billion, with an additional USD 150 million contingent on regulatory milestones.
The acquisition brings IDRX-42, a selective KIT tyrosine kinase inhibitor (TKI) designed for first- and second-line treatment of GIST. GIST, a rare cancer of the digestive system, is primarily driven by KIT gene mutations, with approximately 120,000 cases diagnosed globally each year. Unlike existing TKIs, IDRX-42 is designed to target a broader range of clinically relevant primary and secondary KIT mutations, addressing a key limitation in current treatment options.
This deal aligns with GSK’s broader oncology strategy, following its recent agreement to secure an exclusive option to license Duality Biologics’ DB-1324, a preclinical antibody-drug conjugate developed using the Duality Immune Toxin Antibody Conjugate platform for a GI cancer target.
The acquisition remains subject to customary closing conditions. Centerview Partners LLC is serving as exclusive financial advisor to IDRx, while Leerink Partners LLC is advising GSK.
Deal 4: Evergreen Theragnostics, Inc. (United States) was acquired by Lantheus Holdings, Inc. (United States) for USD 1.00 billion.
Lantheus Holdings, Inc. to Acquire Evergreen Theragnostics, Inc.
New Jersey-based Evergreen Theragnostics is being acquired by Lantheus Holdings in an all-cash deal valued at approximately USD 1 billion. The transaction includes an initial payment of USD 250 million, with the potential for up to USD 752.5 million in milestone-based payments.
Evergreen Theragnostics is a clinical-stage radiopharmaceutical company focused on contract development and manufacturing (CDMO) services, as well as the discovery and commercialization of proprietary radiopharmaceuticals. Through this acquisition, Lantheus will gain OCTEVY, a registrational-stage diagnostic imaging agent for neuroendocrine tumors. This addition complements Lantheus’ existing pipeline, including PNT2003, a generic version of lutetium Lu 177 dotatate (Lutathera), designed for treating somatostatin receptor (SSTR)-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
By integrating Evergreen’s capabilities, Lantheus will enhance its position as a fully integrated radiopharmaceutical company. The acquisition strengthens its manufacturing and development infrastructure, enabling the company to support the rising demand for radiopharmaceuticals. Additionally, Evergreen’s expertise in handling a variety of diagnostic and therapeutic isotopes will bolster Lantheus’ ability to navigate the complexities of radiopharmaceutical production.
The transaction is expected to close in the second half of 2025. Lantheus received financial advisory services from Solomon Partners Securities, LLC, while Centerview Partners LLC advised Evergreen.
Deal 5: Life Molecular Imaging Limited (United Kingdom) was acquired by Lantheus Holdings, Inc. (United States) for USD 0.75 billion.
Lantheus Holdings, Inc. to Acquire Life Molecular Imaging Limited
Lantheus has agreed to acquire Life Molecular Imaging (LMI), a subsidiary of Life Healthcare Group, for up to USD 750 million. LMI is known for developing PET radiopharmaceuticals for imaging Alzheimer’s disease (AD) and other chronic conditions.
This acquisition is expected to significantly bolster Lantheus’ growth prospects and establish a commercial Alzheimer’s disease franchise with the addition of Neuraceq (florbetaben F18 injection), an approved F-18 radioactive diagnostic agent for PET brain imaging. Neuraceq helps estimate β-amyloid neuritic plaque density in adults with cognitive impairment, aiding in the evaluation of AD and other causes of cognitive decline. It also plays a key role in confirming patient eligibility for new AD therapies. Additionally, Life Molecular brings valuable R&D expertise, a strong commercial infrastructure, and a global presence, all of which Lantheus intends to leverage to fast-track the development and commercialization of its combined pipeline.
The acquisition follows Lantheus’ June 2024 purchase of global rights to LMI’s theranostic pair, 177Lu-DOTA-RM2 and 68Ga-DOTA-RM2, which target the gastrin-releasing peptide receptor (GRPR) for treating cancers such as prostate and breast cancer. This addition strengthens Lantheus’ oncology pipeline and opens new potential areas for growth.
The transaction remains subject to customary closing conditions and is anticipated to be finalized in the second half of 2025. RMB served as the financial advisor to Life Healthcare, while Morgan Stanley acted as the financial advisor to Lantheus in this deal.
February
Pharmaceutical and Biotechnology
Deal 1: Purification & Filtration Business of Solventum Corporation (United States) was acquired by Thermo Fisher Scientific Inc. (United States) for USD 4.10 billion.
Thermo Fisher Scientific Inc. to Acquire Purification & Filtration Business of Solventum Corporation
Thermo Fisher Scientific, a global provider of scientific research and laboratory solutions, has announced the acquisition of Solventum’s Purification & Filtration business for approximately USD 4.1 billion in cash. The deal will strengthen Thermo Fisher’s bioprocessing portfolio by integrating advanced purification and filtration technologies.
Solventum’s Purification & Filtration business delivers essential purification and filtration solutions used in biologics manufacturing, medical technology, and industrial applications. With operations across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, the business employs approximately 2,500 people and generated around USD 1 billion in revenue in 2024.
The acquisition expands Thermo Fisher’s bioproduction capabilities, which include cell culture media, single-use technologies, purification systems, and analytical tools for biologics, cell therapy, and gene therapy manufacturing. Integrating Solventum’s filtration expertise will enhance Thermo Fisher’s end-to-end biomanufacturing processes.
Following the acquisition, the business is projected to achieve mid- to high-single-digit organic growth, with Thermo Fisher leveraging its PPI Business System to drive efficiency, margin expansion, and operational synergies.
The transaction is anticipated to close by the end of 2025, after which Solventum’s Purification & Filtration business will be integrated into Thermo Fisher’s Life Sciences Solutions segment. Wells Fargo is acting as Thermo Fisher’s exclusive financial advisor.
Deal 2: Mitsubishi Tanabe Pharma Corporation (Japan) was acquired by Bain Capital Private Equity, LP (United States) for USD 3.30 billion.
Bain Capital Private Equity, LP to Acquire Mitsubishi Tanabe Pharma Corporation
Japanese pharmaceutical company Mitsubishi Tanabe Pharma is set to be acquired by U.S. private equity firm Bain Capital for USD 3.3 billion (JPY 510 billion), capitalizing on the significant growth potential of Japan’s healthcare sector.
Mitsubishi Tanabe Pharma specializes in therapeutic areas such as immunology, inflammation, vaccines, diabetes, and central nervous system and metabolic diseases. With a global workforce of over 5,000 employees, the company operates subsidiaries in Europe, the U.S., Korea, and other regions. As an independent entity, Mitsubishi Tanabe Pharma will continue its legacy of medical innovation, seeking new growth opportunities through business development, licensing, enhanced R&D productivity, commercialization, and strategic acquisitions.
Bain Capital’s extensive resources and healthcare expertise will provide Mitsubishi Tanabe Pharma with the support needed to accelerate growth. Japan’s life sciences sector presents ample opportunities, especially with government initiatives to streamline the development and approval of innovative medicines. Bain’s healthcare platform has a strong history of driving innovation and growth for pharmaceutical companies worldwide.
This acquisition enables Mitsubishi Tanabe Pharma to benefit from Bain’s clinical insights and support in creating a scalable platform, focusing on long-term drug development to address unmet medical needs and bring transformative treatments to patients in Japan and around the world.
The transaction is expected to be completed in the third quarter of 2025. Mitsubishi UFJ Morgan Stanley Securities and BofA Securities are serving as financial advisors to Bain Capital.
Deal 3: Anthos Therapeutics, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 3.08 billion.
Novartis AG to Acquire Anthos Therapeutics, Inc.
Swiss pharmaceutical company Novartis has announced the acquisition of Boston-based Anthos Therapeutics in a deal valued at up to USD 3.08 billion. The agreement includes an initial payment of USD 925 million, with the remaining USD 2.15 billion dependent on regulatory and commercial milestones.
Central to the deal is abelacimab, a monoclonal antibody designed to inhibit Factor XI, a key pathway in blood clot formation. The therapy is being developed for stroke prevention in patients with atrial fibrillation and cancer-associated thrombosis. Originally licensed from Novartis, abelacimab has shown a lower bleeding risk compared to standard anticoagulants in Phase II trials. It is currently undergoing three Phase III trials to further assess its efficacy. Anthos, founded in 2019 through a collaboration between Novartis and Blackstone Life Sciences, has been leading the drug’s development.
This acquisition aligns with Novartis’ strategy to expand its presence in cardiovascular medicine, reinforcing its expertise in the field.
The deal is expected to be finalized in the first half of 2025, pending customary regulatory approvals.
Deal 4: Helix Acquisition Corp. II (Cayman Islands) was acquired by TheRas, Inc. (United States) for USD 0.46 billion.
TheRas, Inc. (dba BridgeBio) to Acquire Helix Acquisition Corp. II
BridgeBio Oncology Therapeutics is set to go public through a merger with SPAC Helix Acquisition Corp. II in a transaction valued at USD 456 million.
The deal comprises USD 196 million from Helix’s trust account and an additional USD 260 million raised through a private investment in public equity (PIPE) led by Cormorant Asset Management.
BridgeBio Oncology Therapeutics (BBOT), originally a subsidiary of BridgeBio Pharma, is a clinical-stage biopharmaceutical company developing targeted small molecule therapies for RAS- and PI3Kα-driven cancers—two of the most common oncogenic drivers in human tumors. With a focus on precision oncology, BBOT aims to advance treatment options for patients with RAS-dependent malignancies.
Its pipeline includes three drug candidates: BBO-8520, BBO-10203, and BBO-11818, with development supported by PIPE investors. BBO-8520, a KRASG12C inhibitor, is undergoing Phase I trials for KRASG12C-mutant non-small cell lung cancer. BBO-10203, designed to disrupt the RAS-PI3Kα interaction, is also in early-stage trials. The first dose of BBO-11818, a pan-KRAS inhibitor, is expected to be administered in the first half of 2025.
Upon completion of the merger, the newly formed entity will operate as BridgeBio Oncology Therapeutics and trade on Nasdaq under the ticker symbol BBOT, with a projected pro forma equity value of approximately USD 949 million.
The transaction is expected to be finalized in the third quarter of 2025. Leerink Partners acted as the lead capital markets advisor to Helix, while Piper Sandler provided advisory services to BBOT.
Deal 5: Mayne Pharma Group Limited (Australia) was acquired by Cosette Pharmaceuticals, Inc. (United States) for USD 0.43 billion.
Cosette Pharmaceuticals, Inc. to Acquire Mayne Pharma Group Limited
Cosette Pharmaceuticals, a U.S.-based pharmaceutical company specializing in women’s health and dermatology, is acquiring Australia’s Mayne Pharma Group for USD 430 million. The acquisition strengthens Cosette’s position in these therapeutic areas while expanding its commercial and operational footprint.
Mayne Pharma is an Australian specialty pharmaceutical company focused on developing and commercializing branded and generic drugs, particularly in women’s health and dermatology. With a 40-year history, the company provides drug development, manufacturing, and analytical testing services. It operates in the U.S. from its Raleigh, North Carolina, headquarters, supplying a broad range of pharmaceutical products across multiple therapeutic segments.
The acquisition bolsters Cosette’s portfolio in women’s health and dermatology, enhances its manufacturing and commercial infrastructure, and introduces a pipeline of patent-protected products with sustained growth potential. Upon completion, Cosette will market 12 patent-protected products, including Vyleesi, Intrarosa, Nextstellis, Annovera, Bijuva, Imvexxy, and Rhofade, along with several pipeline programs in clinical development.
The combined company will operate two advanced manufacturing facilities, one in Lincolnton, U.S., and another in Salisbury, Australia, to support global distribution.
The transaction is expected to close in the second quarter of 2025. Cosette is receiving financial advisory support from Santander US Capital Markets LLC and UBS Investment Bank, while Mayne Pharma is advised by Jefferies Australia.
M&A Activity in the Energy and Power Industry
Covering both renewable and non-renewable sources, the top global M&A deals in this industry list include companies involved in power generation, energy infrastructure, and the global pursuit of sustainable energy solutions.
January
Energy and Power
Deal 1: Calpine Corporation (United States) was acquired by Constellation Energy Corporation (United States) for USD 16.40 billion.
Constellation Energy Corporation to Acquire Calpine Corporation
Constellation Energy, a major US clean energy company, has announced a USD 16.4 billion cash-and-stock acquisition of Calpine Corporation, a leading provider of natural gas and geothermal power, marking one of the largest transactions in the country’s energy sector.
The deal includes 50 million shares of Constellation stock, USD 4.5 billion in cash, and the assumption of USD 12.7 billion in Calpine’s net debt. Adjusted for expected cash generation and tax attributes, the net purchase price is USD 26.6 billion.
Constellation, the nation’s largest producer of emissions-free electricity, will expand its portfolio by incorporating Calpine’s significant low-emission natural gas and geothermal assets, including the largest geothermal operations in the U.S. The merger will create a leading retail electricity supplier, serving 2.5 million customers with enhanced energy solutions and sustainability offerings.
The combined entity will boast nearly 60 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage. It will also strengthen its presence across the U.S., particularly in high-demand markets such as Texas, California, and New York, with Texas identified as a key growth region for electricity consumption.
This transaction is projected to deliver substantial financial benefits, with adjusted (non-GAAP) earnings per share (EPS) expected to increase by over 20% in 2026 and at least USD 2 per share annually thereafter. Additionally, the combined company is anticipated to generate more than USD 2 billion in annual free cash flow.
The deal is expected to close within a year, pending regulatory approvals. Lazard and J.P. Morgan Securities LLC are advising Constellation, while Calpine is receiving financial counsel from Evercore, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Barclays US.
Deal 2: AEP Ohio Transmission Company, Inc. / AEP Indiana Michigan Transmission Company, Inc. (United States) was acquired by KKR & Co. Inc. (United States), and Public Sector Pension Investment Board (Canada) for USD 2.82 billion.
KKR & Co. Inc.; Public Sector Pension Investment Board to Acquire AEP Ohio Transmission Company, Inc. / AEP Indiana Michigan Transmission Company, Inc.
Investment firm KKR and Canada’s largest pension fund, PSP Investments, have teamed up to acquire a 19.9% equity stake in American Electric Power’s (AEP) transmission companies in Ohio, Indiana, and Michigan for USD 2.82 billion.
The partnership will enable KKR and PSP to acquire a stake in AEP’s transmission networks across Ohio, Indiana, and Michigan. This investment will bolster the utility’s ability to meet growing customer demand and improve grid reliability. The two firms have formed a 50/50 strategic partnership to pursue the deal.
AEP will maintain majority ownership and continue operating both transmission networks. Serving 5.6 million retail and wholesale customers across 11 states, AEP identifies Ohio, Indiana, and Michigan as some of its fastest-growing regions, driven by robust manufacturing industries and new sources of demand. The transaction aligns with AEP’s five-year capital investment plan aimed at benefiting its customers.
Moelis & Company and Morgan Stanley acted as financial advisors to KKR and PSP Investments.
Deal 3: Vale S.A. (Brazil) was acquired by An Undisclosed Buyer for USD 1.50 billion.
An Undisclosed Buyer Acquired 4.05% stake in Vale S.A.
Brazilian conglomerate Cosan has divested its 4.05% stake in Vale S.A., a leading global mining company, for about USD 1.5 billion. This strategic move is designed to strengthen Cosan’s capital structure and reduce its debt.
Vale, a major Brazilian multinational, is recognized as one of the world’s top producers of iron ore and nickel. In addition, the company produces copper, coal, and fertilizers, and operates vital logistics services, including railways and ports. Vale plays a crucial role in supplying raw materials for industries such as steel production and renewable energy.
Cosan initially acquired a 4.9% stake in Vale in 2022, but the decision to sell comes as Brazil’s high-interest rate environment presents financial challenges for the conglomerate. The sale allows Cosan to reduce its debt by approximately 40%. The identity of the buyer has not been disclosed.
This transaction marks a significant turning point for Cosan, as it aims to realign its priorities with core operations while improving its financial position.
Deal 4: Greenko Energy Holdings (India) was acquired by AM Green Power B.V. (Netherlands) for USD 1.46 billion.
AM Green Power B.V. to Acquire Greenko Energy Holdings
Orix Corp. is selling its entire 20% stake in Greenko Energy, one of India’s leading clean energy producers, to AM Green Power BV, a Netherlands-based firm owned by Greenko’s founders, in a transaction valued at USD 1.46 billion.
Greenko Energy, a prominent force in India’s renewable energy sector, manages an installed capacity of 7.3 GW across wind, solar, and hydroelectric projects. As one of the country’s largest independent power producers, Greenko is committed to sustainability and advancing India’s transition to clean energy. The company’s portfolio is backed by significant investments, with Singapore’s sovereign wealth fund, GIC Pte., holding the majority stake at 58%. Greenko is also at the forefront of innovations in energy storage and smart grid technologies.
AM Green Power focuses on the development and management of sustainable energy solutions, spanning both onshore and offshore projects. Its mission is to promote environmental sustainability and support the global decarbonization of energy systems. This acquisition strengthens AM Green Power’s position within the renewable energy space, aligning with its long-term vision.
For Orix, this sale is part of its capital recycling approach, enabling reinvestment into next-generation energy sectors, including the emerging green molecule market.
The transaction is slated for completion by the end of March 2025. Greenko’s founders are securing an USD 800 million loan to fund the purchase, with Barclays Plc and Deutsche Bank AG facilitating the arrangement.
Deal 5: Maverick Natural Resources, LLC (United States) was acquired by Diversified Gas & Oil Corporation (United States) for USD 1.28 billion.
Diversified Gas & Oil Corporation to Acquire Maverick Natural Resources, LLC
Diversified Energy has agreed to acquire Maverick Natural Resources for approximately USD 1.28 billion, including debt, expanding its presence in the oil and gas-rich Permian Basin.
Maverick, a portfolio company of EIG, is an oil and natural gas operator with a strong foothold in Texas and Oklahoma, focusing on exploration, development, and production in key North American oil regions, including the Permian.
The combined entity, valued at USD 3.8 billion, will operate in five regions—Appalachia, Western Anadarko, Permian, Barnett, and Ark-La-Tex—producing approximately 1.2 billion cubic feet per day (bcf/d) of natural gas equivalent.
This acquisition strengthens Diversified’s asset portfolio, boosts liquids production, and positions the combined company for long-term cash flow generation and higher cash margins. It further supports Diversified’s strategy of leveraging joint venture partnerships and maximizing development opportunities across its extensive undeveloped acreage in high-return basins.
The deal is expected to close in the first half of 2025, with EIG holding a 20% stake in the combined company. Citi is serving as the financial and transaction advisor to Diversified, with Truist and Stifel providing additional advisory services. Jefferies Securities is advising Maverick and EIG.
February
Energy and Power
Deal 1: Innergex Renewable Energy Inc. (Canada) was acquired by Caisse de dépôt et placement du Québec (Canada) for USD 7.00 billion.
Caisse de dépôt et placement du Québec to Acquire Innergex Renewable Energy Inc.
Caisse de dépôt et placement du Québec (CDPQ), Canada’s pension fund manager, has announced plans to acquire Innergex Renewable Energy Inc. in a deal worth CAD 10 billion (USD 7 billion).
Innergex is a renewable energy producer involved in the development, ownership, and operation of hydroelectric, wind, solar, and energy storage facilities. Its portfolio includes 90 active sites with a combined net installed capacity of 3.7 GW, comprising 42 hydroelectric plants, 36 wind farms, nine solar farms, and three battery storage facilities. The company also has a stake in 17 projects under development, totaling 945 MW in net capacity (1,577 MW gross), with operations spanning Canada, the U.S., France, and Chile.
The acquisition aligns with CDPQ’s dual mandate of generating long-term returns while supporting key Québec-based enterprises. As a long-time investor in Innergex since 1995, CDPQ intends to syndicate up to 20% of its stake to attract additional investors.
The transaction, reinforcing Innergex’s role in the energy transition, is expected to close in the fourth quarter. BMO Capital Markets and CIBC Capital Markets are advising Innergex, while TD Securities and Moelis & Company LLC are serving as financial advisors to CDPQ.
Deal 2: Rhodes Ridge iron ore project in Australia (Australia) was acquired by Mitsui & Co., Ltd. (Japan) for USD 5.34 billion.
Mitsui & Co., Ltd. to Acquire Rhodes Ridge iron ore project in Australia
Japan’s Mitsui & Co. has agreed to acquire a 40% stake in the Rhodes Ridge iron ore project in Australia, operated by Rio Tinto, for USD 5.34 billion. The acquisition is expected to strengthen Mitsui’s iron ore production capacity and reinforce its long-term earnings.
The deal involves two transactions: Mitsui will purchase a 25% stake from VOC Group and a 15% stake from AMB Holdings, both joint-venture partners of Rio Tinto in Australia. Following the transaction, AMB will retain a 10% interest, while Rio Tinto will continue holding 50%.
Located in Western Australia’s Pilbara region, Rhodes Ridge is one of the world’s largest undeveloped iron ore deposits, containing 6.8 billion tons of Mineral Resources. Mitsui has been involved in the region’s iron ore sector since the 1960s. Production is expected to commence by 2030, with Rio Tinto overseeing the project’s development and operations.
Mitsui’s annual equity share of production from Rhodes Ridge is projected to reach approximately 16 million tons in the initial stage, eventually exceeding 40 million tons as the project expands. In FY March 2024, Mitsui’s equity share of iron ore production stood at 61 million tons, and the addition of Rhodes Ridge will further bolster its long-term earnings. The iron ore extracted will be blended with Rio Tinto’s supply and exported to Asian markets, including Japan, aligning with Mitsui’s Medium-term Management Plan 2026, which prioritizes Industrial Business Solutions.
With crude steel production expected to grow, particularly in India and Southeast Asia, Mitsui anticipates sustained long-term demand for iron ore due to its essential role in high-quality steel manufacturing.
The completion of both transactions is subject to regulatory approvals and other closing conditions.
Deal 3: Subsea 7 S.A. (Luxembourg) was acquired by Saipem SpA (Italy) for USD 4.63 billion.
Saipem SpA to Acquire Subsea 7 S.A.
Saipem and Subsea7 are merging in a USD 4.63 billion deal to form a new entity, Saipem7, combining their expertise in engineering and construction for the energy and infrastructure sectors.
The newly formed company will operate through four divisions: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructure, and Offshore Drilling. The Offshore Engineering & Construction segment, branded as Subsea7 – a Saipem7 Company, will function as an independent business, integrating Subsea7’s operations with Saipem’s asset-based services. This segment will contribute approximately 83% of the combined group’s EBITDA for the 12 months ending September 30, 2024.
With a presence in over 60 countries, Saipem7 will benefit from complementary strengths in geographic reach, technology, and fleet capabilities, serving a diverse global client base. The combined workforce will exceed 45,000 employees, including more than 9,000 engineers and project managers.
The merger is projected to deliver annual synergies of approximately EUR 300 million by the third year after completion, driving value for shareholders. The transaction is expected to be finalized in the second half of 2026, with Saipem7’s shares to be listed on the Milan and Oslo stock exchanges. Ownership of the new entity will be evenly split between Saipem and Subsea7 shareholders.
Goldman Sachs International is acting as Saipem’s lead financial advisor, with Deutsche Bank AG also providing advisory services. Subsea7 is being advised by Kirk Lovegrove & Company Limited and Deloitte LLP.
Deal 4: DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC (United States) was acquired by Diamondback Energy, Inc. (United States) for USD 4.08 billion.
Diamondback Energy, Inc. to Acquire DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC
Texas-based oil and natural gas company Diamondback Energy is strengthening its position in the Permian Basin with a USD 4.08 billion cash-and-stock acquisition of Double Eagle IV’s subsidiaries.
Double Eagle IV has built a strong portfolio of high-quality drilling locations across the Midland Basin’s core. The acquisition includes 40,000 net acres in this prime area, with an expected production capacity of 27,000 barrels of oil per day (bopd). The assets feature 407 drilling locations adjacent to Diamondback’s existing operations, expanding its inventory with capital-efficient opportunities. Additionally, overlapping acreage is expected to enhance operational efficiencies by enabling longer lateral well extensions and optimizing infrastructure.
The agreement also outlines an accelerated development strategy for Diamondback’s noncore acreage in the southern Midland Basin. This initiative is projected to enhance net asset value and drive free cash flow growth starting in 2026.
The transaction is expected to close by April 1, 2025. TPH&Co. is advising Diamondback, while RBC Capital Markets, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are serving as financial advisors to Double Eagle.
Deal 5: Ayana Renewable Power Private Limited (India) was acquired by Ongc NTPC Green Private Limited (India) for USD 2.30 billion.
Ongc NTPC Green Private Limited to Acquire Ayana Renewable Power Private Limited
ONGC NTPC Green (ONGPL), a 50:50 joint venture between India’s state-owned majors ONGC and NTPC, has announced its acquisition of Ayana Renewable Power for USD 2.3 billion (INR 195 billion), marking one of the largest deals in India’s clean energy sector.
Ayana, a key player in renewable energy, boasts approximately 4.1 GW of operational and under-construction assets, along with a development pipeline of around 1 GW. Its diverse portfolio includes solar, wind, and round-the-clock (RTC) projects, strategically located in resource-abundant regions. The company’s contracts with reputable off-takers, including SECI, NTPC, GUVNL, and Indian Railways, further bolster its position in the market.
This acquisition represents a significant step for ONGPL, being its first strategic move since its inception in November 2024. It positions ONGPL to accelerate its expansion into the renewable energy market, aligning with the sustainability goals of its parent companies, ONGC and NTPC, which aim for Net Zero by 2038 and 2050, respectively. The transaction also contributes to India’s broader renewable energy ambitions, including reaching 500 GW of capacity by 2030 and achieving net-zero emissions by 2070.
ONGC, JSW Neo Energy, and Sembcorp were among the contenders for Ayana, with ONGC ultimately outbidding JSW Neo Energy and partnering with NTPC for the acquisition.
The deal is contingent on fulfilling regulatory requirements and other closing conditions. Deloitte Touche Tohmatsu India acted as the financial advisor for ONGPL.
M&A Activity in the Chemicals Industry
The top global M&A deals included in this industry list includes companies producing chemicals for various applications, from industrial manufacturing to consumer products, highlighting the sector’s role in global manufacturing and technological advancement.
January
Chemicals
Deal 1: Zangge Mining Company Limited (China) was acquired by Zijin International Holdings Co., Ltd. (China) for USD 1.87 billion.
Zijin International Holdings Co., Ltd. to Acquire Zangge Mining Company Limited
Zijin Mining Group, a major Chinese mining corporation, is set to acquire a 24.8% stake in Zangge Mining, a producer of lithium and potash, for USD 1.87 billion. This move is part of Zijin’s strategy to expand its presence in the lithium market.
Renowned for its expertise in extracting gold, copper, and other precious metals, Zijin would gain controlling rights in Zangge, which operates in the mineral-rich Qinghai region. Additionally, the deal would enable Zijin to further consolidate its stake in the Julong copper project in Tibet, a joint venture with Zangge.
This acquisition is in line with Zijin’s broader strategy to enhance its position in battery metals, especially copper and lithium, as demand for materials used in electric vehicle (EV) batteries continues to rise. Recently, Zijin has significantly bolstered its lithium portfolio, acquiring key assets such as Canada’s Neo Lithium, which is focused on mining operations in Argentina.
Deal 2: Phosphate asset in Patos de Minas, Brazil (Brazil) was acquired by Fosfatados Centro SPE Ltda (Brazil) for USD 125.00 million.
Fosfatados Centro SPE Ltda to Acquire Phosphate asset in Patos de Minas, Brazil
Mosaic, a leading U.S. fertilizer producer, has agreed to sell its phosphate mining unit in Patos de Minas, Brazil, to Fosfatados Centro for USD 125 million in cash.
Mosaic’s South American operations span 26 sites across Brazil, Paraguay, and Peru, encompassing both potash and phosphate facilities. The sale aligns with the company’s strategy to streamline its portfolio by divesting non-core assets and reallocating capital toward higher-return investments. As the world’s fourth-largest potash producer, Mosaic views this transaction as part of a broader initiative to enhance operational efficiency and strengthen its core business.
For Fosfatados Centro, the acquisition strengthens its phosphate supply capabilities within Brazil’s fertilizer market and aligns with the National Fertilizer Plan, a government initiative aimed at expanding domestic fertilizer production and reducing reliance on imports.
Upon completion of the deal, Fosfatados Centro will take over the Patos de Minas mine and tailings management. The transaction is subject to regulatory approvals, including clearance from the Brazilian Administrative Council for Economic Defense (CADE), along with other customary closing conditions.
Deal 3: Valiant Co.,Ltd (China) was acquired by Sinopec Capital Co., Ltd. (China) for USD 84.00 million.
Sinopec Capital Co., Ltd. to Acquire Valiant Co.,Ltd
Sinopec Capital is acquiring a 5% stake in Valiant Co. for USD 83.97 million, reinforcing its commitment to investing in innovative technologies within the energy and materials sectors.
Valiant Co., a Chinese company specializing in advanced materials, has developed technology for over 10,000 compounds, with more than 3,000 products, including materials for exhaust purification, flue gas denitrification, VOC adsorption, and organic solar cells. The company aims to become a global leader in chemical materials through innovation and sustainability.
Sinopec Capital, the private equity arm of China Petrochemical Corporation (Sinopec Group), specializes in investments in emerging technologies, particularly in sectors like new energy, green products, new materials, big data, and artificial intelligence. This acquisition supports its strategy to advance sustainable energy and material innovations.
Deal 4: Heraeus' Photovoltaic silver paste business in China and Singapore (China and Singapore) was acquired by Haitian Water Group Co.,Ltd. (China) for USD 68.60 million.
Haitian Water Group Co.,Ltd. to Acquire Heraeus' Photovoltaic silver paste business in China and Singapore
China’s Haitian Water Group has agreed to acquire Heraeus’ Photovoltaic Silver Paste business in China and Singapore for USD 68.5 million (CNY 502 million). This business produces a key raw material essential for the metal electrodes in photovoltaic cells.
The deal includes Heraeus’ subsidiaries—Heraeus Photovoltaics (Shanghai), Heraeus Photovoltaic Technology (Shanghai), and Heraeus Photovoltaics Singapore—which will be integrated into a newly established entity, Haitian Photovoltaic Co., with an initial capital of CNY 400 million. The acquisition covers management teams, patented technologies, R&D platforms, customer networks, production lines, and supply chain systems.
Heraeus has established itself as one of the global leaders in supplying photovoltaic silver paste. This conductive paste significantly enhances the photoelectric conversion efficiency of solar cells and enables them to operate across a broad temperature range.
This acquisition positions Haitian Water Group to expand its presence in the solar materials market. The transaction is anticipated to close in the first half of this year.
Deal 5: Yunnan Yuntianhua Dawei Ammonia Co., Ltd. (China) was acquired by Yunnan Yuntianhua Co., Ltd. (China) for USD 19.30 million.
Yunnan Yuntianhua Co., Ltd. to Acquire Yunnan Yuntianhua Dawei Ammonia Co., Ltd.
Chinese chemicals firm Yunnan Yuntianhua is set to acquire the remaining 6.11% stake in Yunnan Yuntianhua Dawei Ammonia that it does not already own, for USD 19.32 million.
Dawei Ammonia is a major producer of ammonia, a critical raw material used in the manufacturing of fertilizers and various industrial products. The company predominantly provides ammonia for nitrogen-based fertilizers, supporting the agricultural sector as well as industries such as chemicals and petrochemicals. Dawei Ammonia focuses on enhancing production efficiency and safety, with an annual production capacity of 580,000 tons of synthetic ammonia and 430,000 tons of urea.
This transaction will improve Yunnan Yuntianhua’s control over operations, facilitate better resource integration, and increase profitability for its shareholders.
February
Chemicals
Deal 1: DSM-Firmenich AG | Novozymes Feed Enzymes Alliance (Switzerland) was acquired by Novonesis A/S (Denmark) for USD 1.55 billion.
Novonesis A/S to Acquire DSM-Firmenich AG | Novozymes Feed Enzymes Alliance
DSM-Firmenich has sold its 50% stake in the Feed Enzymes Alliance to its partner Novozymes, a biosolutions provider, for EUR 1.5 billion (USD 1.55 billion).
The Feed Enzymes Alliance is a strategic partnership between DSM-Firmenich and Novozymes, aiming to develop advanced feed enzyme solutions for the animal nutrition and biotechnology industries. This collaboration focuses on enhancing animal health, feed efficiency, and sustainability in both livestock and aquaculture.
By utilizing specialized enzymes, the alliance improves the breakdown of complex feed ingredients, facilitating better nutrient absorption and reducing waste in animal farming.
As global protein demand rises and land and water resources become scarcer, the need for innovative, sustainable solutions is growing. With its broader presence across the animal biosolutions value chain, Novozymes is better positioned to provide value-driven, sustainable solutions for its customers.
The transaction is expected to be finalized in 2025.
Deal 2: Brazilian decorative paints business of BASF SE (Brazil) was acquired by The Sherwin-Williams Company (United States) for USD 1.15 billion.
The Sherwin-Williams Company to Acquire Brazilian decorative paints business of BASF SE
Sherwin-Williams, a prominent US-based player in the paint and coatings industry, is broadening its market reach with the acquisition of BASF’s Brazilian decorative paints business for USD 1.15 billion in cash.
The business develops, manufactures, and markets a diverse range of products under the renowned Suvinil and Glasu! brands. These products cater to professional painters, designers, architects, contractors, and consumers across Brazil. Employing approximately 1,000 people, it operates two manufacturing facilities in Brazil’s Northeast and Southeast regions. In 2024, Suvinil reported sales of approximately USD 525 million.
The acquisition of Suvinil aligns with Sherwin-Williams’ strategy to accelerate growth in high-potential international markets. Suvinil holds a dominant position in the Brazilian paint market, recognized for its innovative offerings and extensive distribution network. This acquisition will not only strengthen Sherwin-Williams’ presence in the region but also create opportunities for enhanced sales and operational efficiencies.
As for BASF, the company plans to evaluate further strategic options for its remaining coatings activities, including automotive OEM coatings, refinish coatings, and surface treatment solutions.
The deal is expected to be finalized in the second half of 2025.
Deal 3: EPL Limited (India) was acquired by Indorama Ventures Public Company Limited (Thailand) for USD 220.00 million.
Indorama Ventures Public Company Limited to Acquire EPL Limited
Indorama Ventures, a global chemicals powerhouse, has entered into an agreement to acquire a 24.9% interest in specialty packaging firm EPL from Blackstone for USD 221 million.
EPL, the largest global producer of laminated tubes, operates 21 advanced facilities across 11 countries and employs over 3,500 staff. The company manufactures more than eight billion tubes annually and is recognized for its innovative, high-quality packaging products. EPL serves major global brands in sectors such as oral care, beauty, cosmetics, and pharmaceuticals.
This acquisition supports Indorama’s strategy to invest in businesses with strong growth prospects, both internationally and in key markets like India. Indorama’s partnership with EPL is expected to drive its expansion, particularly in markets like Thailand and Nigeria.
Following the deal, Blackstone will hold about 26.5% of EPL. The transaction is expected to close in the coming months, with Goldman Sachs acting as the exclusive financial advisor to Indorama Ventures and Morgan Stanley advising Blackstone.
Deal 4: Assets related to the industrial portion of Royal Purple business of Calumet, Inc. (United States) was acquired by Lubrication Engineers, Inc. (United States) for USD 110.00 million.
Lubrication Engineers, Inc. to Acquire Assets related to the industrial portion of Royal Purple business of Calumet, Inc.
Lubrication Engineers is acquiring the industrial assets of Royal Purple, a division of specialty products manufacturer Calumet, for USD 110 million. This acquisition enhances Lubrication Engineers’ presence in the industrial lubricants market and broadens its portfolio in specialty chemicals.
Royal Purple’s industrial product line includes synthetic lubricants, greases, and fluids, such as industrial gear lubricants, stationary natural gas engine oils, hydraulic lubricants, compressor oils, and BioMax bio-environmental lubricants. In 2024, Royal Purple’s industrial segment generated approximately USD 29 million in sales.
Following the acquisition, Lubrication Engineers will assume exclusive manufacturing and distribution rights for Royal Purple-branded industrial products, expanding its ability to provide advanced solutions across various industries. Calumet, meanwhile, will retain the consumer segment of Royal Purple and its associated manufacturing assets.
The deal is expected to close in the first half of 2025, with Moelis & Company LLC serving as the exclusive financial advisor to Calumet in the transaction.
Deal 5: Raw material division of BEWi ASA (Netherlands) was acquired by The Rock Capital Group S.A. (Luxembourg) for USD 80.00 million.
The Rock Capital Group S.A. to Acquire Raw material division of BEWi ASA
BEWI has reached an agreement with The Rock Capital Group (TRCG), the owner of Unipol Holland, to divest approximately 51% of its RAW segment, a leading European producer of polystyrene beads, for around USD 78 million.
This partnership will combine BEWI’s and TRCG’s raw material businesses, forming a prominent European producer of expanded polystyrene (EPS). The merged entity will operate four raw material facilities across Germany, Finland, and the Netherlands, with a total annual production capacity of 375,000 tonnes of EPS, including 30,000 tonnes of grey EPS and a substantial capability to produce recycled EPS. The new company plans to shift part of its production from white EPS to grey EPS in response to the increasing demand for this material.
The transaction will strengthen BEWI’s financial position by reducing its leverage and providing greater flexibility to focus on higher-margin growth areas. BEWI will retain a 49% stake and joint control of the newly formed entity.
The transaction is subject to the completion of closing conditions.
M&A Activity in the Artificial Intelligence (AI) Industry
Representing the forefront of technological innovation, the top global deals in this industry list includes companies developing AI and machine learning technologies, reshaping industries with intelligent solutions.
January
Artificial Intelligence (AI)
Deal 1: AnyVision Interactive Technologies Ltd. (Oosto) (United States) was acquired by Metropolis Technologies, Inc. (United States) for USD 125.00 million.
Metropolis Technologies, Inc. to Acquire AnyVision Interactive Technologies Ltd. (Oosto)
Metropolis, an AI-driven parking platform, has acquired Oosto (formerly AnyVision), a leading provider of AI-powered security and video analytics solutions, in a USD 125 million all-stock transaction.
Metropolis harnesses artificial intelligence and computer vision to facilitate checkout-free payment experiences across more than 4,000 locations, serving over 50 million customers and processing over USD 5 billion in payments annually.
Oosto has strategically invested in edge-to-cloud computing and multi-class Vision AI algorithms, driving significant growth into new sectors and applications, resulting in more than doubled revenue. Its innovation, Oosto Protect, launched in April 2024, introduces scalable, cost-effective solutions for remote management and behavior analysis within the security industry.
This acquisition allows Metropolis to integrate Oosto’s advanced technology to enhance efficiency, safety, and customer experiences across industries such as public safety, enterprise, retail, banking, healthcare, fitness, and critical infrastructure.
Both companies are focused on leveraging AI and data analytics to create smarter, safer, and more efficient environments across a range of sectors.
Deal 2: Aflorithmic Labs Limited (Audiostack) (United Kingdom) was acquired by Unknown Buyer for USD 0.50 million.
Unknown Buyer to Acquire Aflorithmic Labs Limited (Audiostack)
Australian AI company Unith has announced the sale of a portion of its stake in Audiostack for USD 0.5 million, enhancing its financial position to fuel ongoing growth and development initiatives. The buyer’s identity has not been disclosed.
Audiostack is a pioneer in offering a fully automated, scalable AI-driven audio production platform. Its technology enables the efficient creation of high-quality audio assets, including voiceovers, dynamic creatives, and brand voice synthesis, all powered by advanced AI. The platform’s capabilities significantly shorten production time, allowing studio-quality audio to be produced in hours or even minutes instead of days. Audiostack’s notable clients include McDonald’s, Porsche, Mountain Dew, and top agencies like Omnicom and Publicis, as well as prominent publishers such as Acast and iHeart.
Following the sale, Unith will retain a stake in Audiostack valued at approximately USD 1.54 million. Despite this partial divestment, Unith maintains a close relationship with Audiostack, continuing its partnership as an AI technology provider for the DigitalHuman platform and its voice library.
Deal 3: Legal Files Software, Inc. (United States) was acquired by Onit, Inc. (United States) for an undisclosed amount.
Onit, Inc. to Acquire Legal Files Software, Inc.
Onit, a global leader in AI-driven workflow automation solutions for the legal sector, has acquired Legal Files Software for an undisclosed amount. This acquisition extends Onit’s market-leading legal software into the insurance and government sectors, further diversifying its portfolio.
For over 30 years, Legal Files Software has been a trusted provider of legal case and matter management solutions, serving over 500 clients. Its highly customizable platform is designed to address the varied needs of teams managing complex legal functions across industries.
This acquisition enhances Onit’s expertise in workflow automation, combining its capabilities with Legal Files’ established reputation as a trusted provider of case management solutions for both private and public sector clients. For Legal Files, integrating with Onit’s innovative AI technology will empower clients to meet emerging challenges and foster continued growth.
Deal 4: Kind Humanoid, Inc. (United States) was acquired by 1X Technologies AS (Norway) for an undisclosed amount.
1X Technologies AS to Acquire Kind Humanoid, Inc.
Norwegian AI and robotics company 1X has acquired Kind Humanoid, a US-based robotics startup, to further its efforts in developing household robots. The financial details of the acquisition were not disclosed.
Kind Humanoid is known for creating Mona, a bipedal robot designed to interact with and assist people in everyday scenarios. The robot combines a bio-inspired body with advanced AI and large language models. Building on its Olympia prototype, Kind’s goal was to develop robots with general-purpose capabilities, as opposed to those trained for specific tasks.
This acquisition brings together two teams of robotics experts united by a shared vision to advance humanoid technology. Kind Humanoid’s expertise and culture align with 1X’s mission to create abundant labor through safe and intelligent humanoid robots. This development marks a significant milestone in the field of humanoid robotics. Last year, 1X secured USD 100 million in Series B funding from investors like Tiger Global and OpenAI, reflecting the company’s consistent progress in the field.
Deal 5: MajorBoost, Inc. (United States) was acquired by Superbill, Inc. (SuperDial) (United States) for an undisclosed amount.
Alianza, Inc. to Acquire Metaswitch Networks Ltd.5. Superbill, Inc. (SuperDial) to Acquire MajorBoost, Inc.
SuperDial, a voice AI company, is expanding its offerings through the acquisition of MajorBoost, a firm specializing in conversational AI to automate phone interactions with healthcare organizations. The financial details of the transaction remain undisclosed.
MajorBoost has created an AI-powered solution that simplifies the process of holding and navigating insurance companies’ Interactive Voice Response (IVR) systems. This acquisition enhances SuperDial’s current strengths in automated dialing, IVR handling, and collecting information from live representatives.
Integrating MajorBoost’s technology enables SuperDial to better address the increasing demand for automation in healthcare, where AI is playing an essential role in reducing administrative workload. This acquisition allows healthcare organizations to improve efficiency by automating phone interactions and alleviating one of the sector’s most time-consuming tasks.
SuperDial has built strong partnerships with leading billing firms and healthcare providers. Given both companies’ shared expertise in Revenue Cycle Management (RCM), this acquisition aligns with SuperDial’s strategic growth.
Looking ahead, SuperDial remains committed to meeting the evolving needs of its clients in a more automated healthcare landscape. The company plans to continue investing in AI-driven solutions to enhance RCM and other operational functions, enabling healthcare organizations to reduce costs and improve efficiency.
February
Artificial Intelligence (AI)
Deal 1: Khazna Data Center Limited (United Arab Emirates) was acquired by Group 42 Holding Ltd (United Arab Emirates) for USD 2.20 billion.
Group 42 Holding Ltd to Acquire Khazna Data Center Limited
UAE telecom giant e& is divesting its 40% stake in Khazna Data Centers to AI firm G42 for USD 2.2 billion. The sale aligns with e&’s asset monetization strategy, enabling it to concentrate on core operations while maximizing shareholder value.
E& and G42 initially merged their data center businesses in 2022 to form Khazna, now a key provider of wholesale data center solutions in the Middle East. Khazna specializes in secure, scalable, and energy-efficient infrastructure, supporting digital transformation and cloud computing for enterprises, hyperscalers, and government clients. With a focus on sustainability and innovation, the company delivers advanced colocation services across its expanding network of data centers.
Despite exiting its ownership stake, e& will remain a strategic partner and major tenant of Khazna, collaborating on AI-driven connectivity and next-generation digital infrastructure solutions.
Separately, MGX and Silver Lake will become minority investors, joining G42, which will retain a majority stake.
The transaction is expected to close by the end of the first quarter, with proceeds earmarked for debt reduction, enhancing e&’s financial flexibility and credit profile.
Deal 2: AdCreative.ai SAS (France) was acquired by Appier Group, Inc. (Taiwan) for USD 38.70 million.
Appier Group, Inc. to Acquire AdCreative.ai SAS
Appier has acquired Paris-based AI startup AdCreative.ai for USD 38.7 million in a strategic move to enhance its generative AI capabilities in advertising and marketing.
The deal expands Appier’s market presence and advances digital advertising innovation.
AdCreative.ai’s AI-powered platform, which generates high-performance ad creatives, banners, and social media content, serves major brands such as Snapchat, Pernod Ricard, Reckitt, BNP Paribas, and Chopard. By combining AI with advertising expertise, it streamlines campaign creation for greater efficiency and impact.
Appier has a strong foundation in AI and machine learning for consumer data analysis and personalized marketing. With its leadership in APAC and growing presence in the US, combined with AdCreative.ai’s European market position, the acquisition strengthens Appier’s AI ecosystem, driving the global expansion of its ROI-focused marketing solutions.
The transaction is expected to close in March.
Deal 3: OpenAI, L.L.C. (United States) was acquired by an undisclosed buyer for USD 8.40 million.
Undisclosed buyer to Acquire OpenAI, L.L.C.
Al Moammar Information Systems Co. (MIS) has sold its entire stake in OpenAI, a US-based AI research organization, for USD 8.4 million, realizing a USD 3.4 million profit on its initial USD 5 million investment.
OpenAI, known for creating the generative AI chatbot ChatGPT, was the focus of MIS’s investment in January 2024. At that time, MIS allocated USD 5 million as part of a broader USD 10.7 million portfolio aimed at expanding its presence in the burgeoning AI sector.
This divestment reflects MIS’s strategy to capitalize on favorable market conditions, resulting in a 68% return on investment.
The buyer has not been disclosed.
Deal 4: Agnostiq Inc. (Canada) was acquired by DataRobot, Inc. (United States) for an undisclosed amount.
DataRobot, Inc. to Acquire Agnostiq Inc.
DataRobot, a prominent provider of AI applications and platforms for businesses, has acquired Agnostiq, further advancing the development of agentic AI applications through enhanced compute orchestration and optimization. The financial terms of the deal were not disclosed.
Agnostiq is known for its innovative platform, Covalent, which streamlines AI infrastructure management and compute orchestration. Covalent empowers organizations to scale AI deployments effortlessly, optimize infrastructure usage for cost efficiency, and accelerate AI development through simplified infrastructure abstraction. With over 140,000 downloads, Covalent is trusted by leading teams and organizations worldwide.
This acquisition will fast-track agentic AI development by introducing advanced heterogeneous compute orchestration, accelerating AI deployment. Clients will gain the ability to deploy, scale, and manage AI workloads across multi-cloud, on-premises, and hybrid environments.
The acquisition will also allow customers to orchestrate resources across clusters such as run:ai, Slurm, Nomad, and Kubernetes, dynamically allocating and scaling infrastructure to match business requirements while ensuring optimal cost performance.
With this integration, AI teams are empowered to efficiently manage and develop agentic AI across various compute environments, driving impactful business results.
Deal 5: Accern Corporation (United States) was acquired by Wand Synthesis AI, Inc. (United States) for an undisclosed amount.
Wand Synthesis AI, Inc. to Acquire Accern Corporation
Accern, recognized as a Forbes 30 Under 30 company, has been acquired by WandAi for an undisclosed amount.
Accern Corp is a pioneer in AI-based data analytics, specializing in the financial services sector. The company’s platform uses natural language processing (NLP) and machine learning to extract valuable insights from unstructured data, including news articles, financial reports, and social media. This enables organizations, particularly in finance, to make data-driven decisions by analyzing both current and past information. Accern’s technology also tracks over 300 million websites in real-time to collect news about publicly traded companies.
Throughout its development, Accern has forged strategic partnerships with major players like Mizuho Bank and Capgemini.
Wand AI, which focuses on developing AI agents to automate business functions, has acquired Accern. As part of the acquisition, ten members of Accern’s technology and data science teams will join Wand’s existing team of around 70 employees.
This acquisition enhances Wand AI’s capabilities by combining its automation technology with Accern’s data analysis strengths, allowing the company to offer more advanced AI solutions and deliver greater value across various industries.
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