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M&A News: Global M&A Deals Week of Feb 10 to 16, 2025
- IMAA
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The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
During the week of February 10 to February 16, the global mergers and acquisitions (M&A) market recorded 590 deals with a total value of USD 25.66 billion. Of these, 14 transactions each surpassed USD 500 million, making up 83% of the overall deal value for the week, which amounted to USD 20.50 billion.
The largest deal of the week was Novartis’ acquisition of Anthos Therapeutics for USD 3.1 billion. This move aligns with Novartis’ strategy to strengthen its position in the cardiovascular sector. Anthos Therapeutics’ flagship product, Abelacimab, is an antibody treatment targeting patients at risk of blood clots, including those with atrial fibrillation—a common heart rhythm disorder—and cancer patients with blood clots. Abelacimab outperformed existing treatments in mid-stage trials and is undergoing three late-stage trials. It is part of a new class of factor XI inhibitors, which are being explored as potential alternatives to established anticoagulants, such as Eliquis (Bristol Myers-Squibb/Pfizer) and Xarelto (Johnson & Johnson/Bayer), both of which are top-selling drugs.
When compared to the previous week, the number of deals fell by 9%, from 645 to 590, and the total deal value dropped by 23%, from USD 33.31 billion to USD 25.66 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of Feb 10 to 16, 2025 in detail:
Deal No. 1: Novartis AG to Acquire Anthos Therapeutics, Inc. for USD 3.10 Billion
Deal No. 2: Columbus McKinnon Corporation to Acquire Kito Crosby Limited for USD 2.70 Billion
Deal No. 3: Hyatt Holdings Corp. to Acquire Playa Hotels & Resorts N.V. for USD 2.60 Billion
Deal No. 4: TE Connectivity Corporation to Acquire Richards Manufacturing, Inc. for USD 2.30 Billion
Deal No. 5: ONGC NTPC Green Private Limited to Acquire Ayana Renewable Power Private Limited for USD 2.30 Billion
Deal No. 1:
Novartis AG to Acquire Anthos Therapeutics, Inc. for USD 3.10 Billion
Swiss pharmaceutical company Novartis has announced the acquisition of Boston-based Anthos Therapeutics in a deal valued at up to USD 3.1 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 No. 2:
Columbus McKinnon Corporation to Acquire Kito Crosby Limited for USD 2.70 Billion
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 No. 3:
Hyatt Holdings Corp. to Acquire Playa Hotels & Resorts N.V. for USD 2.60 Billion
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 No. 4:
TE Connectivity Corporation to Acquire Richards Manufacturing, Inc. for USD 2.30 Billion
TE Connectivity, an Ireland-based industrial technology company, is strengthening its position in the rapidly expanding energy sector with the acquisition of Richards Manufacturing, a leading U.S. manufacturer of electrical and gas distribution products for utility and commercial markets. The all-cash deal is valued at USD 2.3 billion.
Richards Manufacturing is recognized for its leadership in underground distribution equipment, particularly in medium voltage cold-shrink cable accessories and network protector products. The company has built a reputation as a top-tier provider of utility grid solutions, experiencing consistent double-digit revenue growth in recent years. Richards serves a broad array of clients, including utilities, industrial sectors, and commercial markets, delivering critical products that ensure the safe and efficient distribution of electricity and gas.
Specializing in connectivity and sensor solutions across diverse industries, including energy, TE Connectivity sees this acquisition as a strategic move to capitalize on North America’s accelerating grid replacement and modernization efforts. These upgrades are driven by aging infrastructure, the need for enhanced network resilience, and the growing demand for energy.
Once the transaction is finalized, Richards Manufacturing will be integrated into TE’s Industrial Solutions segment, with expected annual sales contributions of around USD 400 million and EBITDA margins in the mid-30% range.
The deal is expected to close by the end of TE’s fiscal third quarter, ending in June 2025. Goldman Sachs is acting as TE’s financial advisor, while Lincoln International is advising Richards Manufacturing on the transaction.
Deal No. 5:
ONGC NTPC Green Private Limited to Acquire Ayana Renewable Power Private Limited for USD 2.30 Billion
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.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of Feb 10 to 16, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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