M&A News: Global M&A Deals Week of Jan 27 to Feb 2, 2025

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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 January 27 to February 2, the global mergers and acquisitions (M&A) market recorded 505 announced deals totaling USD 24.65 billion. Of these, ten transactions surpassed the USD 500 million mark, contributing a combined deal value of USD 15.52 billion—accounting for 63% of the total deal value for the period.

A notable deal of the week was Bain Capital’s USD 3.2 billion acquisition of Surgery Partners. As a major operator of surgical facilities and ancillary services, Surgery Partners provides outpatient procedures across multiple specialties, employing over 12,000 people and collaborating with 4,600 affiliated physicians. Bain, which already owns a 39% stake, reaffirmed its confidence in Surgery Partners’ long-term growth with this bid. The offer followed a strategic review that involved multiple financial and strategic parties but did not result in an alternative transaction. Bain Capital stated that its proposal offers shareholders immediate liquidity at a premium valuation, though no binding agreement has been reached, leaving room for competing bids.

 

Compared to the previous week, deal volume declined by 11%, falling from 570 to 505 transactions, while total deal value dropped 15% from USD 28.86 billion to USD 24.65 billion.

Top 5 M&A Deals for the Week

Here are the top 5 M&A Deals for the week of  Jan 27 to Feb 2, 2025 in detail:

 

Deal No. 1: Bain Capital Private Equity, LP to Acquire Surgery Partners, Inc. for USD 3.20 Billion

 

Deal No. 2: Aquarion Water Authority to Acquire Aquarion Water Company, Inc. for USD 2.40 Billion

 

Deal No. 3: Pure Health Holding PJSC to Acquire Hellenic Healthcare Group for USD 2.30 Billion

 

Deal No. 4: American Axle & Manufacturing Holdings, Inc. to Acquire Dowlais Group plc for USD 1.44 Billion

 

Deal No. 5: Diversified Gas & Oil Corporation to Acquire Maverick Natural Resources, LLC for USD 1.28 Billion

Deal No. 1:
Bain Capital Private Equity, LP to Acquire Surgery Partners, Inc. for USD 3.20 Billion

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 No. 2:
Aquarion Water Authority to Acquire Aquarion Water Company, Inc. for USD 2.40 Billion

Utility firm Eversource is selling Aquarion Water Company to the newly established Aquarion Water Authority (AWA) in Connecticut for USD 2.4 billion, comprising USD 1.6 billion in cash and USD 800 million in net debt.

 

Aquarion, headquartered in Bridgeport, provides water and wastewater services to nearly 250,000 customers across Connecticut, Massachusetts, and New Hampshire. Since Eversource’s acquisition of Aquarion in 2017, the company has expanded by approximately 30,000 customers through strategic acquisitions, including New England Service Company (2021), The Torrington Water Company (2022), and the Pinehills Water System (2023). Additionally, Aquarion acquired the municipal water and wastewater systems of New Hartford (2023) and Ansonia (2024) in Connecticut.

 

The newly formed AWA will work alongside the South Central Connecticut Regional Water Authority (RWA) to further enhance the region’s water supply strategy, drawing on RWA’s 45 years of expertise, regulatory experience, and operational stability.

 

For Eversource, the sale will provide funds to reduce debt and reinvest in its primary electric and natural gas operations. The transaction is anticipated to close by late 2025.

Deal No. 3:
Pure Health Holding PJSC to Acquire Hellenic Healthcare Group for USD 2.30 Billion

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.

Deal No. 4:
American Axle & Manufacturing Holdings, Inc. to Acquire Dowlais Group plc for USD 1.44 Billion

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 No. 5:
Diversified Gas & Oil Corporation to Acquire Maverick Natural Resources, LLC for USD 1.28 Billion

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.

This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of Jan 27 to Feb 2, 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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