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M&A News: Global M&A Deals Week of June 23 to 29, 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.
From June 23 to June 29, the global mergers and acquisitions (M&A) landscape saw 677 announced deals with a total value of USD 41.47 billion. Of these, 17 deals surpassed the USD 500 million mark, amounting to USD 30.58 billion and accounting for 74% of the week’s total deal value.
The largest transaction during this period is the USD 8 billion bid for PDV Holding, the parent company of CITGO Petroleum, submitted by a consortium known as Black Lion Citgo Group LLC. The offer comes amid a prolonged legal battle over control of CITGO, the seventh-largest oil refiner in the United States. CITGO operates refineries in Louisiana, Texas, and Illinois, producing gasoline, diesel, and jet fuel, and also supplies industrial lubricants through a national network of pipelines, storage terminals, and branded fuel stations. The auction is part of a process intended to repay up to 15 creditors related to Venezuela’s debt defaults and asset expropriations. Black Lion’s bid exceeds the stalking horse offer and all other publicly disclosed topping bids to date, and it is backed by committed institutional funding with documented capacity exceeding USD 12 billion.
Compared to the previous week, deal volume rose by 12%, increasing from 605 to 677 transactions. However, total deal value declined by 26%, falling from USD 55.89 billion to USD 41.47 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of June 23 to 29, 2025 in detail:
Deal No. 1: A consortium led by Black Lion Capital Advisors to Acquire PDV Holding, Inc. (Citgo) for USD 8.00 Billion
Deal No. 2: Casa Del Fuego Family Office & Trust LLC Acquired Digital Global Systems, Inc. for USD 5.00 Billion
Deal No. 3: Xero Limited to Acquire Melio Payments Inc. for USD 3.00 Billion
Deal No. 4: Scape Australia Management Pty Ltd; National Pension Service to Acquire Aveo Group Limited for USD 2.50 Billion
Deal No. 5: C&S Wholesale Grocers, LLC to Acquire SpartanNash Company for USD 1.77 Billion
Deal No. 1:
A consortium led by Black Lion Capital Advisors to Acquire PDV Holding, Inc. (Citgo) for USD 8.00 Billion
Black Lion Citgo Group, a consortium led by Black Lion Capital Advisors, has submitted an offer of USD 8 billion to acquire the parent company of CITGO Petroleum Corporation through a court-supervised auction of shares. The proposed bid significantly exceeds the current stalking horse offer of USD 3.7 billion from Red Tree Investments.
CITGO Petroleum Corporation, based in Houston, Texas, provides refining, transportation, and marketing services for fuels, lubricants, and petrochemical products across the United States. The company operates large-scale refineries that produce gasoline, diesel, jet fuel, and other petroleum-based products. It also supplies a range of specialized lubricants and industrial solutions used in the automotive, manufacturing, and energy industries. CITGO’s distribution infrastructure includes pipelines, storage terminals, and an extensive network of branded fuel stations serving both wholesale and retail markets.
The bidding group also includes Quazar Investment, Anex Management, and Fortress Management. If completed, the transaction would mark the largest sale of U.S. refining assets to date, encompassing CITGO’s refineries in Lake Charles, Louisiana, and Corpus Christi, Texas.
The auction is part of a long-running court process intended to compensate creditors following Venezuela’s debt defaults and the expropriation of assets. The first round of bidding, held last year, failed to meet the expectations of many claimants. A court officer is expected to recommend a winning bidder by July 2, with a final hearing scheduled for August 18.
Deal No. 2:
Casa Del Fuego Family Office & Trust LLC Acquired Digital Global Systems, Inc. for USD 5.00 Billion
Casa del Fuego Family Office and Trust has acquired Digital Global Systems Inc. (DGS), a Virginia-based technology company specializing in AI-powered spectrum optimization and real-time RF analytics, in an all-stock transaction valued at USD 5 billion.
DGS develops advanced solutions for dynamic spectrum management, interference detection, and drone threat monitoring, serving industries such as telecommunications, defense, and public safety. As of September 2024, the company’s patent portfolio—comprising 361 issued and allowed patents with an additional 124 pending—was independently valued at approximately USD 2 billion.
The acquisition aims to accelerate the rollout of next-generation wireless infrastructure across government, commercial, and civilian sectors. Backed by Casa del Fuego’s global resources and strategic support, DGS is positioned to advance its mission of transforming wireless communications through intelligent, AI-driven RF awareness. The company remains committed to enabling self-optimizing, autonomous networks powered by its proprietary technology.
Following the 100% stock acquisition, DGS will continue operating independently as a wholly owned subsidiary. Its executive leadership team will stay in place, supported by a long-term incentive plan aligned with innovation, growth, and sustained value creation.
Deal No. 3:
Xero Limited to Acquire Melio Payments Inc. for USD 3.00 Billion
New Zealand-based software company Xero has agreed to acquire Melio, a U.S.-based B2B payments platform, in a deal valued at up to USD 3 billion. The transaction includes an upfront payment of USD 2.5 billion, with an additional USD 500 million in potential earn-out payments over three years.
Melio offers a digital platform that enables small and medium-sized businesses to manage accounts payable and receivable more efficiently. It currently serves over 80,000 U.S. SMBs and accounting firms with solutions for accounts payable, receivable, and cash flow management. The platform allows users to pay bills via bank transfers, credit cards, or checks—even if vendors are not Melio users—and integrates with major accounting software, including QuickBooks and Xero. By automating payment workflows and enhancing cash flow visibility, Melio has become a valuable tool for SMBs managing their finances.
The acquisition strengthens Xero’s U.S. presence and product capabilities by combining accounting and payments in a single, integrated solution. This addresses a major need among U.S. small businesses, with roughly 78% indicating that integrated accounting and payment tools are essential. The U.S. SMB payments market, estimated at USD 29 billion, presents a significant growth opportunity for Xero as it seeks to expand its footprint in North America.
Xero also plans to maintain and invest in Melio’s payments offering as a standalone product, leveraging its go-to-market capabilities to support and grow Melio’s existing customer base.
The transaction is expected to close within six months, subject to customary regulatory approvals and closing conditions. Following the acquisition, Melio CEO and founder Matan Bar will lead the combined U.S. business and report directly to the Xero CEO.
Xero to acquire Melio, a leading US SMB bill pay solution, to accelerate global growth
New Zealand’s Xero to buy US fintech Melio for up to $3 billion | Reuters
Xero to acquire Melio: A payments game-changer for small businesses across the US | Xero Blog Xero to acquire B2B payments platform Melio in $2.5bn deal
Deal No. 4:
Scape Australia Management Pty Ltd; National Pension Service to Acquire Aveo Group Limited for USD 2.50 Billion
Australia’s student housing specialist Scape, in partnership with South Korea’s National Pension Service (NPS), is acquiring senior living operator Aveo Group Ltd. from Brookfield Asset Management for AUD 3.85 billion (USD 2.5 billion).
Aveo manages a 3.4 million square metre portfolio comprising over 10,000 units across 65 retirement villages, with more than 3,000 additional units in the pipeline. Its presence spans several states, including Queensland, New South Wales, Victoria, South Australia, and Tasmania. The company supports over 10,000 residents through a mix of independent living, assisted care, and aged care options. Acquired by Brookfield in 2019, Aveo is recognized for its modern infrastructure, flexible contract models, and resident-focused living environments. It ranks as Australia’s second-largest retirement village operator, holding a 4% market share.
The acquisition will be made through The Living Company, a newly launched platform by Scape that will combine its student accommodation, Build-to-Rent, and retirement living businesses under a single brand. This strategic move marks Scape’s formal entry into the senior living sector and signals its intent to build a diversified portfolio across multiple housing segments.
For NPS, this transaction represents its second investment with Scape in less than a year, reinforcing their growing partnership. The deal positions The Living Company to benefit from long-term structural trends—such as Australia’s ageing population and increasing demand for high-quality senior living—providing a strong foundation for future growth.
Deal No. 5:
C&S Wholesale Grocers, LLC to Acquire SpartanNash Company for USD 1.77 Billion
C&S Wholesale Grocers, a major U.S. provider of wholesale grocery supply and supply chain solutions, has agreed to acquire SpartanNash in a transaction valued at USD 1.77 billion, including debt.
SpartanNash operates through two core divisions: food distribution and retail grocery. It supplies a broad range of food products and private-label items to independent retailers, national grocery chains, military commissaries, and e-commerce businesses. In addition, the company runs nearly 200 retail supermarkets under brands such as Family Fare, Martin’s, and D&W Fresh Market, supported by an extensive distribution network.
The combined entity will operate nearly 60 distribution centers across the United States and serve approximately 10,000 independent retail locations, along with more than 200 corporate-owned grocery stores. The merger aims to enhance supply chain efficiency and reduce costs, helping lower prices for consumers. Given the grocery industry’s tight average profit margin of 1.6%, the deal is expected to strengthen operational scale and deliver improved value across food and household categories.
The transaction is anticipated to close in late 2025. Solomon Partners is acting as the exclusive financial advisor to C&S, while BofA Securities, Inc. is advising SpartanNash.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of June 23 to 29, 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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