- M&A News
M&A News: Global M&A Deals Week of June 30 to July 6, 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 30 to July 6, the global mergers and acquisitions (M&A) market saw 623 announced deals totaling USD 43.64 billion in value. Among these, 17 transactions exceeded USD 500 million each, collectively contributing USD 36.44 billion—or 84%— of the week’s total deal value.
The week’s standout transaction was Athora’s acquisition of Pension Insurance Corporation Group (PICG) for approximately USD 7.78 billion. This marks the first time in PICG’s 20-year history that it will be owned by a single strategic shareholder. Under the deal, Pension Insurance Corporation (PIC), a key subsidiary of PICG, will serve as Athora’s UK insurance platform while retaining the PIC brand. The combined group will oversee more than EUR 130 billion in assets and support over 3 million pensioners across Europe. Following the acquisition, PIC will account for 45% of Athora’s total assets under management and administration, becoming the group’s largest and fastest-growing business.
On a week-over-week basis, deal volume declined by 8%, from 677 to 623 transactions. However, overall deal value rose by more than 5%, increasing from USD 41.47 billion to USD 43.64 billion, signaling continued strength in high-value transactions despite a dip in total activity.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of June 30 to July 6, 2025 in detail:
Deal No. 1: Athora Holding Ltd. to Acquire Pension Insurance Corporation Group Limited for USD 7.78 Billion
Deal No. 2: SRS Distribution Inc. to Acquire GMS Inc. for USD 5.50 Billion
Deal No. 3: Santander UK plc to Acquire TSB Banking Group plc for USD 3.61 Billion
Deal No. 4: Intralot S.A. Integrated Lottery Systems and Services Service to Acquire International Interactive business of Bally’s Corporation for USD 3.18 Billion21111111
Deal No. 5: AbbVie Inc. to Acquire Capstan Therapeutics, Inc. for USD 2.10 Billion
Deal No. 1:
Athora Holding Ltd. to Acquire Pension Insurance Corporation Group Limited for USD 7.78 Billion
Athora, a pan-European provider of savings and retirement solutions, has agreed to acquire Pension Insurance Corporation Group (PICG), a UK-based specialist in defined benefit pension insurance, for GBP 5.7 billion (USD 7.78 billion).
Established in 2006, Pension Insurance Corporation (PIC) offers bulk annuity solutions that safeguard the long-term benefits of defined benefit pension scheme members. It manages GBP 50.9 billion in assets, supporting the pensions of around 400,000 individuals, with approximately GBP 30 billion invested in the UK.
The acquisition will mark Athora’s entry into the UK insurance market and position PIC as its largest and fastest-growing business unit. Following completion, PIC will continue to operate under its established name and branding. The combined group will manage over EUR 130 billion in assets, significantly expanding Athora’s footprint, which already includes operations in Belgium, the Netherlands, Germany, and Italy.
PIC will account for 45% of Athora’s total assets under management and administration and is expected to benefit from enhanced access to long-term capital and Athora’s asset origination capabilities. The transaction is anticipated to close in early 2026, subject to regulatory approvals.
Deal No. 2:
SRS Distribution Inc. to Acquire GMS Inc. for USD 5.50 Billion
SRS Distribution, the specialty trade distribution arm of The Home Depot, is set to acquire GMS Inc. in a transaction valued at USD 5.5 billion, including debt. The deal follows Home Depot’s successful bid over QXO for the roofing products distributor.
This move is part of Home Depot’s broader strategy to deepen its presence in the professional contractor (Pro) segment by expanding its capabilities to support both large-scale construction and smaller renovation projects. The acquisition of SRS in 2024 marked a significant step in this direction, giving Home Depot a foothold in specialty trade areas such as roofing, landscaping, and pool supplies.
Building on this foundation, SRS is now acquiring GMS, a major distributor of specialty building materials like drywall, ceilings, and steel framing. The addition of GMS introduces a complementary product portfolio and customer base while expanding SRS’s operations into an adjacent market segment. The combined business will operate across more than 1,200 locations in the U.S. and Canada and manage a fleet of over 8,000 trucks, significantly boosting delivery capacity to job sites nationwide.
The transaction is expected to close by the end of fiscal 2025 and contribute to adjusted earnings per share within the first year, excluding potential synergies. BofA Securities and J.P. Morgan Securities LLC advised The Home Depot, while Jefferies LLC served as financial advisor to GMS.
Deal No. 3:
Santander UK plc to Acquire TSB Banking Group plc for USD 3.61 Billion
Santander UK plc has agreed to acquire TSB Banking Group from Banco Sabadell for GBP 2.65 billion (USD 3.61 billion) in cash, strengthening its position in one of its key markets. The transaction is set to enhance Santander’s scale and competitiveness in the UK’s retail and commercial banking landscape.
TSB is a well-established UK bank serving around 5 million customers, primarily across personal and small business segments. With a national footprint of 175 branches and a growing digital platform, TSB holds approximately GBP 34 billion in mortgage loans—representing about 2% of the UK market—and GBP 35 billion in customer deposits.
Following the acquisition, Santander UK will become the third-largest provider of personal current accounts and the fourth-largest mortgage lender in the UK. The combined business will serve nearly 28 million customers, expanding Santander’s reach and reinforcing its multi-channel banking model. TSB customers will also benefit from access to Santander’s global network and digital capabilities.
Santander expects the integration to drive meaningful efficiencies and enhance long-term profitability by consolidating operations under a more scalable and digitally advanced model.
The deal is anticipated to close in the first quarter of 2026.
Deal No. 4:
Intralot S.A. Integrated Lottery Systems and Services Service to Acquire International Interactive business of Bally’s Corporation for USD 3.18 Billion
Greek gaming company Intralot is acquiring Bally’s International Interactive business, the digital gaming division of Bally’s Corporation, in a cash and stock deal valued at EUR 2.7 billion (USD 3.18 billion).
Bally’s International Interactive business operates across regulated markets in the UK, Europe, and North America, offering a broad range of online casino products, including slots, bingo, poker, and live dealer games. The acquisition strengthens Intralot’s position as a digital gaming operator and lottery technology provider, expanding its presence in key growth markets.
The combined entity is set to benefit from strong momentum in both iGaming and lottery, with the global total addressable market projected to reach USD 187 billion by 2029, supported by compound annual growth rates of 14% and 5%, respectively. Intralot’s stable B2B lottery operations, coupled with Bally’s established B2C presence—particularly in the UK—create opportunities for cross-segment expansion.
By integrating Intralot’s LotosX and PlayerX platforms with Bally’s Vitruvian analytics system, the group aims to enhance customer engagement, data-driven marketing, and overall platform performance. Financially, it expects to generate EUR 1.1 billion in revenue with a 38% EBITDA margin (pre-synergies), supported by recurring lottery income, high contract renewal rates, and strong iGaming profitability.
The transaction is expected to close in the fourth quarter of 2025. Deutsche Bank is advising Intralot, while Citizens JMP Securities, Goldman Sachs Bank Europe SE, and Jefferies International are advising Bally’s.
Deal No. 5:
AbbVie Inc. to Acquire Capstan Therapeutics, Inc. for USD 2.10 Billion
AbbVie has acquired Capstan Therapeutics in an all-cash transaction worth USD 2.1 billion, advancing its strategy to broaden its immunology portfolio with cutting-edge in vivo cell therapy technologies aimed at treating autoimmune diseases.
Capstan Therapeutics is a clinical-stage biotech company developing in vivo cell reprogramming therapies using its proprietary targeted lipid nanoparticle (tLNP) platform. Its lead candidate, CPTX2309, delivers mRNA encoding an anti-CD19 chimeric antigen receptor (CAR) directly to CD8+ cytotoxic T cells within the body, with the goal of selectively eliminating B cells that drive autoimmune disorders.
The acquisition reinforces AbbVie’s position in immunology as it prepares for increased biosimilar competition to Humira, while also building on the momentum of its leading treatments, Skyrizi and Rinvoq, which are projected to generate over USD 31 billion in combined annual sales by 2027. Beyond CPTX2309, the deal includes Capstan’s CellSeeker platform, offering potential applications in other areas such as cancer and fibrotic diseases.
Centerview Partners LLC acted as Capstan’s exclusive financial advisor for the transaction.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of June 30 to July 6, 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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