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M&A News: Global M&A Deals Week of March 3 to 9, 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 March 3 to March 9, the global mergers and acquisitions (M&A) landscape experienced an uptick in activity, with 588 announced deals totaling USD 51.29 billion. Notably, 17 transactions surpassed the USD 500 million mark, collectively contributing USD 46.12 billion, representing 90% of the total deal value for the week.
A major highlight was the agreement between Abu Dhabi National Oil Company (ADNOC) and Austria’s OMV to merge their polyolefin businesses, Borouge and Borealis, while acquiring Canadian petrochemical producer Nova Chemicals in a transaction valued at USD 13.4 billion, including debt. This deal will establish Borouge Group International, a chemicals powerhouse with an estimated valuation of USD 60 billion. The combined entity is set to become the world’s fourth-largest polyolefins producer by nameplate production capacity. The move is strategically aimed at strengthening its position in the expanding polyolefins market, which is forecast to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2035.
Retail was another key sector for M&A activity this week, with Sycamore Partners’ USD 10 billion acquisition of Walgreens Boots Alliance, Bain Capital’s USD 5.37 billion takeover of York Holdings, and Trial Holdings’ USD 2.55 billion purchase of Seiyu GK.
Compared to the previous week, deal volume rose 8% from 545 to 588 transactions, while total deal value grew 2% from USD 50.15 billion to USD 51.29 billion, maintaining strong M&A momentum.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of March 3 to 9, 2025 in detail:
Deal No. 1: Borealis AG; Borouge plc to Acquire NOVA Chemicals Corporation for USD 13.40 Billion
Deal No. 2: Sycamore Partners Management, L.P. to Acquire Walgreens Boots Alliance, Inc. for USD 10.00 Billion
Deal No. 3: Bain Capital Private Equity, LP to Acquire YORK Holdings Co., Ltd for USD 5.37 Billion
Deal No. 4: Trial Holdings Inc. to Acquire Seiyu GK for USD 2.55 Billion
Deal No. 5: Honeywell International Inc. to Acquire Sundyne LLC for USD 2.16 Billion
Deal No. 1:
Borealis AG; Borouge plc to Acquire NOVA Chemicals Corporation for USD 13.40 Billion
Petrochemical firms Borouge Plc and Borealis AG will merge to form Borouge Group International, which will acquire Nova Chemicals Corporation for USD 13.4 billion, including debt. This transaction will create the world’s fourth-largest polyolefins producer, strengthening its position in the global petrochemical industry.
Ownership of Borouge Group International will be equally split between ADNOC and OMV, each holding a 46.94% stake, while the remaining 6.12% will be publicly traded. The company will be headquartered in Austria, with regional headquarters in the UAE, and will be listed on the Abu Dhabi Securities Exchange (ADX).
Nova Chemicals Corporation, a North American petrochemical producer, specializes in polyethylene, styrenics, and chemical intermediates for packaging, construction, and industrial applications. The company has an annual production capacity of 2.6 million metric tons (mt) of polyethylene and 4.2 million mt of ethylene, complementing Borouge and Borealis’s existing operations.
The formation of Borouge Group International will integrate the strengths of all three companies, enhancing feedstock access, expanding product offerings, and improving market reach. The combined entity will leverage world-class technology, a strong innovation pipeline, and industry-leading circular economy initiatives. With an extensive production footprint and a global sales network, it is expected to achieve a total polyolefins production capacity of approximately 13.6 million metric tons per annum (mtpa), including output from Borouge 4.
As part of the agreement, ADNOC and OMV will reintegrate the Borouge 4 expansion project, which is expected to be fully operational by the end of 2026. This initiative will add 1.4 million mtpa of polyolefins production capacity, further solidifying the company’s competitive position.
The merger of Borouge and Borealis, along with the acquisition of Nova Chemicals, is anticipated to close in the first quarter of 2026.
Deal No. 2:
Sycamore Partners Management, L.P. to Acquire Walgreens Boots Alliance, Inc. for USD 10.00 Billion
Sycamore Partners has reached an agreement to acquire Walgreens Boots Alliance (WBA) in a USD 10 billion transaction, transitioning the global pharmacy and retail company to private ownership.
WBA operates more than 12,500 retail pharmacies across the United States, Europe, and Latin America, with key brands including Walgreens and Duane Reade in the U.S., Boots in the U.K. and select global markets, and Alliance Healthcare, its pharmaceutical wholesale division in Europe. The company has a workforce of approximately 311,000 employees worldwide.
The acquisition is intended to bolster WBA’s competitive position in pharmacy, retail, and healthcare services by integrating its pharmaceutical expertise, extensive retail footprint, and digital health initiatives with Sycamore’s strategic investments in consumer-driven businesses. WBA will continue operating under its Walgreens, Boots, and other well-established brands.
The transaction is expected to close in the fourth quarter of 2025. Centerview Partners is serving as WBA’s financial advisor, while UBS Investment Bank is the lead financial advisor. Goldman Sachs and J.P. Morgan are acting as co-lead financial advisors, with Citi and Wells Fargo advising Sycamore Partners.
Deal No. 3:
Bain Capital Private Equity, LP to Acquire YORK Holdings Co., Ltd for USD 5.37 Billion
Bain Capital has agreed to acquire the Supermarket & Specialty Stores (SST) Business Group from Seven & i Holdings for USD 5.37 billion.
The transaction includes York Holdings, a wholly owned subsidiary of Seven & i Holdings, which oversees 31 subsidiaries and affiliates. These include major supermarket chains Ito-Yokado and York-Benimaru, as well as specialty retailers such as Loft, Akachan Honpo, and Seven & i Food Systems, which operates Denny’s in Japan.
Bain Capital plans to collaborate closely with the SST Business Group, leveraging its global and local expertise in retail and consumer goods to drive long-term growth. The firm has a strong track record in the sector, having previously invested in companies such as Kirindo and Dollarama.
Through this acquisition, Bain Capital aims to strengthen the group’s operational foundation and support its medium- to long-term expansion alongside its management and employees.
For Seven & i Holdings, this transaction is part of a broader restructuring plan that includes focusing on its core convenience store business and exploring an initial public offering (IPO) of its North American 7-Eleven operations by the end of 2026.
The deal is expected to close in September 2025. BNP Paribas is serving as the lead financial advisor to Bain Capital, with additional advisory support from Citigroup Global Markets Japan Inc. and Mizuho Securities.
Deal No. 4:
Trial Holdings Inc. to Acquire Seiyu GK for USD 2.55 Billion
KKR is divesting Seiyu GK, a Japanese supermarket chain, to Trial Holdings for USD 2.55 billion. As part of the deal, Walmart will also sell its remaining 15% stake in Seiyu to Trial.
Seiyu operates a nationwide network of over 240 retail stores across Japan under different retail models, including Seiyu Supermarkets, Seiyu Hypermarkets, and Seiyu Food Halls, offering groceries, household essentials, and apparel. The company is recognized for its focus on affordability and convenience, integrating e-commerce solutions through its collaboration with Rakuten.
Since acquiring a majority stake in Seiyu, KKR and Walmart have worked together to enhance operational efficiency, expand product offerings, and improve profitability through technology-driven initiatives.
Following the acquisition, Trial Holdings plans to retain Seiyu’s branding and workforce. The deal will expand Trial’s store network to 585 locations, with annual sales expected to reach approximately JPY 1.2 trillion (USD 8 billion).
The transaction is anticipated to close in the second quarter of 2025. Under Trial’s ownership, Seiyu is well-positioned to build on its existing strengths and drive continued growth in Japan’s retail sector.
Deal No. 5:
Honeywell International Inc. to Acquire Sundyne LLC for USD 2.16 Billion
Honeywell is enhancing its critical equipment and aftermarket services portfolio with the USD 2.16 billion all-cash acquisition of Sundyne.
Sundyne, a manufacturer of high-speed pumps and compressors, specializes in equipment for oil and gas, chemical processing, and power generation. Recognized for its advanced technology and strong customer relationships, the company will broaden Honeywell UOP’s capabilities in refining, petrochemicals, liquefied natural gas (LNG), and renewable fuels, positioning Honeywell for continued growth in these sectors.
Integrating Sundyne’s equipment with Honeywell Forge, the company’s industrial IoT platform, will enable predictive maintenance and enhanced reliability, improving operational efficiency for customers. Additionally, Honeywell’s research and development expertise will accelerate innovation in pumps and compressors, driving new market opportunities.
The acquisition also reinforces Honeywell’s Energy and Sustainability Solutions (ESS) segment, strengthening its commitment to energy security, efficiency, and sustainability on a global scale. Approximately 1,000 Sundyne employees will join Honeywell, expanding its technical capabilities and workforce.
Financially, the transaction is expected to be immediately accretive to Honeywell’s sales growth, segment margin, and adjusted EPS in the first full year post-closing. It is also projected to generate substantial revenue synergies through Honeywell UOP’s process licensing, modular solutions, and global sales network.
The deal is anticipated to close in Q2 2025, pending regulatory approvals and customary closing conditions.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of March 3 to 9, 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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