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M&A News: Global M&A Deals Week of November 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.
The global mergers and acquisitions (M&A) market recorded 754 announced transactions totaling USD 113.86 billion during the week of November 3 to November 9. Notably, 34 of these deals were valued at over USD 500 million each, collectively accounting for 90% of the week’s total deal value, or USD 102.42 billion, underscoring the continued dominance of large-scale deals in driving overall market value.
The standout transaction of the week is Kimberly-Clark’s USD 40 billion acquisition of Kenvue, a move that would position Kimberly-Clark among the world’s leading consumer health companies. The deal would combine iconic brands such as Huggies and Kleenex with Kenvue’s portfolio, including Band-Aid and Tylenol. In recent years, Kimberly-Clark has strategically reshaped its portfolio to focus on higher-growth, higher-margin businesses while streamlining operations for greater efficiency. The acquisition comes as Kenvue navigates challenges, including controversies surrounding Tylenol and recent leadership changes. Despite these hurdles, Kimberly-Clark views the acquisition as a strategic opportunity to leverage Kenvue’s established brands and drive growth in a competitive market.
Compared with the previous week, deal volume increased by 42%, rising from 530 to 754 transactions. Although overall deal value declined by 6%, it remained above the USD 100 billion threshold, decreasing from USD 121.30 billion to USD 113.86 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of November 3 to 9, 2025 in detail:
Deal No. 1: Kimberly-Clark Corporation to Acquire Kenvue Inc. for USD 40.00 Billion
Deal No. 2: Eaton Corporation plc to Acquire Thermal Business of Boyd Corporation for USD 9.50 Billion
Deal No. 3: Coeur Mining, Inc. to Acquire New Gold Inc. for USD 7.00 Billion
Deal No. 4: CompoSecure Holdings, L.L.C. to Acquire Husky Technologies Limited for USD 5.00 Billion
Deal No. 5: Aquarian Holdings, LLC to Acquire Brighthouse Financial, Inc. for USD 4.10 Billion
Deal No. 1:
Kimberly-Clark Corporation to Acquire Kenvue Inc. for USD 40.00 Billion
Global consumer goods company Kimberly-Clark announced plans to acquire Kenvue, a major player in the consumer health sector, in a USD 40 billion transaction that will form a USD 32 billion global health and wellness powerhouse. The acquisition signals a major strategic shift for Kimberly-Clark as it expands beyond its traditional paper and hygiene products to strengthen its presence in the broader consumer health market.
Kenvue, established in 2023 following its separation from Johnson & Johnson, operates as a global consumer health company with a portfolio that includes Tylenol, Kleenex, Listerine, and Band-Aid. Based in Skillman, New Jersey, Kenvue serves more than 175 markets worldwide and focuses on science-driven products across over-the-counter medicine, skincare, and personal care, all designed to improve everyday health and wellness.
The combination brings together complementary portfolios featuring ten billion-dollar brands that collectively reach nearly half of the global population. The merged business will have an expanded product offering and geographic reach, enhancing its exposure to fast-growing categories driven by rising consumer demand for health and wellness products.
Once completed, the transaction will position Kimberly-Clark ahead of Unilever in global health and wellness revenue, second only to Procter & Gamble.
The deal is anticipated to close in the second half of 2026, with PJT Partners LP and J.P. Morgan Securities LLC advising Kimberly-Clark, while Centerview Partners LLC and Goldman Sachs & Co. LLC advise Kenvue.
Deal No. 2:
Eaton Corporation plc to Acquire Thermal Business of Boyd Corporation for USD 9.50 Billion
Eaton, a diversified power management company, announced the acquisition of Boyd Corporation’s Thermal business for USD 9.5 billion, marking its fourth transaction this year as it strengthens its data center portfolio to meet rising demand driven by artificial intelligence.
Boyd’s Thermal division designs and manufactures advanced cooling components and systems for data centers, aerospace, and other high-performance industries. Its technologies include liquid cooling systems, heat exchangers, and thermal interface materials that enhance energy efficiency, reliability, and performance. The business has more than 5,000 employees and operates manufacturing facilities across North America, Asia, and Europe. It supports global efforts toward electrification and digitalization by enabling safer and more efficient operation of critical infrastructure.
Boyd Thermal is expected to generate USD 1.7 billion in revenue by 2026, with the majority coming from liquid cooling solutions. Adoption of these systems in data centers is projected to rise from less than 10 percent today to more than 25 percent by 2028. Combining Boyd Thermal’s engineering expertise and global service network with Eaton’s scale and diverse product portfolio will strengthen Eaton’s ability to deliver integrated solutions for hyperscale and colocation customers, covering every stage from chip to grid.
Eaton anticipates that the transaction, which is expected to close in the second quarter of 2026, will be accretive to adjusted earnings by the second year following completion.
Deal No. 3:
Coeur Mining, Inc. to Acquire New Gold Inc. for USD 7.00 Billion
Coeur Mining has agreed to acquire Canada’s New Gold in an all-stock transaction valued at approximately USD 7 billion, creating a North American-focused senior precious metals producer with an estimated market capitalization of USD 20 billion and operations spanning seven sites.
New Gold is a Canadian gold and silver mining company with both open-pit and underground operations. Its portfolio includes the New Afton Mine in British Columbia and the Rainy River Mine in Ontario. The company emphasizes sustainable mining practices, responsible exploration and production, and community and environmental stewardship while supplying gold and silver to global markets.
The combined company plans to accelerate exploration and expansion at New Gold’s existing operations and continue evaluating Coeur’s Silvertip critical minerals project in northern British Columbia. The transaction represents the largest gold-sector merger of 2025, highlighting the industry’s push for scale and jurisdictional security.
Post-merger, the company will rank among the top ten largest precious metals producers and the top five silver producers worldwide, with silver accounting for 30% of total metal reserves. The expanded scale is expected to enhance investor access, with daily trading liquidity projected at over USD 380 million and potential inclusion in major U.S. indices.
Following completion, New Gold’s common shares are expected to be delisted from the TSX and the NYSE American. Coeur stockholders will hold approximately 62 percent of the combined company, while New Gold shareholders will own around 38 percent. BMO Capital Markets is advising Coeur, and National Bank Capital Markets is advising New Gold.
Deal No. 4:
CompoSecure Holdings, L.L.C. to Acquire Husky Technologies Limited for USD 5.00 Billion
CompoSecure, a leading provider of metal payment cards, security, and authentication solutions, has announced its agreement to acquire Husky Technologies, a major player in the plastics equipment industry, in a transaction valued at USD 5 billion.
Husky Technologies is a Canadian-headquartered global supplier of injection-moulding equipment and integrated solutions for the plastics sector. With operations in more than 40 locations and a customer base spanning over 140 countries, the company delivers machines, molds, hot runners, and auxiliary systems for packaging, medical devices, and consumer goods. Husky emphasizes sustainability through the use of responsibly sourced feedstocks, material reuse, and medical-grade polymers, supporting the circular economy and advancing environmentally responsible manufacturing practices.
Under the agreement, Husky will operate as a standalone business within CompoSecure, retaining its existing management team. The company’s strong market position, technological differentiation, growth opportunities, and potential for margin expansion align with CompoSecure’s investment criteria.
For Husky, the transaction reinforces its long-term strategy, strengthens its commitment to innovation, and supports operational excellence and customer partnerships.
The deal is expected to close in the first quarter of 2026. Morgan Stanley & Co. LLC served as financial advisor to CompoSecure, while Goldman Sachs acted as exclusive financial advisor to Husky Technologies.
Deal No. 5:
Aquarian Holdings, LLC to Acquire Brighthouse Financial, Inc. for USD 4.10 Billion
Acquarian Capital is set to acquire insurer and annuity provider Brighthouse Financial in an all-cash transaction valued at USD 4.1 billion, positioning the latter for long-term strategic growth.
Brighthouse Financial offers a broad range of insurance and retirement solutions, including term, whole, universal, and variable life policies, as well as fixed, indexed, variable, and income annuities. As of mid-2025, the company manages total assets of approximately USD 243 billion, with assets under management of around USD 207 billion, serving customers seeking long-term financial protection and retirement planning solutions.
Acquarian Capital is a diversified global holding company with a strategic portfolio spanning insurance and asset management businesses. The acquisition aligns with Acquarian’s strategic focus on the retirement market, a sector with strong growth potential. The transaction will enable Brighthouse Financial to pursue growth initiatives and enhance its ability to serve customers, distribution partners, and other stakeholders. Acquarian plans to invest in Brighthouse Financial’s platform and distribution network while strengthening product design, development, and innovation capabilities.
Upon completion, Brighthouse Financial will continue to operate as a standalone entity within the Acquarian Capital portfolio. The transaction is expected to close in 2026. RBC Capital Markets LLC is serving as the exclusive financial advisor to Acquarian Capital, while Wells Fargo and Goldman Sachs & Co. LLC are acting as financial advisors to Brighthouse Financial.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of November 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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