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M&A News: Global M&A Deals Week of October 20 to 26, 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 October 20 to October 26, the global mergers and acquisitions (M&A) market remained active, with 590 announced deals totaling USD 63.85 billion in combined value. Thirteen of these transactions were valued at USD 500 million or more, collectively contributing USD 55.35 billion—approximately 87% of the week’s total deal value.
Healthcare and Energy & Power were among the most active sectors during the period. The largest transaction was the USD 18.3 billion acquisition of Hologic by an investment consortium led by Blackstone and TPG, marking one of the largest healthcare take-private deals of the year. Hologic, a key player in women’s health technologies, is expected to benefit from the consortium’s financial strength and operational expertise. Another significant deal was Novartis’ USD 12 billion acquisition of Avidity Biosciences, aimed at strengthening Novartis’ RNA therapeutics pipeline for neuromuscular diseases. The acquisition also aligns with Novartis’ broader strategy to diversify its portfolio ahead of upcoming patent expirations for major drugs such as Entresto, Xolair, and Cosentyx.
Compared to the previous week, global deal volume rose by 2.4%, increasing from 576 to 590 transactions. However, total deal value declined by nearly 40%, falling from USD 106.02 billion to USD 63.85 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of October 20 to 26, 2025 in detail:
Deal No. 1: Blackstone Inc.; TPG Global, LLC to Acquire Hologic, Inc. for USD 18.30 Billion
Deal No. 2: Novartis AG to Acquire Avidity Biosciences, Inc. for USD 12.00 Billion
Deal No. 3: GE Vernova Inc. to Acquire Prolec GE, S. de R.L. de C.V. for USD 5.28 Billion
Deal No. 4: Grindr majority shareholders George Raymond Zage III and James Fu Bin Lu to Acquire Grindr Inc. for USD 3.46 Billion
Deal No. 5: National Fuel Gas Company to Acquire Ohio Natural Gas Utility Business of CenterPoint Energy, Inc. for USD 2.62 Billion
Deal No. 1:
Blackstone Inc.; TPG Global, LLC to Acquire Hologic, Inc. for USD 18.30 Billion
Blackstone and TPG have agreed to acquire medical technology company Hologic in a transaction valued at up to USD 18.3 billion, including debt, effectively taking the firm private.
Hologic develops diagnostic, imaging, and surgical technologies designed to advance women’s health. Its portfolio covers breast and skeletal health systems, gynecologic and perinatal care, and molecular diagnostics, including innovations that support the early detection of breast and cervical cancers and various infectious diseases.
Through this acquisition, Hologic is expected to benefit from Blackstone’s and TPG’s combined capital strength and healthcare expertise, enabling the company to expand its global reach and further advance innovation in women’s health technologies.
The transaction also includes minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority and an affiliate of GIC.
The deal is expected to close in the first half of 2026, following which Hologic’s common stock will be delisted from Nasdaq. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Hologic, while Citi is advising the Blackstone- and TPG-led consortium.
Deal No. 2:
Novartis AG to Acquire Avidity Biosciences, Inc. for USD 12.00 Billion
Swiss pharmaceutical company Novartis will acquire US-based biopharmaceutical firm Avidity Biosciences in a deal valued at USD 12 billion. The acquisition strengthens Novartis’ neuroscience portfolio with three late-stage programs targeting genetic neuromuscular diseases.
Avidity Biosciences develops RNA-based therapeutics for rare muscular and other serious disorders through its proprietary Antibody Oligonucleotide Conjugate (AOC) platform. This technology merges the targeting precision of monoclonal antibodies with the therapeutic potential of oligonucleotides, enabling the precise delivery of RNA medicines to specific tissues such as muscle cells.
Through the acquisition, Novartis will gain access to Avidity’s differentiated RNA-targeting platform and its late-stage clinical assets, including delpacibart zotadirsen (del-zota) for Duchenne muscular dystrophy, delpacibart etedesiran (del-desiran) for myotonic dystrophy type 1, and delpacibart braxlosiran (del-brax) for facioscapulohumeral muscular dystrophy.
The transaction is expected to expand Novartis’ leadership in genetic neuromuscular diseases, complementing its experience in spinal muscular atrophy and enhancing its commercialization capabilities. The deal also positions Novartis to capture multi-billion-dollar opportunities with anticipated product launches before 2030. Before completion, Avidity will spin off its early-stage precision cardiology programs into a separate company (“SpinCo”).
The acquisition is anticipated to close in the first half of 2026. Goldman Sachs & Co. LLC and Barclays Capital Inc. are serving as financial advisors to Avidity.
Deal No. 3:
GE Vernova Inc. to Acquire Prolec GE, S. de R.L. de C.V. for USD 5.28 Billion
Global energy company GE Vernova is acquiring the remaining 50% stake in Prolec GE, its joint venture with Mexico’s Xignux, for USD 5.28 billion. The transaction reinforces GE Vernova’s strategic position in the expanding global grid and electrification markets.
Prolec GE manufactures power transformers and energy solutions that support electricity generation, transmission, and distribution across industrial, commercial, and utility sectors. The company employs around 10,000 people across seven manufacturing sites worldwide, including five in the United States. By combining GE Vernova’s engineering expertise with Xignux’s manufacturing capabilities, Prolec GE has established itself as a key provider of reliable and efficient power infrastructure.
The acquisition will enhance GE Vernova’s Electrification segment by expanding its North American footprint and strengthening its capacity to meet growing demand for grid technologies. It aligns with the increasing need for resilient power systems driven by rising electricity consumption—particularly from data centers—and government initiatives promoting grid modernization and the energy transition.
Morgan Stanley & Co. LLC is acting as financial advisor to GE Vernova in connection with the transaction.
Deal No. 4:
Grindr majority shareholders George Raymond Zage III and James Fu Bin Lu to Acquire Grindr Inc. for USD 3.46 Billion
Grindr, a leading dating and social networking platform for the LGBTQ+ community, has received a buyout proposal valued at USD 3.46 billion (USD 18 per share) from two of its board members, George Raymond Zage III and James Fu Bin Lu.
Founded in 2009, Grindr connects gay, bisexual, transgender, and queer individuals through location-based technology that enables real-time interaction, dating, and community engagement. The platform has grown into one of the most widely used apps within the LGBTQ+ community, serving millions of users across more than 190 countries.
Zage and Lu initially acquired Grindr in June 2020 and later oversaw its public listing in November 2022. Together, they are part of an investor group that holds over 60% of the company’s outstanding shares, with Lu serving as board chair and Zage as a director.
Grindr confirmed that a special committee of its board has received the proposal and, with the assistance of independent legal and financial advisors, is currently evaluating the offer.
Deal No. 5:
National Fuel Gas Company to Acquire Ohio Natural Gas Utility Business of CenterPoint Energy, Inc. for USD 2.62 Billion
CenterPoint Energy has agreed to sell its Ohio natural gas utility business (CNP Ohio) to National Fuel Gas Company for USD 2.62 billion, a transaction that will substantially expand National Fuel’s regulated utility portfolio.
CNP Ohio operates as a regulated natural gas distribution and transmission utility in west-central Ohio, managing approximately 5,900 miles of pipeline and serving about 335,000 residential, commercial, industrial, and transportation customers who collectively consume around 60 billion cubic feet of gas each year.
The acquisition will significantly increase National Fuel’s regulated asset base, effectively doubling its gas utility rate base and extending its footprint into Ohio—a state known for its supportive energy policies and stable regulatory environment. The expansion into an adjacent region with a similar operational structure and workforce culture is expected to enhance efficiencies and deliver value for customers, employees, and shareholders alike.
The deal will also strengthen National Fuel’s cash flow profile, supported by the company’s integrated upstream and gathering operations, which provide strong internal funding capacity for future capital investments while maintaining an investment-grade balance sheet.
For CenterPoint Energy, the divestiture aligns with its strategic plan to focus capital investments on its core regulated electric and natural gas operations across its multi-state utility footprint.
The transaction is expected to close in the fourth quarter of 2026. TD Securities (USA) LLC is serving as exclusive M&A advisor to National Fuel, with TD and Wells Fargo Securities, LLC acting as financing advisors, while Goldman Sachs & Co. LLC and Guggenheim Securities, LLC are advising CenterPoint Energy.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of October 20 to 26, 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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