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M&A News: Global M&A Deals Week of October 27 to November 2, 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.
Between October 27 and November 2, the global mergers and acquisitions (M&A) market recorded 530 announced deals with a total value of USD 121.30 billion. Among these, 36 transactions exceeded USD 500 million, accounting for USD 111.60 billion, or roughly 92% of the week’s overall deal value.
Leading the week’s activity was the USD 12 billion acquisition of Essential Utilities by American Water Works, creating one of the largest regulated water and wastewater utilities in the United States with an estimated enterprise value of around USD 63 billion. The merged entity will operate across 17 states and 18 military installations, with plans to enhance operational efficiency, expand investment capacity, and strengthen its position in high-growth areas.
Among notable healthcare deals, Thermo Fisher Scientific’s USD 9.4 billion acquisition of Clario expands its digital data and analytics capabilities, enhancing support for clinical research within the pharmaceutical and biotechnology industries. Novo Nordisk’s USD 8.5 billion proposal for Metsera also drew attention, surpassing Pfizer’s earlier USD 7.3 billion offer.
Week-over-week data show a 10% decline in deal volume, dropping from 590 to 530 transactions. Despite this decrease, total deal value rose sharply by 90%, increasing from USD 63.85 billion to USD 121.30 billion, reflecting a shift toward fewer but higher-value transactions.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of October 27 to November 2, 2025 in detail:
Deal No. 1: American Water Works Company, Inc. to Acquire Essential Utilities, Inc. for USD 12.00 Billion
Deal No. 2: Skyworks Solutions, Inc. to Acquire Qorvo, Inc. for USD 9.76 Billion
Deal No. 3: Thermo Fisher Scientific Inc. to Acquire Clario for USD 9.40 Billion
Deal No. 4: Novo Nordisk A/S to Acquire Metsera, Inc. for USD 8.50 Billion
Deal No. 5: The Huntington National Bank to Acquire Cadence Bank for USD 7.40 Billion
Deal No. 1:
American Water Works Company, Inc. to Acquire Essential Utilities, Inc. for USD 12.00 Billion
American Water Works has agreed to acquire and merge with Essential Utilities in an all-stock transaction valued at USD 12 billion. The merger will form one of the largest regulated water and wastewater utilities in the United States, with a combined enterprise value of about USD 63 billion. The unified company will operate under the name American Water.
Essential Utilities, headquartered in Bryn Mawr, Pennsylvania, provides water, wastewater, and natural gas services to millions of customers across multiple states. It operates through its Aqua and Peoples brands, with a focus on regulated utility operations and infrastructure modernization.
Following the merger, the combined company will serve approximately 4.7 million water and wastewater connections across 17 states and 18 military installations. Its expanded footprint, diversified customer base, and enhanced operational scale are expected to drive greater efficiency, improved service quality, and stronger financial performance. The merged entity will leverage its combined technical expertise, financial capacity, and regulatory track record to modernize infrastructure and meet the evolving needs of its customers.
The transaction is expected to close by the end of the first quarter of 2027. Upon completion, American Water shareholders will hold roughly 69% of the combined company, while Essential Utilities shareholders will own about 31%. BofA Securities is acting as exclusive financial advisor to American Water, and Moelis & Company LLC is serving as exclusive financial advisor to Essential Utilities.
Deal No. 2:
Skyworks Solutions, Inc. to Acquire Qorvo, Inc. for USD 9.76 Billion
Skyworks Solutions is acquiring Qorvo in a cash-and-stock transaction valued at approximately USD 9.76 billion. The merger will create a combined enterprise valued at about USD 22 billion, establishing a major global provider of high-performance radio frequency, analog, and mixed-signal semiconductor solutions.
Qorvo is an American semiconductor company that designs and manufactures advanced radio frequency technologies for mobile communications, defense, aerospace, and network infrastructure. Its products are essential for enabling 5G connectivity, improving Wi-Fi performance, and enhancing signal efficiency across a wide range of connected devices.
The combination of Skyworks’ and Qorvo’s complementary technologies and engineering expertise will strengthen their ability to meet rising demand across mobile, connectivity, and diversified markets. The merged company will bring together around 8,000 engineers and technical specialists and hold more than 12,000 issued and pending patents. This scale will accelerate innovation in advanced system-level solutions and create new design opportunities across emerging technologies.
The transaction will result in a USD 5.1 billion mobile business capable of addressing the growing complexity of radio frequency systems and a USD 2.6 billion Broad Markets platform positioned for expansion in defense, aerospace, edge IoT, artificial intelligence data centers, and automotive applications.
Upon completion, Skyworks shareholders will own roughly 63% of the combined company, while Qorvo shareholders will hold about 37%. Qatalyst Partners and Goldman Sachs & Co. LLC are acting as financial advisors to Skyworks, and Centerview Partners LLC is serving as exclusive financial advisor to Qorvo.
Deal No. 3:
Thermo Fisher Scientific Inc. to Acquire Clario for USD 9.40 Billion
Thermo Fisher Scientific plans to acquire clinical data company Clario in a deal valued at up to USD 9.4 billion. The transaction consists of an initial cash payment of about USD 8.87 billion, along with an additional earnout of up to USD 625 million contingent on Clario’s future performance.
Clario is a global healthcare technology company that provides advanced clinical trial data management and analytics solutions that support drug development and regulatory approvals. The company offers expertise in electronic clinical outcome assessments (eCOA), cardiac safety, respiratory analysis, and medical imaging. Partnering with pharmaceutical and biotechnology companies, Clario helps improve the quality, reliability, and efficiency of clinical trials through its digital platforms and data-driven technologies. Over the past decade, Clario has contributed to approximately 70% of FDA-approved drugs and is projected to generate about USD 1.25 billion in revenue in 2025.
Following the acquisition, Clario will be integrated into Thermo Fisher’s Laboratory Products and Biopharma Services segment. Its platform complements Thermo Fisher’s clinical research portfolio, enabling customers to gain deeper insights from patient data, streamline trial operations, and accelerate innovation in an increasingly data-intensive R&D landscape.
The acquisition will expand Thermo Fisher’s digital and analytical capabilities while strengthening its use of artificial intelligence to enhance clinical research, generate faster insights, and improve efficiency across the drug development process. By integrating Clario’s data-driven technologies, Thermo Fisher aims to advance clinical research, deliver faster results, and improve returns on R&D investments for pharmaceutical and biotech partners while helping bring new therapies to patients more efficiently.
The transaction is expected to close by mid-2026. Evercore is serving as lead financial advisor to Clario, and WilmerHale is acting as principal legal counsel to Thermo Fisher Scientific.
Deal No. 4:
Novo Nordisk A/S to Acquire Metsera, Inc. for USD 8.50 Billion
Metsera received an unsolicited acquisition proposal from Novo Nordisk worth up to USD 8.5 billion. The offer consists of an initial cash payment of USD 6 billion and additional milestone-based payments of up to USD 2.5 billion, surpassing Pfizer’s earlier September bid by roughly USD 1.23 billion.
Metsera is a clinical-stage biopharmaceutical company developing next-generation medicines for obesity and metabolic disorders. Its pipeline includes a broad range of oral and injectable incretin, non-incretin, and combination therapies designed to target multiple pathways and deliver improved outcomes in the fast-evolving weight management market.
Metsera has notified Pfizer that Novo Nordisk’s proposal qualifies as a “Superior Company Proposal” under the existing merger agreement. This notice triggers a four-business-day negotiation window during which Pfizer may propose revised terms that would make its offer comparable or superior.
The Pfizer merger agreement remains in effect while negotiations continue. In response, Pfizer described Novo Nordisk’s bid as reckless and unprecedented, stating that it intends to pursue all available legal options to prevent the deal from proceeding.
If Novo Nordisk’s proposal remains superior after discussions, Metsera may terminate its agreement with Pfizer. Under the terms of the existing deal, Pfizer would receive a USD 190 million termination fee, which Novo Nordisk has offered to cover on Metsera’s behalf.
Deal No. 5:
The Huntington National Bank to Acquire Cadence Bank for USD 7.40 Billion
Huntington Bank announced plans to acquire Cadence Bank in an all-stock transaction valued at USD 7.4 billion, reflecting a broader trend among regional lenders seeking to expand their scale and competitiveness against larger national banks.
Cadence Bank, a regional institution with USD 53 billion in assets, operates more than 390 branches across Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. It offers a full suite of banking, investment, trust, and mortgage services tailored to individuals, businesses, and corporations.
The acquisition represents a key step in Huntington’s strategic growth initiative. The combined entity would rank among the top ten U.S. banks, with approximately USD 276 billion in assets and USD 220 billion in deposits. The merger extends Huntington’s reach to 21 states, including high-growth markets across the Midwest, South, and Texas. Upon completion, the bank will hold a strategic presence in 12 of the 25 largest U.S. metropolitan statistical areas (MSAs), including six of the ten fastest-growing regions.
The deal follows Fifth Third’s recent announcement to acquire Dallas-based Comerica, highlighting accelerating consolidation among regional banks.
The transaction is expected to close in the first quarter of 2026, with full conversion anticipated by the second quarter, when Cadence’s branches and teams will transition to the Huntington Bank brand. Evercore served as financial advisor to Huntington, while Keefe, Bruyette & Woods, a Stifel Company, advised Cadence.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of October 27 to November 2, 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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