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M&A News: Global M&A Deals Week of September 1 to 7, 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 September 1 and September 7, the global mergers and acquisitions (M&A) market saw 676 announced deals totaling USD 39.98 billion in value. Of these, 16 transactions were valued above USD 500 million and together contributed USD 32.16 billion, representing roughly 80% of the week’s total.
The week’s highlight was Blue Water Acquisition Corp. III’s USD 10 billion bid for PDV Holding, the parent company of Citgo, through a Delaware court-supervised auction. Citgo’s assets on the block include three major U.S. refineries located in Louisiana, Texas, and Illinois with a combined capacity of more than 800,000 barrels per day, extensive midstream infrastructure, lubricant and blending facilities, and a nationwide retail distribution network of over 4,000 service stations. The process is structured to provide cash or stock distributions to PDV Holding’s creditors, a settlement for bondholders, and a framework that ensures stability for employees while keeping Citgo under U.S. ownership.
Compared with the previous week, deal volume rose by 30%, climbing from 521 to 676, but aggregate value fell by 39%, declining from USD 65.28 billion to USD 39.98 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of September 1 to 7, 2025 in detail:
Deal No. 1: Blue Water Acquisition Corp. III to Acquire PDV Holding, Inc. (dba Citgo) for USD 10.00 Billion
Deal No. 2: Sumitomo Corporation; SMBC Aviation Capital Limited; Apollo Capital Management, L.P.; Brookfield Asset Management Ltd. to Acquire Air Lease Corporation for USD 7.40 Billion
Deal No. 3: Cadence Design Systems, Inc. to Acquire Design & Engineering business of Hexagon Smart for USD 3.16 Billion
Deal No. 4: Madison Dearborn Partners, LLC to Acquire Wealthspire Advisors/Fiducient Advisors/Newport Private Wealth for USD 2.70 Billion
Deal No. 5: Plains All American Pipeline, L.P.; Plains GP Holdings, L.P. to Acquire a 55% stake in Epic Crude Holdings, LP for USD 1.57 Billion
Deal No. 1:
Blue Water Acquisition Corp. III to Acquire PDV Holding, Inc. (dba Citgo) for USD 10.00 Billion
Blue Water Acquisition Corp. III, a special purpose acquisition company (SPAC), has submitted a USD 10 billion bid to acquire PDV Holding, the parent company of Citgo Petroleum, through a Delaware court-supervised auction. If approved, the deal would bring Citgo back to U.S. ownership and position it as a publicly listed company.
Citgo Petroleum is a major U.S. refiner, transporter, and marketer of fuels, lubricants, and petrochemicals. The company is owned by Venezuela’s state-run oil firm PDVSA, which has made Citgo central to both U.S. energy interests and geopolitical disputes.
The assets included in the auction consist of three refineries with a combined capacity of more than 800,000 barrels per day, midstream infrastructure, lubricant and blending facilities, and a retail network with over 4,000 service stations nationwide.
Proceeds from the transaction are intended to provide recovery for PDV Holding’s general creditors and fund a USD 3.2 billion settlement with holders of PDVSA’s 2020 bonds.
The outcome of the acquisition will depend on the court-supervised auction process and subsequent regulatory approvals.
Deal No. 2:
Sumitomo Corporation; SMBC Aviation Capital Limited; Apollo Capital Management, L.P.; Brookfield Asset Management Ltd. to Acquire Air Lease Corporation for USD 7.40 Billion
Air Lease Corporation, a global leader in aircraft leasing, is being acquired by a consortium of investors led by Japan’s Sumitomo and SMBC Aviation Capital in a transaction valued at USD 7.4 billion. The transaction will be carried out through a newly created holding company named Sumisho Air Lease Corporation, with Apollo and Brookfield also participating as co-investors.
Air Lease operates one of the industry’s most established platforms, with a fleet concentrated on modern, fuel-efficient aircraft. As of June 30, 2025, the company owned 495 aircraft consisting of 357 narrowbody and 138 widebody models, and it also managed 53 additional aircraft. It serves 109 airlines across 55 countries, providing a highly diversified global customer base.
For Sumitomo, the transaction supports expansion of its earnings base and accelerates growth in aircraft leasing, which is a central pillar of its long-term strategy. SMBC Aviation Capital will assume Air Lease’s aircraft purchase commitments and act as asset manager for the majority of Sumisho Air Lease’s fleet, strengthening its scale and reinforcing its position as a leader in the global leasing market.
For Apollo and Brookfield, Air Lease offers a compelling investment opportunity, supported by its reputation as a top-tier leasing platform and its portfolio of highly liquid, next-generation aircraft that remain in strong demand across global markets.
Upon completion, Sumitomo will hold 37.51%, SMBC Aviation Capital will own 24.99%, and Apollo and Brookfield will each own 18.75%. The transaction is expected to close in the first quarter of 2026
J.P. Morgan Securities LLC is acting as financial advisor to Air Lease. Citigroup Global Markets Limited and Goldman Sachs International are advising SMBC Aviation Capital. Goldman Sachs Japan and Citigroup Global Markets Japan are advising Sumitomo. Milbank LLP is serving as legal advisor to Apollo and Brookfield.
Deal No. 3:
Cadence Design Systems, Inc. to Acquire Design & Engineering business of Hexagon Smart for USD 3.16 Billion
Cadence Design Systems has agreed to acquire Hexagon AB’s Design & Engineering (D&E) business, which includes MSC Software, in a transaction valued at EUR 2.7 billion (USD 3.16 billion). The deal, expected to close in the first quarter of 2026, will enhance Cadence’s system analysis portfolio across automotive, aerospace, industrial, and robotics applications.
Hexagon’s D&E unit is a major player in Computer-Aided Engineering (CAE) software, specializing in structural mechanics and virtual manufacturing. Its portfolio features fast, accurate non-linear solvers and seamless integration tools that support engineering workflows across multiple industries. Among its most recognized solutions are MSC Nastran and Adams—established industry standards in structural analysis and multibody dynamics. These technologies are critical for designing and validating complex systems in aerospace and automotive manufacturing, and they are increasingly relevant in robotics and physical AI, where precise modeling of real-world motion is essential.
For Cadence, the acquisition builds on its established strengths in electromagnetics, electrothermal modeling, and computational fluid dynamics, as well as its foothold in structural analysis gained through the 2024 acquisition of Beta CAE. By bringing in Hexagon’s advanced mechanical solvers, Cadence aims to deliver a unified, end-to-end multiphysics platform that supports customers seeking integrated engineering solutions.
The expanded portfolio will also extend Cadence’s reach to a broader base of aerospace and automotive OEMs and Tier 1 suppliers, strengthening its position in the fast-growing market for structural and multiphysics analysis.
Deal No. 4:
Madison Dearborn Partners, LLC to Acquire Wealthspire Advisors/Fiducient Advisors/Newport Private Wealth for USD 2.70 Billion
Aon PLC has agreed to sell the majority of NFP’s wealth management operations, which include Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth, to private equity firm Madison Dearborn Partners (MDP) for USD 2.7 billion.
NFP, an Aon subsidiary, is a brokerage and consulting firm that provides insurance, retirement, employee benefits, property and casualty, and wealth management services. Its wealth businesses oversee approximately USD 60 billion in assets under management and USD 500 billion in assets under administration. These operations contribute about a fifth of NFP’s overall profits and highlight its significant position in the retirement plan sector.
For Aon, this divestiture reflects a strategic focus on strengthening its core risk capital and human capital capabilities. Under MDP’s ownership, the acquired firms will be consolidated into a single brand with plans to grow both organically and through acquisitions, enhance the value delivered to clients, and expand opportunities for employee development.
The transaction is expected to close in the fourth quarter of 2025. UBS Investment Bank acted as lead financial advisor, with Moelis & Company LLC also advising Aon, while Goldman Sachs & Co. LLC advised MDP.
Deal No. 5:
Plains All American Pipeline, L.P.; Plains GP Holdings, L.P. to Acquire a 55% stake in Epic Crude Holdings, LP for USD 1.57 Billion
Plains All American Pipeline has agreed to acquire a 55% ownership interest in EPIC Crude Holdings, the operator of the EPIC Crude Oil Pipeline, in a transaction valued at USD 1.57 billion. The deal enhances Plains’ “wellhead to water” strategy in the Permian Basin and broadens its crude oil midstream portfolio.
The EPIC system links the Permian and Eagle Ford basins to Corpus Christi on the Gulf Coast, spanning approximately 800 miles of long-haul pipelines. It has an operating capacity of more than 600,000 barrels per day with opportunities for cost-efficient expansion, supported by about 7 million barrels of storage and over 200,000 barrels per day of export capacity.
By integrating EPIC’s assets with its existing network, Plains aims to strengthen its role as a leading crude oil midstream provider, broaden service offerings, and unlock value through greater scale and operational synergies.
The remaining 45% interest in EPIC Crude Holdings will continue to be held by a portfolio company of Ares Management Corporation, which will also retain its role as operator.
The transaction is expected to close in early 2026.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of September 1 to 7, 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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