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M&A News: Global M&A Deals Week of September 15 to 21, 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 15 and September 21, the global mergers and acquisitions (M&A) market recorded 615 announced transactions with a combined value of USD 29.72 billion. Sixteen of these deals were valued above USD 500 million, together accounting for USD 21.37 billion, or 72% of the week’s total deal value.
This week’s top deals covered multiple sectors, including healthcare, insurance, energy, and software. The largest transaction was Roche’s USD 3.5 billion acquisition of 89bio, strengthening its cardiovascular, renal, and metabolic diseases (CVRM) portfolio. The deal brings in 89bio’s lead candidate, a fibroblast growth factor 21 (FGF21) analog aimed at treating metabolic dysfunction-associated steatohepatitis (MASH), a severe form of fatty liver disease. By integrating 89bio’s programs, Roche seeks to expand its pipeline, pursue potential combination therapies, and advance innovative solutions for patients struggling with obesity and related metabolic disorders.
Compared with the previous week, deal activity slowed, with deal volume down 13% and total deal value falling 62%. The number of deals declined from 709 to 615, while aggregate value fell from USD 78.84 billion to USD 29.72 billion
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of September 15 to 21, 2025 in detail:
Deal No. 1: Roche Holding AG to Acquire 89bio, Inc. for USD 3.50 Billion
Deal No. 2: Radian Group Inc. to Acquire Inigo Limited for USD 1.70 Billion
Deal No. 3: Rithm Capital Corp. to Acquire Paramount Group, Inc. for USD 1.60 Billion
Deal No. 4: CPS Energy, Inc. to Acquire Four natural gas power generation facilities with electric capacity totaling 1,632-megawatts from Proenergy for USD 1.39 Billion
Deal No. 5: Workday, Inc. to Acquire Sana Labs AB for USD 1.10 Billion
Deal No. 1:
Roche Holding AG to Acquire 89bio, Inc. for USD 3.50 Billion
Roche has agreed to acquire 89bio, a biopharmaceutical company focused on therapies for liver and cardiometabolic diseases, in a deal valued at up to USD 3.5 billion. The transaction supports Roche’s goal of strengthening its research and development pipeline with innovative approaches to metabolic diseases.
89bio’s lead candidate, pegozafermin, is a fibroblast growth factor 21 (FGF21) analog designed to treat metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Its dual anti-fibrotic and anti-inflammatory effects, combined with a favorable safety profile, position it to address pressing medical needs linked to lipid abnormalities and metabolic dysfunction.
The acquisition highlights Roche’s commitment to advancing cardiovascular, renal, and metabolic disease (CVRM) therapies, particularly for patients managing obesity, overweight, and related complications such as MASH. Pegozafermin’s distinct mechanism of action positions it for potential use in combination therapies with incretins, offering new synergies within Roche’s CVRM portfolio.
The transaction is expected to close in the fourth quarter of 2025. Citi is acting as financial advisor to Roche, while Moelis & Company LLC and Centerview Partners LLC are advising 89bio.
Deal No. 2:
Radian Group Inc. to Acquire Inigo Limited for USD 1.70 Billion
London-based specialty insurance and reinsurance firm Inigo Limited is being acquired by U.S. mortgage insurer Radian Group in a transaction valued at USD 1.7 billion. The combination will establish a diversified, global multi-line insurance platform spanning mortgage, specialty, and reinsurance markets.
Founded in 2020, Inigo operates through its Lloyd’s syndicate and underwrites a wide spectrum of complex risks, including property, energy, marine, aviation, casualty, and specialty reinsurance. The firm has built a reputation for data-driven underwriting and expertise in managing high-value and emerging risks.
For Radian, the transaction is expected to almost double annual revenue while providing greater flexibility to deploy capital across a wider range of insurance and reinsurance segments. By combining its financial strength with Inigo’s specialty underwriting platform, Radian seeks to expand its global footprint and offer enterprise clients a more diversified suite of insurance solutions.
The deal is expected to close in the first quarter of 2026. Inigo will continue to operate under its own brand, led by its existing management team. Evercore advised Inigo, while Goldman Sachs acted as financial advisor to Radian.
Deal No. 3:
Rithm Capital Corp. to Acquire Paramount Group, Inc. for USD 1.60 Billion
Global asset manager Rithm Capital is acquiring Paramount Group, a vertically integrated real estate investment trust, in a transaction valued at USD 1.6 billion.
Paramount Group owns, operates, and manages Class A office properties concentrated in major U.S. business districts, including New York City, San Francisco, and Washington, D.C. Its portfolio consists of 13 owned and 4 managed office assets totaling more than 13.1 million square feet, with an occupancy rate of 85.4% as of June 30, 2025. Paramount’s tenant base spans financial institutions, law firms, and technology companies, reflecting its positioning in high-demand urban markets.
The acquisition expands Rithm’s commercial real estate platform, adding scale and diversification to its asset management operations. By combining Paramount’s established office portfolio and development expertise with Rithm’s capital resources, the transaction positions the firm to broaden its reach, diversify beyond mortgage lending and servicing, and create new opportunities for investors.
The transaction is anticipated to close in the fourth quarter of 2025. UBS Investment Bank and Citigroup Global Markets Inc. are serving as financial advisors to Rithm, while BofA Securities is acting as exclusive financial advisor to Paramount.
Deal No. 4:
CPS Energy, Inc. to Acquire Four natural gas power generation facilities with electric capacity totaling 1,632-megawatts from Proenergy for USD 1.39 Billion
CPS Energy will acquire natural gas power generation facilities from ProEnergy for USD 1.39 billion, adding 1,632 MW of capacity to help meet San Antonio’s increasing energy needs while maintaining flexibility for future hydrogen integration.
The portfolio consists of recently constructed, state-of-the-art peaking natural gas plants located in Harris, Brazoria, and Galveston Counties within the ERCOT market. These units are dual-fuel capable, giving CPS Energy the ability to transition to hydrogen blends over time and reduce carbon emissions.
Alongside the purchase agreement, CPS Energy and ProEnergy have entered into Operations and Maintenance (O&M) and Total Care Services Agreements. Under these arrangements, ProEnergy will continue to staff, operate, and maintain the plants, ensuring reliable and safe operations.
By acquiring modern, operational facilities that already use proven technology familiar to CPS Energy, the utility avoids the high costs, inflationary pressures, and long lead times of building new plants. The acquisition also supports CPS Energy’s long-term objective of providing reliable, affordable, and cleaner energy to its customers while balancing natural gas, solar, wind, and storage resources.
The deal is expected to close in the third quarter of 2025, with J.P. Morgan advising CPS Energy and CIBC Capital Markets advising ProEnergy.
Deal No. 5:
Workday, Inc. to Acquire Sana Labs AB for USD 1.10 Billion
Workday, a major provider of HR and finance software, has announced plans to acquire Sana Labs, an AI company based in Stockholm that builds enterprise knowledge and employee training solutions, in a deal valued at USD 1.1 billion.
Sana Labs is known for its AI-powered platforms that personalize learning and optimize knowledge management within organizations. Its key offerings, Sana Learn and Sana Agents, use artificial intelligence to deliver adaptive training, automate routine processes, and boost productivity. Sana Learn will enhance Workday Learning by introducing hyper-personalized skill development, helping employees upskill more efficiently.
Meanwhile, Sana Agents expands the role of enterprise AI beyond search and chat. With a no-code builder, users can design custom agents that automate repetitive tasks and act proactively. Integrated with the Workday Agent System of Record, these agents streamline workflows while ensuring security and compliance with company policies.
Under Workday, Sana will continue to develop and expand both Sana Learn and Sana Agents, with added resources to accelerate innovation and scale its reach to more customers.
The transaction is expected to close in the fourth quarter of Workday’s fiscal year 2026. Allen & Company LLC is serving as financial advisor to Workday, while DLA Piper is acting as legal counsel to Sana Labs.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of September 15 to 21, 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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