M&A Tracker
Total Deals This Week: 32
Whitecap Resources and Veren to Merge
Background/Synergies/Context: Whitecap Resources has acquired Veren in an all-share transaction to create the largest Alberta Montney and Duvernay landholder, solidifying its position as a premier Canadian light oil producer. The combination enhances scale, asset quality, and free funds flow generation, supporting sustainable dividend growth and shareholder returns. The transaction is expected to generate over $200 million in annual synergies through operational efficiencies and supply chain optimizations. The deal is immediately accretive to Whitecap’s funds flow per share (10%) and free funds flow per share (26%).
Payment Profile: ALL STOCK TRANSACTION - The deal is valued at approximately $15 billion, inclusive of net debt, with Veren shareholders receiving 1.05 Whitecap shares for each Veren share held. Upon closing, Whitecap shareholders will own approximately 48% of the combined company, while Veren shareholders will hold 52%. The transaction is expected to close before May 30, 2025, subject to shareholder and regulatory approvals. Veren shareholders will receive a special dividend of $0.03833 per share for every month the transaction extends beyond May 31, 2025.
Advisors: NATIONAL BANK FINANCIAL and TD SECURITIES acted as financial advisors to Whitecap Resources. BMO CAPITAL MARKETS served as financial advisor to Veren, while SCOTIABANK advised Veren’s Special Committee. BURNET, DUCKWORTH & PALMER provided legal counsel to Whitecap, with NORTON ROSE FULBRIGHT CANADA serving as legal counsel to Veren and BLAKE, CASSELS & GRAYDON advising Veren’s Special Committee.
Industry: Energy/Oil & Gas
About the Acquirer - Whitecap Resources: Whitecap Resources is a leading Canadian oil and gas producer focused on sustainable energy development. The company has a diversified asset base across Western Canada with strong free cash flow generation.
About the Target - Veren: Veren is a Canadian upstream oil and gas company with a strong presence in the Alberta Montney, Duvernay, and Saskatchewan light oil plays. The company specializes in high-margin, long-life production assets.
Niantic to Acquire Scopely’s Gaming Business and Spin-Off Geospatial AI Division
Background/Synergies/Context: Niantic has reached an agreement with Scopely to acquire its gaming business, including Pokémon GO, Pikmin Bloom, and Monster Hunter Now. This acquisition aligns with Niantic's goal to focus on advancing augmented reality and geospatial AI, while Scopely’s expertise in live services will ensure that Niantic’s games continue to thrive. Additionally, Niantic will spin off its geospatial AI business into Niantic Spatial Inc. to accelerate growth in the geospatial technology market.
Payment Profile: ALL CASH TRANSACTION - Niantic has agreed to a $3.5 billion acquisition by Scopely, with an additional $350 million in cash from Niantic being distributed as part of the deal, bringing the total value to approximately $3.85 billion. The transaction is expected to close in 2025, pending regulatory approval.
Advisors: GOLDMAN SACHS acted as exclusive financial advisor to Niantic. For Scopely, J.P. MORGAN acted as financial advisor. FENWICK & WEST LLP served as legal counsel to Niantic. For Scopely, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP served as legal counsel.
Industry: Gaming/Technology
About the Acquirer - Scopely: Scopely is a global leader in mobile gaming, specializing in live services and working with major intellectual properties to deliver high-quality, long-term gaming experiences.
About the Target - Niantic: Niantic is a pioneer in augmented reality and geospatial technology, known for its innovative AR games and its advancements in geospatial AI.
ServiceNow to Acquire Moveworks
Background/Synergies/Context: ServiceNow has acquired Moveworks to combine its agentic AI platform with Moveworks’ AI assistant and enterprise search technology. This acquisition will help ServiceNow further extend its AI-driven solutions across key business areas such as CRM, HR, and finance, increasing employee productivity and accelerating enterprise AI adoption. The integration of Moveworks' capabilities with ServiceNow’s platform will enhance user engagement and redefine employee experiences. The transaction is expected to accelerate AI-powered business transformation.
Payment Profile: ALL STOCK AND CASH TRANSACTION - The acquisition is valued at $2.85 billion, payable in a combination of cash and stock. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.
Advisors: J.P. MORGAN SECURITIES served as exclusive financial advisor to ServiceNow. For Moveworks, TIDAL PARTNERS LLC acted as sole financial advisors.
Industry: Enterprise AI
About the Acquirer - ServiceNow: ServiceNow is a leading AI platform for business transformation, specializing in workflow automation and AI solutions. The company focuses on connecting people, processes, and data to optimize productivity across industries.
About the Target - Moveworks: Moveworks provides an AI assistant designed to simplify enterprise operations by connecting all enterprise systems, enabling employees to automate tasks and access information quickly. The company serves over 350 large enterprises, including major global brands.
Rocket Companies to Acquire Redfin
Background/Synergies/Context: Rocket Companies has acquired Redfin to integrate its real estate search platform and agent network with Rocket’s mortgage origination and servicing capabilities. The transaction enhances Rocket’s ability to offer a seamless home-buying experience by connecting home search, financing, and closing services under one ecosystem. The deal is expected to generate over $200 million in synergies by 2027 and accelerate Rocket’s growth in the purchase mortgage market. The acquisition is projected to be accretive to Rocket’s adjusted earnings per share by the end of 2026.
Payment Profile: ALL STOCK TRANSACTION - The deal values Redfin at $1.75 billion, with each Redfin share exchanged for 0.7926 shares of Rocket Companies Class A common stock. This represents a 63% premium over Redfin’s 30-day volume-weighted average price as of March 7, 2025. Upon closing, Rocket Companies shareholders will own approximately 95% of the combined company, while Redfin shareholders will hold around 5%. The transaction is expected to close in the second or third quarter of 2025, subject to shareholder and regulatory approvals.
Advisors: MORGAN STANLEY acted as financial advisor to Rocket Companies. GOLDMAN SACHS served as financial advisor to Redfin. PAUL, WEISS, RIFKIND, WHARTON & GARRISON provided legal counsel to Rocket Companies, while FENWICK & WEST served as legal counsel to Redfin.
Industry: Real Estate/Financial Services
About the Acquirer - Rocket Companies: Rocket Companies is a Detroit-based fintech platform specializing in mortgage, real estate, and personal finance solutions. It operates across all 50 U.S. states and is known for its AI-driven approach to homeownership.
About the Target - Redfin: Redfin is a technology-powered real estate brokerage with a leading home search platform and a network of over 2,200 agents. The company serves homebuyers and sellers across 42 states, offering brokerage, rentals, lending, and title services.
DNO to Acquire Sval Energi from HitecVision
Background/Synergies/Context: DNO has agreed to acquire Sval Energi from HitecVision in a transformative transaction that significantly expands its North Sea presence. The acquisition will quadruple DNO’s North Sea production, boost proven and probable reserves by 50%, and enhance cash flow with low-cost, high-quality assets. The deal strengthens DNO’s position as a leading European independent oil and gas company, unlocking development synergies and tax efficiencies. It is expected to be highly cash-generative, supporting further growth and exploration in the region.
Payment Profile: ALL CASH TRANSACTION - DNO will acquire Sval Energi for $450 million in cash, based on an enterprise value of $1.6 billion. The acquisition will be funded through existing liquidity and available credit facilities, with additional financing options such as new bonds and reserve-based lending. The effective date of the transaction is January 1, 2025, with expected completion by mid-year 2025, subject to regulatory approvals.
Advisors: PARETO SECURITIES acted as financial advisor to DNO. ADVOKATFIRMAET THOMMESSEN served as legal counsel. Financial and legal advisors for HitecVision have not been disclosed.
Industry: Oil & Gas
About the Acquirer - DNO: DNO is a Norwegian oil and gas operator with a strong focus on the North Sea and the Kurdistan region of Iraq. The company has a track record of exploration success and is a leading independent energy player in Europe.
About the Target - Sval Energi: Sval Energi is an oil and gas company with interests in 16 producing fields on the Norwegian Continental Shelf. It has a balanced portfolio of liquids and gas assets, generating significant cash flow with low production costs.
About the Seller - HitecVision: HitecVision is a private equity firm specializing in energy investments, with a focus on the North Sea oil and gas sector. It has built Sval Energi into a key player in the region before divesting to DNO.
Eaton to Acquire Fibrebond Corporation
Background/Synergies/Context: Eaton has signed an agreement to acquire Fibrebond Corporation, a provider of pre-integrated modular power enclosures for data centers, utilities, and industrial markets. This acquisition is designed to enhance Eaton's capabilities in addressing the accelerating demand for efficient power management solutions in the multi-tenant data center market. The deal will help Eaton expand its presence in key markets while benefiting from Fibrebond’s off-site equipment installation and testing process, reducing time and cost for customers. Eaton expects the transaction to be neutral to its EPS in 2025.
Payment Profile: ALL CASH TRANSACTION - Eaton will acquire Fibrebond for $1.4 billion. The transaction represents approximately 12.7x Fibrebond’s expected EBITDA for 2025. The deal is subject to customary closing conditions and is expected to close in the third quarter of 2025.
Advisors: BNP PARIBAS acted as exclusive financial advisor to Eaton, with DARROIS VILLEY MAILLOT BROCHIER serving as legal advisor. Financial and legal advisors to Fibrebond have not been disclosed.
Industry: Power Management
About the Acquirer - Eaton: Eaton is a global leader in intelligent power management solutions, serving customers across various industries such as data centers, utilities, and industrial sectors.
About the Target - Fibrebond Corporation: Fibrebond is a leading provider of engineered-to-order modular power enclosures for data centers, utilities, and industrial markets.
J. Safra Sarasin to Acquire Majority Stake in Saxo Bank from Geely Financials Denmark and Mandatum Group
Background/Synergies/Context: J. Safra Sarasin has acquired approximately 70% of Saxo Bank, reinforcing its commitment to long-term value creation in private banking and wealth management. The acquisition expands J. Safra Sarasin’s international footprint and integrates Saxo Bank’s advanced digital investment and trading platforms. Saxo Bank will continue operating as a standalone entity, with its CEO and founder, Kim Fournais, retaining a 28% stake. The deal is expected to drive innovation and enhance client offerings across both firms.
Payment Profile: Independent sources have valued the transaction at approximately $1.19 billion. Further financial terms of the transaction have not been disclosed.
Advisors: Financial and legal advisors have not been disclosed.
Industry: Financial Services/Wealth Management
About the Acquirer - J. Safra Sarasin: J. Safra Sarasin is a global private banking and wealth management firm with a strong presence across Europe, Asia, the Middle East, and Latin America.
About the Target - Saxo Bank: Saxo Bank is a leading international fintech bank specializing in trading and investment solutions.
About the Seller - Geely Financials Denmark and Mandatum Group: Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding, and Mandatum Group acquired stakes in Saxo Bank in 2018.
nVent to Acquire the Electrical Products Group Business of Avail Infrastructure Solutions
Background/Synergies/Context: nVent has entered into an agreement to acquire the Electrical Products Group of Avail Infrastructure Solutions. This acquisition strengthens nVent's position in high-growth infrastructure verticals such as power utilities and data centers, enhancing its existing control buildings platform and expanding its capabilities in new applications. The transaction is expected to be accretive to adjusted earnings per share in the first year following the acquisition.
Payment Profile: ALL CASH TRANSACTION - The purchase price is $975 million, subject to customary adjustments. nVent expects to fund the acquisition with available cash on hand. The transaction is expected to close in the first half of 2025, subject to customary closing conditions.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: Infrastructure/Power
About the Acquirer - nVent: nVent is a global leader in electrical connection and protection solutions, offering high-performance products that ensure the safety of critical infrastructure.
About the Target - Electrical Products Group (Avail Infrastructure Solutions): The Electrical Products Group, a division of Avail Infrastructure Solutions, is a North American provider of infrastructure solutions, specializing in control buildings, switchgear, and bus systems.
Piraeus Bank to Acquire Ethniki Insurance From CVC
Background/Synergies/Context: Piraeus Bank has entered into an agreement to acquire a 90.01% stake in the parent company of Ethniki Insurance from CVC Capital Partners Fund VII. This acquisition will enhance Piraeus’ revenue diversification and strengthen its product offering across banking, protection, and investment solutions. The deal is expected to be accretive to Piraeus’ Earnings per Share (EPS) by 5% and improve Return on Average Tangible Book Value (RoaTBV) by 1 percentage point, while positioning Piraeus for growth in the insurance sector.
Payment Profile: ALL CASH TRANSACTION - Piraeus Bank will acquire the 90.01% stake in Ethniki Insurance for €600 million ($650 million) in cash, on a 100% basis. The transaction is expected to close subject to the approval of the relevant regulatory bodies.
Advisors: UBS served as exclusive financial advisor to Piraeus, with MILBANK LLP, MORATIS PASSAS LAW FIRM, and POTAMITIS VEKRIS LAW FIRM serving as legal advisors. Financial and legal advisors to CVC have not been disclosed.
Industry: Insurance
About the Acquirer - Piraeus Bank: Piraeus Bank is a leading financial institution in Greece, offering a wide range of banking, investment, and protection solutions. The acquisition of Ethniki Insurance supports its goal of enhancing revenue diversification and product offerings for its customers.
About the Target - Ethniki Insurance: Ethniki Insurance is a major insurer in Greece, providing a full range of insurance products with a market share of around 14.5%. The company has strong market presence and extensive distribution networks across the country.
About the Seller - CVC Capital Partners: CVC Capital Partners is a leading global private equity and investment advisory firm with a broad portfolio of investments across various industries.
Apax to Acquire Norva24
Background/Synergies/Context: Apax Funds, through Nordahl BidCo, has made a recommended cash offer to acquire Norva24, a leading sludge removal company. The acquisition aligns with Apax’s strategy to invest in essential infrastructure services and accelerate Norva24’s long-term vision of becoming a global leader in the underground infrastructure maintenance sector. Apax sees strong potential for growth through organic expansion and acquisitions, benefiting from Norva24’s established presence in local markets. If successful, the company will be delisted from Nasdaq Stockholm.
Payment Profile: ALL CASH TRANSACTION – The offer values Norva24 at approximately SEK 6.63 billion ($650 million), with a price of SEK 36.50 per share, representing a 58.7% premium over the last closing price. The bid is conditional on Apax securing more than 90% ownership, with key shareholders representing 57% of shares already supporting the offer. The acceptance period runs from March 28 to May 6, with payment expected on May 13.
Advisors: CITI served as exclusive financial advisor and WHITE & CASE LLP as legal advisor to Norva24. SETTERWALLS ADVOKATBYRÅ and SULLIVAN & CROMWELL LLP acted as legal advisors to Apax.
Industry: Infrastructure Services
About the Acquirer - Apax: Apax is a global private equity firm specializing in investments across various industries, with a focus on long-term value creation. The firm has extensive experience in infrastructure and business services.
About the Target - Norva24: Norva24 is a leading European provider of underground infrastructure maintenance services, including sludge removal and pipe maintenance.
Archrock to Acquire Natural Gas Compression Systems
Background/Synergies/Context: Archrock has entered into an agreement to acquire NGCS in a cash and stock transaction, enhancing its position as a leading provider of natural gas compression services. The acquisition expands Archrock’s operational footprint, particularly in the Permian Basin, and strengthens its electric motor drive compression capabilities. The deal is expected to be immediately accretive to earnings per share and cash available for dividends. It aligns with Archrock’s strategy of investing in high-quality, large-horsepower compression assets to support growing demand for natural gas infrastructure.
Payment Profile: The transaction is valued at approximately $357 million, consisting of $298 million in cash and up to 2.312 million newly issued Archrock shares. The cash portion will be funded through available capacity under Archrock’s ABL credit facility. The purchase price represents a multiple of less than 7.0x expected run-rate annualized adjusted EBITDA as of July 2025. The deal has been unanimously approved by Archrock’s Board of Directors and is expected to close in Q2 2025, subject to customary closing conditions.
Advisors: CITI served as exclusive financial advisor to Archrock, and LATHAM & WATKINS LLP acted as legal counsel. INTREPID PARTNERS, LLC served as sole financial advisor to NGCS, while HONIGMAN LLP acted as legal counsel.
Industry: Energy/Infrastructure
About the Acquirer - Archrock: Archrock is a leading energy infrastructure company focused on natural gas compression services across the U.S. Headquartered in Houston, it provides contract compression and aftermarket services to the energy industry.
About the Target - NGCS: NGCS is a provider of large-horsepower natural gas compression equipment and services, specializing in gas lift and midstream applications. It operates a fleet of gas-fired and electric motor drive compressors, primarily in the Permian Basin.
Sun Pharma to Acquire Checkpoint Therapeutics
Background/Synergies/Context: Sun Pharma has acquired Checkpoint Therapeutics, adding UNLOXCYT, the first and only FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, to its portfolio. The acquisition strengthens Sun Pharma’s global presence in onco-dermatology and expands its specialty product offerings. Sun Pharma will leverage its international reach to accelerate patient access to the treatment. The transaction is expected to enhance Sun Pharma’s innovative portfolio and drive long-term growth.
Payment Profile: The deal is valued at up to $355 million, consisting of a $4.10 per share cash payment and a contingent value right (CVR) of up to $0.70 per share, contingent on regulatory approvals in select European markets. The upfront payment represents a 66% premium to Checkpoint’s closing share price on March 7, 2025. The transaction is subject to approval by Checkpoint’s stockholders and regulatory clearances, with an expected closing in the second quarter of 2025.
Advisors: BARACK FERRAZZANO KIRSCHBAUM & NAGELBERG and ALLEN OVERY SHEARMAN STERLING US served as legal advisors to Sun Pharma. LOCUST WALK acted as the exclusive financial advisor to Checkpoint, while ALSTON & BIRD provided legal counsel. COOLEY and MORRIS, NICHOLS, ARSHT & TUNNELL advised Checkpoint’s Special Committee, with KROLL serving as its financial advisor.
Industry: Pharmaceuticals/Oncology
About the Acquirer - Sun Pharma: Sun Pharma is a leading global specialty generics company with a strong presence in dermatology, ophthalmology, and oncology.
About the Target - Checkpoint Therapeutics: Checkpoint is a commercial-stage immunotherapy company focused on solid tumor cancers.
2seventy bio to Acquire by Bristol Myers Squibb
Background/Synergies/Context: Bristol Myers Squibb has agreed to acquire 2seventy bio, a company specializing in CAR T cell therapies, as part of a strategic effort to bolster its portfolio in oncology. This acquisition is expected to further Bristol Myers Squibb's leadership in the multiple myeloma space, with potential synergies from 2seventy bio’s expertise in cell and gene therapies. The deal aligns with BMS’s focus on expanding its immuno-oncology portfolio and bringing Abecma to more patients. The transaction is beneficial to both parties, allowing for better resource allocation and commercialization of key therapies.
Payment Profile: ALL CASH TRANSACTION - Bristol Myers Squibb will acquire 2seventy bio at $5.00 per share in an all-cash transaction. The transaction is valued at $286 million. The deal represents an 88% premium over the closing price of 2seventy bio on March 7, 2025. The acquisition is expected to close in the second quarter of 2025, subject to customary closing conditions, including regulatory approvals.
Advisors: GOLDMAN SACHS acted as exclusive financial advisor to 2seventy bio. For Bristol Myers Squibb, financial and legal advisors have not been disclosed.
Industry: Biotechnology
About the Acquirer - Bristol Myers Squibb: Bristol Myers Squibb is a global biopharmaceutical company focused on discovering and delivering transformative medicines in oncology, immunology, and cardiovascular disease.
About the Target - 2seventy bio: 2seventy bio specializes in developing CAR T cell therapies for oncology, with a focus on providing life-extending treatments for patients with multiple myeloma.
Zydus to Acquire a Majority Stake in Amplitude Surgical from PAI Partners
Background/Synergies/Context: Zydus to acquire 85.6% of Amplitude Surgical’s share capital. This acquisition will allow Zydus to expand into the MedTech sector, focusing on lower-limb orthopaedics, while benefiting from Amplitude Surgical’s innovations and growth. The transaction provides synergies in R&D and manufacturing capabilities and positions Zydus for long-term growth in the medical technology market.
Payment Profile: ALL CASH TRANSACTION - The acquisition is valued at €256.8 million ($279 million) for 85.6% of the outstanding shares. Zydus will pay €6.25 per share, representing a premium of 80.6% over the last closing price. Following the acquisition, Zydus intends to file a mandatory simplified tender offer for the remaining shares at the same purchase price. The transaction is expected to close by June 2025, subject to regulatory approvals.
Advisors: BNP PARIBAS acted as exclusive financial advisor to Zydus. For PAI Partners, ROTHSCHILD acted as exclusive financial advisor. DARROIS VILLEY MAILLOT BROCHIER served as legal advisor to Zydus, and WILLKIE FARR & GALLAGHER served as legal advisor to PAI Partners. FINEXSI has been appointed as the independent expert by Amplitude Surgical's Board of Directors.
Industry: MedTech
About the Acquirer - Zydus Lifesciences: Zydus Lifesciences is a global innovation-driven lifesciences company focused on developing and marketing healthcare therapies.
About the Target - Amplitude Surgical: Amplitude Surgical is a French leader in lower-limb orthopaedics, specializing in high-quality products for hip and knee surgeries.
About the Seller - PAI Partners: PAI Partners is a leading private equity firm with a strong track record in investing in market-leading companies globally.
Knight Therapeutics to Acquire Paladin
Background/Synergies/Context: Knight Therapeutics has entered into an Asset Purchase Agreement with Endo Operations Limited and Paladin Pharma Inc. to acquire the Paladin business. The acquisition will significantly increase Knight’s Canadian business size and bring in a portfolio of stable, cash flow-generating pharmaceuticals, which will aid Knight's expansion in Canada and Latin America. This transaction is expected to be financially attractive and strategically beneficial, enhancing Knight's market presence.
Payment Profile: Knight will make an upfront payment of $120 million in cash, including $20 million for inventory. Additionally, Knight may pay contingent payments of up to $15 million based on sales milestones. The deal is expected to close in mid-2025, pending regulatory approvals, including anti-trust clearance in Canada.
Advisors: RBC CAPITAL MARKETS served as exclusive financial advisor to Knight. DAVIES WARD PHILLIPS & VINEBERG served as legal counsel to Knight. Financial and legal advisors have not been disclosed to Paladin.
Industry: Pharmaceuticals
About the Acquirer - Knight Therapeutics: Knight Therapeutics is a specialty pharmaceutical company focused on acquiring, in-licensing, and commercializing pharmaceutical products in Canada and Latin America.
About the Target - Paladin: Paladin Pharma is a pharmaceutical company with a portfolio of stable, cash flow-generating drugs. It operates primarily in Canada and has a well-established presence in the pharmaceutical market.
Summit Midstream Corporation to Acquire Moonrise Midstream
Background/Synergies/Context: Summit Midstream has acquired Moonrise Midstream, expanding its gathering and processing footprint in the DJ Basin. This acquisition enhances Summit’s processing capacity, provides increased redundancy, and positions the company to support significant future volume growth. The transaction is expected to generate operational and commercial synergies, while also supporting Summit’s capital-efficient growth strategy and alleviating capacity constraints.
Payment Profile: The acquisition is structured with $70 million in cash and approximately 0.5 million shares of Summit Midstream’s Class A common stock. The total consideration amounts to $90 million. The cash portion of the transaction is leverage-neutral, and the transaction is expected to close promptly.
Advisors: EVERCORE served as exclusive financial advisor to Fundare, with BAKER BOTTS serving as legal advisor. TROUTMAN PEPPER LOCKE served as legal advisor to Summit.
Industry: Energy
About the Acquirer - Summit Midstream Corporation: Summit Midstream develops, owns, and operates midstream energy infrastructure assets across key U.S. resource basins.
About the Target - Moonrise Midstream: Moonrise Midstream operates assets in the DJ Basin, including a 65 MMcf/d natural gas processing plant, extensive gathering lines, and crude oil pipelines.
Mallinckrodt to Acquire Endo
Background/Synergies/Context: Mallinckrodt has entered into a definitive agreement to combine with Endo, creating a global, diversified pharmaceutical leader. The transaction will leverage the strengths of both companies, particularly their complementary portfolios in branded pharmaceuticals and generics, to generate significant synergies. The combination will enhance financial flexibility and scale, enabling the new company to invest in internal and external growth opportunities and deliver value to shareholders. The deal is expected to generate annual operating synergies of at least $150 million by year three.
Payment Profile: The transaction will consist of both stock and cash. Endo shareholders will receive $80 million in cash and will own 49.9% of the combined company on a pro forma basis. The transaction is expected to close in the second half of 2025, subject to shareholder and regulatory approvals.
Advisors: LAZARD served as exclusive financial advisor to Mallinckrodt. GOLDMAN SACHS acted as sole financial advisor to Endo. WACHTELL, LIPTON, ROSEN & KATZ acted as lead counsel to Mallinckrodt. DAVIS POLK & WARDWELL LLP served as lead counsel to Endo.
Industry: Pharmaceuticals
About the Acquirer - Mallinckrodt: Mallinckrodt is a global pharmaceutical company focused on developing and distributing specialty products and therapies, particularly in areas such as neurology, autoimmune diseases, and rare diseases.
About the Target - Endo: Endo is a diversified pharmaceutical company that focuses on transforming insights into life-enhancing therapies. It develops and delivers essential medicines, particularly in the fields of pain management, urology, and endocrinology.
Syngene to Acquire First US Manufacturing Facility from Emergent BioSolutions
Background/Synergies/Context: Syngene has acquired its first biologics manufacturing facility in the United States, expanding its global footprint in large-molecule discovery, development, and manufacturing. The acquisition strengthens Syngene’s ability to serve both human and animal health clients, increasing its total single-use bioreactor capacity to 50,000L. The Baltimore facility will enhance Syngene’s US presence, providing clients with greater flexibility, supply chain resilience, and regulatory advantages. The acquisition is expected to contribute positively to Syngene’s financial performance in the long term.
Payment Profile: ALL CASH TRANSACTION – The total investment in the US facility is estimated at $50 million, including the $36.5 million acquisition cost and additional operational expenses. The deal is expected to close in March 2025, subject to customary regulatory approvals. The facility will be operational for client projects from the second half of 2025, with anticipated demand from US-based and international biologics innovators. Emergent BioSolutions retains the right to secure future manufacturing capacity from the facility.
Advisors: Financial and legal advisors have not been disclosed.
Industry: Biotechnology/Pharmaceutical Manufacturing
About the Acquirer - Syngene: Syngene is a global contract research, development, and manufacturing organization (CRDMO) serving pharmaceutical, biotechnology, and animal health sectors.
About the Seller - Emergent BioSolutions: Emergent BioSolutions is a life sciences company focused on developing and manufacturing medical countermeasures and specialty products.
PharmaCord and Mercalis to Merge
Background/Synergies/Context: PharmaCord and Mercalis have announced a merger to create one of the largest and most trusted independent total solutions providers to the biopharmaceutical industry. The combined company will enhance patient access, improve affordability, and provide comprehensive support across the entire commercialization process. By merging PharmaCord’s patient services expertise with Mercalis’s integrated market access solutions, the new entity is positioned to address the evolving needs of the biopharmaceutical industry and improve patient outcomes. The merger is expected to unlock new efficiencies and drive innovation.
Payment Profile: Financial terms of the transaction have not been disclosed. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close by the third quarter of 2025.
Advisors: JEFFERIES and LEERINK PARTNERS served as financial advisors to PharmaCord. For Odyssey and Mercalis, HARRIS WILLIAMS served as financial advisor. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP acted as legal counsel to PharmaCord. LATHAM & WATKINS LLP acted as legal counsel to Odyssey and Mercalis.
Industry: Biopharmaceuticals
About the Acquirer - PharmaCord: PharmaCord is a leading provider of patient services for the biopharmaceutical industry, offering a range of solutions that improve access to specialty medications and enhance the patient experience.
About the Target - Mercalis: Mercalis is an integrated life sciences commercialization partner that offers end-to-end solutions across the healthcare value chain.
Blackboxstocks to Acquire REalloys
Background/Synergies/Context: Blackboxstocks has entered into a merger agreement to acquire REalloys, a producer of rare earth elements, positioning it to become a leader in North America’s high-performance magnet production. This acquisition is aimed at securing critical supply chains for U.S. national defense and reducing reliance on foreign rare earth suppliers. The merger is expected to create significant value for Blackbox’s stockholders and fortify the U.S. supply chain for rare earth materials critical to national defense.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: PALLADIUM CAPITAL GROUP acted as the exclusive financial advisor to Blackbox, with WINSTEAD PC serving as legal counsel. HAYNES AND BOONE, LLP served as legal counsel to REalloys.
Industry: Mining
About the Acquirer - Blackboxstocks Inc.: Blackboxstocks is a financial technology and social media hybrid platform offering real-time analytics for stock and options traders.
About the Target - REalloys Inc.: REalloys is focused on the development and production of rare earth elements, particularly for high-performance magnets.
Franklin BSP Realty Trust to Acquire of NewPoint Holdings
Background/Synergies/Context: Franklin BSP Realty Trust (FBRT) has entered into an agreement to acquire NewPoint Holdings, a commercial real estate finance company. This acquisition will significantly enhance FBRT's multifamily lending capabilities and diversify its product offerings, making the company a comprehensive one-stop solution in the commercial real estate finance space. The transaction is expected to be accretive to earnings, with an increase in book value per share anticipated in the first half of 2026.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: BARCLAYS served as exclusive financial advisor to FBRT. BANK OF AMERICA served as sole financial advisor to NewPoint. HOGLAN LOVELLS and REED SMITH acted as legal counsel to FBRT. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP served as legal counsel to NewPoint.
Industry: Real Estate Finance
About the Acquirer - Franklin BSP Realty Trust: Franklin BSP Realty Trust is a real estate investment trust that originates, acquires, and manages a diversified portfolio of commercial real estate debt secured by properties in the U.S.
About the Target - NewPoint Holdings JV LLC: NewPoint is a leading commercial real estate finance company that offers a wide range of lending solutions across various property types, including multifamily, affordable housing, and healthcare.
About the Seller - Benefit Street Partners: Benefit Street Partners (BSP) is a global alternative credit asset manager that provides investment solutions across a broad range of credit strategies, including commercial real estate debt and equity.
Armlogi Holding to Acquire Leopard Transnational
Background/Synergies/Context: Armlogi Holding has entered into a non-binding agreement to acquire Leopard Transnational, a California-based logistics provider. The acquisition will strengthen Armlogi’s warehousing network and enhance its cross-border e-commerce fulfillment capabilities, particularly for Amazon, Walmart, and emerging platforms like Temu and TikTok Shop. Leopard’s expertise in customs clearance, last-mile delivery, and specialized inventory management is expected to create immediate operational synergies. The transaction aligns with Armlogi’s strategy to expand in high-growth logistics segments.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and legal advisors have not been disclosed.
Industry: Logistics
About the Acquirer - Armlogi Holding: Armlogi Holding is a U.S.-based logistics and warehousing service provider offering supply chain solutions for e-commerce merchants.
About the Target - Leopard Transnational: Leopard Transnational is a Los Angeles-based logistics company specializing in cross-border e-commerce fulfillment.
Armis to Acquire OTORIO
Background/Synergies/Context: Armis has acquired OTORIO, a leading provider of OT (Operational Technology) and CPS (Cyber Physical Systems) security, to expand its cyber exposure management platform. The integration of OTORIO’s Titan platform into Armis Centrix™ will enhance Armis’ OT/CPS capabilities, providing an on-premises solution for air-gapped environments in critical infrastructure sectors like energy and utilities. This acquisition strengthens Armis’ ability to offer a hybrid security approach, addressing customer-driven use case demands. It marks Armis’ third acquisition in less than 12 months, further accelerating its growth ahead of a potential IPO.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and legal advisors have not been disclosed.
Industry: Cybersecurity
About the Acquirer - Armis: Armis is a cybersecurity company specializing in cyber exposure management, providing real-time visibility and protection for critical assets across industries.
About the Target - OTORIO: OTORIO is a cybersecurity firm focused on securing operational technology and cyber-physical systems, particularly in industrial and critical infrastructure environments.
DeFi Technologies to Acquire Majority Stake in Neuronomics
Background/Synergies/Context: DeFi Technologies has acquired a 52.5% majority stake in Neuronomics, a Swiss asset management firm specializing in AI and quantitative trading strategies. This acquisition strengthens DeFi Technologies' capabilities in asset management, AI, and trading, enhancing its existing DeFi Alpha arbitrage trading desk and diversifying its revenue streams.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial terms of the transaction have not been disclosed.
Industry: Financial Technology
About the Acquirer - DeFi Technologies: DeFi Technologies is a financial technology company focused on bridging traditional capital markets with decentralized finance.
About the Target - Neuronomics: Neuronomics is a Swiss asset management firm that uses AI and computational neuroscience to create model-driven quantitative trading strategies.
JLL Income Property Trust Sells Southern California Industrial Property
Background/Synergies/Context: JLL Income Property Trust has sold an 80,000 square foot industrial property in San Marcos, California, as part of its ongoing portfolio strategy. The sale aligns with the Trust's strategy of recycling capital by divesting properties and reinvesting in stronger assets with better long-term growth potential. This disposition enhances the fund's liquidity for future investments in core, stabilized assets positioned for higher returns.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: Real Estate
About the Acquirer - JLL Income Property Trust: JLL Income Property Trust is an institutionally managed daily NAV REIT with a diversified portfolio of commercial real estate investments across various sectors in the U.S.
About the Target - Southern California Industrial Property: The property sold is a light industrial/flex space located in the San Diego submarket of San Marcos, California, which was acquired in 2021.
Teradyne to Acquire Quantifi Photonics
Background/Synergies/Context: Teradyne has announced a definitive agreement to acquire Quantifi Photonics, a leader in photonic integrated circuit (PIC) testing. This acquisition is set to enhance Teradyne's ability to provide scalable testing solutions for the rapidly evolving high-performance compute market, particularly for AI workloads. The integration of Quantifi Photonics’ expertise in photonic testing with Teradyne's semiconductor ATE leadership will help accelerate the development of cost-effective, high-throughput testing for wafer-level, multi-die, and co-packaged optical modules.
Payment Profile: Financial terms of the transaction have not been disclosed. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approval.
Advisors: Advisors have not been disclosed.
Industry: Technology/Manufacturing
About the Acquirer - Teradyne, Inc.: Teradyne is a leading provider of automated test equipment and advanced robotics systems. The company delivers test solutions for semiconductors and electronics products, helping its customers meet rigorous quality standards.
About the Target - Quantifi Photonics: Quantifi Photonics specializes in providing test solutions for photonic integrated circuits (PICs), co-packaged optics, and pluggable optics.
WNS to Acquire Kipi.ai
Background/Synergies/Context: WNS has acquired Kipi.ai, a leader in data modernization and analytics services, to enhance its AI and data capabilities. This acquisition will strengthen WNS' data engineering, analytics, and AI offerings, enabling the company to provide more advanced decision intelligence solutions to global clients. Kipi.ai's deep expertise in AI and its focus on the Snowflake platform will complement WNS' existing digital transformation services, offering synergies in various industries, including banking, healthcare, and manufacturing. The transaction is expected to accelerate the growth of WNS' Analytics and AI practice.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and legal advisors have not been disclosed.
Industry: Technology/AI
About the Acquirer - WNS: WNS is a global digital transformation and services company that combines domain expertise, AI, and technology to deliver innovative solutions across industries.
About the Target - Kipi.ai: Kipi.ai is a leader in data modernization services, focusing on the Snowflake platform. With a team of over 600 employees, Kipi.ai offers advanced solutions in AI, machine learning, and analytics, helping clients transform data into actionable insights.
StoneX to Acquire The Benchmark Company
Background/Synergies/Context: StoneX Group Inc. has entered into an agreement to acquire The Benchmark Company, LLC, which will significantly enhance StoneX’s capabilities in equity and debt capital markets. This acquisition adds a strong equity research and investment banking platform to StoneX, strengthening its service offerings to institutional and commercial clients in global capital markets.
Payment Profile: The terms of the payment were not disclosed, but the transaction is subject to regulatory approval and customary closing conditions.
Advisors: Advisors have not been disclosed.
Industry: Investment Banking/Financial Services
About the Acquirer - StoneX Group: StoneX is a global financial services firm that provides market access, trading opportunities, risk management, and investment solutions to companies, traders, and investors worldwide.
About the Target - The Benchmark Company: The Benchmark Company is a full-service investment banking firm based in New York City, specializing in research, sales and trading, and investment banking services.
Jeffs’ Brands to Acquire Pure NJ Logistics
Background/Synergies/Context: Jeffs' Brands has acquired Pure NJ Logistics, a U.S.-based logistics company. The acquisition is aimed at enhancing Jeffs’ Brands' supply chain capabilities and supporting its rapid growth, with the logistics center providing a strategic location for efficient transportation and order processing. This transaction is expected to streamline operations and improve delivery speeds, especially for e-commerce businesses, contributing positively to Jeffs' Brands' growth trajectory.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: E-Commerce/Logistics
About the Acquirer - Jeffs’ Brands: Jeffs' Brands is a data-driven e-commerce company operating on the Amazon Marketplace.
About the Target - Pure NJ Logistics: Pure NJ Logistics operates a 100,000 square-foot logistics center in New Jersey, located near major transportation hubs.
zSpace to Acquire BlocksCAD
Background/Synergies/Context: zSpace has acquired BlocksCAD, a leading 3D design and modeling platform for STEM education. The acquisition aligns with zSpace's mission to enhance education through augmented and virtual reality, expanding its portfolio to include BlocksCAD's intuitive platform for coding, mathematics, and engineering. The integration of these technologies will provide a seamless learning experience, enabling students to design and visualize complex concepts in 3D, fostering creativity and critical thinking.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: EdTech
About the Acquirer - zSpace: zSpace is a leader in augmented and virtual reality-based educational solutions, offering immersive experiences that enhance learning in STEM, CTE, and career readiness programs.
About the Target - BlocksCAD: BlocksCAD is a 3D design and modeling platform that simplifies STEM learning, with a focus on coding, mathematics, and engineering.
Accenture to Acquire Soben
Background/Synergies/Context: Accenture has agreed to acquire Soben, a global construction consultancy, to enhance its capital projects capabilities in sectors like data center development, pharmaceuticals, and energy. This acquisition will help Accenture address the growing demand for data center development, especially in the face of increasing challenges in the capital projects market.
Payment Profile: Financial terms of the transaction have not been disclosed.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: Consulting
About the Acquirer - Accenture: Accenture is a global consulting firm offering a wide range of services in strategy, consulting, digital, technology, and operations.
About the Target - Soben: Soben is a global construction consultancy that specializes in capital projects, particularly in data center development, pharmaceuticals, and energy sectors.
Modine to Acquire AbsolutAire
Background/Synergies/Context: Modine has entered into a definitive agreement to acquire AbsolutAire, a manufacturer of direct-fired heating, ventilation, and make-up air systems. This acquisition complements Modine's existing Heating and Indoor Air Quality (IAQ) businesses by expanding its product offerings with high-performance air management solutions, particularly targeting commercial, industrial, food service, and warehousing sectors. The acquisition allows Modine to tap into significant growth opportunities as demand increases for advanced HVAC and air quality systems.
Payment Profile: Financial terms of the transaction have not been disclosed. The transaction is expected to close on April 1, 2025, subject to customary closing conditions.
Advisors: Financial and Legal advisors have not been disclosed.
Industry: HVAC
About the Acquirer - Modine: Modine is a global leader in thermal management technology, offering innovative solutions that improve air quality, conserve natural resources, and support sustainable energy use.
About the Target - AbsolutAire: AbsolutAire is a Michigan-based manufacturer specializing in direct-fired heating, ventilation, and make-up air systems.