Mergers and Acquisitions

Synopsys, a U.S. headquartered global leader in electronic design automation and semiconductor IP, in its $35 billion acquisition of U.S. headquartered Ansys, a simulation software developer.

F2i, Italy’s largest independent infrastructure fund manager, in its €22 billion co-investment with KKR and the Italian government, for the acquisition of telecommunications company, TIM, Telecom Italia’s fixed network.

Baker Hughes, a global energy technology company, in its $13.6 billion acquisition of Chart Industries, a manufacturer of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets.

Eni in its €9 billion cross-border merger of Subsea7, a multinational service company engaged in subsea engineering and construction serving the offshore energy industry, into Saipem, a global leader in engineering services.

The Walt Disney Company in the $8.5 billion merger of Star India with Viacom18 to form a new strategic joint venture with Reliance Industries Limited, India’s largest private sector company.

Sixth Street in its $7.1 billion take-private of ESR Group Ltd, one of Asia-Pacific’s leading real asset managers, as part of a consortium with Starwood Capital Group, and SSW Partners, which also includes QIA, Warburg Pincus, and certain founders of ESR—the largest privatization from the HKSE since 2021.

Temasek, alongside Brookfield, in its €6.1 billion take-private of Neoen, a leading independent global renewable energy producer headquartered in France.

Vivendi SE on its multi-billion global spin-off of Canal+, Havas, and Louis Hachette Group; Canal+ in its £2.9 billion listing on the London Stock Exchange; Havas in its €1.8 billion listing on Euronext Amsterdam; and Louis Hachette Group in its €1.2 billion listing on Euronext Growth.

F2i and Ardian in the €5.3 billion sale of gas distribution group 2i Rete Gas to Italgas.

Sixth Street in its $5.1 billion acquisition of Enstar Group Limited, a leading global insurance group headquartered in Bermuda.

Alphabet, an American multinational technology company, in its $4.75 billion acquisition of Intersect, a provider of data center and energy infrastructure solutions.

Sixth Street in its acquisition of a 38% stake in Sorgenia, a leading player in the electricity and natural gas market in Italy, from F2i, in a deal worth $4.6 billion.

Advent International in the £4.4 billion competing offer for Spectris plc, a high-quality precision measurement, instrumentation, and testing company.

T-Mobile, a U.S. mobile network carrier, in its $4.3 billion acquisition of UScellular’s wireless operations and select spectrum assets.

Solventum, a U.S. health care company spun off from 3M, in the $4 billion sale of its purification and filtration business to Thermo Fisher Scientific Inc., a U.S. life, science, and clinical research company.

OCI N.V., a Dutch global producer and distributor of natural gas-based fertilizers and industrial chemicals, in its $3.6 billion strategic sale of its entire equity stake (50% plus one share) in Fertiglobe to the Abu Dhabi National Oil Company (ADNOC).

Alimentation Couche-Tard, a Canadian headquartered global leader in convenience and fuel retail, in its €3.1 billion acquisition of TotalEnergies’ retail assets in Germany, the Netherlands, Belgium, and Luxembourg.

Blackstone Life Sciences and Novo Holdings A/S in the $3.1 billion sale of Anthos Therapeutics, a U.S. clinical-stage biopharmaceutical company, to Novartis AG, a Swiss multinational pharmaceutical corporation.

T-Mobile, a U.S. mobile network carrier, in the $2.9 billion sale of its 800 MHz Spectrum Portfolio to Grain Management.

Roquette, a French family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients, in its $2.85 billion acquisition of the Pharma Solutions segment of U.S. headquartered International Flavors & Fragrances Inc., an industry leader in food, beverage, health, and biosciences.

Shionogi, a Japanese pharmaceutical company, in its $2.5 billion acquisition of global rights to Tanabe Pharma Corporation’s RADICAVA ORS (edaravone) and IV RADICAVA, a treatment for amyotrophic lateral sclerosis (ALS).

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) in its proposed $2.2 billion to internalize the technical assistance and technology transfer services historically provided by its strategic partner and to integrate Cross Border Xpress (CBX), a border crossing and port of entry.

Warburg Pincus in its $2.16 billion sale of Sundyne, a global manufacturer of pumps and compressors for the industrial and energy sectors, to Honeywell International.

General Mills, a leading American producer of packaged consumer foods, in its $2.1 billion sale of its U.S. and Canada yogurt businesses, to Lactalis, a French multinational dairy products group, and Groupe Sodiaal, France’s largest dairy cooperative.

Synopsys, a U.S. headquartered global leader in electronic design automation and semiconductor IP, in connection with NVIDIA’s $2 billion investment in Synopsys and concurrent entry into a strategic partnership.

GSK, a UK headquartered global biopharma company, in its up to $2 billion acquisition of Boston Pharmaceuticals’ lead asset efimosfermin.

Lenovo, a Chinese multinational technology company, in its $2 billion strategic collaboration with Alat, a wholly owned subsidiary of the PIF, established to create a global business in electronics and advanced industrials, in the Middle East and Africa region.