UK Raises Antitrust Concerns In Getty's Shutterstock Deal
Getty Images announced a $3.7 billion acquisition of Shutterstock, aiming to create a global leader in stock photography. The UK Competition and Markets Authority (CMA) has issued a provisional assessment that the merger could restrict the supply of editorial images in Britain. Regulators are concerned that the combined entity may wield excessive market power over pricing and licensing. The deal now faces potential remedies or a possible block pending a full investigation.
Sony Music France Acquires Paris-Based Indie Label and Publishing Company Spookland
Sony Music Group France announced the acquisition of Spookland, a Paris‑based independent label and publishing company best known for representing French singer‑songwriter Jain. The deal, whose financial terms were undisclosed, transfers recorded‑music and publishing rights, as well as the full...
Procedural Complaints: Raising Procedural Issues in CMA Cases
The Competition and Markets Authority (CMA) provides an independent Procedural Officer and, for newer regimes, a Procedural Complaints Adjudicator to resolve procedural disputes in competition, merger, digital markets and consumer enforcement cases. Parties must apply within five working days after...
Banks that Won on Deposit Growth in 2025 Got Boost From M&A
Regional banks with $10‑$100 billion in assets leveraged mergers and acquisitions to outpace the broader market in 2025, boosting core deposits by more than 8% versus the industry’s 4% average. The 27 midsize lenders that completed deals saw a collective 29%...
Covetrus to Merge with Cencora’s MWI Animal Health in a $3.5B Deal
Covetrus and Cencora have signed a definitive agreement to merge Covetrus with MWI Animal Health, creating a unified animal‑health platform valued at $3.5 billion. Cencora will receive $1.25 billion in cash, $800 million of preferred equity and $1.45 billion of common equity, securing a...
Nestlé Bets on Four Key Categories as It Separates Ice Cream
Nestlé reported 3.5% organic growth for 2025, with real internal growth rising 0.8% and free cash flow reaching CHF 9.2 bn. CEO Philipp Navratil outlined a sharpened portfolio strategy centered on coffee, petcare, nutrition and food‑&‑snacks, while preparing to spin off the remaining...
NRW's Diversification Drive Pays Off
NRW Holdings announced that its acquisition of Fredon Industries for $200 million is driving a significant upgrade to its FY2025‑26 outlook. The diversified service capabilities are expected to boost revenue guidance by roughly 12% and lift earnings per share by about...
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer
Private equity firms EQT AB and Vitruvian Partners have engaged Evercore and Goldman Sachs to explore a sale or initial public offering of cyber insurer CFC, targeting a valuation around £5 billion. The advisers are assessing both London and New York as...
The Pulse of Private Equity – 2/16/2026
Technology private equity deal activity surged in 2026, with total deal value climbing 67.4% year‑over‑year while the number of transactions rose a modest 13.4%. The gap between value and count indicates that firms are executing larger, mega‑cap deals rather than...
Q4: Omnicom’s IPG Merger Is An AI Test Case
Omnicom reported Q4 results after closing its $13.5 billion acquisition of Interpublic Group, positioning AI as the chief growth driver for the merged firm. The company highlighted its Omni platform, now integrated with Acxiom’s Real ID and Flywheel’s Commerce Cloud, to...
Q4: Omnicom’s IPG Merger Is An AI Test Case
Omnicom reported its first earnings after completing the $13.5 billion acquisition of IPG, positioning AI as the core growth engine for the combined firm. The company highlighted its Omni platform, now linked with Acxiom’s Real ID and Flywheel’s Commerce Cloud, to...
How Pennant, LiveWell, Grow With A Density-First Mindset
Home‑based care providers are shifting from a broad geographic footprint to an operational‑density model, making clustered agencies the cornerstone of growth. LiveWell Partners emphasizes expanding density within states it already serves, exemplified by its recent acquisition of Empower Home Health...
Onto Innovation Inc (ONTO) Q4 2025 Earnings Call Transcript
Onto Innovation reported Q3 2025 revenue of $218.2 million, surpassing the midpoint of its guidance, with a 54% gross margin and 21.1% operating margin. Advanced nodes contributed $54 million and are projected to reach $300 million for the full year, while specialty packaging...
PTC Therapeutics Inc (PTCT) Q4 2025 Earnings Call Transcript
PTC Therapeutics announced a definitive agreement to sell its Kepware and ThingWorx businesses to TPG for up to $725 million, shifting focus to its core CAD, PLM, ALM, and SLM platforms. The company reported 8.5% constant‑currency ARR growth to $2.446 billion and...
ETSY Inc (ETSY) Q4 2025 Earnings Call Transcript
Etsy announced the sale of its Depop platform to eBay for $1.2 billion, positioning the company to focus exclusively on its core marketplace. Q4 2025 delivered record revenue of $882 million and GMS of $3.6 billion, marking the first positive marketplace growth since...
AXT Inc (AXTI) Q4 2025 Earnings Call Transcript
Axcelis Technologies reported Q4 2025 revenue of $238 million and non‑GAAP EPS of $1.49, both surpassing internal forecasts, driven by a record $82 million CS&I aftermarket performance and a favorable product mix. Bookings rose to $128 million and the company exited the quarter...
Gentherm Inc (THRM) Q4 2025 Earnings Call Transcript
Gentherm reported record $1.5 billion revenue for 2025, a 2.9% increase, and secured $2.2 billion of automotive new‑business awards, including $485 million in Q4. Adjusted EBITDA fell to $175 million (11.7% of sales) amid higher material costs, while operating cash flow rose 7% to...
Savers Value Village Inc (SVV) Q4 2025 Earnings Call Transcript
InvenTrust Properties Corp. reported a robust 2025 year, delivering 5.3% same‑property NOI growth and a 6.2% rise in NAREIT FFO to $1.89 per share. The REIT completed $460 million of Sunbelt‑focused acquisitions while maintaining sector‑low leverage, with net debt to adjusted...
Who Is Department M, the Company in Talks to Acquire a Stake in Neon?
Neon is in negotiations to sell a significant, undisclosed stake to Department M, a production company founded in 2024 by former AGBO president Mike Larocca and ex‑New Regency chief Michael Schaefer. Backed by a private‑investor consortium, Department M brings a slate that includes Steven...
Etsy Sells Secondhand Clothing Marketplace Depop to eBay for $1.2B
Etsy announced it will sell its second‑hand fashion app Depop to eBay for $1.2 billion in cash. Depop, which posted roughly $1 billion in gross merchandise volume and 7 million active buyers in 2025, was acquired by Etsy in 2021 for $1.62 billion. The...
Cautious on Acquisitions, Some Nursing Home Operators Shift Focus to Value-Based Investments
Nursing home operators are slowing mergers and acquisitions in 2026 as inflated asset prices and an aging facility stock raise concerns about long‑term sustainability. Leaders such as A.G. Rhodes, Diversicare and Focused Post‑Acute are prioritizing capital for modernization, data analytics...
United Airlines CFO Drops Biggest Hint Yet About JetBlue Merger
United Airlines CFO Michael Leskinen hinted at a possible United‑JetBlue merger during a Barclays conference, suggesting the airline sees value in industry consolidation. He also disclosed that United will ground its Pratt & Whitney‑powered 777 fleet this summer, temporarily curbing...
Ebay to Acquire Depop Resale Fashion Marketplace for $1.2 Billion
eBay agreed to buy Depop from Etsy for $1.2 billion in cash, with the deal slated to close in Q2 2026. Depop, a social‑centric C2C fashion marketplace, will keep its brand and culture after the acquisition. The purchase follows Etsy’s 2021 $1.6 billion...
Generative AI Reduces M&A Costs by 20%, McKinsey Says
McKinsey reports that generative AI has slashed M&A costs by roughly 20% and accelerated deal timelines by 10% to 30%. The technology enables faster target identification, due diligence, and integration, especially amid geopolitical and supply‑chain disruptions. Bain finds one in...
Judge Rejects FTC's Emergency Bid To Spare Merger Rule
A Texas federal judge denied the Federal Trade Commission’s emergency request to extend a seven‑day pause on its order that dismantles a sweeping pre‑merger reporting rule. The FTC now has until Thursday to seek relief from the Fifth Circuit Court...
Telecom Joint Venture To Pay $2.7B For UK Fiber Company
InfraVia Capital Partners, Telefónica and Liberty Global, through their Nexfibre joint venture, announced a $2.7 billion acquisition of Substantial Group, the United Kingdom’s second‑largest alternative fiber provider. The deal merges private‑equity capital with telecom expertise to expand Nexfibre’s footprint in the...
Funding Floodgates Open for Gold Miners as Record Prices Inspire Cash Avalanche
Gold has surged to a record $5,000 per ounce, unleashing unprecedented cash flows into the mining sector. The rally enabled a $639 million takeover of Magnetic Resources by Genesis Minerals and a $175 million placement for Horizon Minerals, underscoring a wave of...
Omnicom Swings to $941M Q4 Loss After Closing IPG Deal
Omnicom reported a $941.1 million GAAP loss for Q4 2025, the first quarter after completing its $15 billion acquisition of Interpublic Group. Revenue surged 27.9% year‑over‑year to $5.5 billion, and adjusted EBITA reached $928.9 million with a 16.8% margin. The company doubled its cost‑synergy goal...
Caturus Energy Advances LNG Business Through $950-Million Asset Deal with SM Energy
Caturus Energy announced a $950 million purchase of SM Energy’s Galvan Ranch assets, adding about 61,000 net acres and 250 MMcfed of daily gas production in Webb County, Texas. The acquisition lifts Caturus’s pro‑forma net output to roughly 950 MMcfed across 275,000 acres,...
Global Payments Builds Salesforce
Global Payments announced a 300‑agent salesforce expansion in 2026, following its recent acquisition of Worldpay. The company will invest $1 billion this year to accelerate growth of its Genius processing brand and AI capabilities. Adjusted net revenue rose 1% to $2.32 billion...
Global Payments Looks Forward to a Post-Issuing Era
Global Payments completed a $24.25 billion acquisition of Worldpay and sold its card‑issuing unit for $12 billion, positioning the company as a pure‑play merchant acquirer. The firm highlighted strong early performance of its Genius point‑of‑sale platform, now covering restaurants, retail, drive‑throughs and...
IFF to Sell Off Food Ingredients - the Supplier’s Biggest Earner
International Flavors & Fragrances (IFF) posted 2025 results showing its Food Ingredients division generated $3.28 bn in revenue but delivered the lowest profit margin at 12.9%. Sales in the division fell 3% despite overall company growth, while Taste, Scent and Health...
Midmarket Dealmakers’ Confidence Remains Steady: ACG Survey
The Association for Corporate Growth’s Q1 2026 Market Pulse Survey shows middle‑market dealmakers remain cautiously optimistic, with 64% anticipating a slight increase in M&A activity over the next six months—mirroring the prior quarter and up from 54% earlier in the...
Vandemoortele / Délifrance Merger Inquiry
The UK Competition and Markets Authority (CMA) opened a merger inquiry on 10 October 2025 into the proposed combination of Vandemoortele Group and Délifrance S.A., two major players in the pastry market. A Phase 1 decision on 8 December 2025 concluded the deal would likely...
Why Mergers Fail and How to Spot Trouble Early
M&A activity remains a high‑stakes gamble, with nearly half of large U.S. acquisitions eventually undone. A 27‑year study of 1,636 S&P 500 deals shows a 46% divestiture rate and an average ten‑year lag before breakup. Failures cluster around two patterns:...
VMO2 Owners Make Substantial Acquisition to Gain Altnet Broadband Business
InfraVia, Liberty Global and Telefónica, via their joint venture Nexfibre, announced a £2 bn acquisition of Substantial Group, the owner of altnet Netomnia. The deal adds roughly three million premises and 450,000 customers, targeting an eight‑million‑premise footprint by 2027 and a...
Sports, Influencer and Media Buying Capabilities to Drive M&A This Year
Moore Kingston Smith forecasts a modest rebound in UK media and marketing M&A in 2026 after a 23% drop to 301 deals in 2025, the slowest since the pandemic. Buyers are prioritising capability‑driven targets—especially sports, influencer, and media‑buying agencies that...
Middle Market Deal Terms at a Glance – February 2026
SPP Capital Partners released its February 2026 Middle Market Deal Terms snapshot, updating leverage, debt‑to‑EBITDA, and pricing metrics for senior bank cash‑flow, senior non‑bank unitranche, and junior capital across micro, small and mid‑cap segments. Compared with February 2025, leverage ratios have nudged...
JFB and XTEND Announce $1.5B Business Combination to Establish AI-Driven Autonomous Defense Robotics Company
JFB Construction Holdings will merge with defense‑software firm XTEND in an all‑stock deal, creating a Nasdaq‑listed AI‑driven autonomous defense robotics company named XTEND AI Robotics. XTEND shareholders will own roughly 70% of the new entity while JFB shareholders retain about...
CRH PLC (CRH) Q4 2025 Earnings Call Transcript
Crane reported adjusted EPS of $1.64 for Q4 2025, driven by 5.6% core sales growth and strong performance in its Aerospace & Electronics segment. The company raised its full‑year adjusted EPS guidance to $5.75‑$5.95, implying roughly 20% earnings growth at...
Royal Gold Inc (RGLD) Q4 2025 Earnings Call Transcript
Royal Gold reported record 2025 results, with annual revenue of $1 billion, a 43% increase, and operating cash flow of $705 million. The company completed major acquisitions of Sandstorm Gold and Horizon Copper, expanding its portfolio to roughly 80 producing and 30...
American Water Works Co Inc (AWK) Q4 2025 Earnings Call Transcript
American Water reported adjusted earnings of $5.64 per share for 2025, an 8.9% increase year‑over‑year, and affirmed 2026 EPS guidance of $6.02‑$6.12. The utility deployed roughly $3.2 billion in capital projects, emphasizing pipe replacement, treatment upgrades, PFAS remediation, lead line removal...
Nexstar-Tegna Movement
The FCC’s chair, Brendan Carr, signaled support for the pending Nexstar‑Tegna merger and indicated the agency will move forward, though details on the required waiver or audience‑cap exception remain unsettled. Commissioners Anna Gomez and Olivia Trusty are expected to join...
Ovintiv to Divest Anadarko Assets for $3 Billion
Ovintiv announced a $3 billion cash sale of its Anadarko holdings in Oklahoma, encompassing roughly 360,000 net acres across the SCOOP and STACK plays. The divestiture, slated to close in Q2 2026, follows the company’s recent $2.7 billion acquisition of NuVista Energy,...
CFO Insights: Future Standard’s McGeehin on GP M&A, Retail
Future Standard’s CFO McGeehin highlighted two dominant trends shaping private‑equity sponsors at the Private Funds CFO New York Forum. First, general‑partner (GP) mergers and acquisitions are gaining momentum as firms seek scale, talent, and diversified product suites. Second, retail‑focused strategies...
Gilead-Genhouse Tie-Up Among Several Spanning Pacific: Deals Report
Gilead Sciences has agreed to pay $80 million upfront to Suzhou Genhouse Bio for worldwide rights to GH31, a clinic‑ready oncology molecule. GH31 employs synthetic lethality to inhibit the MAT2A enzyme, a target implicated in several cancers. The deal follows regulatory...
Greenbriar to Acquire AIT Worldwide Logistics
Greenbriar Capital Partners announced it will acquire AIT Worldwide Logistics, a global freight forwarding firm. The transaction will be financed by Greenbriar’s existing investors, with The Jordan Company, the private equity backer of Greenbriar, set to exit upon closing. The...
Portland General Electric Acquires $1.9B Worth of Utility Operations and Assets From PacifiCorp
Portland General Electric (PGE) announced a $1.9 billion acquisition of utility operations and assets from PacifiCorp. The deal encompasses transmission lines, generation facilities, and related infrastructure across the Pacific Northwest. PGE expects the purchase to add roughly 200,000 new customers and...
Trump Justice Dept. Launches Bunk Investigation Of Netflix Merger As a Favor To Larry Ellison
The Department of Justice has launched a wide‑ranging investigation into Netflix’s planned $82.7 billion merger with Warner Bros., citing antitrust concerns over media consolidation. Critics argue the probe is a political maneuver to aid billionaire Larry Ellison’s competing bid for Warner’s...
Choice Health at Home Acquires Alliant Home Health, Palliative Care, Hospice
Choice Health at Home announced the acquisition of Alliant Home Health, Alliant Palliative Care, and Alliant Hospice, extending its service portfolio in Colorado. The deal, closed on November 12, 2025, adds occupational and physical therapy, skilled nursing, and hospice services...