Hot M&A Deals
IBM to Buy Confluent for $11B
Decemeber 8, 2025
IBM announced on December 8, 2025 that it will acquire Confluent for $11 billion in an all-cash transaction, valuing the deal at $31 per share and a 34% premium. Confluent is a leading real-time data streaming platform with $1.1 billion in LTM revenue, while IBM brings scale across hybrid cloud, AI, and enterprise infrastructure . The acquisition aims to create an end-to-end smart data platform by combining Confluent’s streaming capabilities with IBM’s AI and automation offerings to better support generative and agentic AI use cases. The deal is expected to be accretive to IBM’s adjusted EBITDA within the first year and to free cash flow by the second year post-close.
Netflix to Buy Warner Brothers Discovery
Decemeber 5, 2025
Netflix announced a $72 billion cash-and-stock acquisition of Warner Bros. Discovery, aiming to combine complementary film, television, and streaming assets into a global entertainment powerhouse. The deal values WBD at $27.75 per share and is expected to generate $2–3 billion in annual cost savings by year three while becoming accretive to Netflix’s GAAP EPS by year two. Pending regulatory and shareholder approvals and WBD’s network separation, the transaction is projected to close within 12–18 months.
Abbott to Buy Exact Sciences for $21B
November 20, 2025
Abbott announced a $21 billion all-cash acquisition of Exact Sciences to expand its position in fast-growing cancer diagnostics. Exact Sciences brings leading products such as Cologuard, Oncotype DX, and new multi-cancer detection technologies, supporting Abbott’s strategy to accelerate innovation and broaden access to early cancer screening. Although Exact Sciences is not yet profitable, its strong revenue growth, declining losses, and projected $3 billion in 2025 revenue make it an attractive target. Under the deal, Abbott will acquire all shares for $105 each, bringing the total enterprise value to $23 billion including debt.
Kimberly-Clark to Buy Kenvue
November 3, 2025
Kimberly-Clark announced a $48.7 billion cash-and-stock acquisition of Kenvue, marking what is expected to be the largest buyout in the U.S. consumer goods sector. The deal will unite a broad portfolio of household and personal-care brands—spanning Huggies, Kleenex, and Cottonelle at Kimberly-Clark to Tylenol, Neutrogena, Aveeno, and Listerine at Kenvue—creating a combined company with roughly $32 billion in annual revenue and an estimated $2.1 billion in cost synergies. Kenvue shareholders will receive $3.50 in cash plus 0.14625 Kimberly-Clark shares per Kenvue share, representing a 46.2% premium and resulting in post-close ownership of approximately 46% of the merged entity. The transaction, slated to close in the second half of 2026, comes as Kenvue faces ongoing litigation risks and follows its 2023 spinout from Johnson & Johnson.
Thermo Fisher to Buy Clario for $8.9B
October 29, 2025
On October 29, 2025, Thermo Fisher Scientific Inc. announced a definitive agreement to acquire Clario Holdings, Inc. — a clinical-trial endpoint data solutions provider — for approximately US $8.875 billion in cash at closing, plus an additional US $125 million in January 2027 and up to US $400 million of performance-based earn-out payments tied to Clario’s 2026-27 results. The deal, expected to close by mid-2026 subject to regulatory approvals, will integrate Clario into Thermo Fisher’s Laboratory Products and Biopharma Services segment, immediately enhance adjusted earnings per share by about US $0.45 in year one, and deliver meaningful margin and growth synergies as Thermo scales its digital-data capabilities for pharma and biotech customers
American Water and Essential Utilities to Combine
October 27, 2025
American Water Works Company and Essential Utilities announced a $40 billion all-stock merger that will create a $63 billion regulated utility leader with expanded scale across water, wastewater, and natural gas services. The combination is expected to enhance geographic reach, improve operational efficiency, and support continued investment in essential infrastructure while remaining accretive to American Water’s earnings in the first year post-close. Essential shareholders will receive 0.305 American Water shares per share and will own roughly 31% of the combined company, with American Water shareholders retaining approximately 69%. The merged entity will maintain strong credit quality, continue targeting 7–9% EPS and dividend growth, and benefit from the high-growth Peoples Natural Gas platform within Essential’s portfolio.
Rayonier & PotlatchDeltic to Combine
October 14, 2025
Rayonier Inc. and PotlatchDeltic Corporation announced an $8.2 billion all-stock merger that will create one of the largest timberland owners in the United States, managing 4.2 million acres across 11 states. The combined company will benefit from expanded scale, seven wood-products manufacturing facilities, and strengthened positioning amid newly enforced U.S. timber tariffs and ongoing pressures in the housing and construction sectors. PotlatchDeltic shareholders will receive 1.7339 Rayonier shares per share—an 8.25% premium—with Rayonier investors owning 54% of the merged entity and PotlatchDeltic shareholders owning 46%. The transaction, expected to close by mid-2026, will establish a newly named company headquartered in Atlanta and led by current Rayonier CEO Mark McHugh.
Heineken Acquires Assets From Florida Ice and Farm Company
September 22, 2025
Heineken announced a $3.2 billion cash acquisition of key food, beverage, and retail assets from Florida Ice and Farm Company (FIFCO), significantly expanding its footprint across Central America. The deal delivers iconic regional brands—including Costa Rica’s Imperial beer—along with major soft-drink operations, PepsiCo bottling rights, and more than 300 retail outlets, positioning Heineken as the country’s second-largest soft-drinks player. Heineken expects the transaction to be immediately accretive to operating margin and EPS, supported by $50 million in anticipated cost synergies and modest leverage impact. The acquisition, aligned with Heineken’s EverGreen strategy, accelerates premiumization and growth in high-potential markets while integrating FIFCO’s strong sustainability programs and decades-long regional expertise.
