Deals

Charter deal runs valuable $35 bln extension cord

16 May 2025

Adding rival Cox would create the biggest US cable operator with 38 mln customers. Cost savings worth $4 bln are handy as the industry grapples with streaming, mobile and unsubscribers. If trustbusters OK the combination, the most important asset boss Chris Winfrey buys is time.

Franco-German defence IPO hits private equity snag

16 May 2025

Buyout group Triton is resisting tank maker KNDS’s intention to exercise a call option and take its stake in engine manufacturer Renk to 25%. The legal dispute may end up in a compromise, but it could hinder the Franco-German group’s ability to launch an IPO this year.

Foot Locker deal calls for some fancy footwork

15 May 2025

Dick’s Sporting Goods is buying the sneaker chain for $2.4 bln, expanding its international presence. Cost savings worth about $900 mln help, but fall 20% short of the premium being paid. For boss Lauren Hobart to justify the strategic merits will take bigger financial strides.

Berlusconis’ German TV raid is worth resisting

14 May 2025

The Italian clan seemed to be exerting creeping control of $2 bln ProSieben through an underwhelming takeover offer. Czech investor PPF has made that trickier with a higher cash bid for up to 30% of the stock. Investors may now get more money – or a better corporate strategy.

Samsung ventilation deal buys it breathing space

14 May 2025

The Korean chip giant's 1.5 bln euro purchase of Germany's FläktGroup is its largest acquisition in eight years. The AI boom is heating up demand for cooling systems in data centres. De facto leader Jay Y Lee is thinking creatively as he seeks to regain Samsung's tech lead.

HP spawn inherits pugnacious M&A gene

12 May 2025

The tech pioneer’s cloud offshoot, HPE, is now battling pushy Elliott as it fights trustbusters to buy Juniper for $14 bln. Having endured ugly Compaq and Autonomy clashes, boss Antonio Neri has some useful DNA. It may come in handy again: his company screens well for a breakup.

Andrea Orcel’s M&A hunt faces acceptable defeat

12 May 2025

The UniCredit CEO’s pursuit of $17 bln BPM and $32 bln Commerzbank ran up against political opposition. He could train his sights elsewhere, say by targeting Mediobanca, or lower his deal return targets. UniCredit’s healthy standalone position makes the case for doing nothing.

Sumitomo gives India’s top lender a welcome fillip

12 May 2025

State Bank of India and peers are selling 20% of Yes Bank to the Japanese group for $1.6 bln – almost tripling their money on this chunk of their investment in the 2020 bailout. It’s well-timed for SBI as it plans a share sale and other measures to bolster its own capital.

NTT generously models Japan’s next wave of buyouts

9 May 2025

At over $16 bln, state-backed Nippon Telegraph and Telephone's offer for the 42% of information technology services firm NTT Data it doesn't already own carries a chunky premium. But it lays out a blueprint for the type of dealmaking officials want to see more of in Japan.

European TV M&A would only delay a gory finale

6 May 2025

Deals are back on the agenda for the region’s broadcasters, with Italy’s MFE, Britain’s $4 bln ITV and France’s TF1 potentially involved. Tie-ups help, but there’s no catching Netflix and other streamers. The best hope is to postpone a newspaper-like fate for as long as possible.

Skechers makes for a sneaky trade war buyout

5 May 2025

Amid an M&A drought, 3G Capital is offering $9 bln for the sneaker maker. Aging founders are staring down supply chain-roiling tariffs and intense competition. Some careful structuring, a sewn-up vote, and steady demand from similarly greying customers can make for a comfy deal.

Santander’s Polish retreat looks counterintuitive

5 May 2025

The Spanish bank will sell most of its business in the European state for 7 bln euros. Santander’s rethink on one of the bloc’s fastest-growing economies comes after it said it would keep its ailing UK arm. Meanwhile, using its cash for US expansion no longer looks a no-brainer.

BBVA’s $15 bln deal is dicey despite antitrust OK

1 May 2025

Chair Carlos Torres Vila won trustbusters’ approval for his planned Sabadell merger after promising to keep branches open and other concessions. Yet Madrid can impose tougher conditions, and the target’s investors may reject the price. A higher offer looks necessary in any case.

CK Hutchison deal is test of Chinese hospitality

1 May 2025

The Li clan is facing political hurdles as it tries to offload the docks business to BlackRock for $23 billion. In this Viewsroom podcast, Breakingviews columnists explain why China objects, and why it might create bigger problems for inward investment.

Ant’s Hong Kong deal heralds start of a comeback

29 Apr 2025

Five years after regulators derailed its IPO, Jack Ma's $80 bln fintech group is buying a retail brokerage in the city. The deal under new CEO Cyril Han may be a first step to tapping China's vast securities market. For now, it signals a return to expansion for the company.

Mediobanca glimpses M&A escape with wealth deal

28 Apr 2025

The Italian bank made a $7 bln bid for money manager Banca Generali, using its stake in insurer Generali as currency. The deal, which may lead to a higher valuation, seems designed to stop MPS’s Mediobanca pursuit. CEO Alberto Nagel will have to hope that no rival bidders emerge.

Toyota Industries $42 bln buyout is scrap value

28 Apr 2025

That’s what Toyota Motor Chair Akio Toyoda and family may offer to take the group’s sprawling founding company private. It’s less than the implied value of its 9% stake in the carmaker and its own business units. Handing over control should warrant a proper premium.

DoorDash’s Deliveroo swoop is pricey but timely

28 Apr 2025

The $79 bln US food delivery giant has bid $3 bln for its UK peer. Even with a relatively modest premium, DoorDash needs growth and savings for its deal to stack up. Still, with rival bidders either distracted by other deals or out of the game, it’s a logical time to pounce.

CK Hutch ports sale can be good for Beijing too

28 Apr 2025

Beijing has warned the Hong Kong firm against bypassing its antitrust probe on the $23 bln disposal to a BlackRock-led group. Officials may want to use the assets as leverage in US trade talks. Poor timing aside, China has multiple reasons to like this deal and the buyers.

SoftBank grasps the riskiest end of crypto mania

24 Apr 2025

Boss Masayoshi Son’s latest longshot is a $3.6 bln Cantor Fitzgerald shell-company deal, Twenty One. The plan is to mint a bitcoin hoarder like $90 bln MicroStrategy. It’ll work if it fetches the same inexplicable premium, but a bizarre structure and SPAC taint worsen the odds.