Mergers & Acquisitions

Worldpay hands planet-sized lucre to buyout barons

17 Apr 2025

The payment processor once part of Royal Bank of Scotland changed hands four times between 2010 and 2023. Now private equity owner GTCR is shuffling it to Global Payments for $23 bln, more than doubling its money in the process. It’s a rare investment win in a turbulent industry.

Barclays’ Brookfield schmuck insurance may flop

17 Apr 2025

The $53 bln bank will give the private-capital group 10% of its payments business in return for help growing it, and may sell Brookfield another 70% over time. It seems designed to avoid seller’s remorse. Investors may end up wishing for a simpler arrangement.

Banks can dodge a 2022-style hung debt disaster

17 Apr 2025

High-yield borrowing costs have spiked, raising memories of the $80 bln of loans and bonds that got stuck with lenders three years ago. Yet the leveraged buyout backlog is smaller now, and the credit market moves less violent. A mild headache is more likely than a nasty hangover.

BlackRock debt deal is half a coup for Adani

17 Apr 2025

The world's largest money manager bought one-third of a $750 mln bond issued by the Indian group, its first since tycoon Gautam Adani was hit by US charges. Other backers are yield-hungry types. The conglomerate is paying a price for its problems, albeit not a large one.

US-Dutch purchase flags new art of the chip deal

16 Apr 2025

Applied Materials bought 9% of $8 bln Netherlands-based BESI. In a less geopolitically tense world, it might be a cross-border takeover instead. Grabbing a stake at least gets the Californian buyer a seat at the table in case a rival bidder, perhaps from Europe, tries its luck.

De La Rue’s final deal looks surprisingly positive

15 Apr 2025

After years of selling assets and battling with decline, the UK banknote printer accepted a $350 mln private equity offer. It’s a better outcome than seemed possible a few years ago, when the company was worth $50 mln. And there’s scope for the new owner to boost margins.

Intel’s disappointing disposal is its easiest deal

14 Apr 2025

Ceding control of its Altera programmable chip unit at a $9 bln valuation, about half the price it paid a decade ago, simplifies the struggling semiconductor firm and brings in cash. Yet CEO Lip-Bu Tan is trapped in a capital-intensive race with TSMC. Future sales will be harder.

UK picks right moment for nationalisation playbook

14 Apr 2025

Prime Minister Keir Starmer’s government is on the cusp of taking British Steel, and its almost $1 mln of daily losses, into public ownership. It’ll cost, but so would the alternative of subsidising Chinese owner Jingye. Rising defence spending also makes the move a no-brainer.

Construction deal hides market gaps in plain sight

11 Apr 2025

QXO’s $11 bln acquisition of Beacon Roofing essentially just moves the business from one stock-ticker symbol to another, but at a premium. Look closer, however, and there’s a rare, unimpeded glimpse into how investing mentalities diverge between public and private companies.

Prada’s crisis-era Versace deal still looks pricey

10 Apr 2025

The Italian group paid $1.4 bln for the ailing brand from Michael Kors-owner Capri, less than expected. It helps CEO Andrea Guerra square up to bigger French rivals LVMH or Kering. Even so, the return on investment looks low, even before factoring in a tricky turnaround.

Chipmaker crafts tricky recipe for chaos-era M&A

8 Apr 2025

Germany’s Infineon Technologies is paying $2.5 bln for a unit of Marvell Technology that serves the car sector. The rich price jars with volatile markets. It suggests deals can get done, but only with a price-insensitive buyer that can close without needing lots of risky debt.

BP’s new chair will ideally be an M&A black belt

4 Apr 2025

Helge Lund is stepping down from the troubled UK energy group. That clears the path for an outsider to assess whether BP’s latest strategy passes muster. But if the new chair finds that its low valuation is best fixed via a deal, a track record of successful M&A would help.

Silver Lake’s sharp elbows risk being dislocated

3 Apr 2025

The buyout firm co-led by Egon Durban squared off with Carl Icahn to acquire Dell and is clashing with hedge funds over Hollywood shop Endeavor. Tiny vacation rental outfit Vacasa may be its defining battle, however. Rival suitor Davidson Kempner threatens the savage reputation.

Brookfield may have to dig deeper to bag Grifols

2 Apr 2025

The Canadian firm is eyeing a $7.5 bln offer for the pharma group, as per Spanish media. The juicier bid could still yield an attractive return and Brookfield’s interest, despite fraud allegations, adds value to the company. That may embolden the seller to play hardball.

UK sandwich deal exemplifies investor M&A allergy

2 Apr 2025

Food group Greencore agreed a 1.2-bln-pound takeover of rival Bakkavor. Cost savings seem tasty, and the return looks rich. The fact that Greencore’s shares dipped during talks, though, is a warning for scale-hungry CEOs: investors have limited M&A appetite in a volatile world.

China stocks are still a trade, not an investment

2 Apr 2025

Global traders are returning to Chinese equities but long-term investment allocations have lagged. The $14 trln onshore market remains an IPO wasteland where fast foreign money prevails over buy-and-hold. Beijing’s private sector support will struggle to offset US aggression.

Rocket’s housing expansion cramps existing lodgers

31 Mar 2025

The home lending tech firm is buying mortgage servicer Mr. Cooper for $9 bln, its second all-stock deal in a month. Building a one-stop shop for house hunters makes sense. But the M&A rush dilutes existing investors, whose share of profit-boosting cost savings looks skimpy.

 

Telecom Italia’s latest twist dials down vital M&A

31 Mar 2025

Italy’s state-held Poste has bought most of Vivendi’s stake in the $7 bln domestic telco, making it the biggest shareholder. The deal clarifies Telecom Italia’s future direction. Unfortunately, it also probably makes value-creative M&A with foreign operators like Iliad harder.

Berlusconis’ German M&A only partly eases TV bind

27 Mar 2025

The Italian family’s firm MFE has offered to buy the outstanding shares of its $1.5 bln rival ProSieben. Bulking up has a certain logic when TV is declining, provided the target accepts the cheap offer. But it ultimately won’t stem the outflow of viewers and advertisers.

‘Pro-growth’ M&A policing is a misnomer

27 Mar 2025

The transatlantic trustbusting consensus forged by Lina Khan and Margrethe Vestager is already fraying. In this week’s Viewsroom, Breakingviews columnists discuss if it will lead to mergers involving national champions such as GSK and BP, and in turn remedy some economic ills.