By Arthus Marande, Mattia Colombo, Namien Kone, Christopher Putnis, Olivia Riera Ripoll, and Nehir Yanmaz (ESCP); Aman Prasad, Oliver Greenhalgh and Jiaqi Tang (University of Birmingham) Photo: Jake Hills (Unsplash) Overview of the deal Acquirer: Paramount Skydance Corporation Target: Warner Bros. Discovery, Inc. Implied Equity Value: Approximately $81bn Total Transaction Size: Approximately $110bn enterprise value Closed Date: Not yet closed; expected to close in Q3 2026 Tar

By Sacha Bleines and Kiseop Shim (Emylon Business School); Ishan Panchal (Monash University). Photo: Andrey Metelev (Unsplash) Overview of the deal Acquirer: ENGIE S.A. Target: UK Power Networks Holdings Limited Implied Equity Value: £10.5 billion (~$13.1 billion) Total Transaction Size: £15.8 billion (~$19.7 billion) Closed date: Expected mid-2026 (announced 24 February 2026; shareholder approval obtained April 2026) Target advisor: Linklaters (Legal) Acquirer advisor: Bank

By Blanche Delaunay, Huseyn Badalbayli, Kristiyan Nedelchev, Martin Tropchev, and Robin van der Werf (Rotterdam School of Management); Gilles Michaud and Marc Bellon (HEC Paris) Photo: Louis Reed (Unsplash) Overview of the deal Acquirer: Gilead Sciences, Inc. (Nasdaq: GILD) Target: Arcellx, Inc. (Nasdaq: ACLX) Implied Equity Value: $7.8 billion ($115 per share in cash + $5 CVR per share) Total Transaction Size: $7.8 billion Closed Date: April 28, 2026 Target Advisor: Centerv

By Chris Ruan (UCLA); Alvaro Aguilar De Nalda (ESADE); Freya Zhang, Jacky Chan, Sharon Liu and Akshi Bansal (HKUST) Photo: Planet Volumes (Unsplash) Overview of the deal Acquirer: KKR and Singtel Target: ST Telemedia Global Data Centres (STT GDC) Implied Equity Value: $6.01 billion Total Transaction Size: $10.9 billion Closed Date: Expected to close in second half of 2026 Target advisor: J.P. Morgan (financial); Latham & Watkins (legal) Acquirer advisor: Citi and Bank of Ame

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham); Alvaro Aguilar De Nalda (ESADE); Arthus Marande, Olivia Riera Ripoll, Christopher Putnis, and Nehir Yanmaz (ESCP) Photo: Joshua Lawrence (Unsplash) Overview of the deal Acquirer: Banco Santander Target: Webster Financial Corporation Implied Equity Value: $12.2bn Total Transaction Size: ~$14.5bn Closed date: H2 2026 Target advisor: Centerview Partners, Goldman Sachs, and Bank of Americ

By Shahmir Ahmed, Francesco Del Sesto, Víctor Varela, Elisa Nicoletti (Bocconi University), Zin Nas, Larry Cao, Lisa Dai, (Columbia University) Photo: Kelly Sikkema (Unsplash) Overview of the deal Acquirer: Capital One Financial Corporation Target: Brex Inc. Implied Equity Value: $ 5.15 billion Total Transaction Size : $ 5.15 billion (50% cash / 50% stock) Expected Close Date: Jan 22, 2026 Target Advisor: Centerview Partners LLC (financial), Wilson Sonsini and Simp

By Arthus Marande, Olivia Riera Ripoll, Christopher Putnis, Nehir Yanmaz (ESCP); Alvaro Aguilar De Nalda (ESADE); Ben Motamed, Emmanuel Olowe, Charlie Bark, James Midgley, Archie Clarke (Durham) Photo: Getty Images (Unsplash) Overview of the deal Acquirer: Clayton, Dubilier & Rice (CD&R) Target: Sealed Air (NYSE: SEE) Implied Equity Value: $6.2bn Total Transaction Size: $10.3 billion Closing Date: Expected mid-2026 Target Advisor: Evercore (financial); Latham & Watkins

By Alp Ceylan, Elisa Nicoletti, and Victor Varela (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Jiaqi Tang, Oli Greenhalgh and Ibrahim Demir (University of Birmingham) Photo: Acton Crawford (Unsplash) Overview of the deal Acquirer: Union Pacific Corp Target: Norfolk Southern Corp Transaction Type : Stock-and-cash acquisition Total Transaction Size: $84.4 billion Closing Date: The first half of 2027 (subject to regulatory approval) Target Advisor: BofA Securitie

By Arthus Marande, Namien Koné, Olivia Riera Ripoll, Nehir Yanmaz, (ESCP), Diana Usova, Oliver Cedar, Dylan Stiassny, Obianuju Okafor (University of Bristol) Photo: Akram Huseyn (Unsplash) Overview of the deal Acquirer: Merck Target: Cidara Therapeutics Total Transaction Size: $9.2 Billion Closed date: Expected First Quarter 2026 Target advisor(s): Evercore and Goldman Sachs & Co (financial), Cooley (legal) Acquirer advisor(s): BofA Securities (financial), Gibson Dunn (

By Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, Sharon Liu (HKUST); Anastasia Malikova, Dennis Malaj, Gauri Khanna, Sarah Lee (LSE) Photo: Laurynas Me (Unsplash) Overview of the deal Acquirer: Pfizer Inc. Target: Metsera Inc. Implied Equity Value : ~$9.2 billion (~7 billion cash upfront & up to ~$2.2 billion in contingent milestone payments) Total Transaction Size: Up to US$10 billion Closing Date: 13th November 2025 Target Advisor: Goldman Sachs & Co.LLC , Guggenhei

By Amya Hillis, Jacob Liu, Agastya Mittal, and Dirk Harrison (Columbia University); Shahmir Ahmed and Francesco Del Sesto (Bocconi University) Photo: Jonas Leupe (Unsplash) Summary of IPO The buy-now-pay-later (BNPL) model and broader shift to online commerce have reshaped consumer finance over the past decade, and Klarna has been one of the central players in that transition. Founded in 2005 in Stockholm, Klarna built a platform that lets consumers split payments, pay later,

By Kush Mahawar, Lexi Xiao, Joe Colton, Sean Yeow (University of Oxford); Diana Usova, Dylan Stiassny, Oli Cedar, Obianuju Okafor (University of Bristol) Photo: Simone van der Koelen Deal Overview Acquirer : Novo Nordisk Target : Akero Therapeutics Total Transaction Size : $5.2bn (including CVR) Closed Date : Expected Q4 2025 Target Advisors : Morgan Stanley and J.P. Morgan (Financial); Kirkland & Ellis (Legal) Acquirer Advisors : Bank of America (Financial); Ropes & Grey (Le

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham); Rasmus Sjögren, Alexander Henje, Haris Jasarevic, Nikolas Kakona (Stockholm School of Economics) Photo: Stella de Smit Overview of the deal Acquirer: Heineken N.V. Target: Florida Ice and Farm Company S.A. (FIFCO) – beverage, food and retail businesses (Distribuidora La Florida and related operations) Total Transaction Size: $3.2 billion (cash consideration, Enterprise Value) Close

By Aman Prasad, Andrea Defilippi, Jase Lall, Jill Shah, Sharmell Sonia D’Silva (University of Birmingham); Terry Zhang, George Luo (The...

By Anastasia Malikova, Shir Lyn Lau, Hunter Pang (LSE); Edward Fung Freya Zhang, Harry Yum (HKUST) Photo: Shutterstock Overview of the...

By Holly Griffin, Ishaanika Gulzar, Kai Lim, Katerina Georgiou, Tomiwa Oshai (King’s College London); Smit Kotak, Diana Usova, Hisha...

By Pierre Caye, Blake Dal Santo, Yuxuan Zhou, Alexis Bruneau, Giuliana Vadacchino, Jules Donzelot, Mathis Grandchamp, Alexander Megrelis...

By Heather Leung, Chengcheng Liu, Boyu Deng and Edward Fung (HKUST) ; Carlo Leopardi, Tommaso Arona, Alexander Svanidze, Edoardo Tosti...

By Varun Vinay Iyengar, Rui Lee and Ardia Daniswara (King’s College London) ; Melvin Bergeret, Arthur Delfour, Axel Nkam and Victor Zheng...

By Jian Wee Soh, Yagnesh Patel, Aaren Tan, Arfred Garcia, Bharath Sivakumar, Gulled Bulhan (Imperial College London), and Heather Leung,...

By Evan Schnell, Coby Lai, Luca Polsinelli, and Leo Polsinelli (Cornell University), Nikitas Kitsantas and Carlotta Nardello (ESADE)...

By Xunliang Huang (University of Melbourne), Albert Ibekwe, Junqi Wang and Sean Millar (University of St Andrews) Photo: the blowup...

By Mathilde Heibig, Pierre Six, and Jingying Liu (HEC Paris), Athean Myat, Ana Almeida, Angelina Gart, Coby Lai, Michelle Liu, and Carden...

By Jack Lee, Heather Leung and Sissi Zeng (HKUST), Rhys Meredith, Kian Patel, Oliver Platts, Samuel McCrea, Velizar Zlatev and Salah...

By Marvin Stenersen and Gabriela Lenerte (Stockholm School of Economics), Michele Silvestri, Kayla Ho and Jia-Jian Gan (LSE) Photo: Timo...

By Nancy Huang (University of Melbourne), Fuh Zhe Yi, Ahaan Roychowdhury and Harold Parra Halder (University College London) Photo: Mika...

By Ritu Joseph (London Business School), Rhys Meredith, Kian Patel, Oliver Platts, Samuel McCrea and Velizar Zlatev (University of...

By Tigran Minasian, Ross Barrett, Kai Ye and Oscar Silva (Imperial College London), Adil Amlaiky (McGill University) Photo: Samuele...

By Xunliang Huang (University of Melbourne), Sameer Jain and Micheal Akullo (Wharton School) Photo: Sigmund (Unsplash) Overview of the...

By Adil Amlaiky and Anish Umasuthan (McGill University), Ayushman Mukherjee, Junseok Choi, Matthew Liu and Divy Dayal (University of...

By William Dinsdale and Bilal Rashid (LSE), Friedrich von Storch, Enrique Perez-Hernandez and Ties Oudmayer (IE) Photo: Nathaniel Yeo...

By Adil Amlaiky, Ilan Bernadski, and Greta Horn (McGill University), and Yair Trachtenberg, Nikita Bezverkhniy, Marcus Walter, and Julia...