By Alexander Svanidze, Ava Singer, Ryan Leo, Julianna Zelnhefer (Boston University); Alvaro Aguilar De Nalda; Rasmus Sjögren, Alexander Henje, Haris Jasarevic, Nikolas Kakona (SSE) Photo: Quick PS (Unsplash) Overview of the deal Acquirer:  Omnicom Group Target:  Interpublic Group Implied Equity Value : $13.25 billion USD Total Transaction Size:  $13.25 billion USD Closing Date:  November 26, 2025  Target Advisor:  Morgan Stanley (Financial), Willkie Farr & Gallagher LLP (Lega

By Krissa Mou, Rakan Aqrouq, Scarlet Park, and Terry Zhang (University of British Columbia); Alvaro Aguilar De Nalda; Arthus Marande, Christopher Putnis, Mattia Colombo (ESCP) Photo: Dominic Kurniawan Suryaputra (Unsplash) Overview of the deal Acquirer:  Coeur Mining, Inc. (Coeur) Target:  New Gold Inc. (New Gold) Implied Equity Value : N/A Total Transaction Size:  N/A Closing Date:  The first half of 2026 (Estimated)  Target Advisor:  National Bank Capital Markets and CIBC C

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham); Alvaro Aguilar De Nalda Photo: Siyuan (Unsplash) Overview of the deal Acquirer:  TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprise Target:  Denny’s Implied Equity Value : US$321.8 billion Total Transaction Size:  $620 million (cash consideration, Enterprise Value) Closing Date:  Q1 2026 (expected) Target Advisor:   Truist Securities (financial), Morgan, Lewis &

By Mateo Sy, Linh Nguyen, Nathaline Marielle, Jeongmin Oh, Parth Talwar (HKUST); Alvaro Aguilar De Nalda; Benedict Murphy, Shivam Gujral (University of Cambridge) Photo: Dominic Kurniawan Suryaputra (Unsplash) Overview of the deal Acquirer:  Jardine Strategic Limited (“Bidco”), a wholly-owned subsidiary of Jardine Matheson Holdings Limited Target:  Mandarin Oriental International Ltd Implied Equity Value : US$4.2 billion Total Transaction Size:  The remaining 11.96% stake, f

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 Roman Annan, Sophie Zhang, Joey Zhang, and Amani Dhillon (Columbia University), Rasmus Sjögren, Nikolas Kakona, Alexander Henje Scott, and Haris Jasarevic (Stockholm School of Economics) Photo: Khuc Le Thanh Danh (Unsplash) Overview of the deal Acquirer : Kimberly-Clark Corporation Target : Kenvue Inc.  Implied Equity Value : $40.32 B Total Transaction Size : $48.7 B  Closed date : H2 2026 (Estimated, legal issues pending) Target advisor : Centerview Partners LLC & Goldman

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 Alvaro Aguilar De Nalda, Giuseppe Mazza (ESADE); Alexander Svanidze, Ava Singer, Ryan Leo, Julianna Zelnhefer (Boston University) Photo: Eduardo Soares Overview of the deal Acquirer: Fifth Third Bancorp Target:  Comerica Inc. Implied Equity Value: $10.9 billion Total Transaction Size:  $10.9 billion   Closed date:  Expected Q1 2026   Target advisor: Goldman Sachs (Financial) and Sullivan & Cromwell (Legal)   Acquirer advisor:  J.P. Morgan (Lead Financial), Keefe, Bruyette

By Oluwafemi Adesuyi, Archie Clarke, James Midgley, Ben Motamed (Durham University); Rakan Aqrouq , Krissa Mou , Terry Zhang, Scarlet Park (University of British Columbia) Photo: Scott Graham Summary of IPO Tata Capital (NSE: TATACAP), a subsidiary of Tata Sons, is one of India’s largest non-banking financial companies (NBFCs), acting as a one-stop financial solutions partner for retail, corporate, and institutional customers. Classified as an Upper Layer NBFC in 2022, the fi

By Arthus Marande, Christopher Putnis, Namien Koné, Mattia Colombo (ESCP); Freya ZHANG, Jacky CHAN, Sharon Liu, Akshi Bansal, Chak Li (HKUST). Photo: Khanh Nguyen Overview of the deal Acquirer: Blackstone, TPG, and other minorities (ADIA, GIC) Target:  Hologic, Inc. Implied Equity Value: $17.67bn Total Transaction Size:  $18.3bn (EV) Closed date:  Pending; expected H1 2026 (45-day go-shop in the agreement) Target advisor: Citi (Financial); Kirkland & Ellis (Legal); Ropes & G

By Harvey Han, Utku Kaya, Omar Kanaa, Nayoung Kim, Tomiwa Oshai (King’s College London) and Nikhil Freiherr Raitz Von Frentz, Max Fischer, Daniel Barker, Moritz Ibe (University of St Andrews) Photo: Getty Images (Unsplash) Overview of the deal Acquirer: Lone Star Funds Target:  Hillenbrand Inc. Implied Equity Value: $3.8 billion ($32 per share) Total Transaction Size:  $3.8 billion (All-cash) Closed date:  The end of 1Q 2026 (Expected) Target Advisors: Jefferies LLC, UBS Inve

By Mateo Rafael Roman Sy, Nathaline Marielle Lukito, Nguyen Thi Hong Linh, Parth Talwar, and Jeongmin Oh (The University of Hong Kong), Edoardo Roveda, Alesha Jaswal, Mikhail Sinev, and Cooper Wu (University College London) Photo: Crystal Kwok Overview of the deal Acquirer: Berkshire Hathaway Target:  OxyChem Implied Equity Value: $9.7 Billion Total Transaction Size:  $9.7 Billion Closed date:  October 2, 2025 Target advisor: Barclays (Financials), Cravath, Swaine & Moore LLP

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 Anastasia Malikova, Dennis Malaj, Gauri Khanna, Sarah Lee (LSE); Aman Prasad, Ibrahim Demir, Jiaqi Tang, Oli Greenhalgh (University of Birmingham) Photo: Florian Olivo Overview of the deal Acquirer: PIF, Silver Lake, and Affinity Partners Target: Electronic Arts (EA) Total Transaction Size: $55 billion Closed Date : Expected in Q1 FY27 Target Advisors: Goldman Sachs & Co. LLC (Financial); Wachtell, Lipton, Rosen & Katz (Legal) Acquirer Advisors : J.P. Morgan Securities LL

By Parth Talwar, Mateo Sy, Grace Pui, Karson Shi (HKU) Photo: Arpad Czapp (Unsplash) Overview of the deal Acquirer: Sycamore Partners...

By Edward Fung, Freya Zhang, Kelvin Chan (HKUST); Terry Zhang, George Luo, Leo Wu (UBC) Photo: Bloomberg Overview of the deal Acquirer: ...

By Alex Scothorn, Anna Chesca, Ahyaan Malik, Aditya Tatwawadi (University of Cambridge); Gabriel Ferraz Girotto, Eva Schuppe, Gabriela...

By Edward Fung, Freya Zhang, Henry Yum, Sanghyeon Kim (HKUST); Moritz Ibe, Avital Anoff, Lukas Ehrlich, Annant Bhargava (University of St...