By Oluwafemi Adesuyi, Archie Clarke, James Midgley, Ben Motamed (Durham University); Rakan Aqrouq, Krissa Mou, Terry Zhang, Scarlet Park (University of British Columbia) Photo: Vignesh Rajendran (Unsplash) 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 i

By Rasmus Sjögren, Haris Jasarevic, Alexander Henje and Nikolas Kakona (Stockholm School of Economics) Photo: Nick Page (Unsplash) Overview of the deal Acquirer: Aquarian Holdings Target: BrightHouse Financial Total Transaction Size: $4.1 Billion Closed date: Announced on November 6, 2025, expected to close in 2026 Target advisor: Wells Fargo and Goldman Sachs & Co. LLC (financial), Debevoise & Plimpton LLP (legal) Milliman, Inc. (actuarial) Acquirer advisor: RBC Capital Mar

By Kush Mahawar, Xiao Xiao, Joe Colton, and Sean Yeow (University of Oxford); Arthus Marande, Namien Kone, and Christopher Putnis (ESCP) Photo: Dominik Sostmann (Unsplash) Overview of the deal Acquirer: 3M (NYSE: MMM) – 50.1% / Bain Capital – 49.9% (Joint Venture) Target: Madison Fire & Rescue (subsidiary of Madison Industries) Implied Equity Value: N/A Total Transaction Size: $1.95bn Closed Date: Pending; expected H2 2026 Target Advisor: Lincoln International (Financial); Pa

By Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, Sharon Liu (HKUST) Photo: Priscilla Du Preez (Unsplash) Overview of the deal Acquirer: KKR & Co. (Kohlberg Kravis Roberts & Co.) Target: XCL Education Holdings Pte Implied Equity Value: Not publicly disclosed Total Transaction Size: ~$1.3 billion Closed date: Pending regulatory approvals and customary closing conditions (announced February 23, 2026) Target advisor: Not publicly disclosed Acquirer advisor: Not publicly discl

By Shahmir Ahmed (Bocconi University); Shivam Gujral (University of Cambridge) Photo: Kevin Stadnyk (Unsplash) Summary of IPO York Space Systems (NYSE: YSS) is a US-based space and defence prime contractor providing mission-critical solutions across national security, government, and commercial markets. Founded in 2012 and backed by private equity firm AE Industrial Partners prior to its NYSE IPO in January 2026, York positions itself as one of the only vertically integrated

By Shahmir Ahmed (Bocconi University); Ifeakachuku Ifeneziuche, Vikram Kumar, Palamdeep Virk, Benjamin Carr, and Nikhil Dewan (University of Warwick) Photo: Matt Brown (Unsplash) Overview of the deal Acquirer: Transocean Ltd Target: Valaris Limited Implied Equity Value: $5.8 billion Total Transaction Size: $5.8 billion Closed date: H2 2026 (Expected) Target advisor: Goldman Sachs & Co. LLC (Financial); Skadden, Lenz & Staehlin, Conyers Dill & Pearman Limited (Legal) Acquirer

By Alex Chou, Samantha Lee, Charlotte Wu, Kevin Chuang, and Sophia Fang (National Taiwan University) Photo: Markus Frieauff (Unsplash) Overview of the deal Acquirer: Abbott Laboratories (NYSE: ABT) Target: Exact Sciences Corporation (NASDAQ: EXAS) Implied Equity Value: USD ~$21 billion Total Transaction Size: USD ~$23 billion Announcement date: November 20, 2025 Closing date: March 23, 2026 Target advisor: Centerview Partners LLC, XMS Capital Partners LLC (Financial); Skadden

By Aman Prasad, Oliver Greenhalgh, and Jiaqi Tang (University of Birmingham); Giuseppe Leonardo Mazza (ESADE) Photo: Saeed Alsoomehi (Unsplash) Overview of the deal Acquirer: L’IMAD Holding Target: ADQ (Abu Dhabi Developmental Holding Company) Implied Equity Value: Not disclosed Total Transaction Size: Not disclosed Closed date: 30 January 2026 Target advisor: Not publicly disclosed Acquirer advisor: Not publicly disclosed In January 2026, Abu Dhabi announced a major restruc

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 Rasmus Sjögren, Alexander Henje, Haris Jasarevic, and Nikolas Kakona (Stockholm School of Economics); Gilles Michaud and Marc Bellon (HEC Paris). Photo: Marcus Wallis (Unsplash) Overview of the deal Acquirer: Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone (BXPE) Target: Royal Challengers Bengaluru (RCB) - men's IPL & women's WPL franchise Implied Equity Value: ~$1.78 billion (₹166.6 billion) Total Transaction Size: ~$1.78 billion (₹166.6 billio

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham) Photo: Vida Huang (Unsplash) Overview of the deal Acquirer: Public Storage (NYSE: PSA) Target: National Storage Affiliates Trust (NYSE: NSA) Implied Equity Value: $8.1 billion Total Transaction Size: $10.5 billion Closed date: Announced March 16, 2026. Expected to close Q3 2026 Target advisor: Morgan Stanley (financial), Clifford Chance US LLP (legal) Acquirer advisor: Goldman Sachs,

By Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, and Sharon Liu (HKUST) Photo: Ant Rozetsky (Unsplash) Overview of the deal Acquirer: Apollo Global Management Inc. Target: Nippon Sheet Glass Company, Limited Implied Equity Value: USD $3.7bn Total Transaction Size: USD $3.7bn/ JPY ~590bn Closed date: Expected March 2027 Target advisor: Not Publicly disclosed Acquirer advisor: Paul, Weiss, Rifkind, Wharton & Garrison (Lead Counsel), Anderson Mori & Tomotsune (Japanese Counse

By Mateo Roman Sy, Nathaline Marielle, Jeongmin Oh, Linh Nguyen, and Parth Talwar (University of Hong Kong); Rasmus Sjögren, Nikolas Kakona, Haris Jasarevic and Alexander Henje (Stockholm School of Economics) Photo: Pedro Lastra (Unsplash) Overview of the deal Acquirer: Brookfield and GIC Target: National Storage REIT Implied Equity Value: A$4 billion (approx. US$2.7 billion) Total Transaction Size: A$6.7 billion (~US$4.5 billion) Closed Date: Q2 2026 Target Advisor: Citi & J

By Ryan Leo, Ava Singer, Alexander Svanidze, and Julianna Zelnhefer (Boston University); Utku Kaya, Omar Kanaa, Nayoung Kim, Harvey Han and Tomiwa Oshai (King’s College London) Photo: Alex Lvrs (Unsplash) Overview of the deal Acquirer: Danone S.A. (EPA: DANO) Target: Huel Ltd. Implied Equity Value: ~€1.0 billion (~£860–870 million / ~$1.15 billion) Total Transaction Size: ~€1.0 billion (~£860–870 million / ~$1.15 billion) Closed Date: Pending, subject to customary closing con

By Shahmir Ahmed and Víctor Varela (Bocconi University); Aaryan Kochhar, Lachlan Thomas, Omid Alizadah (Monash University) Photo: Ryan (Unsplash) Overview of the deal Acquirer: ESPN, Inc. (Subsidiary of The Walt Disney Company and Hearst Communications) Target: NFL Network, NFL RedZone channel, and NFL Fantasy Implied Equity Value: $3.0 billion Total Transaction Size: $3.0 billion Closed date: Q1 2026 (Specifically, February 2026) Target advisor: Cravath, Swaine & Moore LLP;

By Agastya Mittal, Ethan Abebe, Erin Kandiyoti, and Ella Wang (Columbia University) Photo: Rhii Photography (Unsplash) Overview of the deal Acquirer: Cintas Corporation Target: UniFirst Corporation Implied Equity Value: $5.63 bn Total Transaction Size: $5.5 bn Closed date: Deal has not closed yet, expected to close within the second half of the calendar year. Was announced (03/11/2026) Target advisor: Morgan Stanley & Co. (financial), Davis Polk & Wardwell (legal) Acquirer a

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham); Julianna Zelnhefer, Alex Svanidze, Ryan Leo, and Ava Singer (Boston University) Photo: Abel Pérez (Unsplash) Overview of the deal Acquirer: The Brink's Company Target: NCR Atleos Corporation Implied Equity Value: US $4.0 bn Total Transaction Size: US$6.6 bn ($30.00 in cash and 0.1574 Brink’s shares per Atleos share, representing an approximate 20–24% premium to the unaffected share p

By Ishan Panchal, Aaryan Kochhar, Oliver Moses, Zac Zaga, and Omid Alizadah (Monash University); Shivam Gujral and Benedict Murphy (University of Cambridge) Photo: Maksym Kaharlytski (Unsplash) Overview of the deal Acquirer: Adani Enterprises Limited (AEL) and Adani Infrastructure and Developers Private Limited ("AIDPL"), entities forming part of the Adani Group Target: Jaiprakash Associates Limited (JAL), flagship company of the Jaypee Group Resolution Plan Value: ₹14,535 cr