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 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 Shahmir Ahmed (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Rakan Aqrouq, Krissa Mou, Scarlet Park and Terry Zhang (University of British Columbia) Photo: Scott Graham (Unsplash) Overview of the deal Acquirer: Zurich Insurance Target: Beazley Implied Equity Value: £8.1 billion ($10.8 billion) Total Transaction Size: £8.1 billion ($10.8 billion) Closed date: Deal announced as complete early March, 2026 Target advisor: Goldman Sachs, Lazard, UBS, J.P. Morgan, Caze

By Shivam Gujral and Benedict Murphy (University of Cambridge); Terry Zhang, Scarlet Park, and Krissa Mou (University of British Columbia) Photo: Philippe Oursel (Unsplash) Overview of the deal Acquirer: Hapag-Lloyd AG Target: ZIM Integrated Shipping Services Ltd. Implied Equity Value: US$4.2 billion Total Transaction Size : 100% of ZIM's shares at US$35.00 per share in cash - representing a 58% premium to ZIM's closing price on 13 February 2026, a 90% premium to its 90-

By Freya Zhang, Akshi Bansal, Chak Li, Ka Ho Chan and Liu Sharon (HKUST); Utku Kaya, Omar Kanaa, Nayoung Kim, Harvey Han and Tomiwa Oshai (King’s College London) Photo: Zbynek Burival (Unsplash) Overview of the deal Acquirer: Devon Energy Target: Coterra Energy Total Transaction Size : $58 billion (Combined Enterprise Value) Announced Date February 2nd, 2026 Expected Close Date: Q2 2026 Target Advisor: Goldman Sachs, J.P. Morgan (Financial); Gibson, Dunn & Crutcher LLP

By Arthus Marande, Mattia Colombo, and Namien Kone (ESCP), and Mateo Sy, Linh Nguyen, Nathaline Marielle, Jeongmin Oh, Parth Talwar (University of Hong Kong) Photo: Michael Pointner (Unsplash) Overview of the deal Acquirer: Vistra Corp. Target: Cogentrix Energy (Managed by Quantum Capital Group) Implied Equity Value: Approximately US$4.0-4.7 Billion Total Transaction Size: Acquisition of ~5,500 MW of natural gas–fired generation capacity across 10 facilities, funded throug

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 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

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