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 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 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 Rakan Aqrouq, Krissa Mou, Scarlet Park, and Terry Zhang (University of British Columbia); Amin Ouamar, Gilles Michaud, and Marc Bellon (HEC Paris). Photo: Piron Guillame Overview of the deal Acquirer: Laboratoires Servier Target: Day One Biopharmaceuticals Implied Equity Value: $2.5 bn Total Transaction Size: $2.5 bn Closed date: Announced on March 6th, 2026. Expected to close in Q2 2026 Target advisor: Centerview Partners, (financial), Fenwick & West, Wilson Sonsini Goodr

By Tomiwa Oshai, Utku Kaya, Harvey Han, Omar Kanaa, and Nayoung Kim (King’s College London); Shahmir Ahmed (Bocconi University) Photo: Scott Blake (Unsplash) Overview of the deal Acquirer: Sidara Target: John Wood Group plc Implied Equity Value: ~£216 million (c.$265 million) Total Transaction Size: ~£210 million (excluding committed $450 million capital injection) Closed date: March 2026 Target advisor: Rothschild & Co, Europa Partners, J.P. Morgan, Morgan Stanley (Financia

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 Rasmus Sjögren, Alexander Henje, Haris Jasarevic and Nikolas Kakona (Stockholm School of Economics); Nikhil Freiherr Raitz Von Frentz, Max Fischer, Daniel Barker and Moritz Ibe (University of St Andrews) Photo: Aron Marinelli (Unsplash) Overview of the deal Acquirer: BlackRock’s Global Infrastructure Partners (GIP), EQT, California Public Employees Retirement System (CaIPERS) and Qatar Investment Authority (QIA) Target: AES Corporation Implied Equity Value : USD $10.7

By Tomiwa Oshai, Harvey Han, Omar Kanaa, Utku Kaya and Nayoung Kim (King’s College London); Mateo Roman Sy, Nathaline Marielle, Jeongmin Oh, Linh Nguyen and Parth Talwar (Hong Kong University) Photo: Avi Waxman (Unsplash) Overview of the deal Acquirer: Affinius Capital (lead) and Vista Hill Partners Target: Veris Residential, Inc. Implied Equity Value: USD $1.78 billion Total Transaction Size : USD $3.4 billion Close Date: Q2 2026 (Expected) Target Advisor: J.P. Morgan

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, Alp Ceylan, and Francesco del Sesto (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Diana Usova, Dylan Stiassny, Oli Cedar, Obianuju Okafor (University of Bristol) Photo: Volodymyr Hryshchenko (Unsplash) Summary of IPO As the pharmaceutical industry looks to artificial intelligence to accelerate drug discovery, Generate Biomedicines are positioning themselves as a force to be reckoned with in this growing market. Through what the company has dubbed “G

By Peyton Harvey, Dirk Harrison, Brandon Yip, Daniel Xu (Columbia University) Photo: Kelly Sikkema (Unsplash) Overview of the deal Acquirer: Bain Capital Target: FineToday Holdings Implied Equity Value: ~ $1.29 billion (¥200 billion) Total Transaction Size : ~ $1.29 billion (¥200 billion) Expected Close Date: Announced February 2, 2026 (Estimated closing mid-2026, pending regulatory approval) Target Advisor: CVC Capital Partners (Internal), Nomura and Goldman Sachs Ac

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 Anastasia Malikova, Dennis Malaj, Gauri Khanna, Sarah Lee (LSE); Alvaro Aguilar De Nalda (ESADE); Shahmir Ahmed, Alp Ceylan, Francesco Del Sesto (Bocconi) Photo: 1981 Digital (Unsplash) Summary of IPO Amagi Media Labs Ltd is a Bengaluru-based software-as-a-service (SaaS) technology company founded in 2008 that provides cloud-native broadcast, content distribution and advertising monetisation solutions for the media and entertainment industry. It enables broadcasters, conte

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 Utku Kaya, Omar Kanaa, Nayoung and Harvey Han (King's College University), Alvaro Aguilar De Nalda (ESADE); Charlie Mercuri, Daniel Blitenthall, Charlie Mercuri and Aikie Davoren (Melbourne University) Photo: Alexandre Debiève (Unsplash) Overview of the deal Acquirer: Eaton Corporation Target: Boyd Thermal (Thermal business of Boyd Corporation) Implied Equity Value : $9.5 billion Total Transaction Size: $9.5 billion Closing Date: 2Q 2026 (Estimated) Target Advisor: G

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