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, 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 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 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