Industrials

Apollo Global Management's $3.7bn Acquisition of NSG Group

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

akshib27

May 205 min read

Cintas Corporation's $5.5bn Acquisition of UniFirst Corporation

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

amansp2006

May 85 min read

Adani Group's $1.7 bn Acquisition of Jaiprakash Associates Ltd

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

akshib27

May 47 min read

Sidara’s $216mn Acquisition of John Wood Group plc

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

akshib27

Apr 275 min read

Blackstone’s $2.5bn Acquisition of Champions Group

By Ben Motamed, Archie Clarke, Emmanuel Olowe and Charlie Bark (Durham University), Alvaro Aguilar De Nalda (ESADE); Ishan Panchal, Aaryan Kochhar, Lachlan Thomas, Oliver Moses and Zac Zaga (Monash University) Photo: Jeffery Blum (Unsplash) Overview of the deal Acquirer: Blackstone (BXPE) Target: Champions Group Previous Investor: Odyssey Investment Partners Total Transaction Size: $2.50B EV/EBITDA: ~18x Debt Financing: >$1.0 billion (Private Credit, SOFR + 4.5%) Announcemen

akshib27

Apr 35 min read

Hapag-Lloyd’s $4.2bn Acquisition of ZIM

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-

akshib27

Apr 17 min read

CD&R’s $10.3bn Acquisition of Sealed Air

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

akshib27

Feb 114 min read

Union Pacific Corp’s $84.4bn Acquisition of Norfolk Southern Corporation

By Alp Ceylan, Elisa Nicoletti, and Victor Varela (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Jiaqi Tang, Oli Greenhalgh and Ibrahim Demir (University of Birmingham) Photo: Acton Crawford (Unsplash) Overview of the deal Acquirer: Union Pacific Corp Target: Norfolk Southern Corp Transaction Type : Stock-and-cash acquisition Total Transaction Size: $84.4 billion Closing Date: The first half of 2027 (subject to regulatory approval) Target Advisor: BofA Securitie

Álvaro Aguilar de Nalda

Feb 66 min read

Eaton Corporation's $9.5bn Acquisition of Boyd Thermal

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

Álvaro Aguilar de Nalda

Jan 266 min read

Lone Star Funds' $3.8bn Acquisition of Hillenbrand

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

amansp2006

Nov 28, 20256 min read

Berkshire Hathaway's $9.7bn Acquisition of OxyChem

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

amansp2006

Nov 26, 20255 min read