J.P. Morgan

BillionToOne’s IPO

By Kush Mahawar, Lexi Xiao, Sean Yeow and Joe Colton (University of Oxford); Alvaro Aguilar De Nalda (ESADE); Cooper Thompson, Charlie Mercuri, Daniel Blitenthall and Aikie Davoren (University of Melbourne) Photo: Ashraful Islam (Unsplash) Summary of IPO BillionToOne, a molecular diagnostics company, raised $314 million on November 6, 2025, in an upsized initial public offering that stands as one of the largest MedTech IPOs of the year by capital raised. Despite the headwinds

Álvaro Aguilar de Nalda

Feb 184 min read

Cencora’s $7.4bn Acquisition of OneOncology

By Krissa Mou, Scarlet Park, Rakan Aqrouq, and Terry Zhang (University of British Columbia); Alvaro Aguilar De Nalda (ESADE); Utku Kaya, Omar Kanaa, Nayoung Kim, Harvey Han and Tomiwa Oshai (King’s College London) Photo: Christina Victoria Craft (Unsplash) Overview of the deal Acquirer: Cencora Target: OneOncology Implied Equity Value: $6 billion Total Transaction Size: $7.4 billion Closed date: End of 2026 Q1 Target advisor: Debevoise & Plimpton LLP (legal) Acquirer ad

Álvaro Aguilar de Nalda

Feb 46 min read

Meesho's IPO

By Shahmir Ahmed, Alp Ceylan, and Francesco del Sesto (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Nikhil Freiherr Raitz Von Frentz, Max Fischer, Daniel Barker, Moritz Ibe (University of St Andrews) Photo: Farzad (Unsplash) Summary of IPO Meesho is a Bangalore-based start-up that was founded by two IIT Delhi graduates in December 2015. It went public on the BSE and NSE the 10th of December 2025. It is a mobile-app-based e-commerce marketplace that lets small busines

Álvaro Aguilar de Nalda

Jan 286 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

Jardine Matheson Holdings' $4.2bn Acquisition of Mandarin Oriental International

By Mateo Sy, Linh Nguyen, Nathaline Marielle, Jeongmin Oh, Parth Talwar (HKUST); Alvaro Aguilar De Nalda (ESADE); Benedict Murphy, Shivam Gujral (University of Cambridge) Photo: Dominic Kurniawan Suryaputra (Unsplash) Overview of the deal Acquirer: Jardine Strategic Limited (“Bidco”), a wholly-owned subsidiary of Jardine Matheson Holdings Limited Target: Mandarin Oriental International Ltd Implied Equity Value : US$4.2 billion Total Transaction Size: The remaining 11.96%

Álvaro Aguilar de Nalda

Jan 165 min read

Kimberly-Clark's $48.7bn Acquisition of Kenvue

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

amansp2006

Jan 125 min read

Klarna's IPO

By Amya Hillis, Jacob Liu, Agastya Mittal, and Dirk Harrison (Columbia University); Shahmir Ahmed and Francesco Del Sesto (Bocconi University) Photo: Jonas Leupe (Unsplash) Summary of IPO The buy-now-pay-later (BNPL) model and broader shift to online commerce have reshaped consumer finance over the past decade, and Klarna has been one of the central players in that transition. Founded in 2005 in Stockholm, Klarna built a platform that lets consumers split payments, pay later,

martinatk05678

Dec 10, 20255 min read

Fifth Third Bancorp's $10.9bn Acquisition of Comerica

By Alvaro Aguilar De Nalda, Giuseppe Mazza (ESADE); Alexander Svanidze, Ava Singer, Ryan Leo, Julianna Zelnhefer (Boston University) Photo: Eduardo Soares Overview of the deal Acquirer: Fifth Third Bancorp Target: Comerica Inc. Implied Equity Value: $10.9 billion Total Transaction Size: $10.9 billion Closed date: Expected Q1 2026 Target advisor: Goldman Sachs (Financial) and Sullivan & Cromwell (Legal) Acquirer advisor: J.P. Morgan (Lead Financial), Keefe, Bruyette

amansp2006

Dec 5, 20256 min read

Novo Nordisk's $5.2bn Acquisition of Akero

By Kush Mahawar, Lexi Xiao, Joe Colton, Sean Yeow (University of Oxford); Diana Usova, Dylan Stiassny, Oli Cedar, Obianuju Okafor (University of Bristol) Photo: Simone van der Koelen Deal Overview Acquirer : Novo Nordisk Target : Akero Therapeutics Total Transaction Size : $5.2bn (including CVR) Closed Date : Expected Q4 2025 Target Advisors : Morgan Stanley and J.P. Morgan (Financial); Kirkland & Ellis (Legal) Acquirer Advisors : Bank of America (Financial); Ropes & Grey (Le

amansp2006

Nov 24, 20255 min read

Affinity Partners, PIF, and Silver Lake’s $55bn Acquisition of Electronic Arts

By Anastasia Malikova, Dennis Malaj, Gauri Khanna, Sarah Lee (LSE); Aman Prasad, Ibrahim Demir, Jiaqi Tang, Oli Greenhalgh (University of Birmingham) Photo: Florian Olivo Overview of the deal Acquirer: PIF, Silver Lake, and Affinity Partners Target: Electronic Arts (EA) Total Transaction Size: $55 billion Closed Date : Expected in Q1 FY27 Target Advisors: Goldman Sachs & Co. LLC (Financial); Wachtell, Lipton, Rosen & Katz (Legal) Acquirer Advisors : J.P. Morgan Securities LL

amansp2006

Nov 16, 20256 min read