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); 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, Cazenove, Barclays, Evercore, (In-Hou

By Archie Clarke, Charlie Bark, Emmanuel Olowe, James Midgely, and Ben Motamed (Durham University) Photo: Mateo (Unsplash) Overview of the deal Acquirer: Savvy Games Group Target: Moonton Technology (Shanghai) Total Transaction Size : ~$6 billion (cash consideration) Closed Date: Expected Q2/Q3 2026 Target Advisor: Skadden, Arps, Slate, Meagher & Flom LLP (legal), not publicly disclosed (financial) Acquirer Advisor: Not publicly disclosed Savvy Games Group's $6 bil

By Kush Mahawar, Xiao Xiao, Joe Colton and Sean Yeow (University of Oxford); Gilles Michaud and Marc Bellon (HEC Paris) Photo: Alexandre Debi è ve (Unsplash) Overview of the deal Acquirer: Power Finance Corporation (PFC) Target: Rural Electrification Corporation (REC) Implied Equity Value: Not fully disclosed (merger structure; earlier control stake transaction ≈ $2 billion (₹145 billion) for 52.63% of REC) Total Transaction Size: Merger of two state-owned lenders creating a

By Julianna Zelnhefer, Alex Svanidze, Ryan Leo, and Ava Singer (Boston University); Anastasia Malikova, Dennis Malaj, Gauri Khanna (LSE) Photo: Jason Dent (Unsplash) Overview of the deal Acquirer : Savills plc Target : Eastdil Secured LLC Implied Equity Value : $921.25 million (USD) (60% cash/40% stock) Total Transaction Size : $1,112.5 million (USD) Closed date : Q2-Q3 2026, subject to regulatory clearances Target advisor : BDT & MSD Partners (financial), Latham & Watkins

By Ifeakachuku Ifeneziuche, Vikram Kumar, Benjamin Carr and Nikhil Dewan, Palamdeep Virk (University of Warwick); Amin Ouamar, Gilles Michaud and Marc Bellon (HEC Paris) Photo: Clay Banks (Unsplash) Overview of the deal Acquirer: The Clorox Company (NYSE: CLX) Target: GOJO Industries Implied Equity Value: US$2.25 billion Total Transaction Size : US$2.25 billion, all-cash, including approximately US$330 million of anticipated tax benefits, resulting in a net purchase price

By Aikie Davoren, Charlie Mercuri, Cooper Thompson and Daniel Blitenthall (The University of Melbourne); Freya Zhang, Akshi Bansal, Chak Li, Jacky Chan, Sharon Liu (Hong Kong University of Science and Technology) Photo: Thanos Pal (Unsplash) Overview of the deal Acquirer: Nuveen, LLC Target: Schroders plc Implied Equity Value: US 13.5 billion (£9.9 Billion) Total Transaction Size : US $13.5 Billion (£9.9 Billion) Closed Date: Subject to Approval Target Advisor: Wells Fa

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 Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham), 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 America Europe DAC (financial), Davis

By Edoardo Roveda and Cooper Wu (UCL); Rasmus Sjögren, Alexander Henje, Haris Jasarevic and Nikolas Kakona (Stockholm School of Economics) Photo: Red John (Unsplash) Overview of the deal Acquirer: Mubadala Capital Target: Clear Channel Outdo Implied Equity Value: $2.43 per share Total Transaction Size : $7.80B Expected Close Date: Q3 2026 Target Advisor: Morgan Stanley; Moelis & Company (financial), Kirkland & Ellis LLP (legal) Acquirer Advisor: Guggenheim Securities; J

By Diana Usova, Dylan Stiassny, Oliver Cedar and Obianuju Okafor (University of Bristol); Amya Hillis and Agastya Mittal (Columbia University) Photo: Annie Spratt (Unsplash) Overview of the deal Acquirer: Advent International (Consortium Co-Lead, alongside FedEx Corporation) Target: InPost Group Implied Equity Value: $9.2bn Total Transaction Size: $9.2bn (all-cash offer) Offer Price: $18 per share (~50% premium to undisturbed share price) Announced Date: 2026 Expected Close

By Shahmir Ahmed, Francesco Del Sesto, Víctor Varela, Elisa Nicoletti (Bocconi University), Zin Nas, Larry Cao, Lisa Dai, (Columbia University) Photo: Kelly Sikkema (Unsplash) Overview of the deal Acquirer: Capital One Financial Corporation Target: Brex Inc. Implied Equity Value: $ 5.15 billion Total Transaction Size : $ 5.15 billion (50% cash / 50% stock) Expected Close Date: Jan 22, 2026 Target Advisor: Centerview Partners LLC (financial), Wilson Sonsini and Simp

By Ben Motamed, Archie Clarke, Charlie Bark, James Midgley and Emmanuel Olowe (Durham University); Gunner Klith and Orion Haliburton (Columbia University) Photo: Albert Stoynov (Unsplash) Overview of the deal Acquirer: Micron Technology, Inc. Target: PSMC (Powerchip Semiconductor Manufacturing Corp) – P5 Fabrication Site (Tongluo, Taiwan). Implied Equity Value: USD $ 1.8 Billion (cash consideration) Total Transaction Size: USD $1.8 Billion Closed date: Expected Q2 2026 Ta

By Arthus Marande, Nehir Yanmaz, and Christopher Putnis (ESCP); Aman Prasad, Oliver Greenhalgh and Jiaqi Tang (University of Birmingham) Photo: SpaceX (Unsplash) Overview of the deal Acquirer: SpaceX Target: xAI Implied Equity Value : $250B (target evaluation)/ $1.25T (combined entity valuation) Closing Date: 2nd Feb Target Advisor: Sullivan & Cromwell LLP Acquirer Advisor: Gibson, Dunn and Crutcher LLP SpaceX’s acquisition of xAI represents a seminal moment in corporate

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 Shahmir Ahmed, Francesco Del Sesto and Elisa Nicoletti (Bocconi University); Julianna Zelnhefer, Alex Svanidze, Ryan Leo, and Ava Singer (Boston University) Photo: Ayumi Kubo (Unsplash) Overview of the deal Acquirer: China International Capital Corporation Limited (CICC) ( 601995.SH ; 3908.HK ) Target: (i) Dongxing Securities Corporation Limited ( 601198.SH ) and (ii) Cinda Securities Co., Ltd. ( 601059.SH ) Implied Equity Value: ~RMB 114.3bn total (Dongxing ~RMB 52.2bn;

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 Julianna Zelnhefer, Alex Svanidze, Ryan Leo, and Ava Singer (Boston University); Alvaro Aguilar De Nalda (ESADE); Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham) Photo: Piron Gillaume (Unsplash) Overview of the deal Acquirer: Boston Scientific Target: Penumbra Implied Equity Value : $13.4 billion Total Transaction Size: $14.5 billion Closing Date: N/A Target Advisor: Perella Weinberg Partners (financial), Wardwell LL (legal) A

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 Aman Prasad, Jiaqi Tang, Oliver Greenhalgh (University of Birmingham), Alvaro Aguilar De Nalda (ESADE); Freya ZHANG, Akshi Bansal, Jacky CHAN, Sharon Liu, Chak Li (HKUST) Photo: Adi Goldstein (Unsplash) Overview of the deal Acquirer: IBM Target: Confluent Implied Equity Value: $ 31 per share Total Transaction Size: $11.9 billion Closing Date: Expected mid-2026 Target Advisor: Morgan Stanley (financial), Cooley LLP (legal) Acquirer Advisor: Centerview Partners (fina