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

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

By Gilles Michaud and Marc Bellon (HEC Paris), Alvaro Aguilar De Nalda (ESADE); Edoardo Roveda, Alesha Jaswal, Mikhail Sinev, and Cooper Wu (University College London) Photo: Stephen Dawson (Unsplash) Overview of the deal Acquirer: Atlassian Corporation Target: DX Implied Equity Value: Approximately $1 billion in cash and restricted stock Total Transaction Size: ~ $1 billion Closed date: Announced September 18, 2025 and completed on November 10, 2025 Target advisor: Fenw

By Rasmus Sjögren, Alexander Henje, Haris Jasarevic, Nikolas Kakona (Stockholm School of Economics), Shivam Gujral (University of Cambridge) Photo: Brett Jordan (Unsplash) Overview of the deal Acquirer: T-Mobile US, Inc. – a leading American wireless carrier and subsidiary of Deutsche Telekom Target: Uscellular’s Wireless Operations – a regional wireless business of United States Cellular Implied Equity Value: US$4.3 billion Total Transaction Size: ~US$4.3 billion, includ

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 Alexander Svanidze, Ava Singer, Ryan Leo, Julianna Zelnhefer (Boston University); Alvaro Aguilar De Nalda (ESADE); Rasmus Sjögren, Alexander Henje, Haris Jasarevic, Nikolas Kakona (SSE) Photo: Quick PS (Unsplash) Overview of the deal Acquirer: Omnicom Group Target: Interpublic Group Implied Equity Value : $13.25 billion USD Total Transaction Size: $13.25 billion USD Closing Date: November 26, 2025 Target Advisor: Morgan Stanley (Financial), Willkie Farr & Gallagher L

By Krissa Mou, Rakan Aqrouq, Scarlet Park, and Terry Zhang (University of British Columbia); Alvaro Aguilar De Nalda (ESADE); Arthus Marande, Christopher Putnis, Mattia Colombo (ESCP) Photo: Dominic Kurniawan Suryaputra (Unsplash) Overview of the deal Acquirer: Coeur Mining, Inc. (Coeur) Target: New Gold Inc. (New Gold) Implied Equity Value : N/A Total Transaction Size: N/A Closing Date: The first half of 2026 (Estimated) Target Advisor: National Bank Capital Markets an

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

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

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

By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham); Rasmus Sjögren, Alexander Henje, Haris Jasarevic, Nikolas Kakona (Stockholm School of Economics) Photo: Stella de Smit Overview of the deal Acquirer: Heineken N.V. Target: Florida Ice and Farm Company S.A. (FIFCO) – beverage, food and retail businesses (Distribuidora La Florida and related operations) Total Transaction Size: $3.2 billion (cash consideration, Enterprise Value) Close

By Edward Fung, Freya Zhang, Kelvin Chan (HKUST); Terry Zhang, George Luo, Leo Wu (UBC) Photo: Bloomberg Overview of the deal Acquirer: ...

By Alex Scothorn, Anna Chesca, Ahyaan Malik, Aditya Tatwawadi (University of Cambridge); Gabriel Ferraz Girotto, Eva Schuppe, Gabriela...

By Edward Fung, Freya Zhang, Henry Yum, Sanghyeon Kim (HKUST); Moritz Ibe, Avital Anoff, Lukas Ehrlich, Annant Bhargava (University of St...

By Giorgio Goretti, Marco Morchio, Carlotta Nardello (ESADE); James Searle, Ben Motamed, Greg Dargue, Cameron Hansell (Durham University)...

By Kevin Xu , Ngoc Nguyen , Cooper Thompson (University of Melbourne); Amin Ouamar , Jules Bedrossian , Maximilien Kender (HEC Paris)...

By Aman Prasad, Andrea Defilippi, Jase Lall, Jill Shah, Sharmell Sonia D’Silva (University of Birmingham); Terry Zhang, George Luo (The...

By Manha Awais, Prisha Agarwal, Osman Draman (Cornell University); Julia Weinrod, Yuyu Huang, Kelly Liu, Jenny Sun, Henry Yao (Johns...