By Tomiwa Oshai, Harvey Han, Omar Kanaa, Utku Kaya and Nayoung Kim (King’s College London); Mateo Roman Sy, Nathaline Marielle, Jeongmin Oh, Linh Nguyen and Parth Talwar (Hong Kong University) Photo: Avi Waxman (Unsplash) Overview of the deal Acquirer:   Affinius Capital (lead) and Vista Hill Partners Target:   Veris Residential, Inc. Implied Equity Value: USD $1.78 billion Total Transaction Size : USD $3.4 billion Close Date: Q2 2026 (Expected) Target Advisor:   J.P. Morgan

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 Chris Ruan (UCLA); Freya Zhang, Jacky Chan, Sharon Liu and Akshi Bansal (HKUST) Photo: Planet Volumes (Unsplash) Overview of the deal Acquirer: KKR and Singtel Target: ST Telemedia Global Data Centres (STT GDC) Implied Equity Value: $6.01 billion Total Transaction Size:  $10.9 billion Closed Date: Expected to close in second half of 2026 Target advisor:   J.P. Morgan (financial); Latham & Watkins (legal) Acquirer advisor:  Citi and Bank of America (financial); Simpson Tach

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 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

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 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

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 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%

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 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,

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 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

By Parth Talwar, Mateo Sy, Grace Pui, Karson Shi (HKU) Photo: Arpad Czapp (Unsplash) Overview of the deal Acquirer: Sycamore Partners...

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

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

By Edward Mazin, Ryan Trachuk, Olin Duncan, Charlie Hogshire, Caden Viehe, Brendan McNulty (UCLA); Amarthya Chandrappa, Howard Fang,...

By Aman Prasad, Andrea Defilippi, Jase Lall, Jill Shah, Sharmell Sonia D’Silva (University of Birmingham) Photo: Richard B. Levine...

By James Searle, Greg Dargue, Cameron Hansell and Ben Motamed (Durham University); Nika Karimi Seffat, George Luo, Keshi Edirisinghe,...

By Sam Elfström, Elliot Christophers and Jens Bager (Stockholm School of Economics); Zoe Thaller, Nesrine Gharbe, Stanislas Chamaud, and...

By George Luo, Keshi Edirisinghe, Nika Karimi Seffat, Terry Zhang (University of British Columbia), Edoardo Tosti, Alina Shaikh,...

By Enrique Perez-Hernandez, Tarvo Simons, Taha Yassine, Michael Joachim ten Eicken, and Juan Pelaez (IE University), Adam Bernabeu,...

By Carlo Leopardi, Tommaso Arona, Alina Shaikh, Edoardo Tosti, and Alexander Svanidze (Boston University), Ahaan Roychowdhury, Diti Shah,...

By Adam Bernabeu, Malo Inizan and Mahaut Bonnet de Roovere (HEC Paris) Kush Mahawar, Alina Vendina and Helena Bhattacharya (Oxford...

By Aanjay Patel, Augustus Paluzzi, Samuel Tainsky, Nathaniel Baker, Michelle Liu (Cornell University) ; Sean Millar, Ben Preece, Moritz...

By Ahaan Roychowdhury, Shyam Patra, Dimos Kamposiouras, Krish Raj (UCL) ; Melvin Bergeret, Arthur Delfour, Axel Nkam, Victor Zheng and...

By Jian Wee Soh, Bharath Sivakumar, Aaren Tan, Arfred Garcia and Yagnesh Patel (Imperial College London), Carlo Leopardi, Tommaso Arona,...

By Kayley Portelli, William Hodgson, Jingheng Xu, Nancy Huang (University of Melbourne) ; Nathaniel Baker, Alyssa Serebrenik, Samuel...

By Rafi Glass, Yana Zharkova, James Searle, Guy Collins, Marcin Wolniewicz and Ruiting Yi (Durham University) ; Edward Mazin, Lars...

By Heather Leung, Chengcheng Liu, Boyu Deng and Edward Fung  (HKUST) ; Carlo Leopardi, Tommaso Arona, Alexander Svanidze, Edoardo Tosti...

By Mathis Grandchamp, Loïc Meunier, Alexandre Megrelis, Jules Donzelot, Giuliana Vadacchino and Blake Dal Santo (McGill University)....

By Agastya Jain, Edward Mazin, Lars Birkeland, Luca Cuffe (UCLA) & Samuel Smith, James Chan, Yanxi Liu, Amarthya Chandrappa (University...

By Ayushman Mukherjee, Divy Dayal, and Matthew Liu (University of Cambridge), Gonzalo Riera-Ripoll, Felix Hooper and Rafi Glass (Durham...

By Friedrich von Storch, Enrique Pérez-Hernández and Ties Oudmayer (IE University), Ritu Joseph and Anusha Kaushik (London Business...