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

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...

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 Jens Bager, Sam Elfström, Elliot Christophers (Stockholm School of Economics); Annabel Lai, Edward Fung, Kelvin Chan, Krist Ou (Hong...

By Zoe Thaller, Arthus Marande (ESCP); Amya Hillis, Abraham Vongkhamdy, Irene Souny Bihr, Leo Fridjhon, Janira Martinez, Christian...

By Moritz Ibe, Ben Preece, Avital Anoff, Annant Bhargava (University of St Andrews); Haci Eren Sidar, Leon Gaster, Adalia Melvin, Aviral...

By Edoardo Tosti, Alina Shaik, Alex Svandidze, Julianna Zelnhefer (Boston University); Gabriel Ferraz Girotto, Gabriela Pérez-Hernández,...

By: Helena Bhattacharya, Rohan Samra, Kush Mahawar (University of Oxford); Hisha Tharmarajah, Diana Usova, Martin Atkinson (University of...

By Holly Griffin, Ishaanika Gulzar, Kai Lim, Katerina Georgiou, Tomiwa Oshai (King's College London); Matt Jung, Karson Shi, Mateo Sy,...

By Haci Eren Sidar, Leon Gaster, Adalia Melvin, Aviral Jain (University of Nottingham); Kevin Xu , Cooper Thompson  (University of...

By Anna Chesca, Aditya Tatwawadi, Ahyaan Malik, and Alex Scothorn (University of Cambridge); Edward Mazin, Charlie Hogshire, Caden Viehe,...

By Anastasia Malikova, Shir Lyn Lau, Hunter Pang (LSE); Edward Fung Freya Zhang, Harry Yum (HKUST) Photo: Shutterstock Overview of the...

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

By: Maximilien Kender, Jules Bedrossian, Amin Ouamar and Malo Inizan (HEC Paris); Amya Hillis, Janira Martinez, Zin Nas, Irene Souny...

By Holly Griffin, Ishaanika Gulzar, Kai Lim, Katerina Georgiou, Tomiwa Oshai (King’s College London); Smit Kotak, Diana Usova, Hisha...

By Kevin Xu, Cooper Thompson, Nancy Huang, Ngoc Nguyen, Oliver Chen (University of Melbourne), Douglas Dahlén, Elliot Christophers, Jens...

By Anna Chesca, Aditya Tatwawadi, Ahyaan Malik, and Alex Scothorn (University of Cambridge); Muditt Khurana, Amarthya Chandrappa...

By Haci Eren Sidar, Leon Gaster, Adalia Melvin, Aviral Jain (University of Nottingham); Gabriela Pérez-Hernández, Tarvo Simons, Juan...

By Diana Usova, Hisha Tharmarajah, Martin Atkinson, and Smit Kotak (University of Bristol) ; Grace Pui, Mateo Sy, Karson...

By Holly Griffin, Ishaanika Gulzar, Kai Lim, Katerina Georgiou, Tomiwa Oshai (King’s College London); Abraham Vongkhamdy, Leo Fridjhon,...

By Giorgio Goretti, Marco Morchio (Esade), Helena Bhattacharya (Oxford) Photo: Scott (Unsplash) Overview of the deal Acquirer : Allianz...

By Anastasia Malikova, Jack Liang, Shir Lyn Lau, Hunter Pang (LSE), Nathaniel Baker, Lara Grosskopf, Samuel Tainsky (Cornell) Photo:...

By Shreyas Mehta, Atin Narain, Omar Ali, Nathaniel Mathew (Yale University), Annabel Lai, Sanghyeon Kim, Freya Zhang (HKUST) Photo:...

By Pierre Caye, Giuliana Vadacchino, Jules Donzelot, Mathis Grandchamp, Alexander Megrelis, Loïc Meunier (McGill University), Devon...

By Pierre Caye (McGill University), Jonathan Lui, Erica Chan, Hunter Pang, Lasheeka Ramesh (London School of Economics) Photo: NASA...

By Pierre Caye (McGill University), Jonathan Lui, Erica Chan, Hunter Pang, Lasheeka Ramesh (London School of Economics) Photo: Thomas...

By Rui Ren Lee, Ardia Daniswara, Varun Vinay Iyengar, Wei Kai Lim (KCL) & Mikolaj Borowiak, Argyro Charizona, Angelo Passaro, Rares...

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