The Deal Playbook – Weekly M&A Tracker

The Deal Playbook is a curated weekly M&A breakdown site focusing on strategic transactions, valuation dynamics, and commercial rationales.

Weekly M&A Activity

Last updated: May 27, 2025

# of deals: 36

📆 Week 20 – May 18, 2025

🚨 Databricks announces acquisition of Neon (May 15, 2025)

• Acquirer: Databricks
• Target: Neon
• Deal Value: Undisclosed (primarily stock-based)
• Advisors: Not disclosed
• Source: Axios

Rationale:

Databricks has has announced its intent to acquire database startup Neon, marking its third consecutive year of billion-dollar acquisitions. Neon specializes in AI-driven Postgres database provisioning, with 80% of its databases created by AI agents.

My thoughts: This acquisition strengthens Databricks' position in AI-native data infrastructure. It adds deep technical capability in Postgres orchestration and reinforces their ambition to dominate the data+AI layer.

🚨 Charter Communications announces $34.5B merger with Cox Communications (May 16, 2025)

• Acquirer: Charter Communications
• Target: Cox Communications
• Deal Value: $34.5 billion
• Advisors: Not disclosed
• Source: Wikipedia

Rationale:

Charter Communications has announced a $34.5 billion merger with Cox Communications, aiming to consolidate their positions in the U.S. telecommunications industry and expand national service coverage.

My thoughts: This is a major telecom consolidation. Charter-Cox scale could unlock pricing power and network efficiency — but regulatory clearance will be key.

📆 Week 19 – May 11, 2025

🚨 DICK’S Sporting Goods to Acquire Foot Locker – $2.5B (May 15, 2025)

• Acquirer: DICK’S Sporting Goods
• Target: Foot Locker
• Deal Value: $2.5 billion (cash and stock)
• Advisors:
• Financial: Goldman Sachs, Evercore
• Legal: Wachtell, Lipton, Rosen & Katz; Skadden, Arps, Slate, Meagher & Flom LLP; Sullivan & Cromwell LLP; Paul, Weiss, Rifkind, Wharton & Garrison LLP
• Source: Krugman Insights

Rationale:

DICK’S Sporting Goods has entered into a definitive agreement to acquire Foot Locker for $2.5 billion in enterprise value. Foot Locker shareholders can elect to receive either $24.00 in cash or 0.1168 shares of DICK’S common stock per Foot Locker share, representing an 86% premium to the last closing price.

My thoughts: This consolidates two major players in athletic retail. Strong market share potential, but premium and integration risk will be closely watched.

🚨 NRG Energy Acquires LS Power Assets – $12B (May 14, 2025)

• Acquirer: NRG Energy
• Target: LS Power’s natural gas generation assets and C&I VPP platform
• Deal Value: $12 billion (cash, stock, and assumed debt)
• Advisors:
• Financial: Goldman Sachs, Morgan Stanley, Citi, Scotiabank, Evercore, J.P. Morgan, Solomon Partners, Lazard, Harris Williams
• Legal: White & Case LLP, Milbank LLP, Willkie Farr & Gallagher LLP
• Source: Krugman Insights

Rationale:

NRG is acquiring 18 natural gas plants (13 GW capacity) and a virtual power plant platform from LS Power. The move positions NRG to meet surging electricity demand, especially from data centers and industrial users.

My thoughts: A scale play on the energy transition. Strong industrial logic with immediate EPS accretion — classic infrastructure bet with future upside.

📆 Week 18 – May 4, 2025

🚨 Mediobanca launches €6.3B bid for Banca Generali (April 28, 2025)

• Acquirer: Mediobanca S.p.A.
• Target: Banca Generali S.p.A.
• Deal Value: €6.3 billion (all-share exchange)
• Advisors: Not disclosed
• Source: Financial Times

Rationale:

Mediobanca has proposed a public voluntary exchange offer to acquire 100% of Banca Generali, offering 1.7 Assicurazioni Generali shares for each Banca Generali share. The deal aims to create a pan-European leader in private banking and wealth management, with total financial assets of €210 billion, revenues of €2 billion, and over €15 billion in annual net new money.

My thoughts: A bold strategic move that transforms Mediobanca into a premier wealth manager. By reallocating its stake in Generali, Mediobanca cements a strategic industrial partnership and positions itself for sustained growth and enhanced shareholder returns.

🚨 DoorDash makes £2.7B cash offer for Deliveroo (April 25, 2025)

• Acquirer: DoorDash Inc.
• Target: Deliveroo plc
• Deal Value: £2.7 billion (approx. $3.6 billion)
• Advisors:
• Financial: Goldman Sachs, Allen & Company LLC
• Legal: White & Case LLP
• Source: Reuters

Rationale:

DoorDash has submitted an indicative all-cash offer of 180 pence per share for Deliveroo, valuing the company at £2.7 billion. Deliveroo's board has granted DoorDash due diligence access and indicated it would be inclined to recommend a firm offer at this price, subject to final terms. DoorDash has until May 23, 2025, to announce a firm intention to bid.

My thoughts: This acquisition would significantly expand DoorDash's international footprint, particularly in Europe. The deal reflects the ongoing consolidation in the food delivery sector and DoorDash's ambition to become a global leader.

📆 Week 17 – April 27, 2025

🚨 Capital One acquires Discover Financial Services – $35B (Regulatory Approval on April 21, 2025)

• Acquirer: Capital One Financial Corporation
• Target: Discover Financial Services
• Deal Value: $35 billion
• Advisors: Not disclosed
• Source: Barron's

Rationale:

Capital One's acquisition of Discover, initially announced in February 2024, received final regulatory approval. This merger positions the combined entity as the sixth-largest U.S. bank, significantly enhancing Capital One's credit card portfolio and customer base.

My thoughts: Landmark consolidation. Approval signals a more open regulatory stance. Combined Capital One–Discover could redefine the competitive landscape in consumer banking.

🚨 Toyota Motor proposes acquisition of Toyota Industries – $42B (April 25, 2025)

• Acquirer: Toyota Motor Corporation
• Target: Toyota Industries Corporation
• Deal Value: $42 billion
• Advisors: Not disclosed
• Source: Axios

Rationale:

Toyota Motor aims to consolidate operations through the proposed $42B acquisition of Toyota Industries. The move targets operational synergies and streamlined governance across the group.

My thoughts: Strategic house-cleaning. Deepens operational integration and potentially unlocks efficiencies across Toyota’s sprawling ecosystem.

🚨 Thoma Bravo acquires Boeing’s Digital Aviation Solutions Unit – $10.55B (April 24, 2025)

• Acquirer: Thoma Bravo
• Target: Boeing's Digital Aviation Solutions Unit (Jeppesen, ForeFlight, AerData, OzRunways)
• Deal Value: $10.55 billion (all-cash)
• Advisors:
• Financial: Citi
• Legal: Mayer Brown, Kirkland & Ellis
• Source: CoffeeChat News

Rationale:

Boeing divests major tech operations to Thoma Bravo, streamlining focus on its core aerospace business while strengthening its balance sheet.

My thoughts: Smart deleveraging by Boeing. For Thoma Bravo, a century-old digital aviation platform + global footprint = tech goldmine.

🚨 QXO Inc. to acquire Beacon Roofing Supply – $4B (April 21, 2025)

• Acquirer: QXO Inc.
• Target: Beacon Roofing Supply
• Deal Value: $4 billion
• Advisors: Not disclosed
• Source: Bloomberg

Rationale:

QXO Inc. plans to acquire Beacon Roofing Supply, funded by a $4B junk-bond sale, amidst a volatile financing environment.

My thoughts: Aggressive capital structuring. Big bet on building materials during uncertain macro conditions — rewards could be asymmetric.

🚨 Nomura acquires Macquarie Group’s U.S. & European Public Asset Management Business – $1.8B (April 23, 2025)

• Acquirer: Nomura Holdings
• Target: Macquarie Group's U.S. & European Public Asset Management Business
• Deal Value: $1.8 billion (all-cash)
• Advisors:
• Financial: Nomura
• Legal: White & Case LLP, A&O Shearman
• Source: CoffeeChat News

Rationale:

Nomura expands its Investment Management Division by $180B in AUM and gains a major Philadelphia hub and 700+ employees.

My thoughts: A transformational acquisition. In one stroke, Nomura accelerates its 2030 growth ambitions and becomes a more serious player in global asset management.

📆 Week 16 – April 20, 2025

🚨 Global Payments acquires Worldpay – $24.25B (April 17, 2025)

• Acquirer: Global Payments Inc.
• Target: Worldpay
• Deal Value: $24.25 billion (includes tax assets; net consideration ~$22.7B)
• Advisors:
• Financial: Morgan Stanley, Goldman Sachs, PJT Partners, UBS
• Legal: Wachtell Lipton, Latham & Watkins, Sullivan & Cromwell LLP
• Source: Axios Pro Rata

Rationale:

Global Payments is acquiring Worldpay while simultaneously divesting its Issuer Solutions business to FIS for $13.5B. This transaction reshapes GPN into a pure-play merchant solutions platform with pro forma 2025 net revenue of ~$12.5B and $6.5B in adjusted EBITDA.

My thoughts: This is surgical capital allocation. By simplifying the business model, locking in $600M in run-rate cost synergies, and achieving EPS accretion from year one — GPN is planting a flag as the scaled, focused leader in merchant payments. Tier-one advisors, razor-sharp execution, and a classic case of strategic refocus → value unlock.

🚨 Johnson & Johnson acquires Shockwave Medical – $13.1B (April 15, 2025)

• Acquirer: Johnson & Johnson
• Target: Shockwave Medical
• Deal Value: $13.1 billion (all-cash)
• Advisors: Goldman Sachs (J&J), J.P. Morgan (Shockwave)
• Source: Bloomberg

Rationale:

J&J deepens its cardiovascular portfolio by acquiring Shockwave Medical, a leader in intravascular lithotripsy used to treat calcified arterial plaque. The move aligns with J&J’s strategy to grow its MedTech segment after spinning off its consumer health unit.

My thoughts: This is a textbook strategic acquisition — J&J is locking in growth in high-margin, defensible tech. Goldman and JPM leading it signals top-tier dealcraft, and $13B all-cash shows serious conviction.

🚨 KKR to acquire OSTTRA from S&P Global and CME Group – $3.1B (April 14, 2025)

• Acquirer: KKR
• Target: OSTTRA
• Deal Value: $3.1 billion
• Advisors: Barclays, Davis Polk, Citi, Skadden, Goldman Sachs, BofA Securities, Simpson Thacher & Bartlett
• Source: Reuters

Rationale:

KKR has entered into an agreement to acquire OSTTRA, a joint venture between S&P Global and CME Group that provides post-trade services across various global over-the-counter markets.

My thoughts: This acquisition aligns with KKR's strategy to invest in financial infrastructure, offering a platform with substantial growth potential in post-trade services.

🚨 De La Rue to be acquired by Atlas – £263M (April 15, 2025)

• Acquirer: Atlas
• Target: De La Rue
• Deal Value: £263 million ($348 million)
• Advisors: Not disclosed
• Source: Reuters

Rationale:

De La Rue, the UK-based banknote printer, has agreed to a buyout by U.S. private equity firm Atlas. The deal represents a 16% premium from its previous close.

My thoughts: Despite challenges in the cash printing industry, this acquisition suggests confidence in De La Rue's refocused business model and potential for profitability under new ownership.

🚨 Silver Lake acquires majority stake in Intel’s Altera division – $4.46B (April 14, 2025)

• Acquirer: Silver Lake
• Target: Intel’s Altera division
• Deal Value: $4.46 billion
• Advisors: Not disclosed
• Source: Reuters

Rationale:

Silver Lake Partners and Intel added new terms to a deal for a majority stake in Intel's programmable chip business, Altera, amid market volatility caused by trade tensions.

My thoughts: This deal highlights the adaptability of private equity firms in navigating complex market conditions, securing strategic assets in the semiconductor industry.

🚨 OpenAI in talks to acquire Windsurf – ~$3B (April 17, 2025)

• Acquirer: OpenAI
• Target: Windsurf
• Deal Value: Approximately $3 billion
• Advisors: Not disclosed
• Source: Axios Pro Rata

Rationale:

OpenAI is in advanced discussions to acquire coding assistant company Windsurf, marking its largest acquisition and indicating a broader AI application expansion.

My thoughts: This potential acquisition reflects OpenAI's ambition to enhance its capabilities in AI-driven coding assistance, positioning itself strongly against competitors like Microsoft's Copilot.

📆 Week 15 – April 13, 2025

🚨 Prada acquires Versace – €1.25B (April 10, 2025)

• Acquirer: Prada
• Target: Versace
• Deal Value: €1.25 billion ($1.38 billion)
• Advisors: Not disclosed
• Source: The Guardian

Rationale:

Prada's acquisition of Versace consolidates two of Italy's most iconic fashion houses, aiming to strengthen its position in the global luxury market. The deal follows Capri Holdings' failed merger with Tapestry.

My thoughts: This is an iconic brand move, not just a financial play. If executed right, Prada levels up into a dominant house in European fashion — and adds storytelling firepower globally.

🚨 Infineon acquires Marvell’s Automotive Ethernet Business – $2.5B (April 7, 2025)

• Acquirer: Infineon Technologies
• Target: Marvell’s Automotive Ethernet Division
• Deal Value: $2.5 billion (all-cash)
• Advisors: Not disclosed
• Source: Reuters

Rationale:

Infineon strengthens its autonomous vehicle capabilities by acquiring Marvell’s automotive Ethernet arm, reinforcing its market position in automotive semiconductors.

My thoughts: A calculated platform extension — Infineon is going deep on the auto vertical, and it’s betting on long-term growth in driverless systems.

🚨 Capgemini in talks to acquire WNS Holdings – ~$3B (April 11, 2025)

• Acquirer: Capgemini
• Target: WNS Holdings
• Deal Value: Approx. $3 billion
• Advisors: Not disclosed
• Source: Axios Pro Rata

Rationale:

Capgemini is reportedly nearing a deal to acquire WNS, boosting its business process outsourcing and back-office capabilities.

My thoughts: A scale-meets-efficiency move — this is more about deepening margin-rich services than top-line fireworks.

🚨 Blackstone acquires 25 warehouses in Texas – $718M (April 11, 2025)

• Acquirer: Blackstone
• Assets: 25 Warehouses across Texas
• Deal Value: $718 million
• Advisors: Not disclosed
• Source: Axios Pro Rata

Rationale:

Blackstone expands its logistics footprint with a portfolio of strategically located warehouses, capitalizing on rising e-commerce demand.

My thoughts: Not flashy, but incredibly smart. Steady cash flow, inflation-hedged, and part of Blackstone’s bread-and-butter playbook.

📆 Week 14 – April 6, 2025

🚨 James Hardie acquires The AZEK Company – $8.75B (April 5, 2025)

• Acquirer: James Hardie
• Target: The AZEK Company
• Deal Value: $8.75B (cash and stock)
• Advisors: Goldman Sachs, Bank of America, Jefferies
• Legal: Wachtell, Sullivan & Cromwell, Skadden, Latham & Watkins, Arthur Cox, Gilbert + Tobin
• PR: Collected Strategies, Joele Frank, Sodali & Co
• Source: Krugman Insights

Rationale:

The deal offers AZEK shareholders a 26% premium and targets $350M+ in EBITDA synergies, with $1B+ in annual free cash flow. Management expects it to be accretive to cash EPS within one fiscal year.

My thoughts: A bold consolidation move with a very clear financial logic — synergy-led, EPS-accretive, and highly banked.

🚨 Google to acquire Wiz – $32B (April 3, 2025)

• Acquirer: Google
• Target: Wiz
• Deal Value: $32B (all-cash)
• Advisors: Morgan Stanley
• Source: Krugman Insights

Rationale:

A strategic security play by Google Cloud — combining deep-stack cybersecurity with multi-cloud capability.

My thoughts: This is not just M&A — it’s a signal. A $32B move to lead in AI-era cloud trust.

🚨 Sycamore Partners to acquire Walgreens Boots Alliance – $23.7B (April 4, 2025)

• Acquirer: Sycamore Partners
• Target: Walgreens Boots Alliance
• Deal Value: Up to $23.7B (all-cash)
• Advisors: UBS, Goldman Sachs, Morgan Stanley, Centerview, Citi, J.P. Morgan, Wells Fargo
• Legal: Kirkland & Ellis, Ropes & Gray, Davis Polk, Debevoise, Bass Berry
• Source: Krugman Insights

Rationale:

Represents a 63% premium over the last closing price. Strategic private equity bet on turnaround + retail optimization.

My thoughts: Massive capex + brand buy. But Sycamore's track record suggests this is a longer-term financial engineering story.

🚨 UniCredit Announces Bid for Banco BPM – €14B (April 2, 2025)

• Acquirer: UniCredit
• Target: Banco BPM
• Deal Value: €14 billion (all-share offer)
• Advisors: Mediobanca (Buy-side), Goldman Sachs (Sell-side)
• Source: Reuters

Rationale:

Consolidates Italy’s banking sector into a stronger #2 player.

My thoughts: Faces political friction (e.g. Credit Agricole stake) — but could unlock scale economies.

🚨 Greencore to Acquire Bakkavor – £1.2B (April 2, 2025)

• Acquirer: Greencore
• Target: Bakkavor
• Deal Value: £1.2 billion
• Advisors: Rothschild & Co (Buy-side), Barclays (Sell-side)
• Source: Reuters

Rationale:

Convenience food roll-up play in the UK — strong synergy on logistics + product ops.

My thoughts: Good strategic logic, but market seems cautious on integration.

🚨 Brookfield Acquires Antylia Scientific – $1.4B (April 3, 2025)

• Acquirer: Brookfield
• Target: Antylia Scientific
• Deal Value: $1.4 billion
• Advisors: Goldman Sachs (Buy-side), Jefferies (Sell-side)
• Source: Financial Times

Rationale:

Expands Brookfield’s life sciences footprint with complementary lab assets.

My thoughts: Classic PE bet on resilient, specialized manufacturing.

📆 Week 13 – April 1, 2025

🚨Meta acquires VoyanceAI – $320M (April 1, 2025)

• Acquirer: Meta
• Target: VoyanceAI
• Deal Value: $320M
• Advisors: Morgan Stanley, Qatalyst Partners
• Source: TechCrunch

Rationale:

AI-native personalization for Threads.

My thoughts: Strategic AI placement to stay competitive with TikTok’s edge.

🚨 Adobe acquires Magma – Undisclosed (March 31, 2025)

• Acquirer: Adobe
• Target: Magma
• Deal Value: Not disclosed
• Advisors: Centerview Partners
• Source: Axios Pro Rata

Rationale:

AI-native design tool to fill the “Figma gap.”

My thoughts: Smart, non-controversial acquisition — flies under radar, fills portfolio hole.

🚨 Verdane acquires majority stake in UpCloud – €70M (March 30, 2025)

• Acquirer: Verdane
• Target: UpCloud
• Deal Value: €70M
• Advisors: Carnegie, Redeye
• Source: Breakit, Verdane.com

Rationale:

Nordic cloud infrastructure expansion

My thoughts: A vertical integration play — small, but part of a roll-up thesis.

Note: All insights are based on public sources and curated analysis for informational purposes.

📆 Week 13 – April 1, 2025

🚨 Meta acquires VoyanceAI – $320M (April 1, 2025)

• Acquirer: Meta
• Target: VoyanceAI
• Deal Value: $320M (undisclosed terms)
• Advisors: Morgan Stanley (Buy-side), Qatalyst Partners (Sell-side)
• Source: TechCrunch, Meta IR

Rationale:

Meta’s acquisition of VoyanceAI strengthens its in-house personalization infrastructure, particularly within Threads. VoyanceAI’s predictive modeling capabilities enable more contextual content delivery.

My thoughts: Likely a defensive play following TikTok’s algorithmic advantage — and a signal of Meta accelerating internal AI integration.

🚨 Adobe acquires Magma – Undisclosed (March 31, 2025)

• Acquirer: Adobe
• Target: Magma
• Deal Value: Not disclosed
• Advisors: Centerview Partners (Buy-side), undisclosed (Sell-side)
• Source: Axios Pro Rata, Adobe Newsroom

Rationale:

Magma, an early-stage collaborative design tool with embedded AI co-creation, adds AI-native capabilities to Adobe’s product ecosystem.

My thoughts: This appears to be a “bite-sized Figma alternative” — fast to integrate, unlikely to trigger scrutiny.

🚨 Verdane acquires majority stake in UpCloud – €70M (March 30, 2025)

• Acquirer: Verdane
• Target: UpCloud
• Deal Value: €70M (majority stake)
• Advisors: Carnegie (Buy-side), Redeye (Sell-side)
• Source: Breakit, Verdane.com

Rationale:

This marks Verdane’s fifth infrastructure-related acquisition in the Nordics over the past 24 months.

My thoughts: Suggests a roll-up strategy in specialized cloud assets — likely aiming for PE-backed bundling and future platform premium.

Note: The above analyses are based on publicly available information and are intended for informational purposes only.