M&A
UniCredit expected to pledge peaceful Commerzbank takeover, says German government
German officials anticipate UniCredit will agree to a collaborative acquisition of Commerzbank, keeping the bank listed and preserving its capital base while seeking a growth strategy.
Bernstein Downgrades Deutsche Telekom on T-Mobile US Risks; BT Named Top European Telecom Pick
Analysts cut Deutsche Telekom’s valuation amid uncertainty over a potential U.S. merger and German broadband competition, while BT’s outlook improves with Openreach stabilization and reduced capital expenditure.
UBS Faces Regulatory Burden, Explores Potential U.S. Mergers Amid Swiss Policy Shift
Swiss regulatory tightening on UBS’s foreign subsidiaries spurs speculation over a potential U.S. acquisition, including with Morgan Stanley, as the bank seeks to mitigate stricter capital requirements.
Helvetia Baloise Shifts Integration to Day-to-Day Operations, Targets 650M Francs
Combined insurer moves integration from central project office to operational lines, citing faster-than-expected legal merger and new AI transformation role.
Helvetia Baloise H1 Profit Drops on Merger Charges, Underlying Earnings Jump
Swiss insurer reports IFRS net income of 84.6M CHF, down sharply from 320.1M, hit by accelerated amortisation of 671.7M in merger intangibles; underlying earnings more than double to 631.6M.
Elmet to expand EU refractory metals footprint with German tungsten assets
Elmet Group’s acquisition of ams OSRAM’s tungsten and molybdenum operations in Schwabmünchen, Germany, expands its critical materials capabilities and marks its first EU manufacturing presence.
Aebi Schmidt raises 2030 revenue target to CHF 3 bln on M&A, synergies
Swiss industrial group lifts long-term revenue and EBITDA margin goals after Shyft acquisition, targeting 50% organic growth and 50% from deals. Management cites margin expansion from U.S. footprint and after-sales expansion.
SEC clears VerifyMe-OpenWorld merger for shareholder vote
U.S. regulator approves business combination that would create blockchain-focused OpenWorld, Inc., trading as OPNW on NASDAQ after shareholder approval on Sept. 24.
Nemera owners weigh €3 bln sale after GLP-1 device demand surge
French drug delivery device maker Nemera attracts takeover interest amid surging demand for GLP-1 weight-loss and insulin delivery systems. Owners in early sale process.
Private equity owners explore Nemera sale after GLP-1 device demand surge
Astorg and Montagu evaluate exit from drug delivery device maker Nemera, potentially valuing the company at €3 billion. Advisory process to begin in coming months.
Workday’s Silver Lake talks set valuation floor for software M&A
Silver Lake’s potential $224/share bid for Workday signals a 15x FY28 EV/FCF floor for enterprise software deals. European peers Nemetschek and Sage surged on the news, while Workday’s earnings call avoided deal speculation.
Calian completes C$51.5M acquisition of Galaxy Broadband
Upfront payment of C$24M made with C$27.5M earnout tied to closing conditions. Deal expands Calian’s remote connectivity and satellite communications capabilities.
Perion to buy in-store retail media firm PRN for up to $12 million
Deal adds 4,500+ store networks and $3 million in projected 2027 EBITDA. Perion says acquisition is accretive from closing with no disruption to retailer ties.
Siemens Energy to spin off Transformation of Industry unit amid focus shift
Energy group to separate industrial division valued at over €10 billion, with analysts citing improved investment focus and simplification of group strategy.
Martin Marietta closes $2B limestone reserves deal with Lhoist North America
Acquisition adds over 2 billion tons of reserves to Martin Marietta’s portfolio, expanding its lime and limestone business. Financial terms remain undisclosed.
Startups continue buying startups at high pace in 2026
More than 440 venture-backed startups have acquired others in the first half of 2026, with AI and fintech firms leading the trend. Deal flow remains robust despite a slight dip in overall counts.
Vision Marine signs non-binding reverse takeover deal with unmanned systems firm
Aiming to shift into autonomous systems, Vision Marine Technologies will merge with an undisclosed private company in a deal requiring $25 million in financing and $100 million in purchase orders by 2027.
nVent to buy Maverick Power for $1.75 billion in data center push
Deal expands nVent’s power infrastructure portfolio with low- and medium-voltage switchgear for data centers. Financing includes bridge loan from Bank of America.
Valerio Therapeutics to buy Etherna for €30 million in cash-and-shares deal
The €30 million acquisition, funded partly by a €40.25 million PIPE, will expand Valerio’s pipeline with Etherna’s immunotherapies. Shareholder vote set for October 2026.
Valerio Therapeutics to acquire Etherna for €30 million in cash, stock deal
French biotech Valerio secures €40.25 million PIPE financing to fund €30 million acquisition of Etherna Immunotherapies. Deal subject to shareholder vote in October 2026.
Shell explores $8 bln sale of U.S. chemicals assets as Exxon, LyondellBasell eye bid
Shell is seeking buyers for its U.S. chemicals operations, including the Monaca complex, with potential deals valued up to $8 billion. Exxon and LyondellBasell are among the bidders evaluating the assets.
Bernstein explores Hershey-Mondelez tie-up or acquisition
Analysts model a potential Hershey takeover of Mondelez, projecting EPS dilution or accretion depending on leverage and synergy assumptions. No official talks reported.
Bernstein sees Hershey-Mondelez tie-up as long-term option
Analysts model a potential Mondelez acquisition by Hershey, projecting EPS dilution or accretion depending on leverage and synergy targets. Governance hurdles remain significant.
JPMorgan poaches Bank of America’s tech M&A head for North America role
David Fishman joins JPMorgan as vice chair and head of technology M&A in North America, reporting to the firm’s co-heads of tech investment banking and global M&A chief. Fishman spent 15 years at BofA, most recently co-leading its TMT M&A.