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Mergers and Acquisitions

Mergers and acquisitions activity is both a signal and a driver of corporate strategy. Briefed covers the deals that reshape industries, the regulatory environment that is increasingly willing to block them, and the financing conditions that determine when boards feel confident enough to move. The M&A cycle is a leading indicator of executive confidence in a way that share prices sometimes are not.

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Latest edition

29 May 2026

Mergers and acquisitions are both a signal and a driver. When companies buy each other they are placing a bet on where an industry is heading, and the price they pay reveals how much confidence, and how much affordable financing, is in the system. Deal flow tends to rise when the cost of capital is low and boards feel sure of the outlook, and to stall when interest rates climb or the picture clouds over.

For a UK reader, three forces shape the field. The cost and availability of debt, set by monetary policy and the capital markets, decides which deals can be financed at all. The stance of competition regulators, chiefly the Competition and Markets Authority at home alongside the agencies in Brussels and Washington, decides which deals are allowed to complete. And the weight of private equity, sitting on large pools of committed capital, sets how aggressive the bidding becomes.

Briefed follows each stage as it moves: the rumoured approach, the firm offer, the regulatory hold-up, the deal that collapses on financing. The coverage below tracks the live situations. The structural read is that M&A activity is one of the clearest real-time gauges of corporate confidence across the cycle, which is why it is worth watching even when no single deal concerns you directly.

Coverage trail

21–40 of 41

29 May 2026Tech & AI

Asana buys StackAI for cross-system execution

Asana acquired no-code AI workflow platform StackAI for a reported $75 million, adding the ability to execute tasks across enterprise systems like Salesforce and AWS. The deal lets Asana's AI reach beyond task management into ERP, CRM and document systems through bi-directional sync. TechCrunch reports StackAI's founders are joining as Asana positions itself as the 'operating system for human-agent teams'. The acquisition was timed with Q1 fiscal 2027 earnings, signalling Asana's push from productivity features into enterprise workflow infrastructure.

From Disney faces licence review after Kimmel clash

27 May 2026Business & Strategy

Ellison privately vows to control debt in $108bn Paramount-WBD deal

Larry Ellison is telling credit analysts he'll "do whatever it takes" to reduce leverage at a combined Paramount-Warner Bros Discovery, backing his $108 billion hostile bid with personal guarantees worth $40.4 billion. The Oracle founder faces the prospect of liquidating significant Oracle holdings if his son David's media empire hits trouble, as Bloomberg reports detail. With projected debt hitting 6.8x EBITDA, Ellison is betting his fortune on proving synergies can actually materialize in media consolidation. When billionaires pledge their wealth, someone usually gets hurt.

From ECB flags June hike as mortgage rates hit 9-month high

22 May 2026Business & Strategy

IMAX explores sale as premium cinema outperforms broader box office

The large-format cinema technology company is reportedly in discussions about a potential transaction as demand for premium theatrical experiences remains stronger than standard formats. IMAX's globally recognized brand, technical moat, and licensing relationships with theaters make it attractive to buyers seeking stable, high-margin experiential media assets. Previous sale processes in 2006 generated interest but no deal, though the current environment may favor premium exhibition platforms. The timing reflects investor appetite for defensible entertainment assets that can command pricing power even as streaming reshapes the broader film business.

From SpaceX IPO cements Musk control as China cuts AI support

19 May 2026Top Stories

NextEra's $67bn Dominion buy targets AI power bottleneck

NextEra is acquiring Dominion Energy for about $67 billion in the biggest power deal ever, explicitly targeting AI's electricity crunch. The combined entity would control over 130 gigawatts of large-load opportunities, with Dominion serving 450 data centers in Northern Virginia's 'Data Center Alley' where AI accounts for 24 percent of electricity sales. PJM wholesale power costs jumped 75.5 percent year-over-year to $136.53/MWh in Q1, while capacity prices hit the regulatory cap of $329.17/MW-day as 94 percent of forecast load growth through 2030 comes from data centers. NextEra's CEO John Ketchum has pivoted from pure renewables to an 'all forms of energy' model specifically to supply 24/7 baseload for AI workloads. The deal signals that AI's power hunger has reached mega-cap M&A scale, turning electricity access into the new strategic constraint for hyperscalers.

From Putin signs gas deal as Xi hints at regret

19 May 2026Tech & AI

Analog Devices eyes $1.5bn bet on AI power chips

Analog Devices is in advanced talks to acquire AI power management startup Empower Semiconductor for about $1.5 billion, marking a massive premium for specialized data center voltage regulation technology. Empower makes integrated voltage regulators that sit closer to AI accelerators and GPUs, enabling faster power management as workloads change dynamically. The deal would be ADI's largest acquisition since the $21 billion Maxim Integrated purchase, reflecting how AI infrastructure spending has elevated power delivery from a commodity to a strategic differentiator. For a private startup with undisclosed revenues, $1.5 billion suggests ADI is paying primarily for customer relationships with hyperscalers and the intellectual property needed to solve AI's power density challenges.

From Putin signs gas deal as Xi hints at regret

19 May 2026Tech & AI

Delaware court voids Musk's $56bn Tesla pay package

Delaware's Court of Chancery voided Elon Musk's $55.8 billion Tesla compensation package, finding that he was a 'controlling stockholder' despite owning just 21.9 percent of the company due to his founder status and board influence. The 200-page ruling ordered rescission of the 2018 award even though Tesla shareholders re-approved it with 77 percent support in June 2024 after enhanced disclosure. Chancellor McCormick ruled the ratification vote couldn't cure the original fairness violations, creating uncertainty for founder-led companies about Delaware's corporate governance standards. Tesla responded by seeking reincorporation in Texas, signaling that leading tech companies may abandon Delaware if they view its courts as hostile to large founder incentive packages. The case challenges the traditional deference given to shareholder-approved executive pay and raises questions about what constitutes 'control' in modern corporate structures.

From Putin signs gas deal as Xi hints at regret

11 May 2026Business & Strategy

oOh!Media draws rival $554m bid from I Squared

Infrastructure investor I Squared Capital has trumped Pacific Equity Partners with a $1.45 per share offer for the Australian out-of-home advertising company, valuing it at A$766 million versus PEP's A$747 million bid. Both offers represent steep premiums to oOh!Media's 43 percent decline over the past year following the loss of Auckland Transport contracts and advertising market pressures. I Squared's interest signals infrastructure funds view digital billboards as yield-generating assets rather than traditional media plays. Shares trade below both bids, reflecting execution skepticism after recent Australian PE deals stalled despite big premiums.

From Trump calls Iran response 'totally unacceptable'

6 May 2026Top Stories

Sun Pharma's $12bn Organon bet doubles down on women's health

India's largest drugmaker is acquiring US-listed Organon for $14 per share, creating a $12.4 billion combined entity that positions Sun Pharma as a top-25 global pharmaceutical company. The all-cash deal assumes $8.6 billion in Organon debt while targeting the fastest-growing segments: biosimilars and women's health products across 100-plus markets. Organon's 30.7% EBITDA margins and established US presence offer Sun Pharma the scale to compete with Western giants, though integration risks loom large given the debt load. This marks India's biggest overseas pharma acquisition since independence, signalling confidence in demographic trends driving women's healthcare demand.

From Iran reopens Hormuz as oil plunges 10%

6 May 2026Markets & Economy

Atlas Arteria reviews IFM's $5.3bn takeover as conditions pile up

Atlas Arteria's board is evaluating an unsolicited A$4.75 per share takeover offer from largest shareholder IFM Investors, which rises to A$5.10 if IFM exceeds 45% ownership before closing. The Australian toll road operator trades at A$4.32 pre-bid, making the 10% premium modest for assets including France's 4,400km APRR network and Sydney's WestConnex holdings. IFM already owns 35% of the company but faces complex conditions requiring French regulatory consent and third-party approvals that analysts flag as potentially difficult to satisfy. The hostile approach tests infrastructure valuations after toll revenues struggled with post-COVID traffic patterns and rising interest rates compressed asset multiples.

From Iran reopens Hormuz as oil plunges 10%

6 May 2026Business & Strategy

Private equity pitches AI as saviour for pandemic-era software bets

Major PE firms used the Milken Institute conference to position AI as the solution to overvalued software investments made during the 2020-2022 remote-work boom, with Ares, Blackstone, and Blue Owl deploying proprietary scorecards to reassure investors about portfolio protection. Private credit firms face concentrated exposure to PE-backed software companies just as AI threatens to cannibalise their revenue streams, triggering redemption pressure at retail-focused business development companies. IBM's $4.5 billion in productivity gains from AI across 400 workflows serves as the proof-of-concept PE firms cite for portfolio-wide deployment. The narrative masks deeper anxiety about whether AI will enhance software company value or destroy it entirely.

From Iran reopens Hormuz as oil plunges 10%

4 May 2026Top Stories

GameStop makes $56bn play for eBay in meme stock's wildest bet

Ryan Cohen thinks he can transform eBay into something worth hundreds of billions. GameStop's unsolicited $125-per-share offer values eBay at $56 billion with $20 billion in debt financing from TD Bank already secured. The meme stock darling holds $9 billion in cash against its $12 billion market cap, making this a bet-the-company move. Both firms pivot around collectibles and resale markets, but analysts see low probability of success given the massive dilution required. Cohen's compensation package rewards him for lifting GameStop to $100 billion. He is prepared for a proxy fight if eBay's board resists.

From Asia bleeds $7bn as Hormuz reopening talks stall

4 May 2026Top Stories

Jet fuel shortage threatens summer as Gulf supplies collapse

Middle East kerosene flows to Northwest Europe dropped 90% in March and hit zero in April, leaving the UK more exposed than any European country. The nation imports 50% of its jet fuel, with 70% from Gulf suppliers now offline due to Hormuz disruptions. Jet fuel prices doubled since the conflict began, with refining crack spreads exceeding $100 per barrel. Airlines face fuel costs at 35% of expenses while US imports surged 782% month-on-month to fill gaps. The Prime Minister suggested travelers consider alternative destinations. Four UK refineries run at maximum capacity, but summer peak demand arrives in weeks.

From Asia bleeds $7bn as Hormuz reopening talks stall

30 April 2026Markets & Economy

AvalonBay and Equity Residential explore apartment empire merger

Two of America's largest apartment owners are discussing a potential combination that would create a rental giant spanning high-demand coastal markets. Early-stage talks between AvalonBay and Equity Residential come as renting costs $2,100 monthly less than buying in core markets, supporting occupancy above 90% and turnover under 35%. AvalonBay recently completed a $263 million asset swap with UDR, trading Boston and San Francisco properties for Southern California assets plus cash. The timing exploits favorable rent-versus-buy economics: only 8% of residents are leaving to purchase homes, down from historical norms. A merger would consolidate market power just as supply constraints and elevated mortgage rates create structural tailwinds for rental operators.

From Big Tech blows $650bn on AI while Fed stays put

30 April 2026Business & Strategy

Samsung heir indicted for succession fraud as dynasty crumbles

South Korean prosecutors indicted Lee Jae-yong for manipulating a 2015 merger between Cheil Industries and Samsung C&T to secure control "at the lowest possible cost." Ten other executives face charges including stock price manipulation and inflating Samsung Bioepis valuations to deceive shareholders. The indictment proceeded despite an external expert committee recommending no charges two months earlier, signaling prosecutors' confidence in their case. Lee simultaneously faces corruption charges tied to the Park Geun-hye scandal, creating dual legal jeopardy for one of Korea's richest men. In a rare 2015 statement, Lee vowed not to pass company control to his children, effectively ending the founding family's multi-generational grip on the conglomerate.

From Big Tech blows $650bn on AI while Fed stays put

28 April 2026Top Stories

China forces Meta to unwind $2bn AI deal in rare completed transaction block

Beijing just proved it will tear apart finished deals when strategic assets are at stake. China's National Development and Reform Commission ordered Meta to unwind its $2 billion acquisition of AI startup Manus, despite the Singapore-based firm already integrating staff into Meta's operations as business filings confirm. This marks an unprecedented intervention in a completed cross-border transaction involving non-Chinese entities, signaling Beijing's willingness to weaponize regulatory reviews regardless of corporate nationality. The timing, weeks before an expected Xi-Trump summit, suggests China is setting the terms for any broader tech détente.

From China blocks Meta's $2bn AI buy as Hormuz chaos deepens

27 April 2026Top Stories

Apollo buys Forvia's interiors unit for €1.82bn

Apollo paid 4.1 times adjusted EBITDA for a business that makes door panels and center consoles across 59 plants. The €1.82 billion deal lets Forvia cut net debt by at least €1 billion while focusing on automated driving and energy management under its IGNITE restructuring strategy. The Interiors unit generated €4.8 billion in revenue last year, representing 18 percent of Forvia's total. Auto suppliers are shedding non-core assets as electrification and automation reshape the industry, with Apollo targeting carve-outs from pressured parents looking to deleverage.

From Trump orders Navy blockade as Iran talks collapse

24 April 2026Markets & Economy

RBC poaches industrials bankers Gandhi, Choi for advisory push

Royal Bank of Canada hired two senior industrials bankers from Goldman Sachs and JPMorgan, signaling Canadian banks are serious about competing for cross-border M&A advisory fees as dealmaking rebounds. Raj Gandhi and Sarah Choi bring relationships with North American manufacturing and infrastructure clients, sectors where RBC sees opportunity to steal market share from bulge bracket rivals. The hires reflect a broader Canadian bank strategy: use relationship banking strength and competitive fee structures to win mandates from mid-market industrials companies that Wall Street majors often overlook. RBC's industrials advisory revenue jumped 34 percent last year, making talent acquisition a priority for 2025 expansion.

From Meta cuts 8,000 jobs to fund AI spending

17 April 2026Top Stories

Abu Dhabi sovereign wealth extends M&A spree

Abu Dhabi's Axight just announced another major acquisition, partnering with Brookfield in the latest Gulf sovereign wealth spending wave. The deal adds to a $47bn M&A sprint by Middle Eastern state funds this year, targeting infrastructure and technology assets while Western pension funds retreat. Gulf capitals are using high oil revenues and stable currencies to buy strategic assets at discounts, particularly in Europe where regulatory uncertainty has dampened private capital flows. This isn't opportunistic shopping; it's systematic positioning for a multipolar economy.

From Goldman wants rate relief. Europe says no

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