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The week in Mergers and Acquisitions
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A judge first blocked Paramount’s Warner Bros. Discovery acquisition, then extended the order before Paramount agreed to pause the transaction. The outside closing date could stretch to June 2027, increasing execution costs and termination risk.
Segro rejected repeated approaches while disputing the bidder’s valuation assumptions, but Prologis ultimately raised its offer to about £14 billion and called it best and final. The contest now puts direct pressure on Segro’s board and shareholders.
Institutional and private-capital buyers pursued large platforms across industrial real estate, infrastructure, corporate credit, and wealth management. Competing bids and large portfolio transfers showed continued appetite for recurring fees, hard assets, and control of operating platforms.
The possible EU review of Apollo’s easyJet bid showed how ownership rules can narrow the buyer pool, while the Justice Department signaled a more targeted approach to merger investigations. Together, the developments point to a regulatory process that may become more focused but remains capable of disrupting transactions.
UK-listed companies attracted more than $60 billion in takeover value after OCS agreed to buy Mitie, reinforcing concern that public companies are becoming targets for private capital. The broader use of bear-hug tactics added pressure to the UK market’s contested-deal environment.
Stripe’s potential acquisition of OpenRouter appeared on successive days at a valuation near $10 billion, with terms still unsettled. The deal would extend Stripe from payments into AI infrastructure and distribution.
Drugmakers pushed biotech dealmaking to record levels as patent expirations created pressure to replace blockbuster medicines. Buyers concentrated on late-stage assets and platforms capable of supporting multiple products.
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