DICK'S Sporting Goods – Foot Locker
DICK'S Sporting Goods has extended the deadline for its exchange offer related to Foot Locker's senior notes, as the companies move closer to finalizing a merger. The offer allows holders of Foot Locker's 4.000% notes due 2029 to swap them for equivalent DICK'S-issued notes, with an additional cash component in some cases. The merger would see Foot Locker become a wholly owned subsidiary of DICK'S, pending completion of the exchange and consent process by September 9.
Sigma Healthcare – Chemist Warehouse
Sigma Healthcare has raised its expected synergy target to AU$100 million annually by year four of its merger with Chemist Warehouse, up from AU$60 million. The Australian pharmacy operator is progressing well with integration and is planning to wind down Chemist Warehouse's brick-and-mortar stores in China, shifting to an online model. The revised projections boosted Sigma's stock by 8%.
Paramount – Skydance
Paramount Global and Skydance Media finalized their $8.4 billion merger this month, forming Paramount Skydance and triggering an estimated 2,000 to 3,000 job cuts by November. The deal, now under political scrutiny, includes a $16 million settlement with former President Trump and provisions to maintain media neutrality. While the FCC defended the approval process as standard, House Democrats are investigating possible political interference.
Capital One – Discover Financial
The completed merger of Capital One and Discover Financial significantly impacted Q2 U.S. bank sector earnings, shaving off 1% in overall profits, according to the FDIC. A large one-time provision expense tied to the deal drove a $7.6 billion increase in provisioning industry-wide. Despite the short-term hit, the FDIC noted that asset quality remains strong, with only some stress in CRE and credit card loans.
Omnicom – Interpublic
Omnicom has received early tenders for over 93% of Interpublic's outstanding notes as part of their pending merger. The consent process will allow Omnicom to amend IPG's indentures, paving the way for streamlined financial management post-merger. Final settlement is expected shortly after the September 9 expiration, contingent on the merger's completion.
Keurig Dr Pepper – JDE Peet's
In a major transatlantic deal, Keurig Dr Pepper will acquire JDE Peet's for €15.7 billion ($18.37 billion) in cash, aiming to form a global coffee giant. The company plans to split into two independent, publicly listed firms—one for beverages and one for coffee—post-acquisition. S&P placed Keurig's credit rating on watch due to the high debt load, although the company expects $400 million in synergies and earnings accretion within a year.
UniCredit – Commerzbank
UniCredit has boosted its stake in Commerzbank to 26% by converting derivatives into shares, part of its slow-burn strategy to enable a future merger. The Italian lender plans to further increase its stake to 29% while holding off on seeking board representation for now. Regulatory concerns and strategic timing appear to be guiding UniCredit's measured approach.
Cenovus – MEG Energy
Cenovus Energy is acquiring MEG Energy in a CA$7.9 billion ($5.68 billion) cash-and-stock deal that's expected to deliver over CA$400 million in annual synergies by 2028. Funded by a mix of loans and cash, the merger will enhance Cenovus's scale and operational efficiency. The deal is slated to close in Q4 2025 and is viewed as accretive to both adjusted and free funds flow per share.
Rheinmetall – NVL
Rheinmetall is in advanced talks to acquire German military shipbuilder Naval Vessels Luerssen (NVL), according to industry sources cited by Bild. The Luerssen family is reportedly looking to exit its naval operations to focus on luxury yacht construction, opening the door for Rheinmetall to expand its footprint into naval defense. While the deal aligns with Rheinmetall's M&A-driven growth strategy, family approval remains a hurdle before the supervisory board takes a final vote.
EssilorLuxottica – Nikon
EssilorLuxottica is considering boosting its stake in Japanese optical giant Nikon from 9% to 20%, according to Bloomberg. The move would strengthen EssilorLuxottica's position in the precision optics sector, and it has already held discussions with Nikon's management and Japanese officials. While no deal is confirmed yet, a deeper stake would offer strategic alignment in imaging, medical devices, and lens technologies.
Halma – Brownline
British safety tech group Halma has acquired Dutch underground drilling technology company Brownline for €150 million. Brownline's gyroscopic locating systems are used in trenchless infrastructure installations across energy, water, and telecom sectors. The deal supports Halma's strategy to invest in critical infrastructure solutions that reduce surface disruption and promote energy transition.
Capgemini – Cloud4C
Capgemini signed an agreement to acquire Indian cloud services provider Cloud4C, aiming to bolster its position in hybrid and sovereign cloud solutions. With 1,600 employees and strong ties to SAP and other hyperscalers, Cloud4C offers AI-optimized services across 29 countries. Financial terms were undisclosed, but the deal is expected to close in the coming months following regulatory approvals.
Bunzl – Quindesur, Solupack, Hospitalia, Guantes Internacionales
Bunzl has completed four acquisitions across Spain, Brazil, Chile, and Mexico, expanding its presence in foodservice, healthcare, packaging, and PPE distribution. The deals include Quindesur, Solupack, Hospitalia, and Guantes Internacionales, demonstrating Bunzl's continued strategy of consolidating fragmented distribution markets globally.
Eiffage – CVS, M3i Controls, Inmotechnia
French construction and engineering firm Eiffage has acquired three Spanish energy services companies—CVS, M3i Controls, and Inmotechnia—through its Eiffage Énergie Systèmes unit. These acquisitions enhance Eiffage's footprint in refrigeration, building automation, and smart energy management systems. The deal supports its pivot toward digital and energy-efficient infrastructure services.
Air Liquide – DIG Airgas
Air Liquide is acquiring South Korean industrial gas leader DIG Airgas for €2.85 billion in a move to solidify its Asian market position. DIG operates 60 plants and 220 km of pipelines, with a focus on semiconductors and secondary batteries. The transaction, funded by a bridge loan and future bond issuances, is expected to close in H1 2026 and bring significant synergies to Air Liquide's global platform.
