Hengrui-BMS strike $15.2B for 13 assets
Bristol Myers Squibb and Hengrui Pharmaceutical are pursuing a deal covering 13 assets valued at up to $15.2 billion, underscoring Hengrui’s expanding global pipeline and Western pharma collaborations.
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GameStop Eyes Potential eBay Bid as Shares Jump
GameStop (GME) is reportedly preparing a formal bid to acquire eBay (EBAY), a move that sent EBAY up about 12% and GME up around 4%. The company has been quietly building a stake in eBay to broaden into e‑commerce, while eBay’s market value (~$46B) dwarfs GameStop’s (~$12B). With about $9B in cash, GameStop has room to pursue big deals, and CEO Ryan Cohen’s pay is tied to long‑term milestones. No official comments yet, and analysts remain cautious on the stock.
Goldman Sees AI and PE Fuelting a $3.8T Global M&A Wave
Goldman Sachs expects global merger-and-acquisition volume to reach about $3.8 trillion, driven by AI-enabled long-term value strategies and private-equity asset sales. Large deals (> $10B) have already risen, signaling broader activity into 2026, with the cycle described as mid-stage and likely to persist despite ongoing uncertainty. GS is rated a Moderate Buy by analysts, with a potential upside around mid-single digits.
Deutsche Telekom weighs full merger with T-Mobile US to create a global wireless leader
Deutsche Telekom is in early discussions to merge with its U.S. subsidiary T-Mobile US via a holding-company stock offer, a move that could form the largest public merger and create the world’s most valuable wireless operator. The deal would consolidate DT’s ~53% stake in T-Mobile into a single parent, potentially pushing the combined entity above China Mobile in value, but would require extensive cross-border regulatory approvals and political backing in the U.S. and Germany as talks remain preliminary and details could change.
UniCredit unveils cross-border Commerzbank overhaul plan to create future-ready European lender
UniCredit laid out an ambitious plan to overhaul Commerzbank via an 'Unlocked' tie-up that would form a cross-border European lender and unlock about €1.1 billion in value by 2030. The plan sketches two paths: a partial-control route where Commerzbank remains separate for 18 months, or a full integration path that would eventually merge into UniCredit's network (with HVB). Commerzbank has resisted mergers, but UniCredit’s stake above 30% triggers a mandatory takeover offer; UniCredit claims the plan could lift net profit by about €600 million by 2028 to roughly €5.1 billion and boost investment in technology and AI.
Lilly to Acquire Kelonia for Up to $7B to Advance In Vivo CAR-T Therapy
Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, with $3.25 billion upfront and the rest tied to milestones, in a deal expected to close in the second half of 2026. Kelonia’s in vivo CAR-T technology aims to reprogram patients’ T-cells inside the body to attack cancer, potentially offering a one-time IV therapy compared with traditional ex vivo CAR-T. Lilly plans to apply the tech beyond multiple myeloma to other blood cancers and possibly solid tumors, as part of a broader push to diversify beyond obesity and diabetes drugs amid ongoing biotech dealmaking and competition from J&J and Gilead-backed therapies.
Netflix Walks Away From Warner Bros. Deal, Emphasizes M&A Discipline
Netflix aborted its all-cash $83 billion bid to acquire Warner Bros. Discovery assets after Paramount Skydance raised its offer, saying it would put emotion and ego aside and walk away to protect its core business. Netflix highlighted that the deal was a 'nice to have,' not a necessity, and noted it collected a $2.8 billion breakup fee from Paramount Skydance; moving forward, it will continue to invest organically and opportunistically while building its M&A muscle.
Netflix Tests Megadeals, But Keeps Its Core in Focus
Netflix signaled a potential shift from its long-time 'builder not buyer' stance by testing its M&A muscle with the Warner Bros. Discovery bid and eventual walk-away, saying the exercise sharpened deal execution and investment discipline. While renewed deal chatter persists, the company will focus on its core growth—subscriber engagement, pricing, and ad revenue—amid a more competitive streaming landscape, and the stock reaction was mixed as full-year guidance held steady.
Profits Up, Jobs Down: Banks’ Q1 Glow Masks a Brutal Hiring Market
US banks posted strong Q1 results with higher trading revenues and booming M&A, boosting compensation while simultaneously cutting headcount (Goldman down ~400 since end-2025, Citi down ~2,000 in Q1) and pursuing AI-driven efficiency; despite profits, hiring remains brutal for jobseekers due to layered, automated recruitment processes and cautious deal activity amid geopolitical risk.
Hollywood's Legal A-List Navigates AI, IP and Consolidation in 2026
Variety's 2026 Legal Impact Report spotlights Hollywood’s top entertainment lawyers steering AI-driven IP deals, licensing, and cross-border transactions as the industry grapples with consolidation and the creator economy, highlighting cross-disciplinary teams at major firms and boutiques navigating talent, studios, and tech deals amid rapid change.
Danone bets on plant-based meals with €1bn Huel acquisition
Danone is paying €1bn for British meal-supplement maker Huel to scale its nutritionally complete, plant-based shakes and meals across new markets; founded in 2014, Huel sells direct-to-consumer products and has faced past advertising scrutiny. The deal, which also taps into a roughly $5.9bn market for complete-nutrition products, awaits regulatory approvals and closing conditions, with Danone highlighting Huel’s digital capabilities and distribution network as key assets.
KKR considers multibillion-dollar exit from data-centre cooling business
Private equity firm KKR is weighing the sale of a data-centre cooling company in a multibillion-dollar deal, underscoring ongoing activity in data-centre infrastructure M&A.
Accenture to Buy Ookla for $1.2B, Bolstering AI-Driven Network Data
Accenture agreed to acquire Ookla (owner of Speedtest, Downdetector, RootMetrics, and Ekahau) from Ziff Davis for $1.2 billion in cash, with plans to embed Ookla’s data into offerings for telecoms, hyperscalers, and governments to optimize Wi‑Fi and 5G, enhance AI infrastructure resilience, improve fraud prevention, and enable analytics. Ookla reports ~250 million tests per month, ~430 employees, and 2025 revenue of $230.7 million with net income of $76.1 million. The deal is expected to close in coming months, with Accenture continuing to operate Ookla’s business as is.
OpenAI Signals Massive M&A Push With New Cash Hoard
OpenAI is pursuing roughly $100 billion in new financing to fuel acquisitions and attract talent, potentially using stock to buy startups like Io Products; the pre-money valuation could exceed $730 billion, underscoring an aggressive expansion in AI.
WBD Highlights Rigorous Sale Drama as It Pushes Creative Rebirth
Warner Bros. Discovery CEO David Zaslav said the company’s sale process is rigorous, highly competitive and thorough, with four bidders, eight price increases and a 63% value uplift from the initial offer. Comcast was a bidder but did not advance; Paramount’s improved bid and Netflix are in play as the board weighs options to maximize value and certainty. Zaslav also touted a “creative resurgence” across HBO, Warner Bros. TV/Movies, New Line and DC, amid ongoing corporate reorganization and the planned separation of Warner Bros. and Discovery Global.