June 2025 witnessed a wave of mega-deals across energy, industrials, semiconductors, healthcare, finance, and sports. Highlights include transformative mergers like Chart Industries and Flowserve and Soul Pattinson-Brickworks, plus strategic plays by Viper, Keyera, Ascension, and tech consolidations by Qualcomm, among others. Together, these transactions reflect aggressive asset consolidation, globalization, and scaling strategies shaping corporate giants across industries.
Deal-by-Deal Coverage
Sanofi → Blueprint Medicines (~US $9.5 billion)
On June 2, Sanofi announced it would acquire biotech firm Blueprint Medicines for $129 per share in cash, valuing the deal at approximately US $9.5 billion, including potential milestone payments. The acquisition enriches Sanofi’s rare-disease portfolio with Blueprint’s flagship drug Ayvakit and early-stage immunology assets. Expected close: Q3 2025.
Roark Capital → Dave’s Hot Chicken ($1 billion)
Roark Capital acquired a majority stake in Dave’s Hot Chicken in early June, valuing the fast-growing fast-casual chain at US $1 billion. Founded in 2017, Dave’s operates over 300 stores and plans to accelerate franchising and international growth under Roark’s ownership.
Viper Energy → Sitio Royalties (~US $4.1 billion)
On June 3, Viper Energy (a Diamondback subsidiary) agreed to a US $4.1 billion all-stock deal (including $1.1 billion net debt) to acquire Sitio Royalties. The acquisition adds ~34,300 net royalty acres – 25,300 in the Permian Basin, boosting net production ~50% and strengthening dividend resilience and scale.
Washington H. Soul Pattinson → Brickworks (~US $9 billion / A$14 billion)
Australia’s Soul Pattinson and associate Brickworks struck a binding merger on June 2 valued at A$14 billion (~US $9 billion), dismantling a 56-year cross-shareholding. The simplified structure forms a diversified building-products and investment conglomerate. Brickworks shareholders receive 0.82 new firm shares apiece.
Chart Industries ↔ Flowserve Corporation (Merger of Equals; ~US $19 billion)
On June 4, an all-stock “merger of equals” was announced between Chart and Flowserve, creating a combined enterprise valued at approximately US $19 billion. The union forms a leading industrial process technologies group with ~$8.8 billion in revenue and 42% aftermarket services. Chart shareholders will own ~53.5% of the merged company.
BioNTech → CureVac (~US $1.3 billion)
On June 12, 2025, Germany’s BioNTech SE announced an all-stock exchange offer to acquire all shares of fellow mRNA specialist CureVac N.V., valuing the deal at approximately USD 1.25 billion ($5.46 in BioNTech American Depositary Shares per CureVac share). This strategic acquisition is engineered to enhance BioNTech’s oncology pipeline by combining its existing strengths in mRNA design, delivery, manufacturing, and investigational cancer immunotherapies, with CureVac’s complementary clinical-stage assets in the field. Under the deal structure, CureVac shareholders are expected to own between 4–6 % of the combined company post-close. The offer includes a downward/upward collar to adjust the exchange ratio based on the 10-day average price of BioNTech ADSs. Major shareholders representing over 50 % of CureVac have already agreed to tender, meeting a key threshold toward the 80 % minimum acceptance required. The acquisition, which still requires regulatory approval, is slated to close later in 2025, with integration plans set to begin, including leveraging CureVac’s R&D and manufacturing facilities in Tübingen, Germany
Qualcomm → Alphawave Semi (~US $2.4 billion)
On June 9, Qualcomm announced the acquisition of UK-based Alphawave IP Group for £1.8 billion (~US $2.4 billion) in cash. The deal augments Qualcomm’s AI/data-center efforts with high-speed connectivity IP, expected to close in Q1 2026.
Allison Transmission → Dana Inc. (Highway Business) (~US $2.7 billion)
On June 11, Allison Transmission announced the purchase of Dana’s Off‑Highway business for US $2.7 billion, enhancing its global powertrain portfolio with a broader presence in construction and mining markets.
BPCE → Novo Banco (75 % stake; ~US $8.14 billion)
On June 13, French banking group BPCE signed an MoU to buy Lone Star’s 75% stake in Portugal’s Novo Banco for €6.4 billion (~US $8.14 billion). This marks one of Europe’s largest cross-border bank acquisitions in recent years.
Brown & Brown → Accession Risk Management (~US $9.8 billion)
On June 10, Brown & Brown agreed to acquire Accession Risk Management (parent of Risk Strategies, One 80) in a US $9.8 billion cash-and-stock deal, cementing its position among top U.S. insurance brokers.
Bayview Asset Management → Guild Holdings (~US $1.3 billion)
On June 18, Bayview signed a US $1.3 billion all-cash deal to take Guild Holdings private at $20/share, representing a 56% premium, integrating mortgage origination and servicing capabilities.
Eaton → Ultra PCS Limited (~US $1.55 billion)
On June 16, Eaton announced its acquisition of Ultra PCS Limited from Cobham Ultra, valued at US $1.55 billion. The buy enhances Eaton’s aerospace and power-management systems portfolio.
Keyera Corp → Plains’ Canadian NGL Business (~US $3.77 billion)
On June 17, Canadian midstream firm Keyera agreed to buy Plains All American’s NGL infrastructure in Canada for C$5.15 billion (~US $3.77 billion), ensuring fully domestic ownership of critical energy assets.
Ascension Health → AmSurg (~US $3.9 billion)
On June 17, Ascension Health entered an agreement to acquire AmSurg for approximately US $3.9 billion, adding over 250 ambulatory surgical centers across 34 states, enhancing its outpatient care footprint.
Mark Walter (Guggenheim) → Los Angeles Lakers (~US $10 billion)
On June 25, Guggenheim Partners CEO Mark Walter exercised his right of first refusal to acquire the majority stake in the Lakers, valuing the franchise at US $10 billion, the largest U.S. sports franchise sale ever. Jeanie Buss and family retain ~15% stake; deal expected to close late 2025.
Landsea Homes → Apollo‑Backed New Home Co. (~US $1.2 billion)
On June 27, Apollo‑backed New Home Co. completed its acquisition of Landsea Homes for approximately US $1.2 billion in cash. The deal privatizes Landsea and combines it with New Home Co., forming a top‑25 U.S. national homebuilder with robust growth potential. Completion occurred after receiving shareholder approval and fulfilling tender‑offer conditions.
Regulus Therapeutics → Novartis (~US $1.7 billion max)
On June 25, Novartis finalized the acquisition of microRNA-focused Regulus Therapeutics. The deal includes US $800 million upfront and up to US $900 million in milestone payments, totaling as much as US $1.7 billion. Regulus shares were delisted, making it a wholly‑owned Novartis subsidiary.
PHX Minerals → WhiteHawk Income & WhiteHawk Energy (~US $4.35/share)
On June 23, WhiteHawk Income and WhiteHawk Energy completed their acquisition of PHX Minerals. Shareholders received US $4.35 per share in cash, following a tender offer that achieved a ~74% acceptance rate, resulting in PHX’s delisting.
Kronos Bio → Concentra Biosciences (~US $0.57/share + CVR)
Concentra Biosciences completed its tender offer and merger for Kronos Bio in mid‑June. Shareholders received US $0.57 per share in cash plus a contingent value right (CVR). Post-merger, Kronos Bio is delisted. The deal closed June 20.
U.S. Steel → Nippon Steel (~US $14.9 billion)
The acquisition of U.S. Steel by Nippon Steel closed on June 18 for approximately US $14.9 billion. The transaction incorporates a unique “golden share,” granting the U.S. government veto authority over strategic decisions. Nippon committed to US $11 billion in domestic investments.
Dada Nexus → JD.com (~US $2.0/share)
On June 16, Dada Nexus shareholders approved JD.com’s US $2.00 per ADS all‑cash take‑private merger. The deal completed the next day, resulting in Dada’s ADSs being delisted.
Playa Hotels → Hyatt (~US $13.5/share, ~$2.6 billion)
Hyatt completed its acquisition of Playa Hotels & Resorts on June 16, after a tender offer at US $13.50 per share, securing around 92.7% acceptance. The deal expands Hyatt’s all-inclusive portfolio by 15 resorts and totals about US $2.6 billion including debt.
Haveli Investments → Couchbase (~US $1.5 billion)
On June 20, 2025, Haveli Investments, a private equity firm, announced a definitive agreement to acquire Couchbase, Inc., a provider of cloud-based NoSQL database services, in an all-cash transaction valued at approximately US $1.5 billion. Under the terms of the deal, Couchbase shareholders will receive US $25.00 per share, representing a premium of 42% over the company’s 30-day volume-weighted average share price. The deal aims to accelerate Couchbase’s product innovation and expansion plans by taking the company private. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.
June 2025: Trends & Takeaways
June’s dealmaking underscored a global drive toward scale, vertical integration, and diversification. Energy firms consolidated royalties and infrastructure; industrial players merged to enhance global capabilities; financial institutions bolstered market reach; healthcare focused on outpatient models; while tech deals continued to support AI- and data-driven ambitions. The Lakers sale capped off a month where asset values, across industries, hit record highs.
June 2025 will be remembered as a very active month for mega-mergers, ranging from industrial titans to energy consolidators, with even iconic sports franchises changing hands. These deals not only reshape competitive dynamics but also signal where capital allocation priorities are heading, especially in scaling platforms, efficiency, and innovation across key sectors.