In 2025 eight states introduced bills that would require big firms to notify their attorneys-general before a merge. They will no doubt lobby hard against any reform https://t.co/X4Hjsmdc59 ...

Key Takeaways Goldman reported $3.37B in M&A advisory fees in the first nine months of 2025, reflecting higher deal volumes.GS equity and debt underwriting fees rose 7% and 11% in YTD 2025, adding support to overall IB revenue growth.GS management expects improved financing conditions to accelerate delayed M&A and capital-raisingThe Goldman Sachs Group’s (GS) chief financial officer, Denis Coleman, affirmed its strong confidence in global mergers and acquisitions (M&A) at the firm’s 2025 Global Conference h ...

“These equity returns are really coming out of AI, and AI spend is not sustainable,” said Charlie Dupree, global chair of investment banking at JPMorgan. “If that pulls back, then you are going to see a broader market that isn’t really advancing.”Top executives at Goldman Sachs, JPMorgan Chase & Co. and Morgan Stanley have all flagged the risk of a correction in the months ahead, in part tied to concerns about an overheated artificial intelligence ecosystem, where huge amounts of investment have juiced tech ...

Core Viewpoint - A consortium led by BW Energy and Maurel & Prom is acquiring a 20% non-operated stake in Block 14 and a 10% stake in Block 14K offshore Angola from Azule Energy, marking a strategic entry into the Angolan market for BW Energy [1][5]. Group 1: Acquisition Details - The acquisition grants BW Energy a 10% interest in Block 14 and a 5% interest in Block 14K, aligning with its long-term regional plans [1]. - The total payment for the acquisition is set at $97.5 million, with an initial deposit of $6 million and the remainder due at closing, expected by mid-2026 [3]. - Additional contingent payments of up to $57.5 million may be required based on Brent crude prices and production milestones from 2026 to 2028 [4]. Group 2: Production and Reserves - The gross production from Blocks 14 and 14K is currently 40,000 barrels of oil per day (bopd), with BW Energy's net share estimated at 4,000 bopd [2]. - BW Energy's net share of producing reserves is estimated at 9.3 million barrels, with potential for increased recoverable quantities identified [2]. Group 3: Strategic Importance - The entry into Angola is a key step in BW Energy's West Africa growth strategy, providing diversification of its resource base and positioning for future development opportunities [5]. - Angola is characterized as a mature hydrocarbon basin with an active mergers and acquisitions market and strong political support for the energy sector [5]. - BW Energy aims to develop proven reserves and stranded assets by reusing existing energy infrastructure to unlock significant value over time [6].

For most of the past two decades, America’s bankers have been waiting for a merger-and-acquisition recovery in their own industry. They may be about to get their wish https://t.co/O00FyfzPirPhoto: Getty Images https://t.co/Q95wkXFhe1 ...

Bank mergers in America are becoming simpler. Investment bankers would be well advised to catch up on their sleep over the holidays—next year could be busy https://t.co/ats2mZkXXi ...

Core Viewpoint - Paramount Skydance Corp. is attempting to acquire Warner Bros. Discovery Inc. but faces significant challenges due to a planned $54 billion debt load [1] Financing Structure - Paramount has a temporary financing package but lacks a maximum rate for permanent borrowings, risking spiraling expenses if debt markets worsen [2] - The financing is structured as a bridge loan with both investment-grade secured and non-investment-grade unsecured components, aiming to attract liquidity [6] - Long-term financing lacks interest rate caps, exposing Paramount to potential cost increases if market conditions deteriorate [7] Competitive Landscape - Paramount's hostile bid competes with a friendly offer from Netflix, which has already been approved by Warner's board, potentially driving up the acquisition cost and debt [4] - Paramount is positioned as an aspiring investment-grade borrower, needing to implement cost cuts and efficiency measures to achieve this status [3] Debt and Ratings - Paramount's debt leverage is projected to be around four times earnings at the acquisition's closing, with a target to reduce it to two times within two years [14] - Credit raters expect the leverage to be much higher, around seven times EBITDA, after the deal closes, indicating a potential downgrade to junk status [15][16] - Paramount's pro forma net leverage is estimated at 5.5 times, with analysts expressing skepticism about the realization of cost savings [16] Market Context - The current environment shows banks regaining risk appetite, with forecasts suggesting a record year for M&A activity in 2026 following a downturn in 2022 [9] - Paramount's financing will be equally split among three lenders, with Apollo acting as a traditional bank lender rather than through its private credit arm [10] Comparison with Netflix - Netflix's bid involves a bridge loan that will be replaced by bonds, with its loan being unsecured due to a stronger balance sheet and credit ratings [11][12] - Paramount is expected to pay more for its debt compared to Netflix, which is rated higher and has a $59 billion loan [10]

The financing offered by the trio of lenders is a bridge loan, which will come in the form of investment-grade secured debt and non-investment-grade unsecured components, denominated in dollars and euros to capture as much liquidity as possible, according to people familiar with the matter. This unusual hybrid structure is expected to offer investors more yield than is typically seen in an investment-grade deal, the people said.Bankers have seen this movie before. The money provided by Bank of America Corp. ...

M&A Activity in Financial Advisory Industry - Wealth Enhancement acquired a registered investment advisor managing $2.2 billion in assets [2] - Dynasty Financial Partners' firm Procyon acquired a $500 million RIA in Michigan and Texas [2] - Earned, a healthcare-focused practice, acquired an Ohio RIA managing $900 million [2] Lido Advisors Acquisition - Lido Advisors acquired Stuart Chaussée & Associates, a family-run wealth management firm in California managing over $500 million [3] - Lido Advisors has grown to $38 billion in assets under management [3] - The firm is owned by employees and investors including Charlesbank Capital Partners, HPS Investment Partners, and Constellation Wealth Capital [4] Vestwell Acquisition - Vestwell agreed to acquire Accrue 401k, adding about 30,000 retirement plans and 350,000 plan participants to its platform [5] - The acquisition enhances Vestwell's ability to sync plans with partners across payroll and financial services [5][7] - Vestwell will serve as the retirement plan platform for Accrue 401(k) clients using non-Gusto payroll providers [7]

Core Insights - Perimeter Solutions, Inc. (PRM) has announced a definitive agreement to acquire Medical Manufacturing Technologies LLC (MMT) for approximately $685 million in an all-cash deal, expected to close by the first quarter of 2026 [1][7] - The acquisition aligns with PRM's strategy of focusing on businesses in secular growth markets, with MMT projected to generate around $140 million in revenues and $50 million in adjusted EBITDA for 2025 [2][3] Financial Details - The transaction will be funded through $500 million in new secured debt financing and $185 million in cash on hand, with an expected net leverage ratio of about 2.7x net debt to combined adjusted EBITDA for the last 12 months ending September 30, 2025 [1][3][7] - MMT has a strong history of organic and M&A driven growth, with about half of its revenues derived from aftermarket consumables [2] Market Performance - PRM's shares have increased by 124.5% over the past year, significantly outperforming the industry, which has seen an 8.5% decline [4] - PRM currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence in the company's future performance [5]