A proposed airline merger amounts to a maiden flight for Mexico’s new competition authority. Its success depends on demonstrating its independence, says @JPSpinetto (via @opinion) https://t.co/CqtCtxKAWr ...

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Group 1 - Goldman Sachs was the leading financial adviser by deal value for construction sector M&A in 2025, advising on deals worth $43.3 billion [1] - Bank of America ranked second with $41.9 billion in construction M&A deals [1] - JPMorgan ranked third by value with $35.5 billion, followed by Morgan Stanley at $28.3 billion and Mizuho Financial Group at $24.4 billion [2] Group 2 - JPMorgan led by volume with 19 transactions, while Bank of America followed with 16 deals, and Goldman Sachs advised on 15 deals [2] - Both JPMorgan and Goldman Sachs saw close to a three-fold increase in deal volume and value in 2025 compared to the previous year, improving their rankings significantly [3] - Goldman Sachs moved from sixth to first by value, while JPMorgan jumped from 22nd to first by volume [3] Group 3 - GlobalData's league tables are based on real-time tracking of various reliable sources, with a dedicated team of analysts monitoring these sources for in-depth deal details [4] - The company also seeks submissions of deals from leading advisers to enhance data robustness [5]

Core Viewpoint - The conference call is focused on the strategic combination of Transocean and Valaris, highlighting the significance of this merger for both companies and the industry as a whole [2]. Group 1: Company Overview - The call is led by Transocean President and CEO, Keelan Adamson, and Valaris President and CEO, Anton Dibowitz, indicating a collaborative leadership approach for the merger [2]. - An investor presentation is available on both companies' websites, providing detailed information about the transaction, which suggests a commitment to transparency and investor engagement [2]. Group 2: Forward-Looking Statements - The call includes forward-looking statements that are subject to risks and uncertainties, emphasizing the need for stakeholders to refer to the news release and SEC filings for more comprehensive information [3].

Core Insights - FTI Consulting has appointed Mustapha Labassi as a Senior Managing Director in the Transaction Services practice within the Corporate Finance & Restructuring segment [1] Group 1: Appointment and Experience - Mr. Labassi has over 15 years of experience in the M&A life cycle, focusing on financial due diligence for both buy-side and sell-side transactions [2] - He has advised French private equity firms and large European corporations on domestic and cross-border deals across Europe and French-speaking African countries [2] - His sector expertise includes healthcare, technology, media, telecommunications, software, and business services [2] Group 2: Role and Strategic Importance - In his new role, Mr. Labassi will enhance FTI Consulting's financial due diligence and deal capabilities in France, advising clients on M&A transactions across various industries [3] - The appointment is part of FTI Consulting's strategy to strengthen its transactional expertise in key European markets, responding to client demand for meticulous due diligence and M&A advisory support [4][5] Group 3: Company Overview - FTI Consulting is a leading global expert firm with over 8,100 employees in 32 countries, generating $3.70 billion in revenues during fiscal year 2024 [6]

Investment Rating - The report indicates a strong positive outlook for global M&A activity, with expectations for continued momentum into 2026, driven by favorable market conditions and investor confidence [10][17]. Core Insights - Global M&A activity reached record levels in 2025, with 50,810 deals totaling nearly $5 trillion, marking a 12.4% increase in deal count and a 37% increase in deal value year-over-year [10][11]. - The surge in megadeals, defined as transactions of $1 billion or more, significantly contributed to this growth, with 617 megadeals accounting for 56.6% of total M&A value [11][16]. - The report highlights the importance of technology and AI in driving M&A activity, with investors seeking businesses that leverage data and technology for competitive advantage [60][62]. Overview - Global M&A activity saw unprecedented growth in 2025, surpassing previous records in both deal count and value, with a notable recovery from macroeconomic disruptions [10][17]. - The report emphasizes the role of private equity (PE) in the M&A landscape, with PE's share of total European M&A value rising to 50.7% in 2025 [72]. Valuation Metrics - The median enterprise value (EV)/EBITDA multiple for M&A transactions in 2025 improved to 10.1x, reflecting a recovery in valuations compared to previous years [26][30]. - North American valuations remain higher than European counterparts, with the median EV/EBITDA multiple at 11.2x in the US compared to 9.6x in Europe [30]. Deal Metrics - North American M&A activity achieved a record deal value of nearly $3 trillion in 2025, with corporate acquirers accounting for 63.2% of the region's M&A value [77][80]. - The IT sector emerged as the largest contributor to North American M&A value, surpassing B2B, with significant growth observed in healthcare and B2C sectors in Q4 [81]. Sector Metrics - The report identifies technology and AI-linked businesses as key drivers of M&A activity, alongside infrastructure assets that provide predictable revenue streams [62]. - Healthcare continues to attract significant interest, particularly in markets where private-sector provision is expanding [63]. Geographic Insights - The report notes a mixed performance in cross-border M&A, with North America attracting more nondomestic capital, particularly in larger deal sizes [20][24]. - European M&A activity reached a record high in 2025, with nearly 21,000 transactions and $1.3 trillion in deal value, driven by capital inflows from North America [70][72].

Mergers and Acquisitions - GreenShield has acquired Kii Health's Canadian mental health services segment, integrating it into its digital health platform GreenShield+ [1] - RFA Capital Holdings Inc. has rebranded to RFA Financial Inc. after acquiring Artis Real Estate Investment Trust in an all-share deal, with former Artis unitholders owning 68% of the combined company [2] - Navacord and Acera have completed their merger, creating one of Canada's largest privately held insurance and wealth advisory firms with $7.2 billion in insurance premiums and $7.5 billion in retirement assets [3] - ATB Financial has launched ATB Cormark Capital Markets following its acquisition of Cormark Securities Inc., expanding its capital markets capabilities [3] - Morguard Corp. has rebranded Lincluden Investment Management to Morguard Lincluden Global Investments after acquiring the firm, managing over $4 billion in assets [4] - Beazley has agreed to a $10.9 billion cash takeover offer from Zurich Insurance, representing a 60% premium to its closing share price [5] Financial Developments - Neo Financial has raised $68.5 million for its inaugural securitization program, allowing it to grow its lending portfolio significantly [2]

Core Viewpoint - Investor Ross Gerber suggests that Tesla Inc. may become a division of a larger entity referred to as "X" in the future, following the acquisition of the United States Steel Corporation, which previously used the 'X' ticker symbol [1][2]. Group 1: Tesla and SpaceX Merger Speculation - Gerber indicates that Tesla and SpaceX could potentially merge in a "1-1 share deal" due to their similar valuations, with Tesla valued at approximately $1.5 trillion and SpaceX-xAI at around $1.25 trillion [3][4]. - The merger is described as a significant opportunity, with Gerber stating that "the stars/planets have aligned" for such a consolidation [3][4]. Group 2: Investor Sentiment - Investor Gary Black expresses skepticism regarding the merger's benefits for Tesla shareholders, particularly concerning potential stock dilution [5]. - Conversely, investor Anthony Pompliano has shown bullish sentiment towards Tesla, recently purchasing over $1 million in shares, citing advancements in robotics, AI, and self-driving technology as key factors in his investment decision [6].

Core Viewpoint - The Public Utility Commission of Texas has approved the acquisition of TXNM Energy by Blackstone Infrastructure, confirming that the acquisition is in the public interest [2][4]. Group 1: Acquisition Details - The settlement includes $45 million in rate credits to customers, strong governance and local oversight, dividend restrictions, financial protections, and commitments to Texas communities [2][3]. - TXNM Energy shareholders overwhelmingly approved the merger in August 2025, and the acquisition has received federal regulatory approval from the FCC [4][5]. Group 2: Regulatory Approvals - The merger requires additional federal approval from the FERC and the Nuclear Regulatory Commission, as well as state approval from the New Mexico Public Regulation Commission [5]. - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired, allowing the acquisition process to move forward [4]. Group 3: Company Background - TXNM Energy, based in Albuquerque, New Mexico, delivers energy to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [6].

Core Viewpoint - The merger discussions between Glencore and Rio Tinto, which have been pursued for over a decade, recently broke down due to valuation disagreements, despite the strategic benefits that such a merger could provide to both companies [1][4]. Group 1: Merger Discussions - Formal discussions between Glencore and Rio Tinto began in mid-December, with negotiations accelerating in January after the approach became public, triggering U.K. takeover rules [2] - On the deadline day, negotiations collapsed over valuation, with Glencore seeking approximately 40% ownership of the combined entity, reflecting its view on the long-term value of its copper assets [3] - Rio Tinto's executives deemed the ownership gap too significant to bridge, leading to an announcement that they could not reach an agreement that would deliver value to shareholders [4] Group 2: Strategic Rationale - The merger was strategically appealing as Rio Tinto is heavily reliant on iron ore, a market facing oversupply and price declines, while Glencore has seen a significant drop in copper output [5][6] - A merger would have positioned Rio Tinto as the world's leading copper producer, enhancing its exposure to copper, which is crucial for electrification, while Glencore would diversify away from coal and benefit from Rio's operational discipline [7][8] Group 3: Obstacles to Merger - Persistent issues such as valuation, governance, and cultural differences hindered the merger discussions, with Glencore showing flexibility in leadership roles but insisting on a favorable share-exchange ratio [9] - Rio's advisers linked the bid to share prices at the time of the public announcement, which Glencore viewed as an arbitrary undervaluation of its copper portfolio, leading to a stalemate [10] Group 4: Current Challenges - Following the breakdown of talks, both companies are left to confront the challenges they aimed to address through the merger, with Rio Tinto struggling with an expensive lithium diversification and Glencore remaining overexposed to coal [10][11] - Glencore also faces significant financial commitments related to a high-risk copper project in Argentina and has a concentrated shareholder structure, with Glasenberg and a Qatari sovereign wealth fund holding nearly 20% of the company [11][12]