Waters - Becton Dickinson
Waters Corp. will acquire Becton Dickinson’s biosciences and diagnostics unit in a $17.5 billion Reverse Morris Trust deal. The transaction gives Becton a $4 billion cash payout and leaves its shareholders with a 39% stake in the merged entity, which will operate under the Waters name. The deal doubles Waters' addressable market to $40 billion and is expected to significantly boost recurring revenues and EBITDA through 2030.
ADNOC - OMV
ADNOC is transferring its 24.9% stake in OMV to its investment arm XRG, in preparation for forming Borouge Group International (BGI), a $60 billion polyolefins giant. BGI will merge OMV’s Borealis and ADNOC’s Borouge operations, creating the world’s fourth-largest polyolefins producer. ADNOC’s post-merger stake of nearly 47% will be held via XRG, pending regulatory approval.
Baloise - Helvetia
Swiss insurers Baloise and Helvetia have hired McKinsey to advise on their proposed merger, targeting completion by 2028. The combination will create Switzerland’s second-largest insurance provider and focus is already on post-merger integration. Both firms confirmed seeking external consultancy, indicating a serious commitment to navigating complex operational synergies.
SLB - ChampionX
The UK’s Competition and Markets Authority has cleared SLB’s $8 billion all-stock acquisition of ChampionX, removing the last regulatory barrier. The deal will strengthen SLB’s production systems and chemical services for oil extraction. The companies plan to finalize the merger on July 16, following previous approvals from Norway and other jurisdictions.
Zeekr - Geely
Geely is taking Zeekr private through a merger that values the Chinese EV maker at $26.87 per ADS, an 18.9% premium. Shareholders can opt for either cash or Geely shares in a deal funded internally or via debt. Post-merger, Zeekr will be fully integrated into Geely while maintaining its brand identity, and will be delisted from the NYSE by year-end.
AngloGold Ashanti - Augusta Gold
AngloGold Ashanti will acquire Augusta Gold in an all-cash deal valued at about C$152 million, offering C$1.70 per share—a 28% premium. The acquisition gives AngloGold full control of the Reward gold project in Nevada’s Beatty District, solidifying its regional position after its previous purchase of Coeur’s nearby Crown assets. The deal is expected to close in Q4 2025, pending shareholder and regulatory approvals.
Eaton - Resilient Power Systems
Eaton has signed an agreement to acquire Resilient Power Systems, a developer of EV charging depots focused on fleet electrification and grid support. Though terms weren’t disclosed, the deal significantly boosts Eaton’s capabilities in vehicle-to-everything (V2X) charging and energy resiliency across North America. The acquisition follows Eaton’s strategic collaboration with ChargePoint and is expected to close in Q3 2025.
Schneider Electric - Temasek (India JV)
Schneider Electric is in talks to buy out Temasek’s 35% stake in their Indian joint venture, aiming to take full ownership in a deal valued around $1 billion. The JV, formed in 2018 after Schneider merged its operations with L&T’s electrical automation business, is key to Schneider’s South Asia growth strategy. A successful deal would give Schneider complete control over one of its fastest-growing markets, though discussions are still underway.
