5 articles
Movano Inc.'s all-stock merger with Corvex faces medium-probability regulatory rejection as US authorities intensify healthcare technology deal reviews. The deal enters an environment where FTC and SEC rejection rates for health tech M&A doubled to 23% in 2024-2025, mirroring tighter merger controls in EU and Asia-Pacific markets.
Acquirers shifted from financial engineering to operational synergies in Q4 2025 and Q1 2026 as higher capital costs ended the era of cheap-debt arbitrage plays. ConnectM's deals target 27.5% cost savings through integration, while PROG Holdings consolidated consumer finance distribution. The shift mirrors global M&A trends where rising rates force buyers to justify premiums with tangible operational improvements rather than multiple expansion bets.
PROG Holdings completed its acquisition of Purchasing Power within days of releasing 2026 guidance, demonstrating a global M&A timing strategy where companies deploy capital immediately after setting forward targets. The approach, increasingly common in US and European markets, reduces investor uncertainty by providing a pre-transaction financial roadmap.
Power management giant Eaton faces regulatory scrutiny across US, EU, and Asian markets for its 2025 acquisition of thermal cooling specialist Boyd. Antitrust authorities in at least five jurisdictions are reviewing whether the deal reduces competition in data center cooling—a sector critical to AI infrastructure. Similar cross-border tech deals now average 12-18 months for approval.
EP Group's special purpose vehicle for acquiring Fnac Darty faces total capital loss if French shareholders reject the tender offer. The Czech energy conglomerate and co-investor J&T Capital Partners hold €200M+ in bridge financing and fees with no exit option if the deal fails. The 56-44 ownership structure locks both parties into seeing the €7.4B acquisition through to completion.