Active Situations
Live M&A situations — structured intelligence, regulatory timelines, and CTFN editorial analysis.
Axalta Coating Systems / AkzoNobel
AXTA / AKZA:NA
CMA comment period ends May 1; EC formal filing pending (Phase 2 probe likely on powder coatings). Shareholder votes targeted for mid-July. All-stock merger of equals creating #2 global coatings company behind Sherwin-Williams.
- Equity value
- $9.1bn
- Premium
- 0%
Essential Utilities / American Water Works
WTRG / AWK
Both shareholder bases approved February 10, 2026. Pennsylvania PUC is the central review — parties seeking Q3 2026 conclusion. 10+ state utility commissions require approval.
- Equity value
- $12.2bn
- Premium
- 10%
TXNM Energy / Blackstone
TXNM / BX
NMPRC hearing examiner investigation into Blackstone's $400mn PIPE paused the procedural schedule. Public hearing on PIPE set for April 30. PUCT approved February 6; FERC authorized February 20.
- Equity value
- $5.7bn
- Premium
- 28%
Penumbra / Boston Scientific
PEN / BSX
$14.6bn strategic medtech combination in vascular intervention. FTC second request pending; EC review required.
- Equity value
- $14.6bn
- Premium
- 19%
AES Corporation / Global Infrastructure Partners / EQT / CalPERS / QIA
AES / GIP
Multi-jurisdictional regulatory review underway. Merger special meeting not yet scheduled. PUCO data center backlash, Indiana politics, and CFIUS (QIA involvement) are the key state-level risks.
- Equity value
- $10.7bn
- Premium
- 36%
SkyWater Technology / IonQ
SKYT / IONQ
HSR pulled and refiled March 25; waiting period now expires April 24. Shareholder vote May 8. Cash-and-stock deal with collar mechanism on IonQ shares.
- Equity value
- $1.4bn
- Premium
- 38%
Kenvue / Kimberly-Clark
KVUE / KMB
Shareholders overwhelmingly approved (96-99%). FTC second request is the primary gating item. Divestitures likely in feminine hygiene (NZ/AU already proposed). KMB announced post-closing org structure April 15.
- Equity value
- $40.0bn
- Premium
- 46%
Clearwater Analytics / Permira / Warburg Pincus
CWAN
Shareholder vote May 6; EC Phase I clearance expected same day. Go-shop contacted 44 bidders — none submitted competing bid. Multiple plaintiff firms investigating conflicts of interest given buyers' insider status.
- Equity value
- $7.0bn
- Premium
- 47%
Electronic Arts / PIF / Silver Lake / Affinity Partners
EA
Largest take-private in gaming history. CFIUS review and EC FSR Phase II risk are the remaining timing variables.
- Equity value
- $52.4bn
- Premium
- 25%
Qorvo / Skyworks Solutions
QRVO / SWKS
Negotiating with primary regulators in the US (FTC) and China (SAMR). FTC second request received February 5. Merger agreement runs two years. Starboard Value (8% of QRVO) signed a voting agreement in support.
- Equity value
- $9.7bn
- Premium
- 14%
Silicon Labs / Texas Instruments
SLAB / TXN
HSR cleared April 20 (waiting period expired, no second request). SAMR approval required — China known for slow-walking US semiconductor deals. Shareholder vote scheduled April 30.
- Equity value
- $7.6bn
- Premium
- 69%
Norfolk Southern / Union Pacific
NSC / UNP
First transcontinental Class I rail merger tested under the STB's 2001 enhanced-competition standard. HSR-style document submission to DOJ/STB due April 7; application refiling on April 30. BNSF and industry groups organizing opposition.
- Equity value
- $71.9bn
- Premium
- 25%
Warner Bros. Discovery / Paramount Skydance
WBD / PSKY
Shareholder vote PASSED April 23. Comp package rejected on advisory vote — doesn't block close. California AG investigation remains the primary live risk.
- Equity value
- $77.0bn
- Premium
- 147%