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The week in Mergers and Acquisitions
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Marvell repeated its agreement to acquire Lumentum for $115 billion in stock, creating a major semiconductor and optical-connectivity combination aimed at AI data centers. The deal expands scale and product breadth but leaves shareholders exposed to execution and demand risks.
CVS moved from considering a pharmacy spinoff to planning a separation of its retail pharmacy business from Aetna, Caremark and other operations. The breakup reverses the vertically integrated strategy built through acquisitions and shifts the focus to standalone performance.
Global Payments moved from discussions with private equity firms to a clearer financing challenge, with the feasible price depending on rates, debt capacity and sponsor leverage. The talks remain uncertain as buyers balance shareholder expectations against the cost of taking the company private.
Fox completed its $22 billion acquisition of Roku, moving the transaction from proposed combination to operational control. Fox now gains greater influence over streaming-platform economics, data and media placement while Roku remains open to outside services.
Possible SpaceX acquisitions appeared again during the week, including speculation about Boost Mobile and a broader acquisition strategy. The recurring discussion signals expansion ambitions, but the candidates provide no confirmed transaction.
Kraft Heinz announced the sale of its North American coffee business to One Rock Capital Partners and the transaction continued to draw attention the following day. The divestiture supports a narrower portfolio and provides cash for the company's turnaround.
DoorDash pursued a $17 billion acquisition of Instacart to expand from restaurant delivery into broader commerce. The combination entered an unusually long regulatory review, with restrictions already limiting contact between the companies' employees.
Day’s Recap