HPE closes Juniper takeover —
A $14 billion all-cash transaction has brought Juniper Networks under Hewlett Packard Enterprise’s umbrella, creating HPE Networking and marking a new chapter in AI-powered IT infrastructure. The agreement, initially struck in January, was delayed by a Department of Justice antitrust suit but cleared on 28 June after HPE agreed to divest its “Instant On” WLAN business and provide a Mist AI source code licence.
The deal closed on 2 July, giving HPE renewed scale against Cisco in the next wave of enterprise networking. “Today begins a new era for HPE — we are now at the epicentre of the transformation of IT, where AI and networking are converging,” said Antonio Neri, HPE president and CEO.
Shares in HPE jumped 11.1% and Juniper 8.5% on news of the settlement, reflecting relief at the removal of regulatory overhang. Analysts described the Department of Justice remedy as manageable and saw the resolution as removing a key obstacle to HPE’s growth ambitions.
Home Depot lands GMS —
Home Depot’s SRS Distribution has agreed to acquire GMS in a deal valued at approximately $5.5 billion, including debt, after seeing off a rival approach from QXO. The cash offer of $110 per share values GMS’s equity at $4.3 billion and is expected to complete in Home Depot’s 2025 fiscal year. The move deepens Home Depot’s focus on complex professional contractors.
GMS stock rose 11.8% on the announcement, closing at $108.83, while Home Depot shares were little changed as investors weighed integration risk. The transaction was cited as evidence of renewed momentum in US M&A, contributing to broader index gains.
Boeing regains Spirit Belfast—
Boeing’s $4.7 billion all-stock re-acquisition of Spirit AeroSystems is set to bring the group’s Northern Ireland site — home to significant non-Airbus operations — back under Boeing control if no third-party buyer emerges. Airbus is set to acquire A220 and A350 packages as part of the broader split. The transaction reverses Boeing’s 2005 spin-off, prompted by recent quality-control crises. “Taking ownership of Belfast is an outcome we’ve known was a possibility for some time,” a Boeing spokesperson confirmed.
Spirit shares were flat, having already absorbed the deal’s impact, but Jefferies analysts said the resolution removes one of the last operational unknowns and improves deal certainty. The UK’s Competition and Markets Authority has opened a phase-one probe, though this is expected to pose minimal completion risk.
AbbVie expands immunology platform —
AbbVie has announced plans to acquire Capstan Therapeutics — a private, venture-backed specialist in in-vivo CAR-T therapies for autoimmune conditions — for up to $2.1 billion in up-front and milestone payments. The deal signals AbbVie’s intent to diversify its immunology pipeline following Humira’s patent expiry. “AbbVie is building on dominance in the inflammatory space,” said Evan Seigerman, analyst at BMO Capital. David Risinger of Leerink highlighted Capstan’s technology as having broad potential beyond autoimmune diseases.
Capstan’s private status meant no direct share movement, but AbbVie shares edged up 0.4% amid a wider biotech rally. The transaction was noted by market strategists as contributing to a positive risk tone in equities.
Thoma Bravo takes Olo private —
Private equity giant Thoma Bravo will take restaurant technology platform Olo private at $10.25 per share — a 65% premium to the prior close — valuing the company at around $2 billion. The deal is set to complete by the end of 2025. Olo CEO Noah Glass commented: “Over the last twenty years, we’ve built Olo into the market leader in digital ordering for restaurants… By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision.”
Olo shares rose 13% on the news, reflecting both the deal premium and relief after a difficult period. Sector analysts say the move highlights renewed sponsor interest in mid-cap SaaS businesses.
Bottom line —
After months of volatility, the US M&A market is regaining momentum, buoyed by a plateau in policy rates, contained inflation, and a resurgent S&P 500. For the holiday-shortened week ending 4 July, US dealmakers announced 92 transactions worth $29.4 billion, while 57 deals closed at $18.6 billion in disclosed value. Technology led with 37% of all consideration, mirroring the surge in large-cap AI and networking acquisitions, as reflected in Hewlett Packard Enterprise’s $14 billion Juniper Networks deal.
Aggregate monthly deal values are outpacing volumes: May’s $198.8 billion tally marked an 86% jump year-on-year, while the number of deals rose just 9%. This points to a renewed appetite for scale among strategic buyers and the return of blockbuster transactions, despite total deal counts still trailing the pre-pandemic five-year average.
Private equity, however, remains on the sidelines — May’s 91 PE-backed deals marked an 11% monthly decline and a 16% shortfall against 2024’s run-rate. Sector rotation is increasingly evident: technology and transportation have seen double-digit increases in activity, while finance and healthcare continue to lag. These trends are amplified by a financing environment that, while still costly, has stabilised at predictable levels, with the Fed’s target rate steady at 4.25–4.50% and credit spreads only marginally wider since April.
In sum, US M&A is being shaped by three factors: a resurgent strategic bid for scale and capability, shifting sector priorities as AI and infrastructure dominate the headlines, and an ongoing wait-and-see approach from sponsors amid elevated, but steady, borrowing costs.
Key takeaways —
- Technology continues to dominate deal values, with large AI and infrastructure plays setting the tone.
- Strategic buyers are prioritising scale, even as deal counts lag historic highs.
- Private equity remains cautious but may re-enter as financing stabilises and sector valuations reset.
- Sector rotation is picking up: transportation and process industries are active, while finance and healthcare lag.
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