Chevron seals largest US oil deal since 2019 —
Chevron finalised its $55 billion all-stock purchase of Hess on 18 July, after an international arbitration panel dismissed pre-emption claims from ExxonMobil and CNOOC. The ruling clears Chevron’s path to a 30% stake in Guyana’s Stabroek block — one of the world’s largest offshore oil finds.
The deal aligns with CEO Mike Wirth’s pivot from US shale to low-cost, long-life offshore reserves. Analysts called it “transformational”, though flagged Guyana concentration risk and antitrust exposure in future mega-deals.
Chevron shares dipped 1% as the legal overhang lifted, while Hess traded at a 3% spread to terms ahead of delisting.
Walgreens shareholders approve $10bn Sycamore take-private —
Walgreens Boots Alliance will exit the NYSE after 99 years following overwhelming shareholder approval of a $10 billion cash offer from Sycamore Partners. The 14 July vote — backed by 96% of holders — clears the path for Q3/Q4 completion.
The deal, which includes a $3 contingent value right per share, allows Sycamore to pursue a turnaround strategy involving 1,200 store closures and a VillageMD divestment — out of public scrutiny.
Shares rose 8% intraday before trading halted. The $12 billion LBO will be financed in September, though credit agencies remain cautious with ratings on negative watch due to high leverage.
Sanofi acquires Blueprint for $9.1bn —
Sanofi has completed its $9.1 billion all-cash acquisition of Blueprint Medicines, securing the Ayvakit franchise and a promising rare-disease pipeline. With 70.9% of BPMC shares tendered by 18 July, Blueprint will now be delisted from Nasdaq.
The structure includes a $6 per share CVR linked to BLU-808 milestones. Analysts upgraded Sanofi for post-2026 EPS accretion, while BPMC closed at a narrow 0.4% spread, indicating near-zero residual risk.
Talen Energy doubles down on gas with $3.5bn plant buy —
Talen Energy agreed to acquire two large combined-cycle gas plants in Pennsylvania and Ohio for $3.5 billion — or $3.8 billion gross including assumed liabilities. The 17 July announcement sees Talen expanding its PJM footprint as AI-linked data centre loads boost power demand.
The deal, financed with new secured and unsecured debt, is expected to close in Q4 2025. Talen shares jumped 16% after hours on improved free cash flow guidance, with analysts highlighting a path to 40% FCF per share growth by 2026.
Starwood shifts to net lease in $2.2bn Brookfield deal —
Starwood Property Trust will acquire Fundamental Income Properties — a 467-asset net-lease platform from Brookfield — for $2.2 billion. The 16 July deal extends Starwood’s move beyond traditional commercial real estate lending into long-duration, defensive assets.
Funded via a $1.3 billion ABS facility and an equity offering, the deal briefly pressured STWD shares, which fell 2%. Management expects immediate accretion to distributable EPS once refinancing is complete.
Bottom line —
This week’s US M&A activity showcases a decisive shift toward future-focused, resilience-driven strategy across sectors. In energy, Chevron’s long-fought acquisition of Hess underlines the majors’ reorientation toward durable offshore plays — particularly as global supply chains rewire and energy security becomes a core investor theme. Guyana’s Stabroek block, where Chevron now joins Exxon and CNOOC, is emblematic of this: high-yield, low-cost barrels in geopolitically stable jurisdictions are commanding long-term premiums.
Meanwhile, Walgreens’ exit from public markets reflects a different strategic undercurrent: private equity’s deepening reach into legacy businesses where public turnaround patience has run thin. Sycamore’s move echoes a broader PE trend — taking mature but struggling enterprises private for radical, sometimes controversial restructurings out of the spotlight. Analysts and regulators alike will watch closely how its operational playbook unfolds.
Sanofi’s Blueprint buy highlights big pharma’s sharpening race for post-patent resilience. With Dupixent’s exclusivity window narrowing, acquisitions like Ayvakit’s pipeline are less about synergy and more about pipeline replacement — a theme likely to accelerate in H2.
Finally, the Talen and Starwood deals both point to infrastructure plays responding to AI’s real-world demands. Data centre energy loads are already reshaping US power dynamics — and institutional capital is shifting accordingly. Starwood’s pivot toward long-duration net lease assets, and Talen’s aggressive CCGT expansion, both signal a redefinition of “defensive” in the age of always-on, always-learning computing.
As interest rate expectations stabilise and 2026 political cycles near, dealmakers appear increasingly willing to pull the trigger on strategic bets — even amid regulatory unknowns.
Key takeaways —
- Mega-deals are back as legal and regulatory headwinds clear. Chevron and Sycamore’s landmark transactions show that strategic buyers are willing to move decisively once prolonged uncertainties — arbitration, shareholder approval — are resolved.
- Private capital is reshaping legacy industries out of public view. Walgreens’ take-private underscores private equity’s growing role in turnaround plays where public patience has worn thin.
- Infrastructure-linked energy is drawing fast capital. Talen’s and Starwood’s moves reflect investor appetite for high-yield, durable assets tied to AI-driven demand and energy system resilience.
Stay ahead of the curve with Business Quarter’s weekly M&A briefing, a concise, authoritative roundup of the biggest deals, strategic plays, and market-moving partnerships.
Sign up now to get each week’s summary straight to your inbox.
Your message has been sent
