Sanofi acquires Blueprint Medicines in $9.5bn deal

BY Fraser Tennant

In a deal that expands its portfolio in rare immunological disease and adds to its early-stage pipeline in immunology, French multinational drugmaker Sanofi is to acquire US-based, publicly traded biopharmaceutical company Blueprint Medicines.

Under the terms of the acquisition, Sanofi will pay $129 per share in cash at closing, representing an equity value of approximately $9.1bn. Sanofi plans to finance the transaction with a combination of cash on hand and proceeds from new debt.

In addition, Blueprint’s shareholders will receive one non-tradeable contingent value right (CVR) per Blueprint share with two potential milestone payments. In addition, Blueprint’s shareholders will receive one non-tradeable CVR per Blueprint share with two potential milestone payments for future development and regulatory milestones for Blueprint medicine BLU-808.

“The acquisition of Blueprint Medicines enhances our pipeline and accelerates our transformation into the world’s leading immunology company,” said Paul Hudson, chief executive of Sanofi. “This acquisition is fully aligned with our strategic intent to strengthen our existing therapeutic areas, to bring relevant and differentiated medicines to patients and to secure attractive returns to our shareholders.”

The acquisition also includes a rare immunology disease medicine, Ayvakit, approved in the US and the European Union, and a promising advanced and early-stage immunology pipeline. Ayvakit is the only approved medicine for advanced and indolent systemic mastocytosis – a rare immunology disease characterised by the accumulation and activation of aberrant mast cells in bone marrow, skin, the gastrointestinal tract and other organs.

“Since our founding, Blueprint Medicines has worked at the intersection of scientific innovation and operational excellence,” said Kate Haviland, chief executive of Blueprint Medicines. “We have translated our unique scientific understanding of mast cell biology into a portfolio of important therapies including Ayvakit – the first and only medicine approved to treat the root cause of systemic mastocytosis.”

Blueprint’s established presence among allergists, dermatologists and immunologists is expected to enhance Sanofi’s growing immunology pipeline.

The transaction is expected to be completed in the third quarter of 2025.

“We are excited to welcome Blueprint’s talented people and we look forward to chasing the miracles of science together,” concluded Mt Hudson. “This acquisition makes sense for science, for both companies, for healthcare professionals and – most of all – for patients.”

News: Sanofi to buy US biopharma group Blueprint for up to $9.5 billion

EOG Resources to acquire Encino for $5.6bn

BY Richard Summerfield

Shale producer EOG Resources has agreed to acquire Encino Acquisition Partners (EAP) from the Canada Pension Plan Investment Board (CPP) and Encino Energy in a deal worth $5.6bn, inclusive of EAP’s net debt.

The deal, which is expected to close in the second half of 2025, and which is subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions, will be funded through $3.5bn of debt and $2.1bn of cash on hand.

The deal will greatly expand EOG’s existing Utica Shale Basin footprint and add a sizeable wedge of oil, gas and liquids-rich production.

EAP was established in 2017 by Encino Energy and CPP to acquire high-quality oil & gas assets with an established base of production in mature basins across the lower 48 states in the US. Since 2017 CPP Investments has held a 98 percent ownership position in the company alongside Encino Energy. Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources.

“This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets,” said Ezra Y. Yacob, chairman and chief executive of EOG. “Encino’s acreage improves the quality and depth of our Utica position, expanding EOG’s multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource. We are excited to execute on this unique opportunity that is immediately accretive to our per share metrics and meets our strict criteria for acquisitions - high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price.

“Our ability to execute on the Encino acquisition without diluting our shareholders will be a textbook example of how EOG utilizes its industry leading balance sheet to take advantage of counter cyclical opportunities to enhance the returns of our business and create long-term value for our shareholders,” he added.

“When we established Encino Acquisition Partners with Encino Energy in 2017 we envisioned creating a company that would be a leader in acquiring U.S. oil and gas assets,” said Bill Rogers, head of sustainable energies at CPP Investments. “Since then, it has done just that, and we are pleased with EAP’s success and the strong returns this investment has delivered. The acquisition of Encino’s 675,000 net core acres increases EOG’s Utica position to a combined 1.1 million net acres, representing more than 2 billion barrels of oil equivalent of undeveloped net resources, with pro forma production totalling 275,000 barrels of oil equivalent per day (boepd).”

EOG said that the acquisition significantly expands its contiguous liquids-rich acreage, adds premium-priced gas exposure and increases working interest. The company averages 65 percent liquids production, with 235,000 net acres for a combined contiguous position of 485,000 net acres.

News: Shale producer EOG boosts Utica footprint with $5.6 billion Encino deal

Salesforce agrees $8bn Informatica deal

BY Richard Summerfield

In a deal designed to bolster its push into artificial intelligence (AI), Salesforce has agreed to acquire cloud data management company Informatica for $8bn.

Under the terms of the deal, which is expected to close early in Salesforce’s fiscal year 2027, subject to the receipt of required regulatory clearances and satisfaction of other customary closing conditions, holders of Informatica’s class A and class B-1 common stock will receive $25 in cash per share held.

Salesforce, which specialises in customer relationship management software, said it would look to combine Informatica’s data catalogue, integration, governance, privacy and data management services with its agentic AI solution, dubbed Agentforce. The deal will be funded through a combination of cash on Salesforce’s balance sheet and new debt, the company said.

“Together, Salesforce and Informatica will create the most complete, agent-ready data platform in the industry,” said Marc Benioff, chair and chief executive of Salesforce. “By uniting the power of Data Cloud, MuleSoft, and Tableau with Informatica’s industry-leading, advanced data management capabilities, we will enable autonomous agents to deliver smarter, safer, and more scalable outcomes for every company, and significantly strengthen our position in the $150 billion-plus enterprise data market.”

“Joining forces with Salesforce represents a significant leap forward in our journey to bring ​​data and AI to life by empowering businesses with the transformative power of their most critical asset – their data,” said Amit Walia, chief executive of Informatica. “We have a shared vision for how we can help organizations harness the full value of their data in the AI era.”

Upon close, Salesforce plans to rapidly integrate Informatica’s technology stack, including data integration, quality, governance and unified metadata for Agentforce, and a single data pipeline with MDM on Data Cloud, seamlessly embedding this “system of understanding” into the Salesforce ecosystem.

“Truly autonomous, trustworthy AI agents need the most comprehensive understanding of their data,” said Steve Fisher, president and chief technology officer of Salesforce. “The combination of Informatica’s advanced catalog and metadata capabilities with our Agentforce platform delivers exactly this. Imagine an AI agent that goes beyond simply seeing data points to understanding their full context – origin, transformation, quality, and governance. This clarity, from a unified Salesforce and Informatica solution, will allow all types of businesses to automate more complex processes and make more reliable AI-driven decisions.”

The deal for Informatica is the latest is a series of high-profile acquisitions made by Salesforce in recent years. The company has completed a number of deals aimed at expanding its product portfolio and gaining market share. It bought Slack in 2021 for $27.7bn, Tableau in 2019 for $15.7bn and MuleSoft in 2018 for $6.5bn.

News: Salesforce to buy Informatica for $8 billion to bolster AI data tools

Honeywell buys Johnson Matthey catalyst unit in $2.4bn deal

BY Fraser Tennant

In a move that expands its portfolio of catalyst and process technologies, US industrial tech firm Honeywell is to acquire UK chemical company Johnson Matthey's (JM’s) catalyst unit in an all-cash transaction valued at $2.4bn

The combination of JM's catalyst technologies (CT) business with Honeywell's energy and sustainability solutions (ESS) business segment is expected to add attractive high growth vectors to the portfolio and drive significant additional benefits through cost synergies.

The acquisition follows Honeywell's announcement of the planned spin-off of its aerospace technologies business along with the planned spin-off of its advanced materials business, which will result in three publicly listed industry leaders with distinct strategies and growth drivers.

A Fortune 500 company that invents and manufactures technologies to address tough challenges linked to global macrotrends such as safety, security and energy, Honeywell has approximately 110,000 employees worldwide, including more than 19,000 engineers and scientists.

“The acquisition of JM’s CT business broadens Honeywell’s role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation,” said Vimal Kapur, chairman and chief executive of Honeywell. “As demand for diversified sources of energy continues accelerating, we will better enable Honeywell to offer the innovation our customers need.”

JM’s catalyst technologies business segment is a leading provider of catalyst manufacturing and process technology licensing. It has approximately 1900 employees and is headquartered in London, with sites in the US, Europe and India.

Following the sale of CT, JM will be repositioned as a highly streamlined group focused on clean air and platinum group metals, driving sustained strong cash generation to support attractive ongoing returns to shareholders. The sale of CT, together with the compelling investment proposition of JM, are expected to deliver substantial value to JM shareholders.

The boards of directors of both companies unanimously approved the transaction. 

“On behalf of the board, we are pleased to announce the sale of CT, which, together with the refreshed strategy of the group, represents a strategically and financially compelling proposition for shareholders,” said Patrick Thomas, chair of JM. “This transaction realises significant value for shareholders, creating a group with the core strengths, focus and discipline to deliver strong returns for shareholders into the future.”

The transaction is subject to customary conditions, including the receipt of certain customary regulatory approvals, and is expected to close by the first half of 2026.

Ken West, president and chief executive of Honeywell’s ESS segment, concluded: “Together, we will be able to create an integrated solution while also diversifying our projects and service offerings to help our customers around the world continue innovating and driving energy security for the future.”

News: Johnson Matthey soars on $2.4 billion unit sale to Honeywell

Charter to acquire Cox Communications in $21.9bn deal

BY Richard Summerfield

In one of the biggest telecom acquisitions in years, cable giants Charter Communications and Cox Communications have agreed to merge in a $21.9bn deal.

The transaction will see Charter, the second largest cable company in the US after Comcast, acquire Cox, creating a formidable presence in broadband, mobile and video. The combined company, which will eventually adopt the Cox Communications name, will serve more than 30 million customers across 41 states and assume roughly $12bn in Cox debt. The combined companies will create a cable behemoth, with enormous scale in both broadband internet connectivity and video.

According to a statement announcing the deal, Cox Enterprises will receive $4bn in cash, a $6bn notional amount of convertible preferred units in Charter’s existing partnership, which pay a 6.875 percent coupon and are convertible into Charter partnership units, which are then exchangeable for Charter common shares, and approximately 33.6 million common units in Charter’s existing partnership, with an implied value of $11.9bn, and which are exchangeable for Charter common shares.

Based on Charter’s share count as of 31 March 2025, at the closing, Cox Enterprises will own approximately 23 percent of the combined entity’s fully diluted shares outstanding, on an as-converted, as-exchanged basis, and pro forma for the closing of the previously announced .Liberty Broadband merger with Charter.

“We’re honored that the Cox family has entrusted us with its impressive legacy and are excited by the opportunity to benefit from the terrific operating history and community leadership of Cox,” said Chris Winfrey, president and chief executive of Charter. “Cox and Charter have been innovators in connectivity and entertainment services – with decades of work and hundreds of billions of dollars invested to build, upgrade, and expand our complementary regional networks to provide high-quality internet, video, voice and mobile services.

“This combination will augment our ability to innovate and provide high-quality, competitively priced products, delivered with outstanding customer service, to millions of homes and businesses. We will continue to deliver high-value products that save American families money, and we’ll onshore jobs from overseas to create new, good-paying careers for U.S. employees that come with great benefits, career training and advancement, and retirement and ownership opportunities,” he added.

The Cox family is the longest continuous operator in the industry, having acquired its first cable television franchise in 1962. “Our family has always believed that investing for the long-term and staying committed to the best interests of our customers, employees and communities is the best recipe for success,” said Alex Taylor, chairman and chief executive of Cox Enterprises. “In Charter, we’ve found the right partner at the right time and in the right position to take this commitment to a higher level than ever before, delivering an incredible outcome for our customers, employees, suppliers and the local communities we serve.”

“Charter’s board and I are excited about this transaction and very supportive of Alex stepping into the board Chairman role,” said Eric Zinterhofer, chairman of Charter’s board of directors. “The combination of Cox Communications with Charter is an excellent outcome for our collective shareholders, customers, employees and the industry.”

News: Spectrum owner Charter to buy Cox for $21.9 billion in mega cable deal