Centerbridge Partners agrees $2bn MeridianLink deal

BY Richard Summerfield

Investment firm Centerbridge Partners has agreed to acquire financial software provider MeridianLink in a $2bn deal. Under the terms of the agreement, MeridianLink shareholders will receive $20 per share in cash for each share of common stock they own.

The deal has been unanimously approved by MeridianLink’s board and is expected to close in the second half of 2025 pending shareholder and regulatory approvals. Investors holding about 55 percent of the company’s common stock have agreed to support the transaction. Once completed, MeridianLink will be privately held and remain headquartered in Irvine, California.

“We are excited for the next chapter of innovation and growth with our partners at Centerbridge,” said Larry Katz, president and chief executive-designate of MeridianLink. “Today’s announcement is a strong endorsement of our leading digital lending platform that serves nearly 2000 community financial institutions and reporting agencies. Together with Centerbridge, we will unlock the potential of this company by accelerating product innovation, harnessing the power of AI and data, and enhancing the delivery of exceptional customer experiences.”

“This is an exciting next step for MeridianLink,” said Nicolaas Vlok, chief executive of MeridianLink. “Our dedicated team has built our market-leading platform and partner ecosystem, and I am confident in the path forward for the Company, bolstered by Larry’s leadership and Centerbridge’s partnership.”

“Over the last several years, our Board has carefully evaluated alternatives to maximise shareholder value,” said Ed McDermott, chair of the board at MeridianLink. “The Board thoroughly reviewed Centerbridge’s proposal with the assistance of independent financial and legal advisors and determined this transaction would create certain, compelling and immediate value for our shareholders at an attractive premium and position MeridianLink to increase its competitive edge in a rapidly changing technology landscape.”

“As the pace of change across the finance and tech sectors continues to accelerate, MeridianLink is uniquely positioned to help financial institutions enhance their digital lending and credit reporting capabilities to expand and deepen client relationships, unlock the potential of data and AI, and drive their growth,” said Jared Hendricks, senior managing director and Ben Jaffe, managing director of Centerbridge. “At Centerbridge, we have a proven track record of partnering with exceptional companies at the intersection of finance and technology to create value for customers and opportunities for employees. We believe in the importance of fostering a vibrant, modern banking system using market-leading technology.”

For the second quarter of 2025, MeridianLink posted revenue of $84.6m, an increase of 8 percent year on year. The company reported lending software solutions revenue of $68.7m in the quarter, up 12 percent from a year earlier. Operating income was $5.2m, or 6 percent of revenue, while non-generally accepted accounting principles operating income reached $23m or 27 percent.

News: Software firm MeridianLink to go private in $2 billion deal with Centerbridge

Palo Alto Networks acquires CyberArk in $25bn deal

BY Fraser Tennant

In one of the largest technology deals of 2025, US multinational cyber security leader Palo Alto Networks is to acquire Israeli information security company CyberArk in a cash and stock transaction valued at approximately $25bn.

Under the terms of the definitive agreement, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share.

Combining CyberArk’s longstanding leadership in identity security and privileged access management with Palo Alto Networks’ comprehensive artificial intelligence (AI)-powered security platforms will extend privileged identity protection to all identity types, including human, machine and the new wave of autonomous AI agents.

“Our market entry strategy has always been to enter categories at their inflection point,” said Nikesh Arora, chairman and chief executive of Palo Alto Networks. “This strategy has guided our evolution from a next-gen firewall company into a multi-platform cyber security leader. The rise of AI and the explosion of machine identities have made it clear that the future of security must be built on the vision that every identity requires the right level of privilege controls.”

Once closed, the combination of the two organisations will offer the industry’s most comprehensive and integrated security portfolio, providing customers with a single, trusted vendor for their most critical security needs.

“This is a profound moment in CyberArk’s journey,” said Udi Mokady, founder and executive chairman of CyberArk. “From the beginning, we set out to protect the world’s most critical assets, with a relentless focus on innovation, trust and security. Joining forces with Palo Alto Networks is a powerful next chapter, built on shared values and a deep commitment to solving the toughest identity challenges.”

The transaction – which is subject to the satisfaction of customary closing conditions including the receipt of regulatory clearances and approval by CyberArk shareholders – has been unanimously approved by the boards of directors of both Palo Alto Networks and CyberArk, and is expected to close during the second half of 2026.

Mr Mokady concluded: “Together, we will bring unmatched expertise across human and machine identities, privileged access, and AI-driven innovation to secure and define the next chapter of cyber security.”

News: Palo Alto Networks (PANW) to Acquire CyberArk in $25 Billion AI Security Deal

US banks merge in $8.6bn deal

BY Richard Summerfield

Two US banking organisations – Pinnacle Financial Partners and Synovus Financial Corp – have reached an agreement to merge in an all-stock transaction valued at $8.6bn. The deal will see the creation of the highest-return regional bank in the southeastern US.

The deal, which is expected to close in Q1 2026, subject to regulatory and shareholder approvals, and which is the biggest bank deal to be announced so far this year, will see Synovus and Pinnacle shares converted into stock of a new Pinnacle parent company.

Under the terms of the deal, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. This exchange ratio represents a Synovus per share value of $61.18, a transaction value of $8.6bn and an approximate 10 percent premium to Synovus on an unaffected basis. Upon completion. Synovus shareholders will own about 48.5 percent of the new company; Pinnacle shareholders will have roughly 51.5 percent.

Kevin Blair, chief executive of Synovus, will continue in that role for the newly combined entity. Terry Turner, who has been chief executive of Pinnacle since its founding in 2000, will serve as chairman. The combined entity will be operated under the Pinnacle brand.

“Over the last 25 years, we have attracted extraordinary talent to a bank that closely partners with its clients, developing ‘raving fans’ and delivering industry-leading growth,” said Mr Turner. “We are pleased to join forces with Synovus in a combination that prioritizes client experience and inspires associates. By combining Pinnacle’s operating model, which is anchored in a disciplined entrepreneurial spirit, with Synovus’ talented team and strong presence in attractive and fast-growing Southeastern markets, we will extend our legacy of building share in the most attractive markets nationally.”

“We are two high-performing institutions with one powerful future,” said Mr Blair. “Our belief in the success of this merger is grounded in a decade of strong results and proven execution from both companies, each delivering top-tier earnings and total shareholder returns. Building on a rich tradition of service and accelerating momentum, Synovus is well-positioned for growth. Together with Terry and the Pinnacle team, we are primed for continued outperformance, as we are not just combining forces – we are multiplying our impact.”

The companies noted that their merger focuses on the fastest-growing markets in the southeastern US. Pinnacle operates its banking business from Nashville, Tennessee and manages $54.8bn in assets. Synovus, headquartered in Georgia, oversees approximately $61bn in assets through its network of 244 branches, which span Alabama, Florida, South Carolina, Tennessee and Georgia.

In a 16 July earnings release, Synovus said that it delivered 28 percent year-over-year growth in adjusted earnings per share in the second quarter. On 15 July, Pinnacle said in its earnings release that its fully diluted earnings per share after adjustments were up 22.7 percent year over year. The bank also reported that it was “very active on the recruiting front” and had expanded into Richmond, Virginia.

News: Pinnacle Financial Partners, Synovus Financial to merge in $8.6 billion deal

Corpay agrees $2.2bn Alpha Group acquisition

BY Richard Summerfield

Corporate payments group Corpay Inc has agreed to acquire British financial services provider Alpha Group in a $2.2bn all-cash deal.

Under the terms of the deal, Alpha shareholders will receive £42.50 per share, representing a 55 percent premium to Alpha’s undisturbed closing share price on 1 May 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4bn. The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under part 26 of the UK Companies Act 2006.

Alpha’s board intends to unanimously and unconditionally recommend that its shareholders vote in favour of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder and former chief executive and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well. The deal is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. The deal is to be funded through a combination of cash, debt, bank capital optimisation and non-core divestitures.

“We couldn’t be happier to acquire Alpha,” said Ron Clarke, chairman and chief executive of Corpay. “This transaction meaningfully expands our relationships with investment managers and results in four Cross Border customer segments: corporates, financial institutions, investment funds and digital currency providers.

“We’re acquiring Alpha for three reasons,” he continued. “First, it’s a large, highly complementary, fast-growing corporate payments asset with good prospects. Second, Alpha is a leading provider of alternative bank accounts to European-based investment managers. There is significant runway to expand those investment manager relationships into the US and Asia with our help. The banking account product and Alpha’s technology extend our Cross Border solution set and further diversify our revenue streams. And third, we expect the acquisition to be meaningfully EPS accretive in 2026.”

“We’re delighted to consummate this transaction with Corpay,“ said Clive Kahn, chief executive of Alpha Group. “Corpay’s position as the leading non-bank provider of B2B cross border solutions is the perfect home for our people and will broaden their career prospects over time. Additionally, Corpay’s global footprint, licenses, bank relationships, technology, and balance sheet will accelerate our growth momentum, particularly in our institutional investor business.”

Corpay said the acquisition will boost its cross-border payments strategy by combining Alpha’s advisory-led European foreign exchange and private markets business with its own scale and platform. The company expects the deal to be accretive to cash earnings per share by at least $0.50 in 2026 and to generate significant revenue and cost synergies.

News: Payments firm Corpay signs $2.2 billion deal for UK's Alpha Group

Waters acquires BD's biosciences unit in $17.5bn deal

BY Fraser Tennant

In a transaction that creates an innovative life science and diagnostics leader, US laboratory equipment maker Waters is to acquire medical technology firm Becton Dickinson (BD) for approximately $17.5bn.

Under the terms of the definitive agreement, BD’s shareholders will own approximately 39.2 percent of the combined company, and existing Waters shareholders are expected to own approximately 60.8 percent. BD will also receive a cash distribution of approximately $4bn prior to completion of the combination, subject to adjustment for cash, working capital and indebtedness.

The transaction, which has been unanimously approved by the boards of directors of both Waters and BD, is structured as a Reverse Morris Trust, where BD’s Biosciences & Diagnostic Solutions business will be spun-off to BD shareholders and simultaneously merged with a wholly owned subsidiary of Waters.

“This transaction marks a pivotal milestone in Waters’ transformation journey as we embark on a new chapter of growth and value creation,” said Flemming Ornskov, chairman of Waters. “We are confident that this combination will accelerate our strategy in multiple high-growth markets and deliver substantial near- and long-term value to our shareholders.”

The acquisition gives Waters greater scale, doubling its total addressable market to about $40bn, with a 5 to 7 percent annual growth rate. Additionally, over 70 percent of the combined company’s revenue is expected to be recurring annually and over half of instrument revenue is expected to be recurring within a typical five- to 10-year replacement cycle.

“This transaction is an important milestone for BD, as it enhances our strategic focus as a leading medical technology company,” said Tom Polen, chairman and chief executive of BD. “BD is committed to unlocking long-term value through continued investment in our strong innovation pipeline, and operational and commercial excellence that will drive durable and profitable growth.”

The transaction is expected to close around the end of the first quarter of 2026, subject to receipt of required regulatory approvals, Waters shareholder approval and satisfaction of other customary closing conditions.

“We are bringing together two pioneering organisations with a rich history of delivering breakthrough innovations driven by strong R&D investment and a common customer-centric culture,” said Udit Batra, president and chief executive of Waters. “Together, we will work to make this combination a resounding success for our stakeholders and deliver significant value for shareholders.”

News: Waters to buy Becton unit in a $17.5 billion deal amid tariff pressures