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

Blackstone acquires TXNM Energy in $11.5bn deal

BY Fraser Tennant

In the latest in a series of power deals in the US, investment firm Blackstone Infrastructure is to acquire energy holding company TXNM Energy in a transaction valued at $11.5bn.

Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing, including net debt and preferred stock, and will fund the purchase price entirely with equity.

Based in Albuquerque, New Mexico, TXNM Energy delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.

“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities,” said Pat Collawn, chair and chief executive of TXNM Energy. “We have integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP.”

Blackstone Infrastructure is also investing $400m through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energy’s industry-leading growth plans. This issuance is expected to be completed in June 2025.

“We back industry-leading companies using our perpetual capital to support economic development,” said Sean Klimczak, global head of Blackstone Infrastructure. “We are focused on being great long-term partners to the communities in which we invest, and we look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across Texas and New Mexico.”

The transaction has been unanimously approved by TXNM Energy’s board of directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions.

“We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes,” concluded Ms Collawn. “We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy.”

News: Blackstone bets on soaring power demand with $11.5 billion TXNM Energy deal

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

Databricks to acquire Neon for $1bn

BY Richard Summerfield

Data analytics startup Databricks has agreed to acquire Neon, a cloud-based database software vendor, for around $1bn.

The deal, which is expected to close later this year, is subject to customary closing conditions, including required regulatory clearances. It will see Databricks significantly strengthen its analytics platform with technology that can help businesses develop and use artificial intelligence (AI) agents more easily.

Neon was founded in 2021 and currently has over 130 employees. The company offers a managed cloud-based database platform (with free and usage-based paid plans) that lets developers clone databases and preview changes before they go to production. Neon has so far raised $129.6m in funding, according to Crunchbase, and its investors include Microsoft’s venture arm M12, General Catalyst, Menlo Ventures and Notable Capital. Neon has over 18,000 customers. Clients include OpenAI, Adobe, Boston Consulting Group, Replit and Vercel, according to Neon’s website.

Databricks has so far accumulated more than $19bn in financing, and in January closed a $15.3bn financing at a $62bn valuation.

“The era of AI-native, agent-driven applications is reshaping what a database must do,” said Ali Ghodsi, co-founder and chief executive at Databricks. “Neon proves it: four out of every five databases on their platform are spun up by code, not humans. By bringing Neon into Databricks, we’re giving developers a serverless Postgres that can keep up with agentic speed, pay-as-you-go economics and the openness of the Postgres community.”

“Four years ago, we set out to build the best Postgres for the cloud that was serverless, highly scalable, and open to everyone,” said Nikita Shamgunov, chief executive of Neon. “With this acquisition, we plan to accelerate that mission with the support and resources of an AI giant. Databricks was founded by open source pioneers committed to making it easier for developers to work with data and AI at any scale. Together, we are starting a new chapter on an even more ambitious journey.”

According to Mr Shamgunov, the ultimate goal of merging with Databricks is to “build the best Postgres experience in the world” and one of the most important pieces of the modern AI-native app stack.

Databricks, which was founded in 2013, has completed a number of notable acquisitions in recent years. In June 2024 it acquired data management company Tabular for nearly $2bn, and in 2023 it bought MosaicML, an open-source platform for training large language models and deploying AI tools, for $1.3bn.

News: Databricks to buy Neon for $1 billion to boost AI-agent development

UK healthcare M&A robust in Q1 2025, reveals new report

BY Fraser Tennant

Despite global economic uncertainty, M&A activity in the UK healthcare sector remained robust throughout Q1 2025 with deals continuing to flow, according to a new report by Heligan Group.

In its ‘UK Healthcare M&A Update: A Look Back at March 2025’, Heligan reveals that transaction activity across the sector remained on par with 2024 deal levels, with 59 deals completed in Q1 of 2025 – 17 in January, 17 in February and 25 in March.

Drilling down, health and social care remained the most active sector in Q1, accounting for 48 percent of total deal volume in March, driven by several lower-value transactions in the care home space.

Activity in pharma and life sciences also increased in March, representing 28 percent of deal volume, from two deals in February to seven, with oncology deals being a significant proportion of this subsector.

“Healthcare providers are increasingly adopting technologies such as remote monitoring, virtual consultations and artificial intelligence (AI)-driven triage systems to address growing patient demand and workforce challenges,” said Ramesh Jassal, a partner at Heligan Group. “These innovations are particularly focused on mental health, chronic condition management, and resource-efficient staffing, reflecting the evolving needs of modern healthcare systems.”

Key health and social care deals highlighted in the report include Eden Futures’ acquisition of Care Wish, BGF’s investment in OCL Vision, M&D Green Pharmacy Group’s acquisition of Nine Gordons Chemists stores and UK-based Pebbles Care acquiring Nurture Childcare Services.

In terms of pharmaceutical and life science deals, the majority of these were strategic acquisitions, including Swedencare’s acquisition of Summit Veterinary Pharmaceuticals and Surface Technologies’ acquisition of Accentus Medical.

However, a potential obstacle to a sustained international interest in UK healthcare assets are recent US tariffs, which are likely to introduce uncertainties that could influence future M&A activity, warranting close observation in the coming months.

“As we navigate 2025, weaker UK currency and recent US tariffs may enhance the appeal of UK healthcare assets to foreign buyers, potentially positioning the UK as a strategic gateway to the US market,” noted Mr Jassal. “However, the effectiveness of this opportunity depends on the evolving nature of US trade policies and their impact on global supply chains.”

 Report: UK Healthcare M&A Update: A Look Back at March 2025