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BPCE's acquisition of Novo Banco 

BPCE’s two-part acquisition of Novo Banco marks the culmination of a multi-year transformation of Portugal’s good bank. The deal was a successful exit for Lonestar and an example of smoothly executed European banking M&A. The deals are expected to close in the first half of 2026, valuing Novo Banco’s equity at €6.4bn.

CapVest acquires a majority stake in STADA

Bain and Cinven's sale of Stada to CapVest exemplifies the persistence and ingenuity required to get deals done in private markets. Since last year, its advisors had been pursuing a dual track process, navigating informal discussions, refinancings and tariff volatility, resulting in the 10bn deal announced in September. The deal is expected to close in early 2026 at a €10bn EV.

 Keurig Dr Pepper’s acquisition of JDE Peet’s

The listed Dutch coffee company will combine with Keurig Dr Pepper under the JAB umbrella, creating two independent companies – a leading refreshment beverage player and a global coffee champion. It was one of the largest listed takeovers in EMEA within the judging period and exemplified the global “right-scaling” trend in 2025. The deal is expected to close in early 2026 for EUR 19.7bn.

Merck’s acquisition of Verona Pharma 

Verona Pharma worked through the challenges of raising capital as an AIM listed company through to the successful launch of respiratory drug Ohtuvayre for cardio-pulmonary diseases. Merck’s acquisition of Verona Pharma is the UK’s largest ever biotech deal. The deal completed in October 2025 for €9.4bn.

Partners Group, GIC, TPG Rise Climate and Mubadala joint agreement to acquire Techem

A consortium of investors led by Partners Group is to acquire Techem from La Caisse and Ontario Teachers Pension Plan. The consortium includes Techem's existing investors GIC and TPG, who are also joined by Mubadala Investment Co. The deal will strengthen Techem’s position as a leading provider of submetering and energy efficiency solutions for the European real estate sector. The deal is expected to close early in 2026 for €6.7bn.

Prosus’ acquisition of Just Eat Takeaway.com

Prosus acquired Just Eat Takeaway.com in an all-cash deal, delisting the company from the Euronext Amsterdam after receiving all regulatory clearances. Prosus will bring technical expertise and global scale to Just Eat Takeaway.com to accelerate growth, enhance customer experience and drive value for partners and shareholders. The deal is expected to close early 2026 for €4.8bn.

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