Deal Analysis.

NetApp acquired JetStream Software to extend VMware disaster recovery and migration beyond its own arrays, steering recovery onto NetApp-controlled destinations. Terms undisclosed. Acquiry examines the dual-rail logic and attach thesis.

Salesforce agreed to acquire Fin (formerly Intercom) for about $3.6 billion. Acquiry examines Agentforce packaging, valuation context, and what to watch through close.

Visa is paying $2.4 billion in cash for BioCatch because the most expensive fraud now starts upstream of the payment, in the banking session itself.

ServiceNow closed its roughly $7.75 billion cash purchase of Armis, buying the cyber-physical sensing layer its security workflows previously had to rent.

PIF, Silver Lake and Affinity Partners completed their acquisition of EA, placing one of gaming’s most valuable IP collections under long-term private ownership.

Hearst agreed to acquire Disney’s 50% interest in A+E Global Media for about $1.2 billion, bringing History, Lifetime and A&E under a single owner.

Autodesk acquired MaintainX, adding maintenance and operations workflow capabilities that strengthen its commercial position across industrial and facilities estates.

Coinbase entered exclusivity to acquire BVNK for $2 billion in October 2025. Six weeks later, both parties walked away. The collapse reveals the fault lines in crypto M&A valuations, multi-jurisdiction fintech licensing, and the build-vs-buy tension in the stablecoin era.

Karel Komarek's Allwyn consolidates its 51.78% stake in OPAP into a full business combination valued at €16 billion. A lottery empire spanning 13 markets, 50 million customers, and €2.8B in pro forma EBITDA. EGM approved 80.3%. Pending HGC regulatory approval.

Adobe's all-cash acquisition of Semrush at $12.00 per share, a 74% premium to the 30-day VWAP. The thesis: as AI search erodes traditional SEO, Semrush's GEO and brand visibility data becomes the critical layer in Adobe's digital experience stack.

The largest media merger since AT&T/Time Warner. Skydance-backed Paramount acquires Warner Bros. Discovery in an all-stock deal at $31.00 per share, creating a combined entity with HBO, Paramount+, CNN, and the full Warner Bros. film library. Pending DOJ and FCC review.

The largest cybersecurity acquisition ever. Google pays $32 billion all-cash for cloud security firm Wiz, valuing it at 45-65x ARR. A defining move in the cloud security arms race between Google, Microsoft, and Amazon. DOJ cleared November 2025. International regulatory approvals pending.

A complex three-way transaction between Global Payments, FIS, and GTCR creates a $3.7 trillion payment volume processor. Worldpay was acquired by FIS for $43B in 2019 and sold for $24.25B in 2025, a significant loss that underscores the challenges of M&A in the payments sector. Closed January 2026.