Prologis has agreed to acquire British warehouse group Segro for £14.3 billion, while major transactions involving MarketAxess, Atkore, Delivery Hero and CBIZ underline the renewed strength of global dealmaking. Speculation surrounding AstraZeneca and Bristol Myers Squibb has also revived the possibility of a pharmaceutical megamerger.

By FinanceMarkets.info — August 5, 2026

Global mergers and acquisitions activity continues to accelerate as large companies use strong balance sheets, private-equity financing and elevated share prices to pursue transformational transactions.

The latest major agreement involves US logistics-property group Prologis and UK-listed Segro. Their £14.3 billion combination would create an even larger global owner of warehouses, logistics facilities and data-centre infrastructure.

Other recently announced transactions span financial-market technology, professional services, electrical infrastructure, food delivery and gaming.

The revival remains dominated by mega-deals. The combined value of announced global transactions reportedly reached a record $2.8 trillion during the first half of 2026, an increase of approximately 48% from the previous year. However, the number of transactions fell by around 9%, suggesting that the market is increasingly concentrated in a smaller number of exceptionally large deals.

Major M&A transactions in focus

Acquirer	Target	Sector	Approximate value	Status
Prologis	Segro	Logistics real estate	£14.3bn / $19.2bn	Agreed
Uber	Delivery Hero	Food delivery	$14.8bn equity value	Agreed
ICE	MarketAxess	Financial technology	$5.7bn	Agreed
Grant Thornton Advisors	CBIZ	Professional services	$5bn	Agreed
Prysmian	Atkore	Electrical infrastructure	$3.8bn	Agreed
Tempus AI	Personalis	Precision medicine	$1.5bn	Agreed
Saudi PIF-led consortium	Electronic Arts	Video games	$55bn	Regulatory approvals obtained
Stripe and Advent	PayPal	Digital payments	Above $53bn	Reported offer
AstraZeneca/Bristol Myers Squibb	Potential combination	Pharmaceuticals	Nearly $400bn combined value	Preliminary talks reported
Apollo	EasyJet	Airlines	$7.7bn	Competing offer

Transaction values may refer to equity value, enterprise value or the value of the consideration offered. Rumoured and proposed transactions may not result in completed deals.

Prologis agrees £14.3 billion Segro takeover

Segro accepted a takeover proposal from US logistics-property group Prologis after rejecting several earlier approaches.

The agreement values the British company at approximately £14.3 billion, or $19.2 billion. It represents a premium of around 42% to Segro’s share price on June 23, before the latest phase of takeover speculation.

Segro owns more than 10.9 million square metres of logistics and industrial property across the United Kingdom and continental Europe. Its portfolio includes warehouses, urban distribution centres, industrial estates and a growing data-centre pipeline.

Under the proposed terms, Segro shareholders would receive 0.0920 Prologis shares for each share they own. Investors could also choose a cash alternative, subject to an overall limit of approximately £3.5 billion.

Segro shareholders are expected to own around 8.9% of the combined company. Prologis may also consider a secondary London listing following completion.

Why Prologis wants Segro

The transaction would significantly expand Prologis’s European presence and provide additional exposure to high-demand locations around London, Paris, Frankfurt and other major economic centres.

Demand for modern logistics assets has been driven by e-commerce, supply-chain reorganisation and the need for faster urban delivery networks.

Data centres provide an additional growth opportunity. Artificial-intelligence infrastructure requires large amounts of electricity, network connectivity and specialised real estate, making suitably located industrial land increasingly valuable.

The deal also illustrates the attraction of UK-listed companies to foreign buyers. British equities continue to trade at lower valuation multiples than many US counterparts, creating opportunities for international acquirers.

AstraZeneca and Bristol Myers Squibb discuss potential megamerger

AstraZeneca and Bristol Myers Squibb have reportedly held preliminary discussions about a possible combination.

The two pharmaceutical companies had a combined market value of approximately $400 billion before reports of the talks emerged. A transaction would rank among the largest corporate mergers ever attempted and could create one of the world’s biggest pharmaceutical groups.

Neither company has confirmed that a deal will proceed, and reports emphasise that the discussions may not result in a formal proposal.

Strategic logic—and major obstacles

A combination could create a broader portfolio across oncology, cardiovascular treatments, immunology and rare diseases. Greater scale could also support research expenditure and improve the companies’ negotiating position with healthcare systems.

However, investors have questioned the strategic rationale.

AstraZeneca and Bristol Myers Squibb are both extremely large companies with overlapping oncology operations. Integrating their research pipelines, sales organisations and corporate structures would be complex.

Financing would present another challenge. Neither company appears to have sufficient debt capacity to acquire the other through a conventional cash transaction, making a share-based merger more likely.

The deal would also face intense regulatory scrutiny in the United States, United Kingdom, European Union and other markets.

AstraZeneca shares fell after the reports emerged, suggesting that investors currently see more execution risk than immediate strategic value.

Prysmian acquires Atkore for $3.8 billion

Italian cable manufacturer Prysmian agreed to acquire US electrical-products company Atkore for approximately $3.8 billion.

Atkore shareholders will receive $95 per share. The acquisition will expand Prysmian’s exposure to electrical infrastructure used in data centres, power networks and industrial construction.

The combined group is expected to generate approximately $22 billion in annual revenue.

The transaction fits directly into two of the strongest current investment themes: electrification and artificial-intelligence infrastructure. Data centres require substantial volumes of power cables, conduits and electrical-management equipment.

Prysmian has already expanded in the United States through previous acquisitions and has indicated that it may consider additional transactions in other markets.

The company’s shares initially reacted cautiously, reflecting investor concerns about acquisition costs and integration risk.

ICE expands bond-trading business with MarketAxess deal

Intercontinental Exchange, the owner of the New York Stock Exchange, agreed to acquire electronic bond-trading platform MarketAxess for approximately $5.7 billion.

ICE is offering $167 per MarketAxess share, representing a premium of roughly 33% to the target’s previous closing price.

MarketAxess operates an electronic marketplace for corporate bonds and other fixed-income securities. Combining the platform with ICE’s existing pricing, data, clearing and trading infrastructure could create a more comprehensive fixed-income ecosystem.

The acquisition demonstrates the increasing strategic value of market data and electronic bond trading. Unlike equity markets, significant portions of fixed-income trading have historically relied on telephone-based negotiations and dealer relationships.

Digitalisation provides an opportunity to improve transparency and expand recurring data revenue.

ICE expects to finance the deal using new bonds, a term loan and commercial paper. Completion is targeted for the first half of 2027, subject to regulatory approvals.

Grant Thornton buys CBIZ for $5 billion

Grant Thornton Advisors agreed to acquire CBIZ in a $5 billion cash transaction that would create the fifth-largest professional-services provider in the United States.

CBIZ shareholders will receive $55 per share, an approximately 18% premium to the company’s previous closing price.

The combined business is expected to generate more than $7.5 billion in annual revenue and operate across more than 20 countries and territories.

The deal highlights growing consolidation among accounting, tax and advisory groups below the Big Four firms—Deloitte, PwC, EY and KPMG.

Mid-sized providers increasingly require scale to finance technology, cybersecurity and artificial-intelligence investments while serving clients across multiple jurisdictions.

CBIZ retains the right to seek competing proposals until August 27. The transaction is currently expected to close during the fourth quarter of 2026.

Uber and Delivery Hero create food-delivery giant

Uber agreed to acquire German-listed Delivery Hero at an equity value of approximately $14.8 billion.

The combination would create the largest food-delivery group outside China and expand Uber’s presence across Europe, Asia, Latin America, the Middle East and Africa.

Food-delivery companies are seeking scale as competition, promotional spending and regulatory costs place pressure on profitability.

Delivery Hero provides Uber with access to markets where the US group has a limited presence. Uber can offer Delivery Hero greater technological resources and a broader platform spanning ride-hailing, restaurant delivery, groceries and logistics.

The transaction is likely to face extensive competition reviews because the companies operate in overlapping markets. Regulators could demand asset sales or behavioural commitments in countries where their combined market share is considered excessive.

Electronic Arts deal clears major regulatory hurdle

A consortium led by Saudi Arabia’s Public Investment Fund received European Union approval for its approximately $55 billion acquisition of video-game developer Electronic Arts.

The EU reviewed the transaction under both traditional merger-control rules and the Foreign Subsidies Regulation, which examines whether financial support from non-EU governments gives buyers an unfair advantage.

The regulatory approval represented one of the final major conditions required to complete the transaction.

The acquisition advances Saudi Arabia’s strategy of investing in gaming, sports, entertainment and digital industries as part of its economic diversification programme.

Electronic Arts owns a portfolio of major sports and entertainment franchises and generates significant recurring revenue from digital content and in-game purchases.

Stripe and Advent make reported offer for PayPal

Payments company Stripe and private-equity group Advent International have reportedly submitted an offer exceeding $53 billion for PayPal.

The proposed price of $60.50 per share represented a premium of approximately 28% when the approach was made. Banks reportedly committed around $50 billion of financing to support the transaction.

A successful takeover would be one of the largest private-equity-backed acquisitions ever attempted.

PayPal has faced slower growth, intense competition and pressure to improve margins after the rapid expansion of digital payments during the pandemic.

Combining Stripe’s technology and merchant platform with PayPal’s global consumer network could create substantial strategic value. However, the size of the financing requirement and likely regulatory review make execution uncertain.

PayPal has not announced an agreed transaction, so the approach should still be considered preliminary.

EasyJet attracts competing private-equity bids

Apollo Global Management submitted a £5.7 billion—or approximately $7.7 billion—offer for EasyJet, exceeding an earlier proposal from Castlelake.

EasyJet’s board supported the higher Apollo proposal, creating the possibility of a competitive auction for one of Europe’s largest low-cost airlines.

Airline takeovers are relatively rare because of national ownership requirements, regulatory complexity, cyclical earnings and high capital expenditure.

Prospective buyers appear attracted by EasyJet’s airport slots, established European network and holiday business. However, volatile fuel prices and geopolitical disruption create significant risks.

Global M&A activity is becoming more concentrated

The first half of 2026 produced record transaction value, but that headline masks a divided market.

Mega-deals valued above $10 billion accounted for close to half of announced global deal value, while the total number of transactions fell to a six-year low.

US deal value reached approximately $1.2 trillion during the first five months of the year—almost double the level recorded during the same period of 2025. Transactions worth at least $5 billion represented most of that increase.

The UK has become a particularly active target market. The value of offers for British companies reportedly exceeded $230 billion by the end of June, more than three times the comparable 2025 level.

Why M&A activity is increasing

Several factors are supporting the current dealmaking cycle:

Large companies have substantial cash balances and access to financing.
Private-equity funds face pressure to invest committed capital.
UK and European companies often trade at discounts to US peers.
Artificial intelligence is increasing demand for technology, data centres and electricity infrastructure.
Defence spending is encouraging consolidation among industrial suppliers.
Companies are acquiring growth as organic expansion becomes more difficult.
A comparatively more accommodating regulatory approach is encouraging larger transactions.

Higher interest rates still make leveraged acquisitions expensive, but strategic buyers can often finance deals using shares or a combination of cash and equity.

What investors should examine

A takeover announcement can create an immediate gain for the target company, but it does not eliminate risk.

Investors should consider:

Whether the deal is recommended by the target’s board.
The premium offered relative to the unaffected share price.
The proportion of cash and shares in the consideration.
Financing conditions and the acquirer’s future debt level.
Regulatory and competition risks.
Shareholder-approval requirements.
The expected completion timetable.
Break fees and conditions allowing either party to withdraw.
Integration costs and the credibility of projected synergies.

Shares of a takeover target usually trade below the offer price until completion. That discount reflects the probability that the deal could be delayed, renegotiated or abandoned.

Rumoured transactions require even greater caution. The reported AstraZeneca–Bristol Myers Squibb discussions and Stripe–Advent approach to PayPal may never produce binding agreements.

Outlook

The M&A market is likely to remain active during the remainder of 2026, particularly in technology, healthcare, financial infrastructure, defence, logistics and professional services.

Prologis’s agreement with Segro demonstrates the willingness of strategic buyers to pay substantial premiums for scarce, high-quality assets. Prysmian’s Atkore acquisition shows how electrification and AI infrastructure are reshaping industrial consolidation.

At the same time, the concentration of activity in mega-deals indicates that financing remains more accessible for large strategic buyers than for smaller companies.

The current M&A cycle is therefore strong—but selective. Companies with defensible assets, recurring revenue and exposure to structural growth themes are attracting buyers, while weaker businesses may still struggle to secure acceptable valuations.

Sources: Reuters – Prologis agrees Segro takeover, Reuters – Prysmian to acquire Atkore, Reuters – ICE to buy MarketAxess, Reuters – Grant Thornton to acquire CBIZ, Reuters – Uber agrees Delivery Hero acquisition, Reuters – EU approves Electronic Arts transaction, Reuters – Stripe and Advent approach PayPal.