M&A Deals of the Week (Top-5)
This world's most interesting deals this week by size (<$50 million, $50-$100 million, $100-$500 million, $500 million - $1 billion and >$1 billion)
Lots to update this week and many deals to choose from. M&A activity seemed to be picking back up slightly. This last week, I identified 242 M&A deals which is up from the 222 in my last post from June. I’ll get back into a regular weekly cadence for this article series (as is my goal). I fell behind these last weeks because I got busy with work: I’m an M&A advisor specialized in matching mid-market buyers and sellers in cross-border transactions. To me, its interesting to see who is buying whom and to take a global view. Too many focus solely on the US market, but there is a lot of interesting businesses out there worth following. At any rate, here are my Top-5 deals from the previous week. One deal per size category: >$1 billion, $0.5-1.0 billion, $100-$500 million, $50-$100 million and <$50 million. As always, feel free to comment or message me directly, and please subscribe.
1. OpenAI acquires IO Products for $6.5 billion
The first one jumped off the front pages of most business news publications. OpenAI, the leading AI research and deployment company known for ChatGPT acquired IO Products for $6.5 billion. IO Products is the AI hardware and devices startup co-founded by former Apple chief design officer Jony Ive (the famed designer behind the iPhone)
The deal is an all-equity transaction and is OpenAI's largest acquisition to date. Strategically, this positions OpenAI to expand into physical AI hardware. With this deal, OpenAI acquires 55 hardware experts that are among the industry’s best. I find OpenAI’s hardware ambitions fascinating and am keen to see what kinds of products they develop.
2. Alfa Laval acquires Fives Cryogenics for $939 million
Alfa Laval, a Swedish industrial company specializing in heat transfer, separation, and fluid handling technologies, acquired the cryogenics business unit from Fives Group for $939 million. Fives Group is a French industrial engineering firm focused on process technologies and equipment.
The heat exchangers and pumps developed by Fives Energy Cryogenics are essential for the efficient liquefaction, regasification, and transportation of gases like LNG and hydrogen, as well as industrial gases such as carbon dioxide and nitrogen. In fact, Fives Energy Cryogenics is a world leader in this domain, with 65 years of experience designing and manufacturing cryogenic heat exchangers and pumps for gas liquefaction.
"This acquisition is a strategic milestone for Alfa Laval. By integrating Fives Energy Cryogenics' cutting-edge cryogenic technology to our portfolio, we are not only extending our technological capabilities but also reinforcing our commitment to driving the energy transition. This acquisition positions us at the forefront of innovation in important future markets, enabling sustainable volume growth and value creation" - Tom Erixon, CEO and President of Alfa Laval.
3. Perenco acquires Woodside Energy’s Trinidad assets for $206 million
The energy industry continues to light up in terms of dealmaking (even the previous Alfa Laval deal is related to LNG transport). Perenco, an Anglo-French independent oil and gas company with E&P operations in multiple regions, has acquired select assets from Woodside Energy for $206 million. Woodside is an Australian energy firm engaged in liquefied natural gas (LNG) and oil production. The deal involves Woodside's interests in the Greater Angostura and Ruby shallow water oil and gas fields offshore Trinidad and Tobago.
The deal will combine Perenco’s newly acquired assets with their existing operations in the Teak, Samaan and Poui (“TSP”) and Cashima, Amherstia, Flamboyant and Immortelle (“CAFI”) fields. This will make Perenco as a major oil and gas producer in the country, responsible for roughly 12% of the total production with a gas production base of >500 mmscfd and oil production >10,000 bpd.
“This acquisition is an exciting, promising addition to Perenco’s acreage in Trinidad and Tobago. It shows our continued commitment and ambition towards developing energy resources and contributing towards the country’s economic growth. This milestone will increase our gross production levels in excess of 100,000 boepd and allows us to further strengthen our partnership with the Government of Trinidad & Tobago. We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritizing the safety of our people and environmental sustainability. We are pleased to welcome our new colleagues to the Perenco family and would like to recognize all the players who contributed towards the success of this acquisition. I would like to thank the Ministry of Energy and Energy Industries and all the people at Perenco and Woodside who worked diligently to make the short transition period a success.”
4. Quanterix acquires Akoya Biosciences for $69 million
Quanterix, a US company fueling scientific discovery through ultra-sensitive biomarker detection has acquired Akoya Biosciences, a spatial biology firm offering single-cell imaging solutions. Quanterix’ technology is used to quantify proteins at low levels in blood, serum or plasma. Akoya’s imaging solutions enable researchers to phenotype cells with spatial context and visualize disease progression and therapy response. The deal will establish Quanterix as a scaled leader in early detection of disease for neurology, oncology and immunology markets in blood and tissue. This expands Quanterix’ total addressable market to $5 billion, and enable cross-selling with Akoya’s installed base.
The deal terms were initially announced as an all-stock transaction for $286 million in January 2025. But this was amended downwards in April 2025 amid market concerns. The deal is a cash and equity transaction, with $20 million in cash and the remaining $49 million in equity. Qunaterix will target $40 million in annual cost synergies post-transaction. The final terms of the deal will see Quanterix shareholders own 84% of the combined entity.
“The acquisition of Akoya positions us to deliver comprehensive protein biomarker solutions that leverage signatures in blood and tissue, together providing a more holistic and predictive view of a patient’s disease. This transaction extends our portfolio into new markets and is expected to expand our served addressable market from $1 billion to $5 billion. We believe the combined business will benefit from significant scale, a strong balance sheet and an accelerated path to profitability by 2026” - Masoud Toloue, CEO of Quanterix
5. Sanoh Industrials acquires Winkelmann Powertrain for $13.9 million
Another area I have noticed increased M&A activity has been in automotive suppliers, and I come back to this area for the final deal of this article. Sanoh Industrial Co., Ltd., a Japanese automotive parts manufacturer specializing in tubes, pipes for vehicles, has acquired Winkelmann Powertrain, a Mexican company producing powertrain components for the automotive industry.
The deal is part of Sanoh’s “Last Man Standing Strategy” which aims to secure Sanoh as the #1 global market share leader in automotive tubing. By integrating Winkelmann’s Powertrain business as a subsidiary of Sanoh, they will establish a dominant position in fuel injection for vehicles made in Mexico for the US market. The deal is a big bet on continued demand for ICE vehicles and the slower than anticipated adoption of EV’s in the US market.
About the author: Stephen McNamara is a Sr. M&A Advisor with ONEtoONE Corporate Finance, an international investment banking and mid-market M&A advisory group with offices in 30+ countries. Contact details are in the “Contact” section of DealFlow: Buy, Sell, Grow.