Insights: M&A

Mergers & Acquisitions

The companies received a second request from the FTC on April 24, 2026. The companies have guided to a Q2-2026 or Q3-2026 close. On June 22, 2026, President Trump signed two executive orders (HERE and HERE) intended to fast-track U.S. development of advanced quantum computers while forcing federal networks to upgrade their cybersecurity to...

Mergers & Acquisitions

Paramount Skydance/Warner Bros.

On June 12, the DOJ formally closed its investigation into the merger and published a detailed clearance statement (Clearance Statement). Several news outlets published reports on June 5 that a group of state attorneys general (state AGs) had begun drafting a potential lawsuit challenging the deal. While such a lawsuit may be filed in the coming...

Mergers & Acquisitions

Union Pacific/Norfolk Southern

We continue to expect that the STB will approve Union Pacific’s (UP) proposed acquisition of Norfolk Southern (NS). While the companies’ amended application (AA) is lacking in numerous respects — many of which were flagged in the STB’s recent notice accepting the companies’ application (STB Notice) — they have still made a far more substantive...

Mergers & Acquisitions

The HSR waiting period is scheduled to expire on May 26, 2026. We do not expect that the proposed transaction will receive a second request. Feedback from industry participants (who are not involved in the deal) suggests that QXO and TopBuild's distribution businesses do not compete directly, as there is no overlap between QXO's roofing and...

Mergers & Acquisitions

Somnigroup/Leggett

The companies were set to file HSR by May 4, 2026. We expect that the proposed transaction will receive a second request from the FTC. Feedback from industry participants (who are not involved in the deal) suggests that Leggett & Platt (Leggett) is the predominant U.S. supplier of mattress innersprings, which are critical inputs into mattresses...

Mergers & Acquisitions

Per the arrangement agreement (AA), the companies agreed to file HSR by April 24, 2026, as well as make Competition Act and Canada Transportation Act submissions by May 1, 2026. The 30-day HSR waiting period was granted early termination by the DOJ/FTC on May 5, 2026 (there was no overlap in the U.S.). Based on research to date, we believe that...