March brings 2 of largest M&A deals in past year

Two of the three largest worldwide M&A deals of the past 12 months were announced in March, after a dealmaking pause in February.

Three deals valued larger than $10 billion were announced in March — two in the US and one in China — bringing the first-quarter total to seven $10 billion-plus transactions. Amid geopolitical and economic uncertainty in the US, large M&A transactions globally remained in line with the average first-quarter deal counts over the past seven years, according to S&P Global Market Intelligence data. There were 10 M&A deals valued at $10 billion or more in the first quarter of 2024 and five in the first quarter of 2023.

Sycamore Partners Management LP announced its plans on March 6 to purchase Walgreens Boots Alliance Inc. The deal has a transaction value of $44.34 billion, making it the largest of the past 12 months by that measure. On March 18, Google LLC parent company Alphabet Inc. said it plans to acquire Wiz Inc. in a deal valued at $32.00 billion, the third-largest in the past 12 months. On March 26, ENN Natural Gas Co.Ltd. bid to acquire ENN Energy Holdings Ltd., with a transaction value of $10.17 billion if the bid is successful.

Private equity firm Sycamore Partners, which specializes in retail, consumer and distribution-related investments, set its sights on multinational healthcare company Walgreens Boots Alliance, the holding company of US pharmacy chain Walgreen Co. in the month's largest transaction. Walgreens Boots Alliance will keep its Chicago headquarters and continue operating its subsidiary brands.

The transaction is expected to close in the fourth quarter but comes with a "go-shop" period in which Walgreens Boots Alliance will actively solicit and evaluate alternative proposals for 35 days, according to the merger announcement.

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Google is set to acquire cloud-based security platform Wiz in a long-awaited return of large technology deals. The transaction expands Google's AI capabilities through cloud security and the ability to use multiple clouds, such as Google Cloud, Amazon Web Services, Microsoft Azure and Oracle Cloud platforms, according to the merger announcement.

The deal will test the current regulatory environment, as Google unsuccessfully attempted to purchase Wiz in 2024 at a reported valuation of $23 billion. Google's second attempt, this time with a larger valuation, could point toward an M&A rebound after high interest rates and regulatory scrutiny dampened Big Tech dealmaking.

On the other side of the world, Chinese gas utility company ENN Natural Gas, which is already a controlling shareholder of ENN Energy, placed a bid to acquire the remaining 65.72% stake in the company. The buyout proposal would privatize ENN Energy, streamline the parent company's natural gas operations and enhance capital efficiency.