University of Reading · Est. April 2025

Mergers & Acquisitions,
researched in depth.

The University of Reading’s research group for mergers and acquisitions. Monthly publications, case competitions, and senior-speaker events.

3rdUK & EU M&A Finals
11Issues published
16k+LinkedIn impressions
01 · Media · Merger
Paramount→Warner Bros.
$110B

Paramount Skydance buys Warner Bros. Discovery for $31.02 per share in cash, completed on 6 October 2026. Brings major film, TV, streaming and news businesses under one owner.

02 · Software
Broadcom→VMware
$69B

Half cash, half stock, including ~$8bn of VMware net debt. Moves Broadcom from cyclical chips into software, now more than half its revenue, after an 18-month regulatory review.

03 · Power · US
Constellation→Calpine
$26.6B

Adds Calpine's gas and geothermal fleet to Constellation's nuclear plants, creating a 55GW platform and the largest US power producer, at 7.9x 2026E EV/EBITDA.

04 · Industrial Software
Schneider Electric→PTC
$23.7B

$205 per share in cash, a 42% premium. Adds PTC's CAD and PLM software to Schneider's automation business at 21x 2027E EBITA, or 13x with full synergies.

05 · Telecoms · Fibre
Verizon→Frontier
$20B

$38.50 per share in cash, including $10.4bn of Frontier debt. Extends Verizon's fibre network from 9 states to Frontier's 25.

06 · AI
Nvidia→Hugging Face
$12.9B

$11.9bn to shareholders plus a $1bn retention pool, at ~86x ARR. Nvidia buys the main open-source AI model hub, to run as an independent, hardware-neutral subsidiary.

07 · Pharma · Take-private
CVC & GBL→Recordati
€11B

€53 per share in cash to take the Milan-listed rare-disease pharma group private. CVC has controlled Recordati since 2018, with GBL joining as an equal partner.

08 · Retail · Pharmacy
Weston Family→Boots UK
$8.9B

100% of Boots UK, with Fairfax providing $2.3bn of equity. Boots' own brands, such as No7 and Soap & Glory, already sell through the Westons' Shoppers Drug Mart in Canada.

09 · Commercial Vehicles
Tata Motors→Iveco
€3.9B

A final all-cash offer of €14.40 per share. About 88% of shares were tendered when the offer closed on 26 October 2026, above the 80% threshold.

10 · Paints · SE Asia
Nippon Paint→AkzoNobel
$1.35B

Nippon Paint buys AkzoNobel's decorative paints businesses in Southeast Asia and Australia, adding the Dulux brand, at 21x FY2025 EBITDA.

11 · Luxury
Chanel→Charvet
Undisclosed

100% of the Paris shirtmaker founded in 1838, including its Place Vendôme flagship. Fills a gap in Chanel's menswear, at an analyst-estimated €30-75m.

12 · Fintech
Mastercard→OneSpan
UoR Pitch

Third-place pitch. Identity, authentication and open banking.

01 · Media · Merger
Paramount→Warner Bros.
$110B

Paramount Skydance buys Warner Bros. Discovery for $31.02 per share in cash, completed on 6 October 2026. Brings major film, TV, streaming and news businesses under one owner.

02 · Software
Broadcom→VMware
$69B

Half cash, half stock, including ~$8bn of VMware net debt. Moves Broadcom from cyclical chips into software, now more than half its revenue, after an 18-month regulatory review.

03 · Power · US
Constellation→Calpine
$26.6B

Adds Calpine's gas and geothermal fleet to Constellation's nuclear plants, creating a 55GW platform and the largest US power producer, at 7.9x 2026E EV/EBITDA.

04 · Industrial Software
Schneider Electric→PTC
$23.7B

$205 per share in cash, a 42% premium. Adds PTC's CAD and PLM software to Schneider's automation business at 21x 2027E EBITA, or 13x with full synergies.

05 · Telecoms · Fibre
Verizon→Frontier
$20B

$38.50 per share in cash, including $10.4bn of Frontier debt. Extends Verizon's fibre network from 9 states to Frontier's 25.

06 · AI
Nvidia→Hugging Face
$12.9B

$11.9bn to shareholders plus a $1bn retention pool, at ~86x ARR. Nvidia buys the main open-source AI model hub, to run as an independent, hardware-neutral subsidiary.

07 · Pharma · Take-private
CVC & GBL→Recordati
€11B

€53 per share in cash to take the Milan-listed rare-disease pharma group private. CVC has controlled Recordati since 2018, with GBL joining as an equal partner.

08 · Retail · Pharmacy
Weston Family→Boots UK
$8.9B

100% of Boots UK, with Fairfax providing $2.3bn of equity. Boots' own brands, such as No7 and Soap & Glory, already sell through the Westons' Shoppers Drug Mart in Canada.

09 · Commercial Vehicles
Tata Motors→Iveco
€3.9B

A final all-cash offer of €14.40 per share. About 88% of shares were tendered when the offer closed on 26 October 2026, above the 80% threshold.

10 · Paints · SE Asia
Nippon Paint→AkzoNobel
$1.35B

Nippon Paint buys AkzoNobel's decorative paints businesses in Southeast Asia and Australia, adding the Dulux brand, at 21x FY2025 EBITDA.

11 · Luxury
Chanel→Charvet
Undisclosed

100% of the Paris shirtmaker founded in 1838, including its Place Vendôme flagship. Fills a gap in Chanel's menswear, at an analyst-estimated €30-75m.

12 · Fintech
Mastercard→OneSpan
UoR Pitch

Third-place pitch. Identity, authentication and open banking.

Latest deal coverage
Award · 2026Awarded 3rd of 120+ teams · UK & Europe M&A Case Competition 2026 · Judged by Nomura, PJT Partners, Neuberger Berman, BGF.
Upcoming · Workshop Series · Session 01

Financial Modelling workshop.

Build the skills to break into investment banking.

Our first workshop. Start with the intuition behind financial modelling, then walk through three-statement modelling, the technical foundation every banker builds on.

Taught by our experienced modelling experts.

Date
Tuesday 27 October
Time
6:30–7:30pm
Venue
Henley G04
Session focus
Three-statement modelling
Add to calendarNo sign-up needed, just turn up.
About · 01

A research group focused on mergers and acquisitions.

Reading · Henley Business School · Est. April 2025

Founded in April 2025 to give Reading students a proper way into mergers and acquisitions. We run a monthly publication, enter national and European case competitions, and host fireside chats with senior people from investment banking, private equity, and venture capital.

Members pick up sector knowledge, learn to model transactions end to end, and get to present their own work back to practitioners, to competition judges, and to the rest of the Group.

Every piece is reviewed and edited before it goes out. The coverage runs from day-to-day deal monitoring and sector briefings right through to full transaction analyses: the strategic rationale, the synergies model, and the deal structure.

013rdUK & Europe M&A Finals
02120+Out of 120+ participants
0316,000+LinkedIn impressions · the newsletter, year one
049+Events · first academic year
Third Place · UK & Europe M&A Case Competition 2026

Our pitch on Mastercard’s acquisition of OneSpan Inc.

Five members of the research team built a full synergies model. That covered revenue uplift across identity, authentication and open banking, plus base, upside and downside cases on cost take-out. The team then presented the work to judges from Nomura, PJT Partners, Neuberger Berman and BGF.

The Group placed third of 120+ teams, in a finals field drawn from Oxford, LSE, UCL and Católica Lisbon. The underlying work, from the synergies model to the strategic rationale and the transaction structure, is documented in both the March 2026 newsletter and the full pitch deck below.

The Team
  • Giacomo VolpeProject Lead
  • Adam QureshiAnalyst
  • Safeer HussainAnalyst
  • Jonathan BelloAnalyst
  • Ameya BhateAnalyst
The pitch deck team at the UK & Europe M&A Case Competition Finals
The team at the finalsLSE · March 2026
The Group delegation at the Warwick Economics Summit
Also in year one · 6–8 Feb 2026

Warwick Economics Summit

A Group delegation attended corporate seminars and senior-figure panels at WES 2026.

More from 2025/26
Research · 02

Our monthly newsletter.

A monthly publication covering recent M&A transactions, with deal analysis, sector notes and technical pieces. Written and edited by the research team.
11 issues published to dateView the full archive
Year One · 03

Our first year, 2025/26.

The timeline, our programmes, photos, and the 2025/26 committee and research team.

Of 120+ teams · UK & Europe M&A Finals
3rd
Issues published
9
Events in the first year
9+
LinkedIn impressions on the newsletter
16,000+
Members at a Group speaker session
Group members at a social
A Group event
People · 04

The team, 2026/27.

The Board oversees the Group and the Team runs it day to day.
Portrait of JP Ornellas Filho, Co-Founder & Head of Board
Co-Founder & Head of Board

JP Ornellas Filho

President, 2025/26

LinkedIn
Portrait of Adam Qureshi, Co-Head
Co-Head

Adam Qureshi

Head of Research, 2025/26

LinkedIn
Portrait of Safeer Hussain, Co-Head
Co-Head

Safeer Hussain

Senior Research Associate, 2025/26

LinkedIn
Portrait of Ptolemy Rudge, M&A Welfare
M&A Welfare

Ptolemy Rudge

LinkedIn
Also on the Board
  • Giacomo VolpeBoard Member
  • Mikhaail AnawarBoard Member
  • Dexter ChantBoard Member
  • Matt MeadBoard Member

Our alumni include every member of the 2025/26 research team.

Meet everyone
Alumni destinations

Where our members have gone.

Firms where our members and alumni have gone on to work.

  • Macquarie
  • KPMG
  • PwC
  • EY-Parthenon
  • Intesa Sanpaolo
  • Kuramo Capital Management
  • FirstBank
  • Enery
Contact · 05

Join the Group.

Anyone at Reading can join through the Students’ Union. For any other questions, get in touch with us directly.

Where to find us
  • UniversityUniversity of Reading
  • Faculty linkHenley Business School
  • SU pagereadingsu.co.uk
  • Domainuormanda.com