Newsletters and research.
Every issue published since the Group’s founding. Each file opens as a PDF in a new tab.
October Briefing
Our start-of-year report for 2026/27. A look back at the first year and what comes next: the newsletter returns at the end of October, more competition entries, and a new series of workshops on CVs, LinkedIn and financial modelling.
Earlier issues
9 issues · Nov 2025 onwards
09Jun · 2026June NewsletterFive deals: Fox's ~$22B acquisition of Roku, Merck KGaA / Bio-Techne at $11.3B, GSK's $10.6B run at Nuvalent, Bain Capital carving Everllence out of Volkswagen, and Adani / IntelliSmart on India's power grid. Plus Big Pharma's patent cliff, the SpaceX IPO, and the President's Note.
08May · 2026May NewsletterSix deals: NextEra / Dominion's $66.8B all-stock combination forms the world's largest regulated electric utility, EQT's fourth take-private bid for Intertek at a 59% premium, Sony Music / Recognition Music Group, Ingredion / Tate & Lyle, Santander UK / TSB, and Shein / Everlane. Plus European Defence, geopolitical opportunities, and the Musk / OpenAI litigation.
07Apr · 2026April NewsletterSeven deals: Standard Life / Aegon UK, Unilever's $44.8B Reverse Morris Trust with McCormick, Ackman's $64.4B run at Universal Music Group, Hexagon / Waygate, Amazon / Globalstar, QXO / TopBuild, and Vedanta's five-way demerger. Plus a new Legal Dynamics section.
06Apr · 2026Quarter 1 ReportA consolidated first-quarter report covering the Group's deal coverage universe and the research team's read on the deal environment through Q1 2026.
05Mar · 2026March NewsletterPIF / EA, UniCredit / Commerzbank, Nuveen / Schroders, Denso / Rohm, and Bain / Perpetual Wealth. Plus the synergies model from our third-place pitch.
04Feb · 2026February NewsletterApple's $2B acquisition of Q.ai, plus the team's view on cross-border consolidation across European banking.
03Jan · 2026January NewsletterDeal coverage across banking and industrials, sector commentary, and the continuation of the Learning Corner.
02Dec · 2025December NewsletterThe first monthly edition, with early deal coverage and commentary from the research team.
01Nov · 2025Inaugural BriefingOur first publication: a founding research note setting out how the research team would work and what the year would cover.
Featured work
Special reports and pitch decksResearch published outside the monthly newsletter. Pitch decks from case competitions and individual special reports.
PDFSpecial EditionJul · 2026SpaceX One Month On
By Safeer Hussain and JP Ornellas Filho
A summer special edition. On 12 June, SpaceX raised $85.7B in the largest IPO in history; four days later it agreed to buy Anysphere, the developer of Cursor, for $60B in stock, the largest acquisition of a venture-backed company ever made. Safeer Hussain takes apart the Anysphere deal; JP Ornellas Filho measures SpaceX's first month of trading against the only listing of comparable size, Saudi Aramco's in 2019.
Open PDF
PDFSpecial ReportApr · 2026Somnigroup / Leggett & Platt
By Roberto Bodegas and Safeer Hussain
A $2.5B all-stock acquisition that completes the full bedding value chain. Twenty pages on the DCF, the deal structure, the $50M synergy case, and the main risk: whether the FTC, which blocked a similar Leggett deal before, clears this one.
Open PDF
PDFPitch DeckMar · 2026Mastercard / OneSpan
The full third-place pitch deck. Strategic rationale, the synergies model, and the transaction structure, all presented to judges from Nomura, PJT Partners, Neuberger Berman and BGF.
Open PDF
PDFSpecial ReportMar · 2026March 2026 Analysis
By Roberto Bodegas
A standalone research note by Roberto Bodegas, outside the monthly publication.
Open PDF