Despite an unusually turbulent geopolitical backdrop, India's mergers and acquisitions market is demonstrating remarkable resilience, with deal activity projected to sustain an impressive annual run-rate of approximately $200 billion, driven by energy transition, infrastructure, and a resurgence in outbound acquisitions.

Despite an unusually turbulent geopolitical backdrop, India’s mergers and acquisitions (M&A) market is holding its own, with deal activity expected to sustain an annual run-rate of around $200 billion, split roughly equally between domestic, inbound and outbound transactions, according to Rajesh Singhi, global co-head, M&A Advisory, Standard Chartered Bank.

Video game retailer GameStop has made a surprise $55.5bn (£40.9bn) offer to buy e-commerce giant eBay.

The cash and stock offer values eBay at $125 a share, $20 more than the company's value when trading ended in New York on Friday.

GameStop's chief executive, Ryan Cohen, said eBay could be much more successful under his leadership and even rival Amazon.

He also said he was prepared to take his bid directly to shareholders if eBay's board rejected it. eBay said it will consider the proposal but analysts expressed doubts about the idea.

The Mittal Family has reached a definitive agreement to acquire a controlling stake in IPL franchise Rajasthan Royals in partnership with Adar Poonawalla. The deal, signed with current owner Manoj Badale and his consortium, values the franchise and its associated teams at about $1.65 billion. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals including from the BCCI, CCI and the IPL Governing Council.

After completion, the Mittal Family will hold around 75% ownership in Rajasthan Royals, while Adar Poonawalla will own about 18%. Existing investors, including Manoj Badale, will retain the remaining 7%. Badale will continue to remain associated with the franchise in a supporting role, contributing his experience in cricket operations.

Biotech dealmaking is on pace for a bumper year in 2026, with large drugmakers on an acquisition spree to boost their pipelines ahead of upcoming patent losses.

The surge appears broader and more durable than just a rebound to pre-COVID years, at least three analysts, four investors and a banker told Reuters.

The total biotech M&A deal value in the first quarter has already hit $84 billion, up from $44.4 billion a year earlier, the strongest start to a year since 2019, when the deals reached $147.7 billion, Dealogic data showed.

While the patent cliff is adding urgency, experts said deep cash reserves, attractive biotech valuations, a wave of newly approved drugs, and growing confidence in navigating regulatory scrutiny were also fueling dealmaking.

Deutsche Telekom is exploring a possible tie-up with T-Mobile US to create a $300 billion telecoms giant, sources said, in what would overtake Vodafone-Mannesmann's $203 billion merger in 1999 to become the biggest M&A deal ever.

The German group already controls 53% of the U.S. unit. But a deal would potentially bring both companies under one entity in a bid to reignite growth in a stagnating telecoms sector, according to a person familiar with the situation and Bloomberg, which was first to report the talks on Wednesday.

A merger would provide scale to compete in both the U.S. and Europe but could also face structural, geopolitical and regulatory challenges, analysts and one industry source said.

U.S. construction supplies distributor QXO struck a $17 billion deal on Sunday to acquire building products distributor and installer TopBuild, adding to a wave of acquisitions by the company led by billionaire dealmaker Brad Jacobs.

The deal will make QXO the second-largest publicly traded building products distributor in North America, with more than $18 billion of combined company revenue, the company said.

As part of the deal, Connecticut-based QXO said Florida-based TopBuild's shareholders can elect to receive $505 in cash or 20.2 shares of QXO common stock for each TopBuild share held on the condition that the total transaction is paid as about 45% in cash and 55% in shares of QXO common stock.

The $505 cash consideration represents a premium of 23.1% over insulation and commercial roofing firm TopBuild's last close of $410.31 on Friday, Reuters calculations showed.

Mumbai-based Inventurus Knowledge Solutions (IKS) is in advanced talks to raise a $675 million offshore loan to fund its proposed acquisition of US-listed TruBridge, according to people aware of the development. The loan is being arranged by a consortium of Citigroup, JPMorgan Chase and Deutsche Bank, with each lender expected to underwrite $225 million. The facility is likely to be priced at around SOFR plus 275 bps and could be signed this week, they said.

ET had reported on April 13 that IKS was evaluating the acquisition of TruBridge, a Nasdaq-listed healthcare IT and revenue cycle management company. The proposed all-cash transaction would be the company's largest acquisition to date. The loan will be syndicated to a wider pool of lenders, including Indian and foreign banks, after initial underwriting, sources said. "The deal will be distributed across a set of lenders post-signing," one person aware of the discussions said. "The pricing of around 275 bps over SOFR reflects relatively tight spreads for a transaction of this size, though final terms could be adjusted depending on syndication demand."

Wipro Hydraulics, a part of Wipro Infrastructure Engineering, on Thursday said it has signed a definitive agreement to acquire a majority stake in Italy-based Indeco Ind Spa.

The acquisition will allow Wipro to expand its portfolio beyond hydraulic cylinders and enter the hydraulic attachments market.

Established in 1976, Indeco manufactures hydraulic hammers, mulching heads, shears, and other demolition-related attachments for the construction, demolition, and recycling industries. The company operates seven manufacturing facilities in Italy and one in the US.

Top-tier tech major, Wipro has announced that it will acquire select customer contracts of Alpha Net Consulting LLC and its subsidiaries (Alpha Net Group). Wipro, is set to fund the acquisition through cash.

According to Wipro’s statement to the exchanges, the acquisition will help it gain access to key clients, existing contracts, and related workforce. The move is expected to strengthen its AI-powered and consulting-led application services, opening up new growth opportunities.

Wipro to pay up to $70.8 million
The company expects to complete the transaction by June 30. It does not require any government or regulatory approvals.The total purchase consideration stands at up to $70.8 million, including a deferred component linked to performance-based earn outs.

Non-banking finance company Sammaan Capital sold a Rs 5,000 crore loan portfolio to stressed loan aggregator Arcil, in one of the largest such loan sales in the just-ended fiscal year.

Real estate investment trust Mindspace Business Parks REIT has acquired 51% stake in an information technology park spread over 2.6 million sq ft in Chennai for Rs 1,500 crore. The acquisition price includes the property’s debt worth Rs 600 crore and the deal values the asset at Rs 3,000 crore at enterprise level.

Along with the REIT, 360 ONE Asset’s real assets funds have picked up the balance 49% stake.

Brookfield Asset Management is readying to divest its 550-megawatt solar power project in Rajasthan's Bikaner for an expected enterprise value (EV) of Rs 3,000 crore, according to people familiar with the development.

Investment bank Jefferies is managing the sale process on behalf of the global alternative asset manager and a few initial bids have been received from overseas investors as well as domestic power producers, they said.

Coforge is back in focus as it has secured all regulatory approvals and statutory clearances to acquire Encora. The acquisition aims to create a $2.5 billion AI-native technology services firm, with a $2 billion core focused on data, AI-led engineering, and cloud-based services.

Coforge in its regulatory filing said on Monday, “All the regulatory approvals and statutory clearances in multiple.”

Company says merger by April end
The two companies may get merged by April end. “We are pleased to report that the transaction has gone exactly as per plan and every element of anticipated synergies is on course to be realized. We look forward to the two firms merging by the end of April and subsequently operating as a $2.5 plus billion firm on a run rate basis, with a $2 billion enterprise core of AI-led engineering, data, and cloud services,” said Sudhir Singh, Chief Executive Officer and Executive Director, Coforge.

Ahmedabad-based Torrent Pharmaceuticals is planning to sell its Calcigard brand to fulfil the assurance it had given to secure regulatory approval for its acquisition of JB Chemicals, sources told Moneycontrol. The move follows market monopoly concerns expressed by the Competition Commission of India (CCI), sources told Moneycontrol.

Torrent, which in June 2025 announced its takeover of JB Chemicals, completed the acquisition by picking a 46.39 percent controlling stake for Rs 12,000 crore, pending regulatory approvals.
Following this acquisition, Torrent would have commanded over 90 percent market share of nifedipine in India and CCI is of the view such high concentration of market share may have an adverse impact on market players as well as customers.

Inventurus Knowledge Solutions (IKS), a healthcare technology solutions company backed by the family of the late Rakesh Jhunjhunwala, is in advanced negotiations to acquire Nasdaq-listed TruBridge in the US for around $600 million, said people aware of the matter.

If the deal takes place, this will be the company’s largest purchase and will help consolidate its presence in the healthcare solutions and revenue cycle management (RCM) segment, the people said. The transaction is in line with heightened investor interest in the space, which has seen unprecedented consolidation in the past two years.

A formal announcement is expected in the coming days.

Bosch Group's flagship firm Bosch Limited on Wednesday said it intends to acquire 100 per cent of its vehicle motion business, Bosch Chassis Systems India, through a cash deal and issuance of equity shares on a preferential basis.

The move positions Bosch with a more comprehensive mobility portfolio, enabling it to better cater to the evolving demands of the domestic automotive sector, the company said.

Bosch Chassis Systems India Private Limited represents the business of Bosch's vehicle motion division in India and is one of the market leaders in automotive safety systems.

The transaction will strengthen Bosch's capabilities, enabling it to further invest in critical domains like safety and braking over and above its strong footprint in power solutions, it said.
The boards of the Bosch Group, Bosch Limited, and Bosch Chassis Systems India Private Limited have approved these transactions, and it is now subject to approval from Bosch Limited shareholders, it said.

Banks, especially large public sector lenders such as State Bank of India and Bank of India, have begun seeking legal advice on reviving acquisition financing in the domestic market, following the Reserve Bank of India’s (RBI) release of its final prudential guidelines on acquisition financing. “Large PSU banks have shown a lot of interest… they have a large appetite. The interest is already visible,” said a senior partner at a law firm, stating that lenders have started internal evaluations on how to operationalise the new framework. Banks are now preparing board-approved policies, subject to risk department vetting and upgrades in staffing and capabilities. Why Lenders are Racing to Comply A senior private sector banker said the initial draft guidelines were “widely dismissed as toothless,” offering little flexibility and failing to address long-standing industry concerns. “But the RBI’s revised guidelines have dramatically altered that perception. Banks are eager to enter this business. The final guidelines are far more favourable and provide ample operational headroom,” added a senior official at a state-run bank.

India’s M&A landscape has decisively shifted toward the public markets. In CY2025, listed companies accounted for nearly one-third (30%) of all acquisitions, up from 23% a year earlier, signalling a clear shift in dealmaker preference. The trend is even more pronounced at the top end — eight of the 14 largest transactions, worth a combined $39.5 billion, involved listed entities, underscoring their growing dominance in big-ticket dealmaking. “Transparency, liquidity, and valuation clarity have seen growing investor preference for listed companies,” said a senior official at a domestic investment bank. Adding further, Sourav Mallik, MD and Deputy CEO of Kotak Investment Banking, said, “Listed M&A continues to gain traction, and we expect this trend to continue,” indicating the growing comfort of investors with acquiring publicly traded businesses. The year’s activity was dominated by the financial services, healthcare, and industrial sectors, which continue to attract both strategic and financial buyers. India recorded $120 billion in M&A transactions in 2025, a 14% year-on-year increase, reaffirming its position among the world’s top-10 M&A markets. Even as global dealmaking remained uneven, India’s resilience and depth stood out.

Universal Music India (UMI), part of Universal Music Group (UMG), has entered into a definitive agreement to acquire a 30% stake in Excel Entertainment, valuing the Indian film and digital content studio at `2,400 crore. The deal will mark one of the most significant cross-industry partnerships between a global music major and an Indian film production house, underscoring the growing convergence between the music and visual content sectors. The agreement will also see UMI and Excel collaborate to accelerate the studio’s growth and strengthen UMG’s footprint in India, currently the world’s 15th-largest recorded music market. What does this partnership entail? Under the partnership, UMG will gain global distribution rights for all future original soundtracks created for Excel projects. The two companies will also launch a dedicated Excel music label, to be globally distributed by UMG. In addition, Universal Music Publishing Group will become Excel’s exclusive music publishing partner, creating opportunities for UMG and UMI artists and repertoire to feature in Excel’s future productions.

Japanese investment via mergers and acquisitions (M&A) in India surged to a historic high in 2025, marking one of the strongest years for foreign capital inflows into the country. Japanese firms deployed over $9 billion this year—led by MUFG’s landmark $4.4 billion investment in Shriram Finance, followed by JFE Holdings’ investment in Bhushan Power & Steel for $1.75 billion. The last time we saw such a huge investment by Japanese firms in India was in 2019, when ArcelorMittal and Nippon Steel acquired Essar Steel for close to $7 billion. In the last 10 years, since 2016, Japanese investors have pumped close to $20 billion in 48 M&A deals, of which the top 10 accounted for $18.2 billion. Five of the top 10 investments by Japanese firms in India since 2016 were reported in 2025, accounting for close to $8 billion. Redefining India’s Financial Landscape The year 2025 has emerged as a turning point, with Japan’s largest financial institutions aggressively expanding their presence in India. MUFG’s December announcement of a nearly Rs 40,000-crore deal for a 20% stake in Shriram Finance—the biggest FDI in India’s financial sector to date—set the tone. In December 2025, Mizuho Financial Group’s acquisition of a controlling stake in Avendus for Rs 4,720 crore and Sumitomo Mitsui Banking Corporation’s (SMBC) Rs 13,483-crore purchase of a 20% stake in YES Bank earlier in May.