Deals of the month

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Deals of the month

See who has done the tax work on this month’s biggest deals



Type of Deal

Value

Acquirer

Target

Adviser to acquirer (tax)

Adviser to target (tax)

Acquisition

$24 billion

Becton, Dickinson and Company

C.R Bard

Skadden, Arps, Slate, Meagher & Flom

Wachtell, Lipton, Rosen & Katz

Merger

$14.5 billion

South State Corporation

Park Sterling Corporation

Wachtell, Lipton, Rosen & Katz

McGuireWoods

Acquisition

$13.3 billion

Cenovus Energy

ConocoPhillips' 50% stake in the Foster Creek Christina Lake oil sands partnership and the majority of its western Canada Deep Basin gas assets

Wharton & Garrison

Goldman, Sachs & Co (financial adviser) advised by Skadden, Arps, Slate, Meagher & Flom

Merger

$7.4 billion

Care Capital Properties

Sabra Health Care REIT

Sidley Austin

O’Melveny & Myers; Fried, Frank, Harris, Shriver & Jacobson

Acquisition

$7.2 billion

Thermo Fisher Scientific

Patheon

Wachtell, Lipton, Rosen & Katz

Skadden, Arps, Slate, Meagher & Flom

Acquisition

$5.6 billion

Bain Capital, LP and Cinven Partners

STADA Arzneimittel AG


Skadden, Arps, Slate, Meagher & Flom

Acquisiton

$4.2 billion

Tyson Foods

AdvancePierre Foods Holdings

Davis Polk & Wardwell

Skadden, Arps, Slate, Meagher & Flom

Acquisition

$3.3 billion

Moody's Corporation

Bureau van Dijk Electronic Publishing BV

Skadden, Arps, Slate, Meagher & Flom

Acquisition

$2.2 billion

First Horizon National Corp

Capital Bank Financial Corp

Sullivan & Cromwell

Wachtell, Lipton, Rosen & Katz: Joshua Holmes

Acquisition

$1.7 billion

Intact Financial Corporation

OneBeacon Insurance Group, Ltd.

Skadden, Arps, Slate, Meagher & Flom; Blake, Cassels & Graydon


Acquistion

$627 million

ORIX Corporation

Ormat Technologies


Davis Polk & Wardwell

Acquisition

$560 million

Owens Corning

Pittsburgh Corning Corporation


Skadden, Arps, Slate, Meagher & Flom

Acquisition

$462 million

ESW Capital

Jive Software

Cooley

Morgan Stanley (financial adviser) advised by Davis Polk & Wardwell; P.C.

Acquisition

$222 million (approx.)

Telus Communications

BCE



Acquisition

Undisclosed

Comcast Corporation

Craftsy

Davis Polk & Wardwell


Merger

Undisclosed

Fivory subsidiary of Crédit Mutuel-CM11

RMW (Wa!) subisdiary of BNP Paribas subsidiary

Bredin Prat


Acquisition

Undisclosed

The Middleby Corporation

Burford Corporation

Skadden, Arps, Slate, Meagher & Flom


Type of Deal

Value

Issuer/Borrower

Lead managers/arrangers

Adviser to issuer/borrower (tax)

Adviser to lead managers (tax)

Notes offering

$6.5 billion

Intel Corporation


Davis Polk & Wardwell


Notes offering

$3.88 billion (approx)

Morgan Stanley


Davis Polk & Wardwell


Notes offering

$2.25 billion

Eli Lilly


Davis Polk & Wardwell


Notes offering

$1.75 billion

Morgan Stanley


Davis Polk & Wardwell


Notes offering

$850 million

CSX Corporation


Davis Polk & Wardwell


Notes offering

$750 million

General Motors Financial Company

AmeriCredit Financial Services

Davis Polk & Wardwell




more across site & shared bottom lb ros

More from across our site

Given the US/G7 pillar two deal, the OECD is in danger of being replaced by the UN as the leading global tax reform forum
Cinven’s latest investment follows its acquisition of a stake in Grant Thornton UK in December; in other news, a barrister listed by HMRC as a tax avoidance promoter has alleged harassment
CIT base narrowing measures remain more prevalent than increased CIT rates, the report also highlighted
ITR's parent company, LBG, will acquire The Lawyer, a leading news, intelligence and data-driven insight provider for the legal industry, from Centaur Media
KPMG UK’s Graeme Webster and KPMG Meijburg & Co’s Eduard Sporken outline the 20-year evolution of MAPAs, with DEMPE analyses becoming more prevalent and MAPA requirements growing stricter
Rishi Joshi, of the Institute of Chartered Accountants of India, warns of potential judicial overreach as assets are recharacterised to bypass a legislative exclusion
Only 2% of in-house survey respondents said they were ‘heavy’ users of AI for TP, Aibidia’s report also found
There was a ‘deeply embedded culture within PwC that routinely disregarded formal confidentiality obligations,’ the chairman of Australia’s Tax Practitioners Board said
Jennifer Best was most recently the acting commissioner of the IRS’s large business and international division
Section 899’s exclusion from the One Big Beautiful Bill does not mean it has been nipped in the bud, Aruna Kalyanam also tells ITR
Gift this article