Deep-dive breakdowns of major M&A transactions. Deal structure, valuation, strategic rationale, risk, and Acquiry's independent commercial view.
Independent commercial analysis of major transactions. No press release summaries. Direct assessment of structure, valuation, and risk.
Coinbase entered exclusivity to acquire BVNK for $2 billion in October 2025. Six weeks later, both parties walked away. The collapse reveals the fault lines in crypto M&A valuations, multi-jurisdiction fintech licensing, and the build-vs-buy tension in the stablecoin era.
Karel Komarek's Allwyn consolidates its 51.78% stake in OPAP into a full business combination valued at €16 billion. A lottery empire spanning 13 markets, 50 million customers, and €2.8B in pro forma EBITDA. EGM approved 80.3%. Pending HGC regulatory approval.
Adobe's all-cash acquisition of Semrush at $12.00 per share, a 74% premium to the 30-day VWAP. The thesis: as AI search erodes traditional SEO, Semrush's GEO and brand visibility data becomes the critical layer in Adobe's digital experience stack.
The largest media merger since AT&T/Time Warner. Skydance-backed Paramount acquires Warner Bros. Discovery in an all-stock deal at $31.00 per share, creating a combined entity with HBO, Paramount+, CNN, and the full Warner Bros. film library. Pending DOJ and FCC review.
The largest cybersecurity acquisition ever. Google pays $32 billion all-cash for cloud security firm Wiz, valuing it at 45-65x ARR. A defining move in the cloud security arms race between Google, Microsoft, and Amazon. DOJ cleared November 2025. International regulatory approvals pending.
A complex three-way transaction between Global Payments, FIS, and GTCR creates a $3.7 trillion payment volume processor. Worldpay was acquired by FIS for $43B in 2019 and sold for $24.25B in 2025, a significant loss that underscores the challenges of M&A in the payments sector. Closed January 2026.
Every deal analysis covers the same six dimensions. No filler. No press release summaries. Independent commercial assessment.
Transaction mechanics, consideration type, closing conditions, and structural complexity. How the deal is actually put together.
Revenue and EBITDA multiples, comparable transactions, premium analysis, and independent assessment of whether the price is justified.
Why the acquirer is buying and what they expect to get. Stress-tested against the actual financial and competitive evidence.
Regulatory risk, integration complexity, leverage, governance, and execution risk. Rated by severity with independent assessment.
Bull, base, and bear cases with explicit assumptions. What needs to go right, what could go wrong, and the probability-weighted outcome.
Our independent commercial assessment. No hedging, no both-sides framing. A direct view on whether the deal makes sense and what happens next.
Acquiry executes buy-side and sell-side mandates from $1M to $500M across technology, SaaS, crypto, gaming, fintech, and digital assets. If you are considering a transaction, speak to us.