Advertisement

Warner Bros bidding war and red hot M&A market has dealmakers working through holidays

Advertisement

A flurry of multi-billion-dollar deals has bankers and advisers from Wall Street to Canary Wharf packing laptops next to presents and warning family and friends their holiday vacations over the next two weeks will be cut short.

There have been $463.6 billion in mergers and acquisitions announced this month, 30% more than last year, including Trump Media Technology Group's $6 billion merger with nuclear fusion firm TAE Technologies, IBM's $11 billion purchase of data infrastructure company Confluent and a bidding war between Paramount Skydance and Netflix for Warner Bros Discovery, according to data compiled by Dealogic.

“This is the hunt and the finish, and we all enjoy it," said Charles Ruck, a partner at Latham Watkins, which is advising Paramount on its bid for Warner Bros. "I'm not telling anybody not to travel. I'm telling them, wherever you are, I might need some of your time." Just this weekend, a group of private equity firms led by Permira and Warburg Pincus inked a deal to buy investment and accounting software maker Clearwater Analytics Holdings for about $8.4 billion, including debt. “It's busy, and it’s really broad-based … we're seeing a fair amount of activity across most of our industry sectors,” said John Collins, global head of MA at Morgan Stanley.

This holiday season is shaping up to be one of the most active in recent years, according to interviews with about a dozen bankers and legal advisers.

Investment bankers at Citigroup said last month was the busiest November in years. Dealmakers from New York to London and Hong Kong say they are trying to close numerous multi-billion-dollar deals before the ball drops in Times Square on New Year's Eve. As the C-suite gets more aggressive, several big companies are looking to hire advisers before the end of the year to tee up big deals in 2026. Two dealmakers in London and New York say they plan to work through the holidays, while some are optimistic that they will take off Christmas Day and, fingers crossed, Christmas Eve too. That may be more difficult for bankers, advisers and public relations professionals working on the Warner Bros deal. The bidding war keeps them close to their phones and laptops this holiday season, with some working through Christmas. On Monday, Paramount revised its $108.4 billion hostile bid, which is being jointly financed by RedBird Capital Partners, with an extended deadline of January 21.

"We're going to be working through the holidays and into the first week of January to communicate the merits of our offer to shareholders," RedBird founder and Chief Investment Officer Gerry Cardinale said on CNBC on Monday.

That is far from the only deal in town. Latham's Ruck, who declined to discuss the Warner Bros talks, told Reuters last week the firm expected to announce at least four more deals in the next two weeks.

“Our team understands it without me saying it," he said. "They recognize that this is a magic moment, that these magic moments don't last forever, that we are on front-page, cutting-edge deals.”

This has turned out to be an extraordinary year for dealmakers after a trade war kicked off by U.S. President Donald Trump derailed activity in the second quarter. Globally, MA activity surpassed $4.8 trillion as of last week, making it the second-best year on record after 2021, when near-zero interest rates and COVID stimulus drove MA to over $6 trillion.

Deals pipeline strong for early 2026

At Sullivan Cromwell, partner Frank Aquila plans to work through the holidays. The pipeline is "very strong" for the first half of next year, which he said could rival 2021.

“This will very much be a working holiday,” he said in an interview.

Guillermo Baygual, global co-head of MA at Citigroup, said his team is "extremely busy. There's a lot happening, both in the corporate and in the sponsor world."

A lot of corporate clients are hiring advisers for "significant transactions across sectors," he said.

Added Collins: “We went through a couple years where it just felt like management teams and boards were finding reasons to say no. We have seen a real shift in philosophy towards trying to find reasons to say yes.”

watch Watch AD
Unlock More

Advertisement

Front page
Pakistan Tightens Overseas Job Screening with New Verification Committee to Combat Illegal Migration
Pakistan Tightens Overseas Job Screening with New Verification Committee to Combat Illegal Migration
In a major move to regulate overseas employment, Pakistan has formed a specialized joint committee combining expertise from the Federal Investigation Agency (FIA) and Bureau of Emigration and Overseas Employment (BE&OE) to rigorously vet citizens applying for jobs abroad - particularly in Gulf nations like the UAE.
Dubai Job Offer: Can You Negotiate Annual Salary Increases in Your Employment Contract?
Dubai Job Offer: Can You Negotiate Annual Salary Increases in Your Employment Contract?
Situation: You're currently working at a Dubai-based company that provides bonuses, yearly salary hikes, and additional perks. Now, you've been offered a new position with a higher base salary - but there's no mention of annual increments. Is it possible to request this benefit be written into your contract? And if so, how does UAE labor law view such agreements?
UAE Boosts Private Sector Role in Space Ambitions with Local Contracts Push
UAE Boosts Private Sector Role in Space Ambitions with Local Contracts Push
The United Arab Emirates is accelerating private sector participation in its ambitious space program through increased contracts to domestic companies, as revealed during the high-profile 'Make it in the Emirates' conference this week.
UAE Leaders Unite in Festive Eid Al Fitr Celebrations at Qasr Al Mushrif
UAE Leaders Unite in Festive Eid Al Fitr Celebrations at Qasr Al Mushrif
In a display of national unity and festive spirit, UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan hosted an illustrious gathering of the nation's leadership to celebrate Eid Al Fitr. The special occasion brought together Supreme Council Members, Rulers of the Emirates, Crown Princes, Deputy Rulers and distinguished Sheikhs at the majestic Qasr Al Mushrif in Abu Dhabi.
Abu Dhabi Principal Champions Reading & Responsible AI Use After Prestigious ADEK Win
Abu Dhabi Principal Champions Reading & Responsible AI Use After Prestigious ADEK Win
Summit International School's visionary principal Lee Dabagia made waves at the ADEK Awards 2026, not just by winning the Best Principal honor but by launching a passionate appeal for parental involvement in literacy and ethical technology education.
UAE Astronaut Inspires Global Audience with Space Exploration Stories at Expo 2026 Osaka
UAE Astronaut Inspires Global Audience with Space Exploration Stories at Expo 2026 Osaka
As a shining example of the UAE's visionary 'Dreamers Who Do' initiative, celebrated astronaut Dr Sultan AlNeyadi captivated audiences at Expo 2026 Osaka by sharing his extraordinary experiences from his historic six-month mission aboard the International Space Station. The event offered a fascinating window into the UAE's growing leadership in space exploration and technological innovation.
Young Professionals in MENA Redefine Careers: Growth Over Stability
Young Professionals in MENA Redefine Careers: Growth Over Stability
A new generation of professionals across the Middle East and North Africa (MENA) region is breaking away from traditional career paths, with 40% of workers aged 18-25 having already held three or more jobs early in their careers, according to the 2026 MENA Salary Survey. This shift reflects a growing emphasis on personal growth, meaningful work, and workplace culture over conventional corporate loyalty. Amina (name changed for privacy), a 27-year-old Syrian law graduate currently seeking her thi
Disneyland Abu Dhabi Set to Transform Job Market with 30,000+ New Opportunities
Disneyland Abu Dhabi Set to Transform Job Market with 30,000+ New Opportunities
The upcoming Disneyland Abu Dhabi is poised to revolutionize the region's employment landscape, creating an unprecedented wave of career opportunities across multiple sectors. Industry experts predict this mega-project will serve as a powerful economic catalyst for the UAE.
Can Your Boss Deny Your Summer Vacation Leave? UAE Labor Law Explained
Can Your Boss Deny Your Summer Vacation Leave? UAE Labor Law Explained
Summer vacation plans clashing with work schedules? Many employees face the frustrating situation where their leave requests get rejected because colleagues have already booked the same dates. What does UAE labor law say about your right to take annual leave? In the UAE, employers have the authority to determine annual leave schedules based on business needs and operational requirements. However, this doesn't mean they can arbitrarily deny all your vacation requests. The law establishes clear g
KT UniExpo 2026: Your Gateway to Global Education in the UAE
KT UniExpo 2026: Your Gateway to Global Education in the UAE
The most comprehensive higher education exhibition in the UAE, KT UniExpo, is set to welcome students and parents for its landmark 9th edition this September. Mark your calendars for September 24-25, when The H Dubai will transform into an educational hub connecting aspiring scholars with world-class universities, exciting career opportunities, and valuable financial support options.