UK healthcare M&A robust in Q1 2025, reveals new report

BY Fraser Tennant

Despite global economic uncertainty, M&A activity in the UK healthcare sector remained robust throughout Q1 2025 with deals continuing to flow, according to a new report by Heligan Group.

In its ‘UK Healthcare M&A Update: A Look Back at March 2025’, Heligan reveals that transaction activity across the sector remained on par with 2024 deal levels, with 59 deals completed in Q1 of 2025 – 17 in January, 17 in February and 25 in March.

Drilling down, health and social care remained the most active sector in Q1, accounting for 48 percent of total deal volume in March, driven by several lower-value transactions in the care home space.

Activity in pharma and life sciences also increased in March, representing 28 percent of deal volume, from two deals in February to seven, with oncology deals being a significant proportion of this subsector.

“Healthcare providers are increasingly adopting technologies such as remote monitoring, virtual consultations and artificial intelligence (AI)-driven triage systems to address growing patient demand and workforce challenges,” said Ramesh Jassal, a partner at Heligan Group. “These innovations are particularly focused on mental health, chronic condition management, and resource-efficient staffing, reflecting the evolving needs of modern healthcare systems.”

Key health and social care deals highlighted in the report include Eden Futures’ acquisition of Care Wish, BGF’s investment in OCL Vision, M&D Green Pharmacy Group’s acquisition of Nine Gordons Chemists stores and UK-based Pebbles Care acquiring Nurture Childcare Services.

In terms of pharmaceutical and life science deals, the majority of these were strategic acquisitions, including Swedencare’s acquisition of Summit Veterinary Pharmaceuticals and Surface Technologies’ acquisition of Accentus Medical.

However, a potential obstacle to a sustained international interest in UK healthcare assets are recent US tariffs, which are likely to introduce uncertainties that could influence future M&A activity, warranting close observation in the coming months.

“As we navigate 2025, weaker UK currency and recent US tariffs may enhance the appeal of UK healthcare assets to foreign buyers, potentially positioning the UK as a strategic gateway to the US market,” noted Mr Jassal. “However, the effectiveness of this opportunity depends on the evolving nature of US trade policies and their impact on global supply chains.”

 Report: UK Healthcare M&A Update: A Look Back at March 2025

Nomura acquires Macquarie’s US, European asset management units in $1.8bn deal

BY Richard Summerfield

Nomura has agreed to acquire Macquarie’s US and European asset management business for $1.8bn as part of the Japanese firm’s mission to expand globally.

In 2024, Nomura announced plans to have 20 percent of its revenues from global markets within the next few years, a move this deal will help achieve. According to a statement announcing the deal, the $180bn in assets that Nomura is set to take over from Macquarie will boost its holdings by 30.5 percent to $770bn. Upon completion, over 35 percent of Nomura’s assets will be managed on behalf of overseas investors.

The transaction is targeted to close by the end of the calendar year, subject to customary closing conditions and regulatory approvals.

“This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses,” said Kentaro Okuda, president of Nomura and group chief executive. “It will be transformational for our Investment Management Division’s presence outside of Japan, adding significant scale in the U.S., strengthening our platform, and providing opportunities to build our public and private capabilities. We are delighted with the prospect of welcoming all 700-plus employees that will be joining the Nomura Group.”

“This transaction will accelerate the expansion of our global Investment Management business and will be a significant step in building a truly global franchise with a comprehensive set of solutions to serve investors worldwide,” said Chris Willcox, chairman of the investment management division at Nomura.

“We are proud of the public investments business we have built and grown over many decades,” said Ben Way, head of Macquarie Asset Management (MAM). “We are pleased that Nomura will carry it forward into a new phase of growth in North America and Europe. We are also excited to further strengthen our collaboration with Nomura, creating benefits for our respective clients. This transaction will allow MAM to build on our leading global position in private markets, and our leading position in Australian public markets, as we focus on providing solutions for our Institutional, Insurance and Wealth clients.”

As part of the transaction, Nomura and Macquarie have agreed to collaborate on product and distribution opportunities, including Nomura being a US wealth distribution partner for MAM and providing continued access for US wealth clients to MAM’s alternative investment capabilities. Additionally, Nomura has committed to providing seed capital for a range of MAM’s alternative funds tailored for US wealth clients.

Furthermore, MAM will retain its public investments business in Macquarie’s home market of Australia, where it will continue to operate a leading, integrated, full-service asset management business across public and private markets, servicing institutions, governments and individual investors.

News: Nomura to buy Macquarie's US, European asset management units for $1.8 billion

Lowe’s to acquire Artisan Design Group for $1.3bn

BY Richard Summerfield

Home improvement retailer Lowe’s has announced it is to acquire Artisan Design Group in a deal worth $1.325bn.

According to a statement announcing the deal, Lowe’s will finance the acquisition with cash on hand. The transaction is expected to close in the second quarter of 2025, subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions.

Artisan Design Group is headquartered in Dallas, Texas, and operates 132 distribution, design and service facilities. The company is a nationwide provider of design, distribution and installation services for interior finishes, including flooring, cabinets and countertops. The group coordinates installation through over 3200 personnel across 18 states. It recorded fiscal 2024 revenue of around $1.8bn. Lowe’s believes Artisan’s network of specialised installations and relationships with builders and multifamily developers will expand the Lowe’s Pro offering into a new distribution channel.

“With more than 18 million homes needed in the United States by 2031, we expect new home construction will be a major driver of Pro planned spend for the next decade,” said Marvin R. Ellison, chairman, president and chief executive of Lowe’s. “The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion. With its strong, customer-centric operating model, ADG has become an industry leader with best-in-class customer satisfaction scores from the top builders in the U.S. We look forward to welcoming the ADG team to Lowe’s, and, through our combined capabilities, enhancing our offering to our expanded Pro customer base.”

“We are thrilled for ADG to join forces with Lowe’s,” said Steve Margolius, chief executive of Artisan Design Group. “Our leading position in flooring, cabinets and countertops, combined with Lowe’s scale and category breadth, will allow us to continue on our growth trajectory while providing an even more differentiated and comprehensive offering to the builders and property managers we serve today.”

The acquisition of the Artisan Design Group is part of Lowe’s wider strategy to target professional customers. Last year, the company laid out a plan to capture more professional spending and grow the segment, which included expanding jobsite delivery for large orders.

Since Mr Ellison became chief executive of Lowe’s in 2018, the company has taken numerous steps to enhance its professional customer offering. At that time, the company’s professional penetration was less than 20 percent. Since then, Lowe’s has taken steps to stock and expand professional brands, improve service levels in stores, invest to ensure key stock keeping units are always stocked, and introduce a tool rental programme for professionals.

News: Home improvement retailer Lowe's to buy Artisan Design for $1.33 billion

Infineon acquires Marvell’s automotive ethernet business for $2.5bn

BY Fraser Tennant

In a move designed to expand its microcontroller segment, German chipmaker Infineon Technologies is to acquire the automotive ethernet business of US chip designer Marvell Technology in a deal valued at $2.5bn.

Infineon will use existing liquidity and will incur additional debt in order to fund the acquisition – an investment that will strengthen its already strong US footprint – in an all-cash transaction. Infineon has secured acquisition financing from banks.

Once the transaction is complete, Marvell’s automotive ethernet business will become a part of Infineon's automotive division and is expected to generate revenue between $225m and $250m in 2025, with a gross margin of nearly 60 percent.

“The acquisition is a great strategic fit for Infineon as the global number one provider of semiconductor solutions to the automotive industry,” said Jochen Hanebeck, chief executive of Infineon. “We will leverage this highly complementary ethernet technology by combining it with our existing, broad product portfolio to provide our customers with even more comprehensive, leading solutions for software-defined vehicles.”

A global semiconductor leader in power systems and internet of things, Infineon drives decarbonisation and digitalisation with its products and solutions. The company has around 58,000 employees worldwide.

“Marvell has transformed itself into a leading data infrastructure solutions provider, with the data centre end market driving 75 percent of consolidated revenue in the fourth quarter of 2025,” said Matt Murphy, chairman and chief executive of Marvell. “We are immensely proud of the progress we have made in organically growing our automotive ethernet business. We believe this transaction delivers the strongest financial return for Marvell shareholders, given its compelling valuation.”

A key enabling technology for low-latency, high-bandwidth communication, ethernet is crucial for software-defined vehicles, as well as having significant potential in adjacent fields of physical artificial intelligence such as humanoid robots.

The transaction has been approved by Marvell’s board of directors and is expected to close by the end of 2025, subject to customary closing conditions and regulatory approvals.

Mr Murphy concluded: “With Infineon’s optimised platform for automotive applications, we are confident the Automotive Ethernet business is well positioned for continued growth and success.”

News: Infineon Technologies to buy Marvell's auto ethernet business for $2.5 billion

Woodside sells LNG asset stake in $5.7bn deal

BY Richard Summerfield

Woodside Energy has agreed to sell a 40 percent stake in its Louisiana LNG plant to US infrastructure investor Stonepeak for $5.7bn. Stonepeak, an alternative investment firm with around $72bn in assets, will acquire the stake in the Gulf Coast LNG corridor.

Completion of the deal is subject to conditions including the final investment decision (FID) for the Louisiana LNG development and regulatory approvals. The effective date is 1 January 2025, with closing targeted for the second quarter of 2025.

According to a statement announcing the deal, the transaction will significantly reduce Woodside’s capital expenditure profile and is a material step toward readiness for a final investment decision. A $2bn payment is expected for Stonepeak’s share of capex funding incurred since the effective date.

Under the terms of the deal, Stonepeak will provide $5.7bn toward the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75 percent of project capital expenditure in both 2025 and 2026. This enhances the project economics and Woodside’s cash flow profile ahead of revenues from Woodside’s Scarborough Energy Project in Australia, strengthening the capacity for shareholder returns. The remainder of Stonepeak’s committed capital will be funded in subsequent years.

Upon completion of the deal, Stonepeak will hold 40 percent equity in Louisiana LNG Infrastructure LLC (InfraCo), with the remaining 60 percent of InfraCo owned by Louisiana LNG LLC (HoldCo), the holding company operated by Woodside. The investment is supported by a long-term liquefaction tolling agreement between InfraCo and HoldCo featuring competitive tolling fee terms, with the latter to manage gas supply and LNG offtake.

“We are very pleased to have Stonepeak join us in Louisiana LNG, given their demonstrated track record investing in US gas and LNG infrastructure across LNG facilities, LNG carriers, and floating storage and regasification units,” said Meg O’Neill, chief executive of Woodside. “This transaction further confirms Louisiana LNG’s position as a globally attractive investment set to deliver long-term value to our shareholders. It is the result of a highly competitive process that attracted leading global counterparties and significantly reduces Woodside’s capital expenditure for this world-class project.”

“With the need to bring significant additional capacity online over the coming years, we have strong conviction in the critical role Louisiana LNG will play in the US LNG export market,” said James Wyper, senior managing director and head of US private equity at Stonepeak. “The project represents a compelling opportunity to invest in a newbuild LNG export facility nearing FID approval with an attractive risk/reward profile and best-in-class partners in both Bechtel and Woodside to construct and operate the asset.”

News: Australia’s Woodside sells Louisiana LNG stake to Stonepeak for $5.7 billion