The 19th century writer Jean-Baptiste Alphonse Karr famously wrote ‘Plus ça change, plus c’est la même chose’ (The more it changes, the more it is the same). He might have been talking about the politics of France’s Second Republic or the stock market – but he could just as easily have been discussing today’s M&A landscape.
As a recent PwC Pulse survey showed, uncertainty about tariffs and shifting policy is still driving dealmakers to pause or revisit some deals. Yet it’s also bringing a sharper focus to strategic initiatives. With a focus on reimagining business models and driving transformation, companies are seeking to make themselves more resilient to the volatility in global trade and a more uncertain geopolitical backdrop.
With this in mind, this edition of the Business deals news digest highlights some of the most interesting M&A developments over the past few weeks. Software giant SAP closed an all-cash deal to acquire WalkMe, a digital adoption platform that is helping companies improve their employee and customer engagement strategies. The move was seen as a way for SAP to strengthen its business portfolio while remaining focused on delivering on its growth targets.
Meanwhile, manufacturing conglomerate Honeywell paid $5 billion for Carrier Global, a provider of heating, ventilation, air conditioning and fire solutions. The move is seen as a way to strengthen its aerospace and defense portfolio while adding security products. Lastly, pharmaceutical giant Pfizer made the biggest biotech deal of 2024 by acquiring Seagen, a company that specializes in discovering and developing transformative cancer medicines.