The hottest Mergers & Acquisitions Substack posts right now

And their main takeaways
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Top Business Topics

How Formula 1 Makes Money: A Complete Business Breakdown Before The 2026 Season

Huddle Up • 160 implied HN points • 03 Mar 26
💼 Business Mergers & Acquisitions
  1. Formula 1 has become a highly profitable, subscription-style media business under Liberty Media, hitting record revenue ($3.87B in 2025) and much higher operating income, which has driven its market value sharply up.
  2. The 2026 season is a pivotal growth inflection with new technical regulations, a U.S. rights deal with Apple TV, an 11th team (Cadillac), and a new Concorde Agreement that changes commercial economics for the sport.
  3. Liberty is monetizing F1 beyond races — using Las Vegas real estate, buying complementary assets like MotoGP, and supporting heavy team investment (Cadillac reportedly burning ~$30M/month) to fuel future expansion and revenue streams.

Serial Acquirers, The Art of Not Selling, and Chuck Akre's Masterclass

Investment Talk • 569 implied HN points • 25 Jan 24
💰 Finance Mergers & Acquisitions
  1. The post discusses the experience of heading to the USA for the first time and shares insights on a small cap company in the UK.
  2. An in-depth study on serial acquirers highlights the importance of CEOs with strong capital allocation skills.
  3. The paper 'The Art of Not Selling' by Chris Cerrone emphasizes the importance of patient and strategic investing decisions over succumbing to external pressures.

Security Is Splitting: Three Acquisitions, Three Different Realities

Frankly Speaking • 355 implied HN points • 29 Jul 25
🕹 Technology Mergers & Acquisitions
  1. Cursor is putting security at the heart of development. They believe developers care about security, and they want to make it easier to build secure applications.
  2. Palo Alto Networks is focusing on expanding its existing security platform. They want to increase their coverage but aren't trying to change the game.
  3. Datadog is smartly combining its performance and security tools. They want to keep customers happy and using their platform, especially as security becomes more part of engineering.

Logista: Old Roots, Green Sprouts

Invariant • 491 implied HN points • 07 Jan 24
💼 Business Mergers & Acquisitions
  1. Quaking aspens have a unique way of growing, with all trees in a colony connected as part of the same single organism.
  2. Logista, a Spanish distribution company, is diversifying away from tobacco distribution and focusing more on next-generation nicotine products and pharmaceutical distribution.
  3. Logista is strategically growing through acquisitions, particularly in the pharmaceutical sector, aiming for inorganic growth to expand its reach.
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Musk's Bid for OpenAI is Brilliant

startupdreams • 953 implied HN points • 11 Feb 25
💼 Business Mergers & Acquisitions
  1. Musk made a big offer of $97 billion to buy the for-profit part of OpenAI, much higher than the $40 billion OpenAI was planning to pay itself. This puts pressure on OpenAI's board to act responsibly.
  2. The offer complicates OpenAI's plans to turn entirely for-profit, making it harder for them to raise funds in the future. Musk's move puts the company in a tough position.
  3. Even after Musk's offer, OpenAI's leader, Altman, didn't address the implications in his response, suggesting he knows things are not going well for them.

💥We're Halfway There💥

PETITION • 334 implied HN points • 02 Jul 23
💰 Finance Mergers & Acquisitions
  1. The economy is showing signs of recovery but challenges remain with credit markets and bankruptcy activity increasing.
  2. Equity markets are experiencing a strong rally despite uncertainties in crypto and regulatory challenges.
  3. Retail sector is facing struggles with companies like David's Bridal liquidating and Bed Bath & Beyond selling assets.

From Boom to Bundle: The Great Consolidation of Data Tools

SeattleDataGuy’s Newsletter • 400 implied HN points • 17 Jan 25
🕹 Technology Mergers & Acquisitions
  1. The data tools market is seeing a lot of consolidation lately, with companies merging or getting acquired. This means there are fewer companies competing, but it can lead to better tools overall.
  2. Acquisitions can be a mixed bag for customers. While some products improve after being bought, others might lose their features or support, making it risky for users.
  3. There's a push for bundled data solutions where customers want fewer, but more comprehensive tools. This could change how data companies operate and how startups survive in the future.

Big Gaming Industry Primer

Value Investing Substack • 294 implied HN points • 02 Jun 23
💼 Business Mergers & Acquisitions
  1. Big Gaming sector has wide moats with hit-based revenue streams like microtransactions and lootboxes, making it difficult for new entrants to compete.
  2. Big Gaming companies benefit from infinite free cash flow streams from hit franchises and have pricing power in the industry.
  3. There is a potential convergence between Big Gaming, Big Media, and Big Tech sectors, leading to synergies in brand assets and content creation.

What's going on with Farfetch?

Philoinvestor • 117 implied HN points • 13 Dec 23
💰 Finance Mergers & Acquisitions
  1. Rumors and uncertainty around Farfetch's future are causing stock price fluctuations.
  2. There may be strategic partnerships and asset divestments in Farfetch's plan to improve liquidity.
  3. Farfetch is facing challenges, but potential deals and cost-cutting strategies may help improve the company's financial situation.

The Equal Ventures Insurance Index - Q4 2023

Equal Ventures • 39 implied HN points • 30 Jan 24
💰 Finance Mergers & Acquisitions
  1. Insurtech indices outperformed legacy peers in Q4 2023, showing strong recovery throughout 2023 but still below 2021 highs.
  2. Legacy brokers faced challenges in Q4 with tougher revenue growth comps, while insurtech companies in distribution & marketing excelled.
  3. P&C carriers had a positive Q4, demonstrating improved profitability expectations with lower combined ratios, notable improvements in personal lines carriers.

Disney's ~$4B Acquisition That (Probably) Saved The Company

SatPost by Trung Phan • 79 implied HN points • 25 Jan 25
💼 Business Mergers & Acquisitions
  1. Disney made a smart $4 billion purchase of BAMTech to help launch Disney+ and compete with Netflix. This move was key for its success in the streaming market.
  2. BAMTech was originally part of MLB and became a leader in streaming technology, proving essential for Disney's various streaming services like ESPN+ and Hulu.
  3. Disney's pivot to streaming was risky but necessary, as it allowed the company to adapt to changing media trends and focus on digital content, which is now vital for its growth.

How does a 63% premium sound?

Alex's Personal Blog • 65 implied HN points • 24 Feb 25
💰 Finance Mergers & Acquisitions
  1. Prosus is buying Just Eat for $4.3 billion, which is a huge 63% more than what it was worth before the deal. This shows a big jump in value but raises some questions among investors.
  2. Just Eat's growth has slowed down recently, with a slight drop in global revenue. This makes some people think the deal might not be a good bargain for Prosus.
  3. The Christian Democratic Union in Germany has won a recent election and plans to lower taxes and cut regulations. They're also focusing on energy policies and digital innovation, which could reshape Germany's economy.

Deep Dive into DuPont

The Polymerist • 182 implied HN points • 20 Feb 24
💼 Business Mergers & Acquisitions
  1. DuPont started as a company selling explosives before pivoting to synthetic polymer chemistry in the 1920s, leading to significant innovations like Nylon and Teflon.
  2. Chemours was spun off from DuPont due to the controversy around environmental issues related to Teflon, resulting in significant legal liabilities.
  3. Despite its reputation as a specialty chemicals company, DuPont's financial reports show challenges in generating high profits, possibly due to a focus on commoditized products and significant settlements.

MAPS: Half-Baked Governance

Nongaap Investing • 47 implied HN points • 19 Dec 24
💰 Finance Mergers & Acquisitions
  1. WM Technology's stock price is reacting to a non-binding buyout proposal. The offer of $1.70 per share seems low compared to the company's potential growth targets.
  2. The recent appointment of a new CEO and his equity compensation raises red flags about the timing and motivation behind the proposal. There are concerns about whether the company is acting in the best interests of all shareholders.
  3. The governance practices at WM Technology may involve manipulation, especially regarding stock compensation and the timing of news releases. This creates distrust among investors about the sincerity of the management's intentions.

The Coming Disney Breakup

Dana Blankenhorn: Facing the Future • 39 implied HN points • 14 Aug 23
💼 Business Mergers & Acquisitions
  1. Disney is speculated to undergo a breakup with various divisions being sold or spun out.
  2. The traditional entertainment and streaming business model of Disney is facing challenges and changes due to factors like climate change, labor issues, and evolving consumer behaviors.
  3. The impact of technological advancements and changing consumer preferences is forcing businesses like Disney to adapt, evolve, and find new business models to remain relevant.

290 Cybersecurity Funding Rounds, 160 Acquisitions

The Security Industry • 13 implied HN points • 23 Jul 25
💼 Business Mergers & Acquisitions
  1. In the first half of 2025, cybersecurity funding is on track to exceed $17 billion with 290 investment rounds already recorded. This shows that the industry is recovering and thriving.
  2. Artificial Intelligence security companies are gaining attention and investments, representing 16% of the total funding this year. Data Security and Governance, Risk, and Compliance (GRC) sectors are also popular among investors.
  3. There have been 160 acquisitions in the cybersecurity space, which is slightly higher than the previous year. This suggests that companies are eager to invest in cybersecurity to boost their portfolios.

Lack Of Stability

The Polymerist • 166 implied HN points • 07 Mar 23
💼 Business Mergers & Acquisitions
  1. The chemical industry lacks stability due to frequent mergers and acquisitions.
  2. Employees in the chemical industry often face job insecurity and precarity.
  3. Investing in start-ups to disrupt the chemical industry could be a way for individuals to find stability and succeed.

Revisiting the Cyber 150

The Security Industry • 26 implied HN points • 28 Nov 24
💼 Business Mergers & Acquisitions
  1. The Cyber 150 lists cybersecurity companies that have grown their staff by at least 15% this year. They are actively monitored to see how many continue to thrive.
  2. Some companies from the Cyber 150 have secured substantial investments, with fifteen companies raising nearly $1 billion collectively. This shows a strong interest and confidence in cybersecurity ventures.
  3. The Cyber 150 list will be updated at the end of the year for better accuracy, as some companies have changed in size or staffing. The criteria for inclusion may also become less strict to accommodate more companies.

Illumina: Unidentified Financing Operation?

Nongaap Investing • 30 implied HN points • 22 Aug 23
💰 Finance Mergers & Acquisitions
  1. Milky Way Investments Group's $125 million investment may have been used to benefit Illumina insiders through undisclosed shares and influence in Grail's Series D round.
  2. Dr. Klausner's ownership of Grail shares through Milky Way Investments Group raised concerns about undisclosed insider transactions and potential conflicts of interest.
  3. The intertwining relationships between Helix, Grail, and Illumina, as well as the modifications of options and redemptions, suggest possible non-disclosed financial dealings and self-dealing among insiders.

The Worst of Times for M&A & The Best of Times

Software Snack Bites • 23 implied HN points • 03 Oct 23
💼 Business Mergers & Acquisitions
  1. Traditional tech M&A is slowing down, but startups are finding new opportunities with non-tech companies acquiring tech startups for talent and technology.
  2. More companies are realizing the importance of tech acquisitions to evolve their products and internal systems, especially with the rise of AI.
  3. Transitioning to tech acquisitions can be beneficial for companies, as seen with Roper's success in becoming a majority vertical software business.

2022 M&A in Cybersecurity

The Security Industry • 15 implied HN points • 02 Apr 23
🕹 Technology Mergers & Acquisitions
  1. In 2022, the cybersecurity industry saw 332 acquisitions, with the largest deal being VMware acquired by Broadcom for $60 billion.
  2. Most of the acquisitions in 2022 were strategic, where one vendor acquired another, like Google buying Mandiant.
  3. Special Purpose Acquisition Corps (SPACs) were used for acquiring cybersecurity companies, with notable large deals taking advantage of lower valuations.

Issue #97: PayPal Fails To Excite The Market With Its New Features, TikTok Wants Every Post To Be Shoppable, And Klarna Drops A Subscription Product

Fintech Radar • 6 implied HN points • 31 Jan 24
💰 Finance Mergers & Acquisitions
  1. PayPal failed to impress the market with its new features, losing momentum after an initial spike in stock value.
  2. TikTok is testing a feature to make every post shoppable, aiming to boost its e-commerce business with enhanced shopping experiences.
  3. Klarna introduced a $7.99 subscription plan 'Klarna Plus' to generate recurring revenue as it gears up for its IPO, reflecting mixed opinions on the BNPL industry.

Afridigest Fintech Review: Carbon captures Vella to bring about business banking breakthrough

Afridigest • 0 implied HN points • 19 Feb 24
💼 Business Mergers & Acquisitions
  1. Two fintech financing transactions and two M&A deals were announced recently in the African fintech scene.
  2. Tunisia joined the Pan African Payments and Settlement System (PAPSS), becoming the thirteenth central bank member and the first from North Africa.
  3. Notable companies like Carbon, Vella Finance, Flutterwave, and executives from various fintech organizations were highlighted in the Fintech Review.

Will Corporate Governance Reforms In Japan Lead to More Inward FDI?

Japan Economy Watch • 0 implied HN points • 18 Nov 21
💼 Business Mergers & Acquisitions
  1. American business leaders in Japan believe that corporate governance reforms could lead to more acquisitions of healthy Japanese businesses by foreign companies.
  2. Despite corporate governance reforms aiming for better efficiency and profitability, companies have not significantly divested or improved their core competencies.
  3. Recent data shows that despite improvements in profitability, it may be due to artificial factors rather than actual corporate efficiency gains.

The Yahoo! Chronicles! Is this the End Game?

Musings on Markets • 0 implied HN points • 07 Dec 15
💼 Business Mergers & Acquisitions
  1. Yahoo has struggled to find its place in the tech world after losing the search engine battle to Google. Most of its value comes from investments in Alibaba and Yahoo Japan, not from its own business.
  2. Marissa Mayer, Yahoo's CEO, faced a tough challenge because she had little control over the company's most valuable assets. Many thought she could turn things around, but the odds were against her from the start.
  3. Instead of taking massive risks to try and save the company, experts suggest Yahoo should focus on selling off its operating business and return value to shareholders. This could mean changing its focus to just being a holding company for its more successful investments.

Storied Asset Sales: Valuing and Pricing "Trophy" Assets

Musings on Markets • 0 implied HN points • 15 Aug 15
💼 Business Mergers & Acquisitions
  1. Trophy assets are unique and rare, often gaining value from their scarcity, history, or recognition. This means they can be very desirable when they go up for sale.
  2. These assets usually generate cash flow, making them more like traditional investments rather than just collectibles. Their value can be assessed based on their potential earnings.
  3. When people label an asset as a trophy, it can suggest that buyers might be paying a premium due to emotional reasons, rather than just financial ones. Sometimes, this is justified if the asset offers future growth or synergies.

Facebook buys Whatsapp for $19 billion: Value and Pricing Perspectives

Musings on Markets • 0 implied HN points • 20 Feb 14
💰 Finance Mergers & Acquisitions
  1. There are two main ways to look at investments: as traders who focus on prices or as investors who focus on value based on fundamentals. Both sides have their strengths, but it's important to understand their differences.
  2. For Facebook's purchase of WhatsApp, focusing on user numbers and engagement is crucial for traders, as these factors heavily influence pricing and market value.
  3. It's risky for both investors and traders to assume that their perspective will control the market, as trends can shift from user numbers to profits unexpectedly.

Michael Dell's Conflicted Buyout

Musings on Markets • 0 implied HN points • 12 Feb 13
💰 Finance Mergers & Acquisitions
  1. Management buyouts can create conflicts of interest, especially when managers are involved in both selling and buying their own company. This can lead to questions about whether they really represent the best interests of shareholders.
  2. To justify their buyout offers, managers may use arguments that might not fairly reflect the company's true value. They often hire investment banks for appraisals, but these banks might be biased because they benefit from the deal going through.
  3. Investors have different choices when facing a buyout offer. They can simply accept the offer, express their frustration, or try to rally support from other shareholders to negotiate a better deal.

Acquisition Hubris: Over confident CEOs and Compliant Boards

Musings on Markets • 0 implied HN points • 04 Dec 12
💼 Business Mergers & Acquisitions
  1. Overconfident CEOs often push for acquisitions without proper analysis, leading to potential value destruction for shareholders. It's important for decisions to be discussed and thoroughly vetted before proceeding.
  2. A compliant board of directors can fail to challenge a CEO's acquisition decisions, allowing unchecked authority that may result in bad deals. Good governance means the board should actively protect shareholder interests.
  3. Research shows that overconfident CEOs are more likely to pursue acquisitions, but those deals often receive negative reactions from the market. It's vital for investors to watch how boards function in these situations.

Breaking up is easy to do...

Musings on Markets • 0 implied HN points • 21 Sep 11
💼 Business Mergers & Acquisitions
  1. Many companies break up into smaller parts to increase their value. Sometimes, they think the whole company is worth less than its pieces.
  2. Breaking up can also help companies avoid problems with laws or reputations that drag them down. It's like getting rid of your bad parts to make the good parts shine.
  3. But not all breakups are smart. Sometimes, companies lose benefits like shared resources or have a harder time getting money after splitting up.

Why the UK’s Decision to Block the Microsoft-Activision Acquisition Could Hamper Future Entertainment Industry Mergers

The Entertainment Strategy Guy • 0 implied HN points • 04 May 23
💼 Business Mergers & Acquisitions
  1. The UK's decision to block the Microsoft-Activision merger could impact future entertainment industry mergers.
  2. There is a bipartisan push for stronger antitrust laws to prevent monopolies and improve competition in all industries.
  3. Antitrust considerations are becoming crucial in evaluating potential mega-mergers in the entertainment business.