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Posted February 24, 2026 at 12:00 pm
From a possible Warner Bros Discovery counterbid to GSK’s siRNA pact and Citi’s Banamex stake sale, a string of tie-ups showed buyers still want growth even when prices stay private.
M&A talk picked up this week across healthcare, finance, and insurance, with some big-name deals announced and several others keeping valuations under wraps.
Healthcare set the tone: Frontier Biotechnologies granted GSK worldwide rights to develop two small interfering RNA (siRNA) kidney-disease therapies, in a pact worth up to $1 billion if milestones are met. In finance, Citigroup agreed to sell 24% of Banamex to institutional investors and family offices for about $2.5 billion, as it continues trimming its international sprawl. And in insurance, Zurich’s local unit said it would buy ClearView Wealth for A$408.3 million (about $288.3 million) to add fee-based revenue. Elsewhere, deals like Einride’s majority-stake sale of its design organization and Cando Rail’s planned purchase of Savage Rail signaled “strategy first, price later” expansion.
For markets: Private prices still send public signals.
Even without full price tags, the deal mix shows where executives see resilient demand. Milestone-heavy biotech tie-ups like GSK’s siRNA pact let big drugmakers buy pipeline options while managing risk. And Citi finding buyers for a multibillion-dollar Banamex stake suggests institutional appetite is still there for scaled consumer franchises and for simplification stories that can free up capital.
Zooming out: Scale is back in style.
Many of these moves are about distribution and recurring revenue. Zurich’s ClearView deal adds wealth-management fees, while rail M&A like Cando–Savage aims to widen networks across North America. When companies are willing to do transactions without immediately sharing the numbers, it usually signals confidence that size and reach will matter more – and that financing windows are open enough to act.
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Originally Posted February 24, 2026 – Dealmakers Stayed Busy Across Media, Pharma, And Finance
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