Mergers & Acquisitions
Case studies on mergers & acquisitions.
The Coca-Cola Company: Re-Architecting the Global Beverage Giant
Explore Coca-Cola’s asset-light business model, beverage portfolio, pricing strategy and acquisition decisions. Includes financial exhibits and six discussion questions on corporate strategy, operations and risk. Read case
908 Devices: Commercializing NIRLAB Without Losing Focus
In May 2026, 908 Devices acquired NIRLAB, a Swiss developer of handheld near-infrared (NIR) chemical-analysis tools linked to mobile and cloud software. The acquisition added a new screening method and a subscription-based software offer to 908's handheld portfolio. Three months later, 908 reported second-quarter revenue growth and raised the low end of its 2026 outlook. Read case
AAR Corp.: Integrating MRO Holdings Without Losing the Operating Edge
On September 28, 2026, AAR Corp. announced a definitive agreement to acquire a 65% controlling interest in MRO Holdings, a heavy airframe maintenance provider. The agreement was signed, but the acquisition had not closed. Closing was expected in AAR’s fiscal third quarter ending February 2027, subject to regulatory approvals and other customary conditions. Read case
Abbott and Exact Sciences: How Much Integration, and Where?
Six months after Abbott completed its acquisition of Exact Sciences, the combined company had reported its first full quarter with Exact included in reported results. Abbott's acquisition presentation forecast at least $100 million in annual pretax synergies by 2028 and projected earnings dilution through 2027. Read case
AbbVie and Apogee: Who Owns the Next Clinical Decision?
On September 3, 2026, AbbVie completed its all-cash acquisition of Apogee Therapeutics, with an approximately $10.9 billion equity value. Apogee shareholders received $135.11 per share. The transaction added a clinical-stage portfolio focused on inflammatory and immunological diseases, including atopic dermatitis and asthma. Read case
ABM Industries’ M&D Growth: What Follows Boise?
ABM Industries had expanded its Manufacturing & Distribution (M&D) business through organic growth and the February acquisition of WGNSTAR, a semiconductor-focused technical services provider. In September, ABM announced a Boise Technical Training Center expected to support about 500 participants annually at launch. Read case
Acacia Research: Rules for the Next Dollar
Acacia Research Corporation acquires and operates businesses and intellectual-property assets across industrial, energy, and technology sectors. At the end of Q2 2026, management highlighted $334.6 million in cash, cash equivalents, fair-value equity securities, and loans receivable; it also said the company had no parent-company debt and an active acquisition pipeline. Read case
Acadia Healthcare: Where Should the Next Growth Dollar Go?
Acadia Healthcare had added 322 beds during the first half of 2026 and said it was still ramping occupancy at facilities opened in recent years. At the same time, its second-quarter same-facility revenue was nearly flat, even as admissions and patient days increased. Management lowered its fiscal 2026 capital-spending outlook and raised its operating-cash-flow forecast. Read case
Accenture: Where Should the Next Investment Go?
On October 1, Accenture reported fiscal 2026 revenue growth of 5% in local currency, $84.5 billion in bookings, and $11.6 billion in free cash flow. Read case
The AES Corporation: Capital Allocation During a Pending Take-Private
On the evening of August 5, 2026, AES Corporation faced a portfolio decision under unusual constraints. The company had signed a $15-per-share agreement to be acquired by a consortium led by Global Infrastructure Partners and EQT. Shareholders had approved the transaction, and the HSR waiting period had expired, but other regulatory approvals and closing conditions remained. Read case
Agilent Technologies: Integrating Biocare—How Fast, and Where?
Nearly three months after completing its acquisition of Biocare Medical, Agilent Technologies had a choice to make about how the two organizations would work together. The deal was closed, and Biocare had joined Agilent’s Life Sciences and Diagnostics Markets group. Read case
Allegion: what should the incoming International president prioritize?
On September 8, 2026, Allegion disclosed a leadership transition for its International segment. Serge Zappone, then vice president and general manager for Allegion APAC, would become President, International and Senior Vice President on January 1, 2027. He would report to Allegion President and CEO John Stone. Timothy Eckersley planned to retire at year-end. Read case
Amcor and Berry: Is Scale Worth the Shares?
On 19 November 2024, Amcor and Berry Global announced an all-stock combination. Their boards had unanimously approved and signed the agreement. Amcor shareholders would later vote yes or no on issuing Amcor shares under that agreement; Berry shareholders would vote separately on the merger. The proxy materials and shareholder vote were still ahead. Read case
American Express: Where should growth investment go while travel recovers?
On April 23, 2021, American Express faced a split recovery. Q1 Goods & Services (G&S) spending on its proprietary cards was above Q1 2019, while travel and entertainment (T&E) spending remained far below its Q1 2019 level. The company had just reported 2.1 million new proprietary cards for the quarter and said added value on several premium products was helping engagement. Read case
American Water: sequencing a regulated growth plan under merger uncertainty
American Water’s September 2026 investor presentation laid out a large standalone growth plan: $17.0–17.5 billion of regulated system investment and $2.0–2.5 billion of regulated acquisitions from 2026 through 2030, or $19–20 billion in total. The longer 2026–2035 plan was $46–48 billion. Read case
AMETEK: Integrating Indicor Without Losing What It Bought
On 26 August 2026, AMETEK completed its $5.0 billion all-cash acquisition of instrumentation businesses from Indicor. AMETEK said the acquired businesses would join EIG or EMG according to product offerings and market alignment. That disclosed assignment establishes where the portfolio sits in the organization. Read case
Amgen Inc.: Pricing Amjevita for the U.S. Humira market
Amgen had a date for entering the U.S. market with Amjevita, its biosimilar to AbbVie’s Humira, but no public launch price or payer-contracting offer. The agreed U.S. license date was 31 January 2023, four months away. Read case
Amphenol — Integrating CommScope CCS
Amphenol completed its acquisition of CommScope’s Connectivity and Cable Solutions business on 9 January 2026. Eight months later, the acquisition had materially expanded Communications Solutions, the segment that sells products into communications networks and IT datacom markets. Read case
Aon and Willis Towers Watson — The Value of Scale
On 9 March 2020, Aon plc and Willis Towers Watson (WTW) announced a definitive agreement to combine in an all-stock transaction. WTW shareholders would receive 1.08 shares of the new Aon for each WTW share, a stated 16.2% premium to WTW's closing price on 6 March. Read case
Arthur J. Gallagher & Co.: Integrating AssuredPartners
By September 2026, Arthur J. Gallagher & Co. (Gallagher) was still integrating AssuredPartners (AP), the large brokerage business it acquired in 2025. The company had also announced smaller acquisitions with different public descriptions of team location and leadership. Read case
Assurant and the Smartphone’s Second Life
On August 3, 2023, Assurant filed its second-quarter report. Global Lifestyle, the segment that includes Connected Living and Global Automotive, had generated more revenue than a year earlier, but its adjusted earnings were lower. Inside Connected Living, mobile subscribers and extended service contracts in North America were growing modestly. Read case
AvalonBay Communities — When Should the Next Building Start?
On February 27, 2025, AvalonBay Communities (AVB) filed its annual report for the year ended December 31, 2024. The apartment owner and developer had reported solid same-store results, but the performance varied across its markets. Read case
Baker Hughes: governing the Chart integration
On July 16, Baker Hughes completed its acquisition of Chart Industries. Twelve days later, the transaction had become an operating-design question. Baker Hughes had described Chart as a third reporting segment while also targeting shared procurement, support functions, manufacturing practices, engineering and commercial coordination, and lifecycle services. Read case
Baxter and Hillrom: integrating without disrupting care
On Monday, 13 December 2021, Baxter International announced that it had completed its acquisition of Hillrom. Baxter had paid $156 in cash for each Hillrom share, for a purchase price of approximately $10.5 billion based on shares outstanding at closing. Read case
Biogen: Turning a Major Acquisition into Sustainable Growth
On May 14, 2026, Biogen completed its acquisition of Apellis Pharmaceuticals. The deal added two marketed medicines, SYFOVRE for geographic atrophy (GA) associated with age-related macular degeneration, and EMPAVELI for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (primary IC-MPGN). Read case
BlackRock: connecting scale to private-markets capability
BlackRock manages assets across index, active and private markets and operates technology platforms used by investors and financial institutions. Its acquisition of HPS Investment Partners brought a large private-credit business into the company. Read case
Broadcom and VMware: How Far Should the Bundle Go?
On December 20, 2024, Broadcom filed its fiscal 2024 annual report. It was the first full fiscal year in which Broadcom’s results included VMware, acquired in November 2023. VMware brought a large infrastructure software business into a company whose other major business was semiconductors. Read case
Broadridge Financial Solutions: How to sequence a platform launch?
On 16 September 2024, Broadridge Financial Solutions announced Global Asset Servicing, a platform bringing together more than 18 components across capital markets, wealth management, asset management and global custody. The listed services included tax and performance reporting, cost basis, proxy, class actions, reclaims and global custody. Read case
Builders FirstSource: Buying Growth in a Housing Downturn
On 30 April 2026, Builders FirstSource (BLDR) released first-quarter results and disclosed that its board had announced a total authorization of up to $500 million for share repurchases, including approximately $200 million remaining from the April 2025 authorization. It did not require the company to buy any particular number of shares and could be changed or suspended. Read case
Bunge and Viterra: What Should the Remedy Package Protect?
On 13 June 2023, Bunge and Viterra announced an agreement to combine their global agribusiness operations. Bunge described the businesses as complementary across crops, regions and seasons. Read case
Cadence Design Systems — Integrating BETA CAE
On 3 June 2024, Cadence Design Systems announced that it had completed its acquisition of BETA CAE Systems International AG. Cadence described BETA CAE as a provider of multi-domain engineering simulation and analysis software with a strong automotive footprint and customers in aerospace, industrial, and healthcare. Read case
California Resources: where should the next dollar go?
You are advising a hypothetical CRC capital-allocation team after Carbon TerraVault I (CTV I) began injecting carbon dioxide in May 2026. Read case
Camden National: integrating Northway without losing the relationship franchise
On November 7, 2024, Camden National Corporation filed its latest quarterly report. The company had announced its agreement to acquire Northway Financial two months earlier. Both boards had approved the agreement, but the transaction still needed Northway shareholder and regulatory approvals. Read case
Capital Bancorp: sequencing integration within a disclosed conversion baseline
Capital Bancorp had agreed to be acquired by Peoples Bancorp in an all-stock transaction. Both boards had approved the agreement, but shareholder and regulatory approvals and other closing conditions remained. Management expected the combination to close in the first half of 2027. Read case
Capital One: How far should the card portfolio travel?
Capital One’s acquisition of Discover created an opportunity to operate a large card issuer and a payments network under one corporate roof. It also created two migration streams that are easy to confuse. One moves Discover-originated accounts onto Capital One technology. The other routes Capital One-branded cards over Discover Network. Read case
Cardinal Health: Capital Priorities After the CVS LOI
On October 1, Cardinal Health announced a binding letter of intent to extend its pharmaceutical distribution agreement with CVS Health through June 30, 2032, on the current distribution-service scope. That same day, McKesson announced an agreement in principle to extend its own CVS distribution partnership through June 2032. Read case
Cardinal Infrastructure Group: integrate Allied or keep acquiring?
You advise Cardinal Infrastructure Group’s leadership on October 2, the day after Allied Paving closed. Cardinal has spent the past year expanding its site-civil platform and now has a newly amended acquisition facility. Read case
Carrier Global — Debt, Investment or Repurchases?
Carrier Global had spent the previous year changing what kind of company it wanted to be. It acquired Viessmann Climate Solutions (VCS), a European heating and energy business, and agreed to sell three businesses in fire protection, security and commercial refrigeration. A fourth fire business remained for sale. Read case
CDW and Sirius: Building the Next Layer of Customer Solutions
In late February 2022, CDW’s leadership had a newly combined business to organize. The company had completed its acquisition of Sirius Computer Solutions on 1 December 2021. Read case
Chevron and Hess: Is Guyana Worth the Uncertainty?
On February 26, 2024, Chevron and Hess filed their 2023 annual reports. Chevron’s filing described unresolved questions around Hess’s 30% interest in the Stabroek Block offshore Guyana, alongside the pending Federal Trade Commission review of the proposed merger. Read case
Citigroup Inc. — How Much “One Firm”?
In May 2026, Citigroup described five connected businesses—Services, Markets, Banking, Wealth and U.S. Consumer Cards—and a “one firm” approach to serving clients across them. The design put relationship teams, shared client information, referral processes and incentives around the full client relationship. Read case
Clorox — How Much of Nutranext Should It Integrate?
One month after closing its $700 million acquisition of Nutranext, The Clorox Company faced an implementation choice. Nutranext brought four supplement brands and retail, e-commerce and direct-to-consumer (DTC) channels. Clorox said it could contribute brand building, innovation, digital marketing and retailer relationships. Read case
Coherent Corp. — Sequencing the Datacom Ramp
On 1 March 2024, Coherent’s strategy team is preparing for its next operating review. Read case
Colgate-Palmolive: Turning capacity into Hill’s growth
On September 30, Colgate-Palmolive completed its purchase of three dry pet-food plants from Red Collar Pet Foods. The plants—in Orangeburg, South Carolina; Clinton, Oklahoma; and Washington Court House, Ohio—were expected to join Hill’s Pet Nutrition’s network and make products for Hill’s Science Diet and Prescription Diet. Read case
Constellation Energy: Governing the Next Wave of Large Loads
Assume you advise Constellation’s board in a hypothetical autumn 2026 policy discussion. Recommend how the company should evaluate future, not-yet-committed large-load proposals near its generation assets. Set approval gates for system reliability, cost allocation, customer flexibility and credit, contract risk, accountable decision-makers, exceptions, and ongoing monitoring. Read case
Copart and ACV: How Much Integration After the Deal?
On September 10, 2026, Copart agreed to acquire ACV Auctions for $10.50 per share in cash, an announced equity value of approximately $1.9 billion. Read case
Corpay: How Far Should the Agent Go?
By early October 2026, Corpay had announced several AI capabilities in Corpay Complete. Its latest release described agents for spend insights, expense creation by voice, and accounting coding. Earlier in the year, it had announced an AI Virtual Assistant and Agent Card, a capability intended to let trusted AI agents create and use virtual cards within payment controls. Read case
Cabot–Cimarex — Should Shareholders Approve the Merger?
On 13 August 2021, Cabot Oil & Gas and Cimarex Energy filed Amendment No. 1 to Form S-4, containing a preliminary joint proxy/prospectus, ahead of shareholder meetings scheduled for 29 September. Cimarex shareholders would vote on the merger; Cabot shareholders would vote on the share issuance and a charter amendment required by the transaction. Read case
CRH and Arcosa: How should integration create value?
CRH plc has agreed to acquire Arcosa, Inc. The shareholder vote is complete, and the companies describe the expected closing period as the first quarter of 2027, subject to regulatory and other customary conditions. Read case
Cummins: Which Zero-Emissions Path Should Accelera Prioritize?
This case places a hypothetical Cummins team at a strategic crossroads using information available when the company’s Q3 earnings-release 8-K was accepted by the SEC on November 2, 2023, at 7:47:13 a.m. Eastern Time. The case stops before Cummins’ 10:00 a.m. earnings call and later Q3 Form 10-Q filing. Read case
Danaher — Integrating Masimo Without Diluting Its Edge
Julie Sawyer Montgomery had become Danaher's President and CEO two days earlier. She had spent years in Diagnostics, first leading Beckman Coulter Diagnostics and later serving as the executive responsible for the Diagnostics platform. She had also led Danaher's acquisition of Masimo. Read case
Darden Restaurants: converting a portfolio, preserving the brands
On February 3, 2026, Darden Restaurants announced that it would close about half of its Bahama Breeze restaurants and convert the rest to other Darden brands. By May 31, one conversion had been completed. Read case
Devon Energy: Funding the Next Barrel
On August 6, Devon Energy reported its second-quarter results. The company had generated $1.535 billion in operating cash flow and $587 million in free cash flow during the quarter. It had also agreed to spend $5 billion to acquire Grayson Mill Energy’s Williston Basin business. The deal was still pending. Read case
Dexcom: Where Should Stelo Begin?
On July 25, 2024, Dexcom reported second-quarter revenue of $1.004 billion, up 15% from a year earlier. U.S. revenue grew 19%. Read case
Diamondback Energy: Choosing the Next Use of Cash
On August 3, 2026, Diamondback Energy reported second-quarter production above one million barrels of oil equivalent per day, strong cash generation, and lower debt. The company also raised its full-year production guidance while leaving its cash-capital budget unchanged. Its board had recently enlarged the share-repurchase authorization. Read case
Dover Corporation — Choosing the Next Moves Across a Diverse Portfolio
Imagine joining Dover’s corporate strategy team on March 1, 2024. For the next planning cycle, you are asked to recommend how the company should evaluate and sequence proposals across its five businesses. The assignment is to define the next steps and the evidence each step should require—not to divide a disclosed pool of money. Read case
Eaton and Royal Power Solutions: Integrating an Electrification Specialist
On January 5, 2022, Eaton announced that it had completed its acquisition of Royal Power Solutions, a manufacturer of high-precision electrical connectivity components. Assume you are advising a hypothetical integration lead for Eaton as the new owner. Read case
eBay and Depop: What to Share, What to Keep
In October 2026, eBay has recently completed its acquisition of Depop, a mobile-first, community-powered fashion resale marketplace. eBay says it intends to preserve Depop’s distinct brand, platform, customer experience, and culture while helping it grow and exploring capabilities eBay can contribute. Read case
EchoStar — Financing the 5G Build
On August 9, 2024, EchoStar published results for the first half of the year and filed its quarterly report. The company was investing in a nationwide 5G network while using wholesale networks to serve most wireless customers. It had regulatory buildout deadlines less than a year away, a large debt maturity in November and much less cash than it held at year-end. Read case
Ecolab — Integrating CoolIT
On 2 July 2026, Ecolab completed its approximately $4.75 billion cash acquisition of CoolIT Systems, a supplier of coolant distribution units (CDUs), cold plates and direct-to-chip cooling systems for data centers. Ecolab said it planned to introduce a combined platform at SC26 in November: CoolIT hardware alongside Ecolab's 3D TRASAR digital optimization and cooling fluids. Read case
EMCOR Group: What Does the Backlog Say?
EMCOR Group, Inc. (NYSE: EME) installs, renovates and maintains electrical and mechanical systems in commercial, industrial and institutional facilities. On July 30, 2026, the company reported record second-quarter revenue and operating income, alongside a record $17.1 billion of remaining performance obligations (RPO). Read case
Equity Residential — Building the Operating Model Before the Merger
On July 30, Equity Residential and AvalonBay Communities announced that the company they planned to create would be called Vivmark Residential. The announcement advanced the public identity of a deal that remained pending: each company still needed shareholder approval and other closing conditions had to be met. Read case
Essex Property Trust: Reading the Coastline
On July 29, Essex Property Trust announced second-quarter results and raised its full-year 2026 guidance. Same-property revenue grew 2.7% year over year, and same-property net operating income (NOI) grew 2.6%. The company reported stronger same-property revenue growth in Northern California than in Southern California or Seattle Metro. Read case
Everpure: Funding the Next Growth Vectors
On September 23, Everpure set out a broader growth plan for the years ahead. Management described four vectors: Core and Core AI; Modern Data Software; Scale AI; and Hyperscale Solutions. The company said the newer vectors were expected to contribute about 20% of revenue by fiscal 2030 and offered a preliminary fiscal 2028 outlook. Read case
EverQuote: Reinvest, Wait, or Diversify?
After a sharp retrenchment, EverQuote was seeing early signs that auto insurers were returning to customer acquisition. EverQuote's first-quarter results beat its guidance, and a larger marketplace competitor had just reported a sharp re-ramp in auto-insurance carrier spending. Read case
EVERTEC: Pacing Repurchases After Sinqia
On March 7, 2024, EVERTEC had $150 million of repurchase authorization remaining after agreeing the previous day to a $70 million ASR. The authorization allowed repurchases through December 31, 2025, subject to business opportunities and other factors. It did not require the company to repurchase the full amount, nor did it establish that $150 million was set aside as cash. Read case
EVI Industries: Planning GNA’s Systems Transition
On 6 March 2025, EVI Industries had publicly filed an agreement to acquire Girbau North America, Inc. (“GNA”), a commercial-laundry equipment distributor. The stock purchase agreement had been signed on 28 February, but the transaction had not closed. EVI’s filing said closing was expected within 30 days, subject to conditions. Read case
Evolution Petroleum: How Much Flexibility Should a Small E&P Keep?
Use only the cited written sources available by the cutoff. The information set excludes remarks or a transcript from the September 17 earnings call, which was scheduled to begin before the 10-K acceptance time. Read case
The E.W. Scripps Company: Evaluating an Unsolicited Proposal
On November 24, 2025, Scripps publicly confirmed that it had received an unsolicited acquisition proposal from Sinclair. Scripps said its Board, in consultation with legal and financial advisers, would review the proposal and decide what course it believed best served the company, shareholders, employees and communities. Read case
ExlService Holdings — Bringing iMerit into EXL’s AI Platform
ExlService Holdings (EXL) completed its acquisition of iMerit on August 3, 2026. EXL had announced that it would integrate iMerit’s Ango platform with EXLerate.ai, EXLdata.ai and EXLdecision.ai. iMerit’s founder and chief executive, Radha Ramaswami Basu, became an EXL executive vice president, Head of iMerit and a member of EXL’s executive committee. , Read case
Expand Energy: Integrating a Gas-Marketing Platform
Expand Energy completed its acquisition of Twin Eagle Holdings, N.A., LLC on September 16, 2026. The close release also said Dan Turco would serve as EVP of Commercial Activities, focus on LNG, and assist with gas-marketing integration. Read case
Extra Space Storage — How Local Should Pricing Be?
Imagine joining Extra Space Storage’s portfolio strategy team on March 1, 2024. The company has completed its Life Storage merger and issued separate 2024 same-store outlooks for legacy Extra Space (EXR) and Legacy Life Storage (LSI) pools. You are asked to recommend how the company should organize the next phase of pricing review across the two groups. Read case
Fifth Third Bancorp: When should the next Texas branches open?
On September 15, Fifth Third Bancorp said it planned to open 150 branches in Texas by 2029 and had identified more than 100 potential locations. Management described the initiative as applying a Southeast growth playbook to Comerica's established Texas franchise. The company characterized the initial marketing response as strong. Read case
Fox and Tubi: Keep the Service Free or Test an Ad-Free Tier?
On September 16, 2020, Tubi reported that its monthly active users had reached 33 million in August, up 65% year over year. It also said monthly viewing had exceeded 200 million hours since April and averaged 104% year-over-year growth. Tubi's footnote defines monthly active users (MAU) as unique devices interacting with Tubi-branded apps. Read case
Franklin Crypto: How Much to Integrate?
A little over three months after closing its acquisition of 250 Digital, Franklin Templeton is deciding how to organize the new Franklin Crypto division over its first full year. Read case
Garmin: Integrating Coach-Led Training Platforms
On July 22, 2026, Garmin announced that it had acquired TrainingPeaks and TrainHeroic, platforms serving endurance and strength athletes and coaches. Garmin said the products would expand access to coach-led training experiences and that 120 associates would join the company. The announcement did not disclose financial terms, acquired-platform results, or a product roadmap. Read case
Strategy Case: GE HealthCare — Turning Precision Care into a Portfolio
On February 13, 2025, GE HealthCare reported its 2024 results and filed its annual report. The company described a year of product launches, acquisitions, margin improvement, and continued investment in its “precision care” strategy. It also reported only 1% revenue growth, a 15% decline in its China region, and free cash flow below the prior year. Read case
GE and Alstom: Full Ownership or Shared Control?
General Electric (GE) had already made a binding offer to acquire Alstom's Thermal, Renewables, and Grid businesses. On April 30, GE announced consideration with an enterprise value of $13.5 billion (€9.9 billion), plus €2.5 billion of net cash, for total consideration of €12.35 billion. Read case
Global Payments: Integrating for Scale Without Losing the Fit
On Monday, January 12, Global Payments announced that it had completed its acquisition of Worldpay and the sale of its Issuer Solutions business to FIS. The transactions had legally closed three days earlier, on January 9. Read case
Globe Life: How fast should AIL grow?
Globe Life had just reported another quarter of growth at American Income Life (AIL), its largest life-insurance distribution channel. On April 11, Globe Life issued a response to public allegations about AIL sales practices, calling them misleading and unsubstantiated and saying it intended to provide a fuller rebuttal. Read case
The Hartford — Should the Board Open the Door to Chubb?
On March 18, 2021, The Hartford Financial Services Group’s board is weighing how to respond to an unsolicited proposal from Chubb. The Hartford has confirmed receipt and said its directors are carefully considering the proposal with financial and legal advisers. Read case
HCA Healthcare: where should the next dollar of growth go?
By the close of November 10, HCA’s November 9 Investor Day materials and replay were public. The presentations described a company expanding both hospitals and outpatient access points. They also pointed to a large pool of emergency visits outside HCA’s network and to long-term earnings-growth targets. Read case
Healthpeak Properties: How fast should Janus Living grow?
Healthpeak Properties created Janus Living as a publicly traded, RIDEA-structured senior-housing REIT. Janus completed its IPO in March 2026. Healthpeak retained 73.6% of Janus’s equity at June 30 and manages the company through an indirect subsidiary; public investors held the remaining 26.4%. Read case
Hologic: Integrating Sonata into GYN Surgical
Hologic’s acquisition of Gynesonics added Sonata to a portfolio that already included several products used in gynecologic surgery. The acquisition had closed earlier that year. A hypothetical assignment asks you, as a member of GYN Surgical leadership, to recommend how Hologic should organize Sonata’s commercial and clinical-support work over the next 12 months. Read case
Home Depot — Building the Pro Ecosystem
You are an outside strategy adviser preparing a memo for an investment committee. The committee wants to assess the strategic logic behind Home Depot's expansion into specialty distribution for professional contractors (“Pros”). It is not asking for a stock-price target or a financial model. Read case
Honeywell at a portfolio crossroads: Should Aerospace stand alone?
At 6:00 a.m. Eastern on December 16, Honeywell said its board was continuing a comprehensive portfolio evaluation and exploring additional alternatives, “including the potential separation” of Aerospace. Feasibility and possible timing remained under evaluation, with an update expected alongside fourth-quarter results. Read case
Host Hotels & Resorts: What Should the Next Dollar Do?
By the close of November 2, Host Hotels & Resorts (HST) had reported third-quarter results and announced a substantial reinvestment program with Hyatt. The company was still navigating uneven hotel demand, margin pressure, insurance proceeds, hurricane and wildfire disruption, and a sizable capital plan with some spending already planned. Read case
Hubbell Incorporated: Where Should the Next Dollar Go?
Hubbell's third-quarter results showed a portfolio moving in different directions. Utility Solutions grew 11% in reported sales, but its organic sales fell about 4%; acquisitions added about 15%. Electrical Solutions' reported sales fell 5%, while its organic sales increased about 3% and a divestiture reduced sales about 8%. Read case
Ingersoll Rand — How Should Lone Star Be Integrated?
Ingersoll Rand has added Lone Star Blower, doing business as Lone Star Turbo, to its Industrial Technologies and Services (IT&S) segment. The two businesses have complementary-looking products and services: Lone Star makes engineered blower and compressor systems and controls, and has application-engineering, service, and rental capabilities. Read case
Intel — Funding the Foundry
At 4:04 p.m. on September 16, Intel CEO Pat Gelsinger sent employees a public update on the company’s next phase. Intel would move toward making its manufacturing operation—Intel Foundry—an independent subsidiary within Intel. The stated aim was to give external customers and suppliers clearer separation while preserving collaboration with Intel’s product businesses. Read case
Intercontinental Exchange — One Fixed-Income Ecosystem?
On July 30, 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess, an electronic fixed-income trading platform. ICE described the combination as a way to connect MarketAxess’s institutional investor and broker-dealer network with ICE’s retail and wealth bond trading, fixed-income data, analytics and indices. Read case
IBM: integrating HashiCorp without narrowing the ecosystem
IBM had completed its acquisition of HashiCorp in February 2025. The strategic logic was broad: combine IBM's hybrid-cloud portfolio and enterprise reach with HashiCorp's infrastructure automation and security products. Public statements pointed to potential connections between Terraform and Ansible, and between Vault and Red Hat OpenShift. Read case
International Paper: How Far Should the Company Go for DS Smith?
On March 27, 2024, an executive working group at International Paper (IP) must advise whether to keep negotiating with DS Smith and prepare a firm offer, subject to a maximum exchange ratio and specific diligence gates, or to end discussions and pursue IP’s standalone operating and capital-allocation plan. Read case
Invitation Homes — Choosing the Next Sourcing Channel
Invitation Homes had grown by acquiring and operating single-family rental homes across major U.S. markets. Its disclosed sourcing included purchases of existing homes and partnerships with third-party homebuilders. Read case
JBS N.V. — Should It Pursue Full Ownership of Pilgrim’s Pride?
On August 18, JBS N.V. proposed exchanging 2.086 of its Class A shares for each share of Pilgrim’s Pride Corporation (PPC) it did not already own. JBS reported that it held approximately 82% of PPC. The proposal was nonbinding and could be modified or withdrawn. Read case
JBT Marel: Where Should Integration Attention Go?
On 18 August 2026, JBT Marel's leadership team faced a resource-allocation problem that the headline synergy target could not answer by itself. The company had combined JBT and Marel to offer customers a wider set of food-processing technologies and to capture cost savings. Read case
Jefferson Capital: Which Consumer Debt Should It Buy Next?
Jefferson Capital had built its business around acquiring consumer debt portfolios and collecting on them. Its June 2025 prospectus described U.S. purchases of performing loans as an area for expansion. The company said it had selectively acquired performing pools in 2022 and 2023 and believed its experience in distressed debt could transfer to them. Read case
JetBlue Airways — The Spirit Decision
On 7 March 2023, the U.S. Department of Justice (DOJ), joined by Massachusetts, New York, and the District of Columbia, sued to block JetBlue Airways’ proposed acquisition of Spirit Airlines. JetBlue and Spirit said they would continue to advance the transaction. Read case
John Marshall Bancorp and Eagle Financial Services — Integrating Two Community Banks
On 8 September 2026, John Marshall Bancorp and Eagle Financial Services announced that they had signed an all-stock merger agreement. At the cutoff, both shareholder votes and required regulatory approvals remained outstanding; the companies expected a close in early Q1 2027, subject to conditions. The transaction had not closed. Read case
John Wiley & Sons: Sequencing the Emerald Integration
On 4 September 2026, John Wiley & Sons had filed its first quarterly report since acquiring scholarly publisher Emerald. The report showed Emerald contributing revenue and income, while also recording acquisition and integration costs. Read case
Keurig Dr Pepper — When Should Coffee Stand Alone?
On October 2, 2026, Keurig Dr Pepper (KDP) directors must decide whether to keep preparing for an early-2027 separation of Beverage Co. and Global Coffee Co. while KDP integrates JDE Peet’s, or to defer the separation until integration and standalone readiness are further advanced. Read case
Keysight Technologies: Connecting the Portfolio
On September 19, 2024, Keysight Technologies announced an agreement to acquire Synopsys' Optical Solutions Group, adding optical design and simulation software to a portfolio already expanding through acquisitions. Read case
Kimco Realty — Where Should the Next Dollar Go?
Kimco Realty owns interests in grocery-anchored open-air shopping centers and mixed-use properties. On August 4, 2026, it reported strong leasing and occupancy, alongside two active capital paths. Management anticipated $125–175 million of capital commitments for redevelopment and re-tenanting during the remainder of 2026. Read case
Kraft Heinz: Where Should the Next Investment Go?
By October 2026, Kraft Heinz leaders faced a strategic question that could not be answered by looking at one sales number. The company had paused work on its proposed separation and announced a major commercial investment program. After its second quarter, management raised the 2026 incremental investment estimate again. Read case
Leidos — How Much Integration Is Enough?
On March 27, 2026, Leidos completed its $2.4 billion cash acquisition of ENTRUST Solutions Group (Entrust), a provider of infrastructure design, grid modernization and program-management services primarily to electric, gas and pipeline utilities. Leidos said the acquisition added more than 3,100 professionals and effectively doubled its energy-infrastructure presence. Read case
Lennox International — Confidence in the 2030 Targets
You are an outside strategy adviser preparing a confidence assessment for an investment committee. Lennox International has set 2030 targets of $6.5–$7.5 billion in revenue, a 22–23% segment-profit margin, and free-cash-flow conversion above 90% of net income. Read case
Lumentum: How Much Capacity Before the Orders?
On February 8, 2024, Lumentum's leadership team had a capacity question to resolve. The company had announced production lines in Thailand for advanced datacom transceivers, including 800G and 1.6T products. Management described strong AI-data-center bandwidth demand, traction on new transceiver opportunities and a planned summer capacity ramp. Read case
M&T Bank: Who should own the New England growth agenda?
M&T Bank Corporation entered the second half of 2026 with two priorities on its agenda. Its July investor presentation called for “Operational Excellence”: scalable infrastructure, consistent client experiences, efficiency, and maintained quality and risk standards. Read case
MAA: When should the next apartment project start?
In early August 2026, MAA’s strategy team had a difficult sequencing question. The company had six multifamily developments in its disclosed pipeline, five additional projects in lease-up, and several recent or planned site actions. At the same time, its Same Store net operating income was declining, even as lease pricing had improved sequentially. Read case
Morgan Stanley: Retaining Workplace Stock-Plan Assets After Vesting
On March 1, 2024, Morgan Stanley’s Wealth Management leadership is reviewing how to serve employees whose company stock awards vest. The company reported that its workplace-channel vested-asset retention rate was 29% in 2023, down from 34% in 2022 but above 24% in 2021. Read case
MSCI: One climate-risk workflow—or interoperable specialist tools?
On August 3, 2026, MSCI announced it had completed its acquisition of First Street, a provider of physics-based physical climate-risk data and analytics. The deal was closed. What remained unsettled in the public record was what the combined product and operating design would look like in practice. Read case
Nasdaq — One Nasdaq, Many Buyers?
Nasdaq had set a target: at least $100 million in Financial Technology cross-sell run-rate revenue by year-end 2027. At its February 2026 Investor Day, the company said it had completed 42 Financial Technology cross-sells since the Adenza acquisition. Read case
NextEra Energy: Making the Virginia Promise Measurable
On October 2, NextEra Energy and Dominion Energy faced the next stage of review for their proposed combination. Shareholders of both companies had approved the transaction proposals on September 3. The approvals cleared an important step, but the merger remained subject to regulatory clearances and other closing conditions. Read case
Nordson Corporation: How Much Integration Should ARAG Have?
Nordson had completed a major acquisition nine months earlier. ARAG, an Italian supplier of precision controls and smart fluid components for agricultural spraying, now sat within Nordson’s Industrial Precision Solutions (IPS) segment. The acquisition added a distinct product portfolio and agricultural customer base. Read case
Norfolk Southern: Run the railroad, prepare for a merger—or both?
On August 4, Norfolk Southern Corporation (NS) was operating its eastern U.S. freight railroad while a proposed acquisition by Union Pacific (UP) remained before the Surface Transportation Board (STB). The STB had accepted the revised application for consideration in May but paused the proceeding and its environmental review while requiring supplemental information. Read case
NRG Energy: Who Pays for the Next Megawatt?
In August 2026, NRG Energy said it had aligned with a large cloud and AI customer on principal commercial terms for a proposed 1.2-gigawatt (GW) combined-cycle gas plant in Texas. The company called the arrangement “Bring Your Own Power” (BYOP): a customer-backed approach to adding generation alongside a large new load. Read case
Occidental Petroleum: What comes after the debt milestone?
Occidental Petroleum had spent years managing the debt and integration consequences of its 2019 acquisition of Anadarko. In January 2026, it completed the sale of OxyChem to Berkshire Hathaway. The transaction narrowed Occidental's portfolio toward oil and gas, midstream, and lower-carbon ventures. It also created the company's largest recent source of cash for debt reduction. Read case
Omnicom and Interpublic — Capturing Scale Without Losing the Client
On 9 December 2024, Omnicom Group and The Interpublic Group of Companies (IPG) announced a definitive agreement to combine. Eligible IPG shareholders would receive 0.344 Omnicom shares for each IPG share. Read case
Ondas Inc.: Integrate, Scale, or Add Another Capability?
At 8:26 a.m. Eastern on August 13, 2026, the SEC accepted Ondas Inc.’s second-quarter results filing. The company’s release scheduled its earnings call for 8:30 a.m. The public filing reported rapid growth, a larger order book, acquisitions completed after quarter-end, and a much larger operating platform. Read case
One Liberty Properties: how fast to keep shifting toward industrial?
One Liberty Properties had made industrial buildings the center of its portfolio. By June 30, 2026, industrial properties generated about 85% of base rent. Earlier in the year, the company bought ten industrial properties for $56.7 million and sold several non-core retail properties. Management described the portfolio shift as continuing. Read case
ONEOK — Allocating Cash After a Transformative Deal
On 30 August, ONEOK announced a $4.425 billion cash acquisition of Brazos Midland and a $9 billion minority investment from Apollo. The transaction documents were filed the following day, after the market closed. Read case
Onterris: A Review Without a Bid
On August 5, Onterris, Inc. announced a Board-led strategic review. The review covers the company’s business, portfolio, capital allocation, long-range plan and strategic alternatives. Read case
Parker-Hannifin: Where Should the Next Increment of Capacity Go?
Parker-Hannifin closed fiscal 2024 with record sales, higher reported segment margins, and a portfolio reshaped by the 2022 acquisition of Meggitt. Its two reporting segments were sending different signals. Aerospace Systems had higher sales, margin, orders, and backlog. Read case
Paychex: How far should the platforms converge?
In early August 2026, Paychex had completed its acquisition of Paycor and was reporting strong growth. It also described three proprietary HCM platforms—SurePayroll, Paychex Flex and Paycor—designed for different customer needs. The integration question was no longer only whether the acquisition could add scale. Read case
Pentair: Growth after the Pool reset
On October 1, 2026, Pentair completed its acquisition of Taco Group Holdings for approximately $1.4 billion, subject to customary adjustments. The deal expands Pentair’s Water Solutions segment with a business focused on hydronic and water-based HVAC products, including pumps, tanks, heat exchangers and controls. Read case
Pfizer and Seagen — Governing the Oncology Platform
Pfizer completed its acquisition of Seagen on 14 December 2023. By 27 February 2025, Pfizer had reported a year of commercial results from four acquired oncology medicines, described a new company-wide R&D structure, and continued large cost and manufacturing programs. Read case
PNC: How fast should the branch network grow?
On October 15, 2024, PNC Financial Services Group reported third-quarter results while the banking industry continued to adapt to digital service, higher deposit costs and changing customer expectations. Read case
Principal Financial Group — Where Should the Next Dollar Go?
Principal Financial Group (PFG) entered 2021 with a broad financial-services portfolio and a difficult allocation question. In 2020, company-defined operating earnings fell while total assets under management and net cash flows reached records. Results varied sharply across retirement, asset management, international retirement and investment, and U.S. insurance. Read case
Prologis: integrating SEGRO without losing the local edge
On September 28, SEGRO shareholders approved the resolutions required for its proposed combination with Prologis. The transaction had not closed: High Court sanction, regulatory clearances and other conditions remained. The companies expected completion in the first half of 2027. Read case
Public Storage: What should follow the NSA combination?
On July 22, Public Storage (PSA) completed its all-stock combination with National Storage Affiliates (NSA). The transaction expanded the operating platform under the Public Storage brand to more than 4,500 locations and 327 million rentable square feet, according to PSA. But the quarter-end operating data available to executives still described PSA before the merger closed. Read case
PulteGroup: How much land should the builder own?
In July 2026, PulteGroup (PHM) had 228,241 lots under its control: 102,323 owned and 125,918 optioned. Management said options let the company defer land acquisition until it decides whether and when to exercise, reducing risks associated with holding land for a long time. At the same time, management described competition for well-positioned land as robust. Read case
Quest Diagnostics: How Far Should Integration Go?
On October 23, 2024, Quest Diagnostics had just reported a year of rapid expansion. In less than ten months, it had acquired laboratory businesses or selected assets in several markets and specialties. One day earlier, CEO Jim Davis said Quest was on track to complete eight acquisitions by year-end. Read case
Realty Income: How Fast Should the Portfolio Grow?
Realty Income had just reported another quarter of portfolio investment and raised its 2024 investment-volume outlook to approximately $3.5 billion. The company also reported net debt equal to 5.4 times annualized pro forma Adjusted EBITDAre, a company-defined leverage measure. Read case
Republic Services: can route density carry the circular economy?
Republic Services had reported steady revenue growth in 2025 and the first half of 2026. The result looked different depending on which driver an investor emphasized: customer price and average yield continued to add revenue, acquisitions contributed to growth, but reported volume was negative in both 2026 quarters. Read case
Rockwell Automation: choosing the next step in software and services
Rockwell Automation sells industrial automation products and systems, alongside software and services that help manufacturers monitor, operate, and improve their plants. Management has identified recurring revenue growth and industrial artificial-intelligence applications as strategic priorities. Read case
Rollins Inc.: Choosing the Next Layer of Growth
By late February 2024, Rollins had reported another year of growth across its pest-control businesses. The company operated through familiar brands such as Orkin and Fox Pest Control, serving residential and commercial customers with recurring pest, termite, and ancillary services. Read case
Roper Technologies — Where Should the Next Dollar Go?
At 7:59 a.m. on October 23, 2024, Roper Technologies had just released third-quarter results; its earnings call was scheduled to begin at 8:00. Revenue was $1.765 billion, up 13%, while organic revenue increased 4%. Adjusted EBITDA was $717 million, up 10%, and management said adjusted free cash flow grew 15%. Read case
SBA Communications: where should the next dollar go?
On February 27, 2025, the latest numbers in SBA Communications Corporation’s annual report were less than a day old. The tower owner had just reported 2024 results, issued a 2025 outlook, and declared a higher quarterly dividend. Its acquisition of more than 7,000 Millicom sites in Central America was already under contract. Read case
Skyworks and Qorvo: Integrating the Work, Protecting the Edge
On September 19, 2026, Skyworks Solutions' leadership team was preparing for a possible combination with Qorvo. Shareholders had approved the transaction, but the merger had not closed. Regulatory and customary closing conditions remained, and the latest public update did not say otherwise. Read case
SOLV Energy: Where Should the Next Growth Effort Go?
SOLV Energy had spent two years widening its position in power infrastructure. Its public presentation in September 2026 described five priorities: target large solar and battery-storage projects, grow operations and maintenance (O&M), expand into markets that use existing capabilities, use innovation to improve growth and margins, and make strategic acquisitions. Read case
Solventum: Which Path for Health Information Systems?
On August 5, 2026, Solventum announced its intention to pursue a separation of its Health Information Systems (HIS) business. The company said it would evaluate three broad pathways: HIS as an independent company, a combination with a scaled player, or another transaction. Read case
Case: Somnigroup and Leggett & Platt — Integrating the Spring
On August 26, Somnigroup International completed its all-stock acquisition of Leggett & Platt, a diversified component manufacturer and long-time Somnigroup supplier. Read case
Sonida Senior Living: How Far Should Integration Go?
On August 10, 2026, Sonida Senior Living reported its first full quarter-end results since completing its acquisition of CNL Healthcare Properties (CHP) in March. It reported a broader portfolio of 164 owned, managed or invested-in communities with more than 16,500 units across 35 states, including 152 owned communities. Read case
SoundHound AI: How Fast Should LivePerson Move into OASYS?
SoundHound AI completed its acquisition of LivePerson on September 4, 2026. In the closing announcement, SoundHound said LivePerson’s digital-engagement platform would be integrated into OASYS, its conversational-AI platform, to support interactions across voice, web, mobile, SMS and social channels. Read case
South Plains Financial: What Should Grow Next?
On December 31, Cory Newsom was scheduled to become chief executive of South Plains Financial, the Lubbock-based parent of City Bank. Curtis Griffith would retire as CEO but remain chairman. Newsom had been president and, according to Griffith, was already leading day-to-day operations and driving the growth strategy. Read case
Stryker: Who Owns the Customer Relationship?
The second-quarter operating review had left Stryker's leadership with a question that the published numbers could not answer. The company's reported Vascular sales were nearly flat year over year in the quarter, but the U.S. and international lines moved in opposite directions. Inari Medical, acquired in February 2025, now sat within Stryker's Peripheral Vascular business. Read case
T. Rowe Price and F/m: How Much to Integrate?
T. Rowe Price Group (TROW) has announced an agreement to acquire F/m Investments, a specialist in fixed-income exchange-traded funds (ETFs) and separately managed accounts. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. The price and other financial terms have not been disclosed. Read case
Take-Two and Zynga: Vote for Mobile Scale?
Take-Two Interactive Software has signed an agreement to acquire mobile-game publisher Zynga. The board recommends that Take-Two stockholders approve the share issuance and a charter amendment that increases the company's authorized share capital. The proposals are separate, but both relate to completing the transaction. Read case
Tapestry — Integrating Capri Without Flattening Its Brands
On 10 August 2023, Tapestry announced an agreement to acquire Capri Holdings for $57 per share in cash, at an enterprise value of approximately $8.5 billion. The companies expected closing in calendar 2024, subject to shareholder and regulatory approvals and customary conditions. One week later, Tapestry filed its FY2023 results and annual report. Read case
TE Connectivity: Is industrial growth becoming durable?
By October 2026, TE Connectivity’s Industrial Solutions segment was growing rapidly. The company attributed much of its digital-data-network growth to AI applications and cited strength in grid hardening, data centers, factory automation, and aerospace. Its Transportation Solutions segment remained a large business, anchored by automotive connectivity and sensors. Read case
Thermo Fisher and Olink — Scaling Proteomics Through Access or Integration?
On 17 October 2023, Thermo Fisher Scientific announced that both boards had approved its proposal to acquire Olink Holding for $26 per share or American depositary share in cash. The announcement valued the transaction at approximately $3.1 billion, including $143 million of Olink net cash, and represented a 74% premium to Olink’s closing share price the prior day. Read case
Trane Technologies — Scaling Autonomous Building Controls
On 18 December 2024, Trane Technologies announced an agreement to acquire Montreal-based BrainBox AI. Trane expected the transaction to close in early 2025. It did not disclose the consideration and described the transaction as not material to Trane. The acquisition decision had been made; the operating model for the combined capability had not been set out publicly. Read case
TransDigm: Pricing the Long Aftermarket
On 13 November 2025, TransDigm's executive team is reviewing how its operating businesses should document and approve aftermarket prices. The company has just filed results for fiscal 2025 and completed the $757 million acquisition of Simmonds Precision Products. Read case
Tyler Technologies and NIC — Integrate the Platform or Coordinate Around Local Contracts?
Tyler Technologies announced on 21 April 2021 that it had completed its acquisition of NIC Inc. The companies served different parts of the government market: Tyler emphasized local-government software, while NIC had a substantial state-enterprise digital-services business. Read case
United Rentals: Where Should the Next Fleet Dollar Go?
United Rentals entered 2024 with a broad rental network: 1,584 locations, about 4,800 equipment classes, and 995,000 equipment units. At year-end 2023, its fleet had $20.66 billion of original equipment cost (OEC). Equipment rentals made up 84% of the company’s $14.332 billion in revenue. Read case
Veralto: How tightly should TraceGains connect with Esko?
On October 23, Veralto's hypothetical integration steering team was preparing its first 12–18-month plan for TraceGains, the food-industry software company it had acquired earlier that month. The transaction was complete. The next question was how the two organizations should work together. Read case
Verizon — Where Should the Next Dollar and Management Attention Go?
Verizon entered the second half of 2026 with three competing demands on capital and executive attention. Its C-Band build-out was approaching management's expected completion window; the January call had described the build-out as about 90% complete and covering approximately 300 million people, or POPs. Read case
Viatris — What Should Phase 2 Capital Buy?
On 7 November 2022, Viatris described a transition from “Phase 1,” focused on integration and debt reduction, to a “Phase 2” portfolio intended to support growth. It expected $8–9 billion of gross, pre-tax proceeds from announced and planned divestitures by the end of 2023 or shortly thereafter. Read case
VICI Properties: Where should the next dollar go?
VICI Properties had built its portfolio around long-term leases on casinos and other experiential properties. Its June 2026 filing described a portfolio that was fully leased and had a weighted average lease term of 39.6 years when extension options were included. The same filing showed substantial dependence on two gaming operators and the Las Vegas Strip. Read case
Vistra: Turning Power Demand into Durable Returns?
This case is a fictional outside-investor exercise based on public information available by the cutoff. It does not describe an undisclosed Vistra management meeting or decision. Read case
Vulcan Materials: Where Should the Next Growth Dollar Go?
At 10:59 a.m. Eastern on October 26, Vulcan Materials Company was about to begin its third-quarter earnings call. Its results release, filed that morning, showed aggregates shipments down 2% year over year, freight-adjusted prices up 15%, and freight-adjusted cash unit costs up 12%. Management described 2024 as another year of earnings growth and strong cash generation. Read case
Warner Bros. Discovery: Which Rights Travel With Max?
Warner Bros. Discovery (WBD) makes and distributes films, television programs, news, sports and other content through theaters, television networks, streaming services and third-party distributors. Read case
Waste Management and Stericycle: Designing the Integration
On June 3, 2024, Waste Management, Inc. (WM) and Stericycle announced a definitive agreement under which WM would acquire Stericycle for $62 per share in cash. Both boards had unanimously approved the transaction. The announced enterprise value was approximately $7.2 billion, including about $1.4 billion of Stericycle net debt. Read case
Waters Corporation — Funding the Next Adjacency
At its 19 May 2022 Analyst and Investor Day, Waters Corporation described a “Market+” strategy: execute in core markets and build exposure to adjacent markets. Management identified bio-separations, bioprocess characterization, LC-MS diagnostics, battery testing and sustainable polymers as potential opportunities. Read case
Welltower: Is Senior-Housing Growth Durable?
By the summer of 2026, Welltower Inc. had made senior housing the center of its growth story. The healthcare real-estate owner reported higher occupancy and resident revenue in its Seniors Housing Operating (SHO) portfolio, while also completing large acquisitions in the United States, Canada and the United Kingdom. Read case
Wabtec: Simplify the Portfolio Without Losing the Railway?
On February 12, 2025, Westinghouse Air Brake Technologies Corporation (Wabtec) reported record 2024 sales of $10.387 billion and announced three distinct strategic programs with different scopes and economics. The additional 2025 Portfolio Optimization initiative targets about $100 million of low-margin revenue exits, with approximately $40 million of expected net exit charges. Read case
Xylem — How Fast Should the Evoqua Integration Go?
Xylem completed its all-stock combination with Evoqua on 24 May 2023. At Xylem’s October 2024 Q3 results, management said integration was ahead of schedule and expected to exit 2024 with a $130 million annualized cost-synergy run rate. Read case
Yum! Brands — Who Should Operate KFC U.K. & Ireland?
On April 29, 2024, Yum! Brands acquired all shares of two entities operating 216 KFC restaurants in the U.K. and Ireland. Nearly ten months later, its strategy team must decide what operating model should follow. Should Yum retain the restaurants as a company-operated platform, begin returning them to franchise ownership in stages, or test both models for a defined period? Read case
Zebra Technologies — Owning the Workflow Stack?
Zebra Technologies sells devices and software used to identify, locate, track, and manage people, products, and assets. Its products operate in retail, transportation and logistics, manufacturing, healthcare, and other frontline settings. Read case
Zurn Elkay: where should the next dollar go?
Zurn Elkay Water Solutions Corporation has just reported its first full fiscal year after combining Zurn and Elkay. Read case
Strategy Case: Zymeworks — A Bid for the Pipeline
On 19 May 2022, All Blue Falcons repeated its proposal to acquire Zymeworks for $10.50 in cash per share. In a public release, the bidder said it had received no response, urged Zymeworks to engage, and threatened to take the proposal directly to shareholders. Read case