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GAME OVER - AES Acquisition by BlackRock – Key Implications

AES has been acquired by BlackRock and will become a private company as part of the consortium. As a result, corporate policies and governance frameworks are expected to be reviewed and revised to align with the new ownership structure.

The existing severance or “poison pill” arrangements will apply only to Senior Leadership Team (SLT) members. Regular employees affected by the acquisition may not have the same level of defined protection, and further clarity will be needed regarding transition support.

The service organization is expected to undergo restructuring and may potentially be dismantled in order to drive efficiencies and leverage the holding company’s existing processes and infrastructure.

Operational independence will be established, with each entity managed individually under the new structure.

As a private company, AES will no longer be subject to public company reporting requirements. Financial management and oversight will operate under a different governance model, with reduced regulatory burden and streamlined processes compared to public market standards.


Paramount Buys Warner Bros. Discovery, Job Cuts Loom

Paramount is acquiring Warner Bros. Discovery in a major deal. The acquisition is valued at $111 billion. This merger is expected to result in thousands of layoffs. Paramount identified $6 billion in cost synergies. The deal is projected to close in fall 2026.

https://www.avclub.com/warner-bros-paramount-deal-layoffs-110-billion


Bending Spoons Acquisition Leads to AOL Reston Layoffs

AOL is implementing job cuts. One hundred eight positions are affected. These reductions impact the Reston office. Bending Spoons acquired AOL. This acquisition led to the workforce changes.

AOL is implementing job cuts. One hundred eight positions are affected. These reductions impact the Reston office. Bending Spoons acquired AOL. This acquisition led to the workforce changes.


Atleos capitulates to reality, too bad about Voyix

It says all you need to know that, according to the release, the only Atleos exec or offficer being retained is one independent director.

At least Atleos had an option — because that is more than can be said for Voyix, which managed to transition to a software company right when the market gave up on software. Jim Kelly had no doubt been aiming to sell to Global Payments, but that company’s in the toilet too. (The market has given up on any payment companies that isn’t visa or Mastercard.)

The best option for Voyix is probably to go private, because there is no buyer at this point.

NCR should’ve been broken up 15 years ago, when there were buyers for its businesses.


Anyone seeing layoffs instead of transfers for FS and Pharmacy employees at closing stores?

At an Oregon CVS pharmacy where we were told we would have no issue keeping our jobs if the store closed. When it was announced, RxDL and FSDL both told respective staffs no one would lose their job. But due to market acquisition of Rite Aid stores, we have too many people (supposedly) and now we are being threatened with layoffs. Anyone seeing this in their area too?


Moody's Downgrade of TIAA and Nuveen

Read an article on our proposed acquisition of Schroders.
https://alternativecreditinvestor.com/2026/02/13/schroders-deal-costs-to-weigh-on-nuveen-profitability-says-moodys/

From the article

Moody’s has downgraded its outlook for both TIAA and Nuveen from ‘stable’ to ‘negative’, citing the anticipated credit impact of the acquisition.

The ratings agency said the TIAA downgrade reflects anticipated weakening of its financial profile, resulting from the high cost to finance the acquisition. This will increase leverage, reduce capital adequacy, and heightens execution and integration risk associated with the transaction, it said.

Moody’s also noted that “despite the complementary nature of the European asset management target and its potential to bolster Nuveen’s market position and earnings diversification, the acquisition lies outside TIAA’s core higher education pension business”, which is another factor in its decision to revise down the outlook.


With all the layoffs and firings, one has to ask whether our EC is competent enough and whether we have the resources to pull this off. It seems risky. This is about to be a big expensive mess.


Terrible Pay Rise/Bonus Again...

Another year, another slap in the face.

This year they are citing poor share price, poor USD to GBP exchange rate and increased head count due to acquisitions.

Surely acquiring new companies brings the revenue from those companies... If that revenue is so poor the rest of SS&C has to cannibalise their rewards to properly them up then something is wrong...

Also, every quarter this year we have beat EPS revenue and profit according to the earnings calls and also reduced debt.

I bet Stone and Rahul still got their ever increasing pound of flesh while the rest of us get stuffed!


TrueCar Cuts Workforce After Founder Reacquires Company

TrueCar today reduced its staff by 30%. This action follows the company's recent privatization. Founder Scott Painter led a $227 million acquisition of the company. Painter also rejoined TrueCar as its chief executive. New leadership reevaluated operations, leading to these layoffs.

https://www.autofinancenews.net/allposts/risk-management/truecar-lays-off-30-of-staff-amid-reorganization/


Paypal stock tanking

hmmm

https://www.bloomberg.com/news/articles/2026-02-23/paypal-attracts-takeover-interest-after-stock-slump

PayPal Holdings Inc., the digital payments pioneer, is attracting takeover interest from potential buyers after a stock slide wiped out almost half of its value, according to people familiar with the matter.

The San Jose, California-based company has fielded meetings with banks amid unsolicited interest from suitors, the people said. At least one large rival is looking at the whole company, while some other suitors are only interested in certain PayPal assets, the people said, asking not to be identified because the information is private.
Buyer interest in PayPal is still at a preliminary stage and may not lead to a transaction, the people cautioned. A representative for PayPal declined to comment.

Founded in the late 1990s, PayPal was an early mover in the world of digital payments. But the company now finds itself in a rut with its customers increasingly turning to alternative ways to pay for things.

PayPal’s shares have fallen around 46% in New York trading over the last 12 months, giving the company a market value of about $38.4 billion.

Current board chair Enrique Lores is due to take up the role as president and CEO of PayPal on March 1. He will be tasked with getting to grips with a company that’s lost market share to rivals such as Apple Pay and Google Pay and failed to modernize its payments technologies.

Former CEO Alex Chriss was ousted earlier this month after his turnaround plan fell short. The company’s fourth-quarter profit and revenue missed analysts’ estimates, according to results for the period that also showed a continued slowdown in payment volume.


Future with National General?

What is the plan? Is NatGen integrating into Allstate programs? Are we going to be expected to learn theirs? What is their leadership like? It seems like a lot are being shoe horned into leadership levels at Allstate which is not great considering how NatGen does business in regard to their employees...What is going to happen between the two companies and more importantly what is the plan for adjusters and appraisers?


Walgreens cuts 600 jobs after acquisition

  • Walgreens is cutting more than 600 jobs nationwide.
  • 469 positions eliminated in Illinois; 159 in Texas.
  • Texas distribution center scheduled to close.
  • Sycamore Partners acquired Walgreens for $10 billion and plans cost-cutting measures.

https://neworleanscitybusiness.com/blog/2026/02/19/walgreens-layoffs-sycamore-partners-acquisition/


Kenvue beats quarterly estimates, announces job cuts amid Kimberly-Clark acquisition

Tylenol-maker Kenvue on Tuesday beat Wall Street estimates for fourth-quarter results and announced a global workforce reduction, as ‌it proceeds toward a planned takeover by Kimberly-Clark.

Kenvue said its board ‌has approved a plan to optimize its operating model, resulting in a net reduction of its ​global workforce by about 3.5%. The company had about 22,000 employees as of last year.

https://finance.yahoo.com/news/kenvue-beats-quarterly-estimates-announces-224341957.html


ExxonMobil’s Strategic M&A Evolution

Publish Date: 27th June 2025

ExxonMobil, the world’s largest publicly traded oil & gas supermajor, was formed via the $73.7 billion merger of Exxon and Mobil in 1999. As of 2023, it employs around 72,000 people worldwide, with annual revenue of approximately $334 billion and total assets worth about $340 billion. The company operates across upstream (oil & gas exploration and production), downstream (refining and chemicals), and chemical sectors, with a growing portfolio in LNG, carbon capture, and advanced chemicals. It manages vast upstream assets in the U.S., Guyana, and Indonesia, and downstream assets in 20 countries. Growth initiatives focus on the Permian Basin, Guyana offshore development, and LNG projects.

Historical M&A Deals (Chronological, up to 2023)

Year Target Type Value (approx)

1919 Humble Oil & Refining Acquisition –
1928 Creole Petroleum (Venezuela) Acquisition –
1984 Superior Oil Co. Acquisition $5.7 bn
1999 Mobil Corp. Merger $81 bn
2009 XTO Energy Acquisition $36 bn + $11 bn debt
2011 Phillips Resources, TWP Acquisition $1.69 bn
2012 Land swap with Denbury (Bakken) Swap $1.6 bn
2012 Celtic Exploration (Canada) Acquisition $2.6 bn
2013 Esso Card & BOPP films Divestiture –
2014 HK pumped storage stake Stake sale $33 m USD hong kong currency
2015 Chalmette Refining Divestiture $322 m
2017 InterOil Corp. Acquisition $2.5 bn
2018 Federal (Indonesia lubricants) Acquisition $436 m
2019 Norway oil & gas assets Divestiture $4 bn
2021 Santoprene polymers Divestiture $1.15 bn
2021 UK & North Sea upstream Divestiture $1 bn
2022 Billings Refinery & assets Divestiture $310 m
2022 Nigeria MPNU sale (Seplat) Divestiture $800 m
2023 Denbury Inc. Acquisition $4.9 bn
2023 Pioneer Natural Resources Merger ~$60 bn ($64.5B incl. debt)
This list encompasses 20+ key transactions illustrating ExxonMobil’s strategic expansion, divestiture, and portfolio shaping moves.

Recent M&A Activity (2024–2025)

Pioneer Natural Resources
Completed in May 2024, the $60 bn all‑stock merger doubled Exxon’s Permian footprint, pushing production to ~1.3 → 2 MM boe/d by 2027. Expected synergies exceed $3 bn/year, $1 bn above initial projections.

Esso France Sale
As of May 2025, Exxon is negotiating to divest its 82.9% stake in Esso France to Canada’s North Atlantic Groupe, valued at €149/share (€63 distribution prior) with deal closing expected late 2025.

Thai Gas Assets
In Q1 2025, Exxon sold stakes in the E5, E5N, and EU1 onshore blocks in Thailand to Horizon Oil for ~$30 m plus contingent payments.

European Refining/Chemical Divestitures
Closed late 2024, Exxon sold Fos-sur-Mer refinery and Gravenchon chemical plant to Rhône Energies for undisclosed billions, exiting aging European assets.

Divestiture Strategy & Notable Deals
European Exit: Norway assets ($4 bn), UK North Sea ($1 bn), French refinery/chemicals (late 2024), exiting high-cost, regulated markets to streamline operations.
Emerging Markets: Sale of Nigeria MPNU ($800 m) to Seplat to exit less profitable or complex jurisdictions.

Asia Onshore Gas Small-scale Thai assets sold to focus on higher-return offshore and unconventional development.

What Worked & What Didn’t?
Successes

Permian Expansion via Pioneer – strategic consolidation, operational synergies, and cost savings ($3 bn/yr). Rapid integration established Exxon as shale powerhouse.

XTO Acquisition (2010) – foundational pivot into U.S. shale gas, increasing production and positioning Exxon in unconventional plays.

Carbon Capture via Denbury (2023) – strengthened Exxon’s CCS portfolio, aligning with evolving regulatory and investor pressures.

Divestitures – consistent capital recycling (e.g. Europe, Nigeria) fueling investment in high-return projects and preserving financial discipline.

Missteps
Legacy asset rationalization—exiting older assets was prudent, but slower than some competitors, raising concerns about timing.

Scale risk – mega-merger with Pioneer increases integration complexity and debt exposure; long-term commodity price risk remains.

Strategic Rationale
ExxonMobil’s M&A strategy hinges on focusing on advantaged assets, divesting underperforming or noncore operations, and diversifying into emerging arenas:

Upstream deepen shale footprint for scale synergies (Pioneer), enhance technology leadership (XTO).

Carbon strategy build CCS capacity via Denbury.

Portfolio optimization free cash from divestitures reallocated to Permian, LNG, Guyana offshore (Whiptail), and advanced chemicals (IPA for semiconductor grade).
These moves support financial discipline, long-term shareholder returns, and energy transition resilience.

Outlook
Integration priority: ensuring smooth assimilation of Pioneer & Denbury operations without cost overruns.

Divestiture momentum continued sales in low-growth regions; proceeds will fund Guyana development, Permian drilling, and LNG expansion.

Transition alignment investment in CCS, chemical diversification, and possibly lithium upstream (non-M&A) suggests shifting capital mix.

Conclusion
From its monumental 1999 merger to the transformative 2024 Pioneer deal, ExxonMobil has leveraged M&A to transition from an integrated oil giant to a strategically focused energy leader. Its approach—acquire scale and expertise in cores, divest noncore assets, and reinvest in next-gen capabilities—has so far paid off, enhancing production capacity and portfolio strength. However, as the energy landscape evolves, bold bets must be matched with meticulous execution and further strategic clarity.

https://mandaequilibrium.com/exxonmobils-strategic-ma-evolution/


Layoffs have started at the newly acquired FSD group

Just after 6 months and barely being integrated, still balancing 2 phones, 2 computers, 2 emails. Without TF really knowing who is who and what we do, the layoffs have stated. They said it is strategic, that this will make us stronger blah blah blah..