Deals

Ambitious Smaller Companies Hunt Big Prey as Bold M&A Returns

Sentiment in M&A circles has been strong since US President Donald Trump’s reelection. — Sentiment in M&A circles has been strong since US President Donald Trump’s reelection.
Photographer: Daniel Acker/Bloomberg

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By Pamela Barbaglia and Ben Scent

January 31, 2025 at 1:30 PM UTC

This article is for subscribers only.

The improving environment for deals is encouraging some smaller firms to start hunting much larger prey.

Automotive supplier American Axle & Manufacturing Holdings Inc., which has a market value of $636 million, on Wednesday unveiled a $1.4 billion cash and stock acquisition of UK peer Dowlais Group Plc. American Axle structured the deal to include just enough cash so that its shareholders will own 51% of the combined entity.