Monthly M&A Roundup: July 2026 Brand Ownership Changes

July 2026 produced the largest unsolicited acquisition bid of the year. Stripe and Advent International offered $53.4 billion for PayPal on July 14 — a deal that would combine $3.7 trillion in annual payment volume and create the world's largest merchant acquirer. PayPal's board rebuffed the offer as too low. The bid remains open. That single proposal overshadowed everything else, but July also delivered Vertex Pharmaceuticals' $10 billion acquisition of Crinetics, Couche-Tard's $8.6 billion purchase of Polish convenience retailer Żabka, and Utz Brands going private in a $2.9 billion deal with Germany's Intersnack Group.

For June's deals — Berkshire Hathaway's $6.8B Taylor Morrison acquisition, GSK's $10.6B Nuvalent deal, and Qualcomm's $3.92B Modular purchase — see Monthly M&A Roundup: June 2026.

Stripe and Advent Bid $53.4 Billion for PayPal

Stripe, the privately held payments processor valued at approximately $159 billion, teamed up with private equity firm Advent International to submit a joint offer for PayPal Holdings Inc. (Nasdaq: PYPL) at $60.50 per share in cash. The bid values PayPal at more than $53.4 billion and represents a 28% premium to PayPal's closing share price on July 14, the day Reuters first reported the offer.

The proposal is backed by roughly $50 billion in committed bank financing from JPMorgan and Morgan Stanley, plus $17 billion in equity from Stripe, Advent, and Block (Square's parent company). Under the deal structure, Stripe and Advent would jointly own PayPal with equal stakes. They do not plan to break up the company.

PayPal's stock closed up 17% on July 15 following CNBC's confirmation of the offer. But PayPal's board pushed back. Per Reuters reporting on July 22, directors view the $60.50 price as inadequate and are weighing it against management's own turnaround plan. The board is also studying antitrust risk — a combined Stripe-PayPal would touch an enormous share of online checkout flows.

Why this matters for brand ownership: Stripe was founded in 2009 by brothers Patrick and John Collison specifically to challenge PayPal's dominance in online payments. Seventeen years later, the disruptor is trying to buy the company it set out to replace. If the deal closes, the combined entity would process approximately $3.7 trillion in annual payment volume. That is more than Visa's annual transaction volume in some categories. Consumers would not see a brand change — Stripe and PayPal would likely continue operating under separate names — but the corporate ownership behind two of the most common checkout buttons on the internet would be the same entity.

This is not Stripe's first approach. Reuters reported preliminary discussions in February 2026 and a formal proposal submitted in early April. No formal response from PayPal has been issued as of July 31. The outcome is uncertain.

Vertex Pharmaceuticals Acquires Crinetics for $10 Billion

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) announced a definitive agreement on July 6, 2026 to acquire Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) for $85.00 per share in cash. The total equity value is approximately $10.0 billion, or $8.8 billion net of estimated cash acquired. The price represents a 102% premium to Crinetics' closing stock price on July 6.

Crinetics is a San Diego-based biopharmaceutical company focused on endocrine diseases. Its lead product, Palsonify, received FDA approval in September 2025 for acromegaly — a rare hormonal disorder caused by excessive growth hormone. The drug generated $10.3 million in revenue in Q1 2026, topping Wall Street estimates. Consensus projections put 2026 revenue at approximately $70 million. Vertex CEO Reshma Kewalramani said on the July 6 conference call that Palsonify has "blockbuster potential" and that Crinetics' two lead drugs could eventually generate more than $5 billion in combined peak annual revenue.

Vertex is financing the acquisition with cash on hand and $4.5 billion in committed bridge financing from Bank of America and Morgan Stanley. The deal is expected to close in Q3 2026, subject to Crinetics shareholder approval and regulatory clearance.

Why Vertex is paying double: The 102% premium is the second-highest in biotech M&A this year, trailing only Biogen's 140% premium for Apellis Pharmaceuticals in March. Vertex is paying roughly twice the projected peak sales — a ratio that aligns with industry benchmarks for commercial-stage or near-commercial biotech assets. The acquisition also moves Vertex into endocrinology, a new therapeutic area for the company.

Couche-Tard Acquires Żabka for $8.6 Billion: Largest Deal in Company History

Alimentation Couche-Tard Inc. (TSX: ATD), the Canadian convenience store giant that owns Circle K, announced on July 31, 2026 a voluntary tender offer to acquire Żabka Group (WSE: ZAB), Poland's largest convenience retailer. The offer prices Żabka at PLN 32.00 (approximately US$8.48) per share, representing a total equity value of approximately PLN 32.62 billion (US$8.6 billion). The price is a 9.4% premium to Żabka's previous closing price.

Shareholders representing approximately 57% of Żabka's outstanding shares — including private equity firms CVC Capital Partners and Partners Group — have signed hard irrevocable agreements to tender their shares. Couche-Tard will achieve control regardless of how many remaining shareholders participate. If it reaches 95% of voting rights, it plans to squeeze out the rest and delist Żabka from the Warsaw Stock Exchange.

The competitive context: Couche-Tard spent nearly a year trying to buy Seven & i Holdings, the Japanese parent of 7-Eleven, before withdrawing its $47 billion bid in July 2025. Seven & i was also in the hunt for Żabka but said earlier in July that it could not reach agreeable terms. Couche-Tard's Żabka acquisition is its largest ever and gives it a dominant position in Central and Eastern Europe, complementing its existing network of nearly 400 Circle K service stations in Poland.

Żabka operates over 10,000 convenience stores across Poland and has built a technology-driven retail platform with franchise, digital, and financial services components. Couche-Tard expects $250 million in cost-saving synergies within three years and expects the deal to be accretive to adjusted EBITDA immediately. Closing is targeted by December 2026.

Utz Brands Goes Private in $2.9 Billion Intersnack Deal

Utz Brands, Inc. (NYSE: UTZ) announced on July 21, 2026 a definitive agreement with Intersnack Group GmbH & Co. KG, a Düsseldorf-based savory snack manufacturer, under which Intersnack will acquire all outstanding Utz Class A common stock for $14.25 per share in cash. The price is a 91% premium to Utz's July 20 closing price. The enterprise value is approximately $2.9 billion.

Utz's stock nearly doubled on the announcement, jumping from $7.45 to $14.25.

Upon closing, Utz will become a private company with the Rice and Lissette Family Entities (Utz's founding family) and Intersnack Group each owning 50%. Dylan Lissette will assume the role of Executive Chair. Utz common stock will be delisted from the NYSE.

The brand portfolio: Utz manufactures salty snacks under several brands, including Utz potato chips, On The Border Chips & Dips, Zapp's, and Boulder Canyon. The company is based in Hanover, Pennsylvania, and distributes through grocery, mass merchandisers, club, convenience, and drug channels nationally. Intersnack, with nearly 60 years of experience, is one of Europe's leading snack manufacturers.

This is a consumer brand ownership story. A 91% premium for a publicly traded American snack company reflects how undervalued mid-cap consumer brands have been in the current market. The deal gives Intersnack a major US footprint and gives the Utz founding family a European partner with distribution infrastructure. The transaction is expected to close in Q4 2026, subject to shareholder and regulatory approval.

Kroger Acquires Giant Eagle for $1.65 Billion

The Kroger Co. (NYSE: KR) announced on July 1, 2026 a definitive agreement to acquire Giant Eagle, Inc., a family-owned food and pharmacy retailer with approximately $9 billion in annual sales. The purchase price is $1.65 billion, comprised of $1.25 billion in cash and approximately $400 million in assumed liabilities.

Giant Eagle operates 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland, and Indiana. The company was founded in 1931 and is ranked among Forbes' largest private corporations. Giant Eagle stores will continue operating under the Giant Eagle name post-acquisition.

This is Kroger's first acquisition under CEO Greg Foran and marks a return to M&A after Kroger's failed $24.6 billion merger with Albertsons, which was blocked by the FTC and two states in 2024. The Giant Eagle deal is much smaller — and geographically complementary. Kroger already operates in four of the five states where Giant Eagle has stores, and the acquisition gives Kroger a meaningful entry into Pennsylvania, where it currently has limited presence.

Kroger and Giant Eagle expect to make limited store divestitures to obtain regulatory clearance. The transaction is expected to close in 2027.

Nestlé and Platinum Equity Create Peranel JV Valued at €4.9 Billion

Nestlé S.A. and Platinum Equity announced on July 23, 2026 a plan to create Peranel, a 50:50 joint venture for Nestlé's waters and premium beverages business. The transaction assigns Peranel an enterprise value of €4.9 billion (CHF 4.5 billion), implying cash proceeds at closing for Nestlé of approximately €3.0 billion (CHF 2.8 billion).

Peranel will house Nestlé's waters and premium beverages portfolio, which includes brands like Perrier, S. Pellegrino, and Nestlé Pure Life. Platinum Equity, a global investment firm with approximately $48 billion of assets under management, brings M&A capabilities and operational expertise to help build and sharpen the portfolio.

The transaction is subject to employee consultation processes and regulatory approvals and is expected to close in H1 2027. This is the latest in Nestlé's ongoing portfolio restructuring — the company has been divesting and reorganizing its water business for several years. See our coverage of every brand Nestlé has ever sold off and Nestlé's hidden empire.

Other Notable July 2026 Deals

Grant Thornton Advisors / CBIZ — $5.0B (July 29): Grant Thornton Advisors, backed by New Mountain Capital, agreed to acquire CBIZ, Inc. (NYSE: CBZ) for $55.00 per share in cash — a 54% premium to CBIZ's 30-day VWAP. The deal creates the fifth-largest professional services, tax, and advisory provider in the US with more than $5 billion in annual domestic revenue. Expected to close in Q4 2026.

WDP / Argan merger — €13B / $14.8B (week of July 25): Belgian logistics-property company WDP and France-based Argan agreed to merge, creating a European logistics real estate group valued at approximately €13 billion. This is the largest deal announced in July by total value.

Brookfield + CPPIB / LXP Industrial Trust — $5.2B (week of July 25): Brookfield Asset Management and the Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust in a $5.2 billion transaction that will take the company private.

OCS Group / Mitie — £3.1B / ~$4.0B (week of July 25): British outsourcing company OCS Group International agreed to acquire listed rival Mitie for £3.1 billion, combining two large facilities management businesses.

Tempus AI / Personalis — $1.5B (week of July 25): Health technology company Tempus AI agreed to acquire Personalis for $1.5 billion, expanding its presence in precision oncology.

Bain Capital / Vitabiotics — ~$1B+ (July 24): Bain Capital agreed to acquire Vitabiotics, the UK's largest vitamin company, including its India business Meyer Organics and operations across Africa. The deal was valued at over $1 billion per Moneycontrol reporting. Vitabiotics' brands include Pregnacare, Perfectil, Wellman, Wellwoman, and Osteocare.

IBM / HRL Laboratories (July 23): IBM (NYSE: IBM) signed a definitive agreement to acquire HRL Laboratories, a private R&D institution jointly owned by Boeing and General Motors. Financial terms were not disclosed. The acquisition supports IBM's quantum computing strategy, including its Anderon quantum wafer foundry. Expected to close by end of Q3 2026.

Truelink Capital / Lyons Magnus — $1.0B (week of July 25): Truelink Capital agreed to acquire Lyons Magnus, a producer of food and beverage ingredients, from Paine Schwartz Partners for $1 billion.

July 2026 by the Numbers

Source: Company press releases, Reuters, CNBC, Bloomberg, Intellizence. Status as of July 31, 2026.

Ongoing Deals from Prior Months

McCormick / Unilever Food Business ($42–45B): The combination of McCormick's spice portfolio with Unilever's food unit — Hellmann's, Knorr, Marmite, Bovril — remained in pre-regulatory review through July. McCormick shareholder vote is expected Q4 2026. Close targeted mid-2027.

Kone / TK Elevator (€34.4B): EU competition authority review continues. No close date confirmed. Asset disposals expected in overlapping markets.

Shell / ARC Resources (C$22B): ARC shareholder vote expected Q3 2026. Canadian Competition Bureau review ongoing. Close targeted late 2026.

Henkel / Olaplex ($1.4B): Regulatory clearances confirmed. Close on track for H2 2026.

Warner Bros. Discovery / Paramount Skydance ($110B): DOJ and FTC review ongoing. CNN divestiture widely expected as a regulatory condition.

Berkshire Hathaway / Taylor Morrison ($6.8B): Announced May 31. DOJ review not expected to be complex. Closing targeted for Q3 2026. See Berkshire Hathaway's full portfolio.

GSK / Nuvalent ($10.6B): Announced in June. Regulatory review ongoing across US, EU, and UK. Closing targeted for late 2026.

CRH / Arcosa ($8.5B): Announced June 22. Pending Arcosa shareholder vote and antitrust review. Closing expected Q1 2027.

Qualcomm / Modular ($3.92B): Announced June 24. Pending regulatory approvals. Closing expected H2 2026.

onsemi / Synaptics (~$7B): Announced in June. Pending regulatory approvals.

FAQ

What is the biggest M&A deal announced in July 2026?

By total deal value, the WDP/Argan merger at $14.8 billion is the largest deal announced in July. However, the most consequential is Stripe and Advent's $53.4 billion bid for PayPal — though PayPal's board has rejected the initial offer and the outcome is uncertain. Vertex Pharmaceuticals' $10 billion acquisition of Crinetics is the largest deal that has been accepted by both boards.

Will Stripe actually buy PayPal?

As of July 31, 2026, the deal is not agreed. PayPal's board views the $60.50 per share offer as inadequate and is weighing it against management's turnaround plan. The board is also studying antitrust risk. Stripe and Advent are pushing to advance discussions. There is no certainty the approach will result in a transaction, but the financing — $50 billion in committed bank debt plus $17 billion in equity — signals serious intent.

What brands does the Utz/Intersnack deal affect?

Utz Brands owns Utz potato chips, On The Border Chips & Dips, Zapp's, and Boulder Canyon. After the deal closes, these brands will be jointly owned by Intersnack Group and the Utz founding family (Rice and Lissette Family Entities), each holding 50%. Utz will be delisted from the NYSE. Consumers will not see brand name changes — the deal is about corporate ownership, not consumer branding.

Why did Kroger buy Giant Eagle instead of Albertsons?

Kroger's $24.6 billion merger with Albertsons was blocked by the FTC and two states in 2024 on antitrust grounds. The Giant Eagle deal is much smaller ($1.65 billion vs. $24.6 billion) and geographically complementary rather than overlapping. Kroger already operates in four of the five states where Giant Eagle has stores. The companies expect only limited store divestitures for regulatory clearance, compared to the hundreds of stores Kroger and Albertsons had agreed to divest.

What is Peranel and what brands does it include?

Peranel is a 50:50 joint venture between Nestlé and Platinum Equity that will house Nestlé's waters and premium beverages business. The portfolio includes brands like Perrier, S. Pellegrino, and Nestlé Pure Life. The JV has an enterprise value of €4.9 billion. Nestlé receives approximately €3.0 billion in cash at closing. The deal is expected to close in H1 2027.

Related Reading

• Monthly M&A Roundup: June 2026
• Monthly M&A Roundup: May 2026
• Biggest Brand Deals of Q1 2026
• How Berkshire Hathaway Became a Brand Empire
• Every Brand Nestlé Has Ever Sold Off
• Brands That Changed Owners in the Last 90 Days
• Browse all News & Updates

Sources

1. Reuters: Stripe, Advent offer to buy PayPal for more than $53 billion — https://www.reuters.com/business/finance/stripe-advent-offer-buy-paypal-more-than-53-billion-sources-say-2026-07-14/ (July 14, 2026) 2. CNBC: PayPal stock soars as Stripe, Advent make $53B takeover offer — https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html (July 15, 2026) 3. Reuters/TNW: PayPal board rebuffs $53bn Stripe and Advent bid as too low — https://thenextweb.com/news/paypal-stripe-advent-53bn-bid-inadequate (July 22, 2026) 4. Vertex Pharmaceuticals: Vertex to Acquire Crinetics Pharmaceuticals — https://investors.vrtx.com/news-releases/news-release-details/vertex-acquire-crinetics-pharmaceuticals (July 6, 2026) 5. BioPharma Dive: Vertex to acquire Crinetics in $10B foray into endocrine disease drugs — https://www.biopharmadive.com/news/vertex-crinetics-acquire-deal-palsonify-acromegaly/824545/ (July 2026) 6. Alimentation Couche-Tard: Agreement to Acquire Controlling Stake in Żabka Group — https://corporate.couche-tard.com/2026-07-31-alimentation-couche-tard-announces-agreement-to-acquire-controlling-stake-in-zabka-group (July 31, 2026) 7. The Globe and Mail: Couche-Tard to expand European footprint with $8.7-billion purchase of Polish retailer Zabka — https://www.theglobeandmail.com/business/article-couche-tard-buy-polish-retailer-zabka/ (July 31, 2026) 8. Utz Brands: Utz and Intersnack Group Announce Agreement — https://investors.utzsnacks.com/news/news-details/2026/ (July 21, 2026) 9. FoodNavigator: Utz goes private in $2.9B Intersnack deal — https://www.foodnavigator.com/Article/2026/07/21/utz-goes-private-in-29b-intersnack-deal-shares-jump/ (July 21, 2026) 10. The Kroger Co.: Kroger Announces Agreement to Acquire Giant Eagle — https://www.thekrogerco.com/ir-feed-item/kroger-announces-agreement-to-acquire-giant-eagle/ (July 1, 2026) 11. AP News: Kroger to buy Giant Eagle in $1.65 billion deal — https://apnews.com/article/kroger-giant-eagle-1ec70b964ee9ca58be0123be83721c9a (July 1, 2026) 12. Nestlé S.A.: Nestlé and Platinum Equity to create Peranel — https://www.globenewswire.com/news-release/2026/07/23/3331851/0/en/ (July 23, 2026) 13. Grant Thornton Advisors: Grant Thornton Advisors to Acquire CBIZ for $5 Billion — https://www.globenewswire.com/news-release/2026/07/29/3335168/0/en/ (July 29, 2026) 14. Intellizence: Five Major M&A Deals — https://intellizence.com/insights/merger-and-acquisition/five-major-ma-deals-across-real-estate-facilities-management-health-tech-and-food/ (July 25, 2026) 15. Bain Capital: Bain Capital to Acquire Vitabiotics — https://www.baincapital.com/news/bain-capital-acquire-vitabiotics-uks-no1-vitamin-company-0 (July 24, 2026) 16. IBM: IBM to Acquire HRL Laboratories to Power the Future of Quantum — https://newsroom.ibm.com/2026-07-23-ibm-to-acquire-hrl-laboratories-to-power-the-future-of-quantum (July 23, 2026) 17. TechCrunch: Stripe and Advent reportedly offered to buy PayPal for around $53.4B — https://techcrunch.com/2026/07/15/stripe-and-advent-reportedly-offered-to-buy-paypal-for-around-53-4b/ (July 15, 2026)

All brand ownership data verified through WhoBrands.com research methodology. Last updated: August 1, 2026.