Market Maker Inside the Biggest M&A Deals You Need to Know (BlackRock, Toyota Industries, Pinterest, Paramount)
Mar 9, 2026
They unpack massive M&A moves, from a $6.2B African telecom infrastructure deal to a $33B private equity bet on energy for AI data centres. They trace activist investor pressure in a $40B take-private push and a $1B convertible play at a major social platform. They recount a dramatic streaming bidding war where a studio's all-cash topping bid reshaped media strategy.
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MTN Reclaims Africa Towers To Cut Costs And Gain Flexibility
- MTN is buying back ~75% of IHS Towers for $6.2bn to regain ownership of 29,000 African telecom towers.
- Owning towers cuts long-term rental costs and gives MTN execution flexibility for 5G and future rollouts in core markets.
Deal Funding Uses Target Cash To Lower Borrowing Needs
- MTN will use $1bn of cash on IHS's balance sheet as part of deal funding while leaving a negotiated minimum working capital for operations.
- This lets MTN access effectively cheap funding without extra borrowing and preserves operational liquidity post-close.
Elliott Used Standalone Valuation To Upset A Japanese Keiretsu Deal
- Elliott (7% holder) forced a sweetened buyout of Toyota Industries, exploiting valuation leverage inside Japan's keiretsu cross-shareholding system.
- Elliott published a standalone upside thesis (¥40,000 target by 2028) to pressure buyers and extract a higher bid.