#merger

https://nypost.com/2026/03/02/business/hbo-max-paramount-set-to-be-combined-into-one-streaming-service-after-hollywood-merger/

6 billion in cost cuts

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

Anyone else hearing customer sat issues and engineer complaints because of how siloed Sirius and CDW is? The integration is a mess and customers are noticing.

I’ve been with the company for over 10 years, we’re being bought out again by Brinks.. what do you all think about this latest acquisition?

WGN TV Reduces On-Air Staff, Nine Employees Affected

WGN TV recently laid off nine on-air employees. This group included well-known personalities such as Dean Richards and Chris Boden. The cuts follow earlier reductions among behind-the-scenes staff. Parent company Nexstar is pursuing a merger with Tegna. These actions aim to manage debt from current and planned acquisitions.

Chicago, Illinois

https://chicago.suntimes.com/sports-media/2026/02/23/wgn-tv-chicago-layoffs-chicagos-very-own-channel-9-nexstar-tegna

Nexstar Media Group | NXST

Who do you think will take over the Optum clinics and who will take over the Wellmed clinics

Lexmark was purchased by Xerox.
Yes Lexmark is owned by Xerox.
BUT... Lexmark the company has not yet been disolved.
SO.... Lexmark employees are still getting pay checks from the Company Lexmark.

But lets be honest.
Legacy Xerox no longer exists.
Legacy Lexmark no longer exists.
What exists is "New CO", but I only see Xerox people fighting against the future and instead holding on tight to the "Legacy".

So the bigger question is why do the "Legacy" Xerox employees feel a need to be mean, narcisitic a--holes to the "Legacy" Lexmark employees who are just trying to do our jobs as the "Business" / "NEW CO" has asked us to do?

Since you get offended anytime you feel like the "Legacy Xerox" way is being subligated or talked badly about or neglected... please tell us how you would like us to refer to the different technologies, proceadures, processes and servers so that there is no mistaking which component is being discussed?

Also Please let us know how we move forward as the "NEW CO" so that your feelings aren't hurt everytime a business decision has to be made for the betterment of the "NEW CO".

Would you like us to just start refering to "Legacy Xerox" people as "our supreme overlords" and "Legacy Lexmark" people as "Those that you saved"? Because thats how it feels.

Or here is an idea... how about you get rid of he idea that the Xerox you see today is the same Xerox that existed a year ago or 5 years ago etc.. etc..

Instead realize we are now a team and we have to make hard decisions and choose what's best for "New CO" which means cobeliing together pieces from both. Maybe that means chosing "Legacy Xerox" options or maybe it means chosing "Legacy Lexmark options.

You don't have to like it but fu--ing stop with the narcistic idea that you are somehow better than the people trying to work with you and patch the holes in the sinking ship.

WGN TV laid off 8-9 on-air employees on Monday. This follows previous layoffs of behind-the-scenes staff. Parent company Nexstar is currently merging with Tegna. The cuts aim to reduce costs due to anticipated debt from the merger. Nexstar also carries debt from its 2019 Tribune Media acquisition.

https://chicago.suntimes.com/sports-media/2026/02/23/wgn-tv-chicago-layoffs-chicagos-very-own-channel-9-nexstar-tegna

It didn't take c1 long after they announce to buy a 5.15B company to sh*t on their existing employees.... what's not in your wallet for much longer?

According to Reuters ,Bloomberg and other outlets Appolo and Kyndrl have made a approach for DXC in the $20+

DXC have acknowledged the approach but are not commenting further at the moment.

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.

Just a little background, I had been at Cigna for 25 years until this past Thursday. I wasn’t laid off because of performance, but instead due to the ego of our director. The last 2 years since this director came on they have ruined our organization and created an environment of utter chaos, anxiety, back stabbing and I would say about 70% of the org looking for a new job. In my nearly 25 years at the company I have never had a leader be so bad. But, I think that is more a reflection of Cigna as a company since the ESI merger. The culture overall has become toxic and employees are no longer valued by the company. What I can say is that since last Thursday I have been getting the best sleep in a long time, little to no anxiety and feeling calm and relaxed. With the 9 week notification period and severance I have until May of 2027 to find a job and had been applying externally since before the JE. I am currently in various stages on around 10 different positions both FTE and Contractor and hoping to have a new less stressful job within a month. So I guess being JE’d isn’t so bad when you get a month vacation and then get double paid for about a year. That doesn’t include the better sleep and less anxiety and chaos. Thank you Cigna for the job elimination!

Not sure how many have heard of Project Converge, but it starts tomorrow. It is secretly tied to multiple initiatives in WAVE 2025 where we are marching towards significant staff reduction costs since Worldpay has merged into our organization. Drive of AI and Robotic Automation is extreme at this point. Will be a tough tough year. Good luck tomorrow.

… between the weekend of Bandy 🤡, CB chuck, our CMO, our sales-operations-but-don’t-know-anything-head and the other EC members. Counting their money. Putting the future of the company and any thought about employees at the back of their mind. Making up a new talk-track about how everything is working, failing at every ethical measure they can, showing the world their lack of moral compass or fibre

….. and the employees who have been let-down, disrespected, kept in the dark, miscommunicated to, not sure what happens next, constant feels of dread, or knowing in that this week is the last week here, or spending precious family time looking for a new role as the Kool Aid has been drunk and people seem to think Lexmark will save us. Xerox will go bankrupt because of Lex acquisition - Xerox has been around for 100+ years but add Lexmark and the down projection accelerates.

Repsol has determined that an APA reverse merger would be disadvantageous to the company’s shareholders as the risk and liability far outweigh the benefits. Repsol management’s attention is now on Venezuela oil production and refining operations. The linkages that maybe realized in Alaska are very short term. An example is ENI developed several fields with higher potential than Pikka to eventually divest to Hilcorp at a loss.

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/

Pleased to hear we are acquiring FANG.

Last Thursday, one day after the transaction officially closed, employees across the combined organization received emails outlining the status of their employment. For most, the message confirmed continuity. For an estimated 500 CyberArk employees worldwide, including roughly 100 in Israel, it signaled the end of their roles.

https://www.calcalistech.com/ctechnews/article/hy707511ube

What are your predictions for the type of changes we will see in July 1st?

Lexmark officials confirmed a round of layoffs at the company. The company did not disclose the number of affected staff. Xerox purchased Lexmark in July 2025 and is integrating operations. The city of Lexington has not received a WARN notice. WARN notices are not required for layoffs involving fewer than 50 people.

https://www.kentucky.com/news/business/article314692817.html

Big town hall on the merger today. What is everyone thinking? I've already seen some people have left/been let go. Has anyone seen their org charts yet? Layoffs expected?

Palo Alto Networks completed its $25 billion merger. The deal combined two major cybersecurity firms. The merger with CyberArk closed on Wednesday. Layoffs are planned following the acquisition. CyberArk employed about 300 people in Massachusetts.

https://www.bizjournals.com/boston/news/2026/02/11/cyberark-closes-merger.html

You got your PEP+, you got your DNA, you got your Clover, bo-m, you got a payments company.

… is Xerox the saviour you thought it would be ?

Or a real ‘frying pan into the fire’ journey for you all ?

One interesting use case for AI is to analyze all merger of equal transactions, notably WPX and Coterra with Devon. ChatGPT seems to think there is a possible claim to be made that Devon employees should be entitled to change of control severance since WPX and Coterra employees were also entitled to COC. I’m not saying Devon employees who are severed should pursue legal action, but they should consider writing their legal documents differently.

Given how much Devon’s presence means to okc you’d think they’d treat their employees better. There’s also probably some TIF clawback provisions okc could go after if someone from the news wanted to run with this.

990s show were in over our head and a certain assistant said we’re in talks to “merge” which is actually a dissolution due to acquisition of assets. 4 colleges refused to “merge” so one big closer to Philadelphia allegedly is buying our land and assets.

It’s time for a merger with Oxychem. Too many obvious advantages. Economies of scale, synergies, and market expansion. The rumors have already started and it’s time to move forward in 2H 2026 with this move. Stronger together.

I was at Kroger today and saw two DSLs from different companies preparing for a grand opening. Hard to believe they weren’t the same person. HR must be close behind.

Lots of big swinging di-ks flying into NY next week for earnings. Seems like lots of people behind closed doors these days all over the place. Merger? Major Acquisition? Feels like something different.

Fifth Third Bancorp officially acquired Comerica Incorporated. The deal was valued at $10.9 billion. Layoffs are expected following the acquisition.

https://www.woodtv.com/news/michigan/fifth-third-officially-acquires-comerica-in-10-9b-deal/amp/

Phillips 66 continues to argue that midstream is a stabilizing complement to refining—a business that smooths volatility and anchors the portfolio. That framing sounds reasonable until you look at how differently these businesses actually behave.

Refining and midstream do not share the same economic logic. And forcing them to coexist inside a single company increasingly looks like a strategic mistake.

Refining is short-cycle, market-driven, and highly sensitive to commercial decisions. It rewards speed, focus, and deep market intuition. Midstream is long-cycle, contract-driven, capital-intensive, and exposed to recontracting risk and asset aging. It rewards patience, cost discipline, and steady reinvestment. These businesses pull management attention, capital, and risk tolerance in opposite directions.

That tension is now visible.

In the Permian, midstream assets require ongoing attention just to stay competitive—compression, power, integrity, and producer concessions are now part of the operating reality. In the Mid-Continent, aging infrastructure demands capital to maintain reliability and compliance, not to grow. These are slow-burn, infrastructure-heavy challenges that sit uneasily inside a company whose core identity and investor appeal are still driven by refining cycles.

Anchoring midstream to a refining core distorts both.

Refining leadership is forced to coexist with a business that consumes capital steadily but delivers returns slowly. Midstream leadership is tethered to a parent whose valuation, volatility, and investor base are dominated by refining swings. The result is a portfolio where neither business is owned by the right shareholders.

This raises a more fundamental question: who should own these assets?

Midstream assets are better suited inside a company—or structure—where they are the core business, not a supporting act. A standalone midstream operator, or a peer whose valuation and strategy are built around infrastructure economics, can manage recontracting risk, aging assets, and margin pressure without competing for attention with refining performance or commercial trading outcomes.

Phillips 66 shareholders, meanwhile, have a bundled exposure that they have to manage. If an investor wants refining risk, they can get it more directly in VLO or even PBF. If they want midstream infrastructure exposure, they could choose it more directly—through a pure-play midstream company—without carrying refining volatility along for the ride.

This is where the breakup argument becomes compelling.

Separating midstream from refining would:
• Allow each business to be valued on its own merits
• Let management teams focus on what they actually know best
• Reduce strategic tension and competing priorities
• Give shareholders the ability to build their own portfolios instead of inheriting one

Keeping midstream inside Phillips 66 no longer looks like integration. It looks like inertia.

The company has already proven willing to simplify in other areas. Midstream should be next—not because the assets are bad, but because they are mis-owned.

Refining needs clarity and focus to improve capture and reduce volatility. Midstream needs patient ownership unanchored from refining cycles. Trying to force both into a single equity story satisfies neither.

The question isn’t whether midstream is valuable.
It’s whether it belongs here.

Right now, the answer increasingly looks like no.

Devon, Coterra Merger Confirms Layoffs

https://www.upstreamonline.com/people/layoffs-on-horizon-after-58-billion-us-shale-merger/2-1-1938275

Devon Energy and Coterra Energy are merging in a $58 billion deal. Layoffs will occur at the newly combined company. The specific scope of these job reductions is not yet clear. This information was revealed in a US Securities and Exchange Commission filing. The companies have not provided further details on the specifics.

Only outside buyers allowed? Are they trying to ki-l the book value even more?

Cigna just merged dental & mental health. Wow, Sean Carroll is going to be 2x busy for the same pay. Mental Dental, they should just let Dr. Seuss lead cigna at this point.

https://www.freep.com/story/money/business/michigan/2026/02/02/fifth-third-finalizes-purchase-of-comerica/88474021007/

Fifth Third Bancorp finalized its purchase of Comerica Bank. The deal officially closed on Monday, February 2.

Rebranding of Comerica branches to Fifth Third will begin in September.

This all-stock deal was valued at $12.3 billion.

The Federal Reserve and shareholders approved the deal last month.

Hi everyone, I’ve seen some recent roles open for the spend management team in APJ. But having looked at previous comments and the merger with Concur it doesn’t seem like the best place to be. Thoughts? Want to make sure I make the right jump

Not sure how you are able to give up more exec seats and move the company headquarters to the smaller company but DVN was able to do it!

Saw a recent post on Pepsi reddit where a Territory Manager calls out field sales merger likely happening by this summer which is part of the reason for Company Car removal for all field sales. Anyone hearing similar? Should Field Sales expect things to shift that quickly...