{
  "meta": {
    "table": "deals",
    "data_as_of": "2026-09-06",
    "license": "CC BY 4.0",
    "attribution": "Brandtree brand ownership dataset, 2026-09-06, https://brandtree.site/data, CC BY 4.0"
  },
  "rows": [
    {
      "id": "unilever-demerges-ice-cream-2025",
      "type": "spin_off",
      "status": "closed",
      "announced": "2024-03-19",
      "closed": "2025-12-08",
      "buyer": "magnum-ice-cream-company",
      "seller": "unilever",
      "assets": "ben-and-jerrys; magnum; walls-ice-cream; cornetto; breyers; talenti; yasso; popsicle; klondike; twister; carte-dor; viennetta; solero; calippo",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "Unilever separated its ice cream business as The Magnum Ice Cream Company, whose shares were admitted to trading on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange on 8 December 2025. Unilever shareholders received shares in the new company as a demerger dividend, and Unilever retained a 19.9% stake at admission.",
      "sources": "src-micc-20f-2025; src-unilever-20f-2025"
    },
    {
      "id": "kimberly-clark-acquires-kenvue-2025",
      "type": "acquisition",
      "status": "announced",
      "announced": "2025-11-03",
      "closed": null,
      "buyer": "kimberly-clark",
      "seller": "",
      "assets": "tylenol; listerine; neutrogena; band-aid; aveeno",
      "value_amount": 48700000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Kimberly-Clark agreed to acquire Kenvue in a cash and stock transaction that would combine Huggies and Kleenex with Tylenol, Listerine and Neutrogena. The deal is subject to shareholder and regulatory approvals.",
      "sources": "src-kenvue-10k-2025"
    },
    {
      "id": "ferrero-acquires-wk-kellogg-2025",
      "type": "acquisition",
      "status": "announced",
      "announced": "2025-07-10",
      "closed": null,
      "buyer": "ferrero",
      "seller": "",
      "assets": "frosted-flakes; corn-flakes; rice-krispies; raisin-bran; froot-loops",
      "value_amount": 3100000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Ferrero agreed to acquire WK Kellogg Co for $23 per share in cash, which would move the North American rights to Corn Flakes, Frosted Flakes and Rice Krispies to the Italian family-owned group.",
      "sources": "src-wkkellogg-ar-2025"
    },
    {
      "id": "mars-acquires-kellanova-2024",
      "type": "acquisition",
      "status": "announced",
      "announced": "2024-08-14",
      "closed": null,
      "buyer": "mars",
      "seller": "",
      "assets": "pringles; cheez-it; pop-tarts; rxbar; nutri-grain; special-k; crunchy-nut",
      "value_amount": 35900000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Mars agreed to acquire Kellanova for $83.50 per share in cash, which would add Pringles and Cheez-It to Mars Snacking and rank among the largest packaged food deals ever. The transaction required clearance in multiple jurisdictions.",
      "sources": "src-kellanova-ar-2025"
    },
    {
      "id": "campbells-acquires-sovos-2024",
      "type": "acquisition",
      "status": "closed",
      "announced": "2023-08-07",
      "closed": "2024-03-12",
      "buyer": "campbells",
      "seller": "sovos-brands",
      "assets": "raos; noosa",
      "value_amount": 2700000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Campbell's acquired Sovos Brands for $23 per share in cash, principally to obtain Rao's Homemade, a premium pasta sauce growing far faster than the rest of the category. The Federal Trade Commission cleared the deal after a second request.",
      "sources": "src-campbells-10k-2025"
    },
    {
      "id": "smucker-acquires-hostess-2023",
      "type": "acquisition",
      "status": "closed",
      "announced": "2023-09-11",
      "closed": "2023-11-07",
      "buyer": "jm-smucker",
      "seller": "hostess-brands-company",
      "assets": "hostess-brands; twinkies",
      "value_amount": 5600000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "J.M. Smucker acquired Hostess Brands for $34.25 per share in cash and stock, adding Twinkies, CupCakes and Donettes to a portfolio built on coffee, peanut butter and pet snacks. Smucker outbid several other packaged food companies for the business.",
      "sources": "src-jm-smucker-10k-2025"
    },
    {
      "id": "microsoft-acquires-activision-2023",
      "type": "acquisition",
      "status": "closed",
      "announced": "2022-01-18",
      "closed": "2023-10-13",
      "buyer": "microsoft",
      "seller": "",
      "assets": "activision-blizzard",
      "value_amount": 68700000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Microsoft acquired Activision Blizzard for $95 per share in cash, about $68.7 billion, the largest acquisition ever made in the video games industry. It closed twenty-one months after announcement following contested reviews in the United States, the United Kingdom and the European Union.",
      "sources": "src-msft-8k-2023-10-13"
    },
    {
      "id": "kellogg-splits-kellanova-2023",
      "type": "spin_off",
      "status": "closed",
      "announced": "2022-06-21",
      "closed": "2023-10-02",
      "buyer": "wk-kellogg",
      "seller": "kellanova",
      "assets": "frosted-flakes; corn-flakes; rice-krispies; raisin-bran; froot-loops",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "The Kellogg Company split into two listed companies: the global snacking business renamed itself Kellanova and kept Pringles and the international cereal brands, while the North American cereal business was spun off as WK Kellogg Co with the Battle Creek headquarters.",
      "sources": "src-wkkellogg-ar-2025"
    },
    {
      "id": "jnj-separates-kenvue-2023",
      "type": "spin_off",
      "status": "closed",
      "announced": "2021-11-12",
      "closed": "2023-08-23",
      "buyer": "kenvue",
      "seller": "johnson-and-johnson",
      "assets": "tylenol; band-aid; listerine; neutrogena; aveeno; johnsons-baby; nicorette; zyrtec; motrin; benadryl; ogx; carefree; stayfree",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "Johnson & Johnson separated its consumer health business as Kenvue, which listed in May 2023 and was fully split off through an exchange offer completed on 23 August 2023. Tylenol, Band-Aid, Listerine, Neutrogena and Johnson's Baby all moved to the new company.",
      "sources": "src-kenvue-10k-2025"
    },
    {
      "id": "gsk-demerges-haleon-2022",
      "type": "spin_off",
      "status": "closed",
      "announced": "2021-06-23",
      "closed": "2022-07-18",
      "buyer": "haleon",
      "seller": "gsk",
      "assets": "sensodyne; panadol; voltaren; centrum; advil; polident; otrivin; parodontax",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "GSK demerged its consumer healthcare business as Haleon, listing it in London and New York in July 2022. The business already contained Pfizer's consumer health portfolio, contributed to a joint venture in 2019, which is how Advil and Centrum came to sit alongside Sensodyne and Panadol.",
      "sources": "src-haleon-10k-2025"
    },
    {
      "id": "apollo-acquires-yahoo-2021",
      "type": "acquisition",
      "status": "closed",
      "announced": "2021-05-03",
      "closed": "2021-09-01",
      "buyer": "apollo-global",
      "seller": "",
      "assets": "yahoo; yahoo-mail; yahoo-finance; yahoo-sports; aol; engadget",
      "value_amount": 5000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Funds managed by Apollo Global Management acquired ninety per cent of Verizon Media, comprising Yahoo and AOL and their properties, in a deal valued at about $5 billion. Verizon retained the remaining ten per cent.",
      "sources": "src-apollo-yahoo-2021"
    },
    {
      "id": "hormel-acquires-planters-2021",
      "type": "divestiture",
      "status": "closed",
      "announced": "2021-02-11",
      "closed": "2021-06-07",
      "buyer": "hormel",
      "seller": "kraft-heinz",
      "assets": "planters-nuts",
      "value_amount": 3350000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Hormel bought the Planters nut business from Kraft Heinz, which was selling non-core brands to reduce debt after the failure of its cost-cutting strategy. It was the largest acquisition Hormel had made.",
      "sources": "src-hormel-10k-2025"
    },
    {
      "id": "ralph-lauren-sells-club-monaco-2021",
      "type": "divestiture",
      "status": "closed",
      "announced": "2021-01-25",
      "closed": "2021-05-01",
      "buyer": "regent-lp",
      "seller": "ralph-lauren",
      "assets": "club-monaco",
      "value_amount": null,
      "value_currency": "USD",
      "value_basis": "undisclosed",
      "regulatory": "",
      "summary": "Ralph Lauren sold Club Monaco to Regent, a Los Angeles private investment firm, having owned the Canadian contemporary clothing brand since 1999. The price was not disclosed. Ralph Lauren had been narrowing its portfolio to concentrate on its own name.",
      "sources": "src-ralph-lauren-club-monaco-2021"
    },
    {
      "id": "lvmh-acquires-tiffany-2021",
      "type": "acquisition",
      "status": "closed",
      "announced": "2019-11-25",
      "closed": "2021-01-07",
      "buyer": "lvmh",
      "seller": "tiffany-and-co-company",
      "assets": "tiffany",
      "value_amount": 15800000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "LVMH acquired Tiffany & Co. for $131.50 a share after renegotiating down from $135 during the pandemic and settling litigation between the parties. It is the largest acquisition in luxury goods.",
      "sources": "src-lvmh-ar-2025"
    },
    {
      "id": "inspire-acquires-dunkin-2020",
      "type": "acquisition",
      "status": "closed",
      "announced": "2020-10-30",
      "closed": "2020-12-15",
      "buyer": "inspire-brands",
      "seller": "dunkin-brands",
      "assets": "dunkin; baskin-robbins",
      "value_amount": 11300000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Inspire Brands acquired Dunkin' Brands for $106.50 per share in cash, taking the company private and adding Dunkin' and Baskin-Robbins to a portfolio it had assembled in under three years. It was one of the largest restaurant transactions ever completed.",
      "sources": "src-inspire-brands"
    },
    {
      "id": "mars-renames-uncle-bens-2020",
      "type": "rebrand",
      "status": "closed",
      "announced": "2020-06-17",
      "closed": "2020-09-23",
      "buyer": "mars",
      "seller": "",
      "assets": "uncle-bens",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "Mars renamed Uncle Ben's to Ben's Original and removed the image of an elderly Black man from the packaging, after criticism during the 2020 racial justice protests that the branding drew on a servant stereotype.",
      "sources": "src-mars-brands"
    },
    {
      "id": "asahi-acquires-cub-2020",
      "type": "divestiture",
      "status": "closed",
      "announced": "2019-07-19",
      "closed": "2020-06-01",
      "buyer": "asahi-group",
      "seller": "ab-inbev",
      "assets": "carlton-draught; victoria-bitter",
      "value_amount": 16000000000,
      "value_currency": "AUD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Asahi acquired Carlton & United Breweries, the Australian business AB InBev had inherited with SABMiller, giving it Victoria Bitter and Carlton Draught. The Australian competition regulator required Asahi to divest several cider and beer brands before approving the deal.",
      "sources": "src-asahi-ar-2025"
    },
    {
      "id": "ferrero-acquires-kellogg-cookies-2019",
      "type": "divestiture",
      "status": "closed",
      "announced": "2019-04-01",
      "closed": "2019-07-29",
      "buyer": "ferrero",
      "seller": "kellanova",
      "assets": "keebler; famous-amos",
      "value_amount": 1300000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Kellogg sold Keebler, Famous Amos and the rest of its cookies and fruit snacks business to Ferrero as it concentrated on snacks and cereal. The seller entity later became Kellanova in the 2023 split.",
      "sources": "src-kellanova-ar-2025"
    },
    {
      "id": "vf-spins-off-kontoor-2019",
      "type": "spin_off",
      "status": "closed",
      "announced": "2018-08-13",
      "closed": "2019-05-23",
      "buyer": "kontoor-brands",
      "seller": "vf-corporation",
      "assets": "wrangler; lee-jeans",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "VF Corporation spun off its jeanswear business as Kontoor Brands, distributing shares to VF shareholders. The separation let VF concentrate on outdoor and activewear brands growing faster than denim, and gave Wrangler and Lee a management team focused on that category alone.",
      "sources": "src-kontoor-10k-2025"
    },
    {
      "id": "coca-cola-acquires-costa-2019",
      "type": "acquisition",
      "status": "closed",
      "announced": "2018-08-31",
      "closed": "2019-01-03",
      "buyer": "coca-cola-company",
      "seller": "whitbread",
      "assets": "costa-coffee",
      "value_amount": 4900000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Coca-Cola bought Costa Coffee from Whitbread, its first move into a large hot drinks platform and its entry into physical coffee retail.",
      "sources": "src-coca-cola-10k-2025"
    },
    {
      "id": "energizer-acquires-spectrum-batteries-2019",
      "type": "divestiture",
      "status": "closed",
      "announced": "2018-01-15",
      "closed": "2019-01-02",
      "buyer": "energizer",
      "seller": "spectrum-brands",
      "assets": "rayovac; varta-consumer",
      "value_amount": 2000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Energizer bought the Rayovac and Varta consumer battery businesses from Spectrum Brands, consolidating three of the largest battery brands in North America and Europe under one owner. European regulators required Energizer to divest the Varta business in several markets before clearing the deal.",
      "sources": "src-energizer-10k-2025"
    },
    {
      "id": "conagra-acquires-pinnacle-2018",
      "type": "acquisition",
      "status": "closed",
      "announced": "2018-06-27",
      "closed": "2018-10-26",
      "buyer": "conagra",
      "seller": "pinnacle-foods",
      "assets": "birds-eye-us; duncan-hines; vlasic; udis",
      "value_amount": 10900000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Conagra acquired Pinnacle Foods in a cash and stock deal, adding Birds Eye, Duncan Hines and Vlasic. Conagra sold its Wesson oil brand to satisfy competition concerns, and Pinnacle had been an acquisition target for several years before the deal closed.",
      "sources": "src-conagra-10k-2025"
    },
    {
      "id": "microsoft-acquires-github-2018",
      "type": "acquisition",
      "status": "closed",
      "announced": "2018-06-04",
      "closed": "2018-10-26",
      "buyer": "microsoft",
      "seller": "",
      "assets": "github",
      "value_amount": 7500000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Microsoft acquired GitHub for $7.5 billion in stock. The European Commission cleared the deal unconditionally in October 2018, finding no risk that the buyer would degrade the platform for rival developer tools.",
      "sources": "src-msft-10q-2019q2"
    },
    {
      "id": "kkr-acquires-unilever-spreads-2018",
      "type": "divestiture",
      "status": "closed",
      "announced": "2017-12-15",
      "closed": "2018-07-02",
      "buyer": "kkr",
      "seller": "unilever",
      "assets": "flora; becel; country-crock; i-cant-believe-its-not-butter; rama; blue-band; proactiv-spread",
      "value_amount": 6825000000,
      "value_currency": "EUR",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Unilever sold its spreads business to KKR, which established it as a standalone company named Upfield. Unilever had been trying to exit margarine for years as consumption declined, and the sale followed its rejection of a takeover approach from Kraft Heinz that had prompted a strategic review.",
      "sources": "src-upfield-brands"
    },
    {
      "id": "bayer-acquires-monsanto-2018",
      "type": "acquisition",
      "status": "closed",
      "announced": "2016-09-14",
      "closed": "2018-06-07",
      "buyer": "bayer",
      "seller": "monsanto",
      "assets": "roundup",
      "value_amount": 63000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Bayer acquired Monsanto for $128 per share in cash, creating the largest agricultural inputs company in the world. Regulators required Bayer to sell substantial seed and crop protection assets to BASF. The deal brought Bayer the Roundup brand and the glyphosate litigation attached to it, which has since cost it many billions in settlements.",
      "sources": "src-bayer-ar-2025"
    },
    {
      "id": "ferrero-acquires-nestle-us-candy-2018",
      "type": "divestiture",
      "status": "closed",
      "announced": "2018-01-16",
      "closed": "2018-03-31",
      "buyer": "ferrero",
      "seller": "nestle",
      "assets": "butterfinger; baby-ruth; crunch-bar",
      "value_amount": 2800000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Nestlé sold its United States confectionery business, including Butterfinger, Baby Ruth, Crunch and around twenty other brands, to Ferrero. Nestlé kept its confectionery businesses in every other market.",
      "sources": "src-ferrero-brands"
    },
    {
      "id": "campbells-acquires-snyders-lance-2018",
      "type": "acquisition",
      "status": "closed",
      "announced": "2017-12-18",
      "closed": "2018-03-26",
      "buyer": "campbells",
      "seller": "snyders-lance",
      "assets": "snyders-of-hanover; lance; cape-cod-chips; kettle-brand",
      "value_amount": 6100000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Campbell's bought snack maker Snyder's-Lance for $50 per share in cash, roughly doubling the size of its snacks business and moving the company away from its dependence on condensed soup, a category in long-term decline.",
      "sources": "src-campbells-10k-2025"
    },
    {
      "id": "amazon-acquires-whole-foods-2017",
      "type": "acquisition",
      "status": "closed",
      "announced": "2017-06-16",
      "closed": "2017-08-28",
      "buyer": "amazon",
      "seller": "whole-foods-market-inc",
      "assets": "whole-foods; 365-by-whole-foods",
      "value_amount": 13700000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Amazon acquired Whole Foods Market for $42 per share in cash, its largest acquisition and its entry into physical grocery retail. Share prices of established supermarket chains fell sharply on the announcement, and Amazon cut Whole Foods prices within days of closing.",
      "sources": "src-amazon-10k-2025"
    },
    {
      "id": "diageo-acquires-casamigos-2017",
      "type": "acquisition",
      "status": "closed",
      "announced": "2017-06-21",
      "closed": "2017-08-21",
      "buyer": "diageo",
      "seller": "",
      "assets": "casamigos",
      "value_amount": 1000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Diageo bought Casamigos, the tequila founded by George Clooney, Rande Gerber and Mike Meldman, for $700 million up front and up to $300 million more on performance. The price for a four-year-old brand helped set off a wave of celebrity spirits deals.",
      "sources": "src-diageo-ar-2025"
    },
    {
      "id": "mccormick-acquires-frenchs-2017",
      "type": "divestiture",
      "status": "closed",
      "announced": "2017-07-19",
      "closed": "2017-08-17",
      "buyer": "mccormick",
      "seller": "reckitt",
      "assets": "frenchs; franks-redhot",
      "value_amount": 4200000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "McCormick bought French's mustard and Frank's RedHot from Reckitt Benckiser, which had inherited the food business through Reckitt & Colman and was selling it to fund its purchase of Mead Johnson. It was McCormick's largest acquisition.",
      "sources": "src-mccormick-10k-2025"
    },
    {
      "id": "reckitt-acquires-mead-johnson-2017",
      "type": "acquisition",
      "status": "closed",
      "announced": "2017-02-10",
      "closed": "2017-06-15",
      "buyer": "reckitt",
      "seller": "mead-johnson-nutrition",
      "assets": "enfamil",
      "value_amount": 17900000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Reckitt Benckiser acquired infant formula maker Mead Johnson Nutrition for $90 a share, its largest deal. The acquisition later required substantial write-downs and Reckitt sold the China infant nutrition business in 2021.",
      "sources": "src-reckitt-ar-2025"
    },
    {
      "id": "asahi-acquires-sabmiller-cee-2017",
      "type": "divestiture",
      "status": "closed",
      "announced": "2016-12-13",
      "closed": "2017-03-31",
      "buyer": "asahi-group",
      "seller": "ab-inbev",
      "assets": "pilsner-urquell; tyskie",
      "value_amount": 7300000000,
      "value_currency": "EUR",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Asahi bought SABMiller's central and eastern European businesses from AB InBev, including Pilsner Urquell in the Czech Republic and Tyskie in Poland, in the second and larger tranche of divestitures required to clear the SABMiller merger.",
      "sources": "src-asahi-ar-2025"
    },
    {
      "id": "microsoft-acquires-linkedin-2016",
      "type": "acquisition",
      "status": "closed",
      "announced": "2016-06-13",
      "closed": "2016-12-08",
      "buyer": "microsoft",
      "seller": "",
      "assets": "linkedin",
      "value_amount": 26200000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Microsoft acquired LinkedIn for $196 per share in cash, valuing it at about $26.2 billion. It was the largest acquisition in Microsoft history until Activision Blizzard.",
      "sources": "src-msft-8k-2016-12-08"
    },
    {
      "id": "conagra-spins-off-lamb-weston-2016",
      "type": "spin_off",
      "status": "closed",
      "announced": "2015-11-18",
      "closed": "2016-11-09",
      "buyer": "lamb-weston",
      "seller": "conagra",
      "assets": "lamb-weston-brand; grown-in-idaho",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "Conagra separated its frozen potato business as Lamb Weston, distributing shares to Conagra shareholders. The two businesses had little in common: one supplied restaurants with commodity potato products, the other sold branded food in supermarkets, and each was valued differently by investors.",
      "sources": "src-lamb-weston-10k-2025"
    },
    {
      "id": "asahi-acquires-sabmiller-europe-2016",
      "type": "divestiture",
      "status": "closed",
      "announced": "2016-02-10",
      "closed": "2016-10-11",
      "buyer": "asahi-group",
      "seller": "ab-inbev",
      "assets": "peroni; grolsch; meantime",
      "value_amount": 2550000000,
      "value_currency": "EUR",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "AB InBev sold Peroni, Grolsch and Meantime to Asahi as part of the divestitures required to obtain competition clearance for its acquisition of SABMiller. It was the Japanese brewer's first substantial European business.",
      "sources": "src-asahi-ar-2025"
    },
    {
      "id": "molson-coors-acquires-millercoors-2016",
      "type": "divestiture",
      "status": "closed",
      "announced": "2015-11-11",
      "closed": "2016-10-11",
      "buyer": "molson-coors",
      "seller": "ab-inbev",
      "assets": "miller-lite",
      "value_amount": 12000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Molson Coors bought SABMiller's 58% of the MillerCoors joint venture and the worldwide Miller brand portfolio, a divestiture required to let AB InBev complete its takeover of SABMiller.",
      "sources": "src-molson-coors-10k-2025"
    },
    {
      "id": "abinbev-acquires-sabmiller-2016",
      "type": "acquisition",
      "status": "closed",
      "announced": "2015-11-11",
      "closed": "2016-10-10",
      "buyer": "ab-inbev",
      "seller": "sabmiller",
      "assets": "castle-lager; aguila",
      "value_amount": 79000000000,
      "value_currency": "GBP",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "AB InBev acquired SABMiller in one of the largest takeovers ever recorded, creating a brewer with roughly a quarter of the beer sold worldwide. Regulators in the United States, Europe, China and South Africa required extensive divestitures, including SABMiller's stake in MillerCoors and its European Peroni, Grolsch and Meantime brands.",
      "sources": "src-abinbev-20f-2025"
    },
    {
      "id": "coty-acquires-pg-beauty-2016",
      "type": "divestiture",
      "status": "closed",
      "announced": "2015-07-09",
      "closed": "2016-10-01",
      "buyer": "coty",
      "seller": "procter-and-gamble",
      "assets": "covergirl; max-factor; clairol; wella-professionals",
      "value_amount": 12500000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Procter & Gamble transferred 41 beauty brands, including CoverGirl, Max Factor, Clairol and Wella, to Coty in a Reverse Morris Trust structured to be tax-efficient for P&G shareholders. It was the largest single step in P&G's programme of cutting its portfolio from about 170 brands to 65.",
      "sources": "src-coty-10k-2025"
    },
    {
      "id": "expedia-acquires-homeaway-2015",
      "type": "acquisition",
      "status": "closed",
      "announced": "2015-11-04",
      "closed": "2015-12-15",
      "buyer": "expedia-group",
      "seller": "",
      "assets": "vrbo",
      "value_amount": 3900000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Expedia acquired HomeAway, owner of the Vrbo vacation rental marketplace, for about $3.9 billion in cash and stock. The purchase gave Expedia a whole-property rental business as Airbnb grew.",
      "sources": "src-expedia-8k-2015-12-15"
    },
    {
      "id": "expedia-acquires-orbitz-2015",
      "type": "acquisition",
      "status": "closed",
      "announced": "2015-02-12",
      "closed": "2015-09-17",
      "buyer": "expedia-group",
      "seller": "",
      "assets": "orbitz; ebookers; cheaptickets",
      "value_amount": 1600000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Expedia acquired Orbitz Worldwide for $12 per share in cash, about $1.6 billion including debt. The United States Department of Justice closed its review without challenge, concluding the merged firm would still face competition from Priceline and from hotels selling direct.",
      "sources": "src-expedia-8k-2015-09-17"
    },
    {
      "id": "burger-king-merges-tim-hortons-2014",
      "type": "merger",
      "status": "closed",
      "announced": "2014-08-26",
      "closed": "2014-12-12",
      "buyer": "restaurant-brands-intl",
      "seller": "tim-hortons-inc",
      "assets": "tim-hortons",
      "value_amount": 12500000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Burger King, controlled by 3G Capital, merged with Tim Hortons to create Restaurant Brands International, headquartered in Canada. The move drew criticism in the United States as a tax inversion, and Berkshire Hathaway provided $3 billion of preferred equity financing.",
      "sources": "src-rbi-10k-2025"
    },
    {
      "id": "facebook-acquires-whatsapp-2014",
      "type": "acquisition",
      "status": "closed",
      "announced": "2014-02-19",
      "closed": "2014-10-06",
      "buyer": "meta-platforms",
      "seller": "",
      "assets": "whatsapp",
      "value_amount": 19000000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Facebook acquired WhatsApp for approximately $19 billion in cash and stock, the largest sum ever paid for a venture-backed company at the time. The European Commission cleared the deal in October 2014.",
      "sources": "src-fb-10k-2014"
    },
    {
      "id": "tyson-acquires-hillshire-2014",
      "type": "acquisition",
      "status": "closed",
      "announced": "2014-07-01",
      "closed": "2014-08-28",
      "buyer": "tyson-foods",
      "seller": "hillshire-brands",
      "assets": "hillshire-farm; ball-park; state-fair; aidells; wright-brand",
      "value_amount": 8550000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Tyson Foods won a bidding contest with Pilgrim's Pride for Hillshire Brands, paying $63 per share in cash. The auction began after Hillshire had itself agreed to buy Pinnacle Foods, an agreement it terminated to accept the Tyson offer.",
      "sources": "src-tyson-10k-2025"
    },
    {
      "id": "suntory-acquires-beam-2014",
      "type": "acquisition",
      "status": "closed",
      "announced": "2014-01-13",
      "closed": "2014-04-30",
      "buyer": "suntory",
      "seller": "beam-inc",
      "assets": "jim-beam; makers-mark",
      "value_amount": 16000000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "Suntory bought Beam Inc. for $83.50 a share in cash, creating Beam Suntory and making the Japanese family-controlled group one of the largest spirits companies in the world.",
      "sources": "src-suntory-brands"
    },
    {
      "id": "constellation-acquires-modelo-us-2013",
      "type": "divestiture",
      "status": "closed",
      "announced": "2013-02-14",
      "closed": "2013-06-07",
      "buyer": "constellation-brands",
      "seller": "ab-inbev; grupo-modelo",
      "assets": "corona-us; modelo-especial; pacifico",
      "value_amount": 4750000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "doj-modelo-2013",
      "summary": "To settle the Department of Justice lawsuit blocking AB InBev's acquisition of Grupo Modelo, AB InBev sold Constellation Brands the perpetual rights to Corona, Modelo Especial and Pacífico in the United States, together with the Piedras Negras brewery. This is why Corona has a different owner in the United States than everywhere else.",
      "sources": "src-doj-modelo-2013"
    },
    {
      "id": "facebook-acquires-instagram-2012",
      "type": "acquisition",
      "status": "closed",
      "announced": "2012-04-09",
      "closed": "2012-09-06",
      "buyer": "meta-platforms",
      "seller": "",
      "assets": "instagram",
      "value_amount": 1000000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Facebook acquired Instagram, then a thirteen-person company with no revenue, for about $1 billion in cash and stock. The final consideration fell as Facebook shares declined between announcement and closing.",
      "sources": "src-fb-10k-2012"
    },
    {
      "id": "unilever-acquires-alberto-culver-2011",
      "type": "acquisition",
      "status": "closed",
      "announced": "2010-09-27",
      "closed": "2011-05-10",
      "buyer": "unilever",
      "seller": "alberto-culver",
      "assets": "tresemme; vo5; simple-skincare; st-ives; nexxus",
      "value_amount": 3700000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Unilever bought Alberto Culver for $37.50 a share in cash, adding TRESemmé, VO5, Simple, St. Ives and Nexxus to its hair and skin portfolio. Regulators required Unilever to divest the Alberto VO5 and Rave brands in the United States.",
      "sources": "src-unilever-20f-2025"
    },
    {
      "id": "stanley-merges-black-decker-2010",
      "type": "merger",
      "status": "closed",
      "announced": "2009-11-02",
      "closed": "2010-03-12",
      "buyer": "stanley-black-decker",
      "seller": "black-decker-corp",
      "assets": "black-decker-brand; dewalt",
      "value_amount": 4500000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Stanley Works and The Black & Decker Corporation merged in an all-stock transaction to form Stanley Black & Decker, combining the largest hand tool business in the United States with one of the largest power tool businesses.",
      "sources": "src-swk-10k-2025"
    },
    {
      "id": "kraft-acquires-cadbury-2010",
      "type": "acquisition",
      "status": "closed",
      "announced": "2009-09-07",
      "closed": "2010-02-02",
      "buyer": "kraft-foods",
      "seller": "cadbury-plc",
      "assets": "cadbury",
      "value_amount": 11500000000,
      "value_currency": "GBP",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Kraft Foods won a hostile takeover of Cadbury after a five-month battle, closing at 840 pence per share in cash and shares. Kraft closed the Somerdale factory it had promised to keep open, which led to criticism in Parliament and changes to the UK takeover code. Cadbury passed to Mondelēz in the 2012 split.",
      "sources": "src-mondelez-10k-2025"
    },
    {
      "id": "inbev-acquires-anheuser-busch-2008",
      "type": "acquisition",
      "status": "closed",
      "announced": "2008-07-14",
      "closed": "2008-11-18",
      "buyer": "ab-inbev",
      "seller": "anheuser-busch-companies",
      "assets": "budweiser; bud-light; michelob-ultra",
      "value_amount": 52000000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Belgian-Brazilian brewer InBev acquired Anheuser-Busch for $70 a share in cash after an initially hostile approach, creating Anheuser-Busch InBev and moving control of Budweiser out of the United States.",
      "sources": "src-abinbev-20f-2025"
    },
    {
      "id": "mars-acquires-wrigley-2008",
      "type": "acquisition",
      "status": "closed",
      "announced": "2008-04-28",
      "closed": "2008-10-06",
      "buyer": "mars",
      "seller": "wrigley-company",
      "assets": "extra-gum; orbit-gum; skittles; starburst",
      "value_amount": 23000000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Mars acquired the Wm. Wrigley Jr. Company for $80 a share in cash, financed in part by Berkshire Hathaway and Goldman Sachs. The deal created Mars Wrigley and made Mars the largest confectionery company in the world.",
      "sources": "src-mars-brands"
    },
    {
      "id": "google-acquires-youtube-2006",
      "type": "acquisition",
      "status": "closed",
      "announced": "2006-10-09",
      "closed": "2006-11-13",
      "buyer": "alphabet",
      "seller": "",
      "assets": "youtube",
      "value_amount": 1650000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Google acquired YouTube for $1.65 billion in stock, twenty months after the video site was founded and while it still had no meaningful revenue. The price was widely criticised as reckless at the time.",
      "sources": "src-google-8k-2006-11-13"
    },
    {
      "id": "pg-acquires-gillette-2005",
      "type": "acquisition",
      "status": "closed",
      "announced": "2005-01-28",
      "closed": "2005-10-01",
      "buyer": "procter-and-gamble",
      "seller": "gillette-company",
      "assets": "gillette; oral-b; braun; venus",
      "value_amount": 57000000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Procter & Gamble acquired The Gillette Company in an all-stock deal, adding razors, Oral-B and Braun and making it the largest consumer goods company in the world at the time. Regulators required divestitures in electric toothbrushes and deodorants.",
      "sources": "src-pg-10k-2025"
    },
    {
      "id": "general-mills-acquires-pillsbury-2001",
      "type": "acquisition",
      "status": "closed",
      "announced": "2000-07-17",
      "closed": "2001-10-31",
      "buyer": "general-mills",
      "seller": "diageo",
      "assets": "pillsbury; old-el-paso; haagen-dazs-us",
      "value_amount": 10500000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "",
      "summary": "General Mills bought Pillsbury from Diageo, roughly doubling its size. The Federal Trade Commission required the divestiture of Pillsbury's dessert and specialty products business to International Multifoods before clearing the deal.",
      "sources": "src-general-mills-10k-2025"
    },
    {
      "id": "pepsico-acquires-quaker-oats-2001",
      "type": "acquisition",
      "status": "closed",
      "announced": "2000-12-04",
      "closed": "2001-08-02",
      "buyer": "pepsico",
      "seller": "quaker-oats-company",
      "assets": "gatorade; quaker-oats-brand; quaker-chewy",
      "value_amount": 13400000000,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "PepsiCo acquired The Quaker Oats Company in an all-stock merger, primarily to obtain Gatorade, which gave it the leading position in sports drinks. The Federal Trade Commission cleared the deal after a split vote, with a consent order restricting distribution arrangements.",
      "sources": "src-pepsico-10k-2025"
    },
    {
      "id": "unilever-acquires-bestfoods-2000",
      "type": "acquisition",
      "status": "closed",
      "announced": "2000-06-06",
      "closed": "2000-10-04",
      "buyer": "unilever",
      "seller": "bestfoods",
      "assets": "hellmanns; knorr; maizena",
      "value_amount": 24300000000,
      "value_currency": "USD",
      "value_basis": "enterprise_value",
      "regulatory": "ec-m1990",
      "summary": "Unilever acquired Bestfoods, the American food group behind Knorr and Hellmann's, in what was then the largest cash acquisition in the food industry. The European Commission cleared the deal in Phase I subject to divestiture commitments.",
      "sources": "src-ec-m1990; src-unilever-20f-2025"
    },
    {
      "id": "unilever-acquires-ben-and-jerrys-2000",
      "type": "acquisition",
      "status": "closed",
      "announced": "2000-04-12",
      "closed": "2000-08-03",
      "buyer": "unilever",
      "seller": "ben-and-jerrys-homemade",
      "assets": "ben-and-jerrys",
      "value_amount": null,
      "value_currency": "USD",
      "value_basis": "equity",
      "regulatory": "",
      "summary": "Unilever's subsidiary Conopco acquired Ben & Jerry's Homemade in a two-step transaction: a cash tender offer at $43.60 per share through Vermont All Natural Expansion Company, followed by a back-end merger. The merger agreement created an independent board with a continuing social mission mandate.",
      "sources": "src-bj-8k-2000-05-22; src-bj-defm14a-2000-07-06; src-bj-15-12g-2000-08-03"
    },
    {
      "id": "unilever-acquires-amora-maille-2000",
      "type": "acquisition",
      "status": "closed",
      "announced": "2000-01-25",
      "closed": "2000-03-08",
      "buyer": "unilever",
      "seller": "",
      "assets": "colmans",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "ec-m1802",
      "summary": "Unilever acquired the French condiments group Amora-Maille, adding mustard and sauce brands in France. The European Commission cleared the transaction subject to commitments.",
      "sources": "src-ec-m1802"
    },
    {
      "id": "pepsico-spins-off-tricon-1997",
      "type": "spin_off",
      "status": "closed",
      "announced": "1997-01-23",
      "closed": "1997-10-06",
      "buyer": "yum-brands",
      "seller": "pepsico",
      "assets": "kfc; pizza-hut; taco-bell",
      "value_amount": null,
      "value_currency": null,
      "value_basis": null,
      "regulatory": "",
      "summary": "PepsiCo spun off its restaurant business as Tricon Global Restaurants, taking KFC, Pizza Hut and Taco Bell out of the drinks and snacks company. PepsiCo had found that operating restaurants competed for capital with its packaged goods brands and complicated its relationships with other chains. Tricon renamed itself Yum! Brands in 2002.",
      "sources": "src-yum-10k-2025"
    }
  ]
}