{
  "name": "The Acquisition Log",
  "url": "https://acquirednowwhat.com/log",
  "publisher": "Vigilant Press",
  "license": "CC BY 4.0",
  "updated": "2026-09-25",
  "deals": [
    {
      "acquirer": "Amazon",
      "target": "Whole Foods Market",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2017-06-16",
      "closed": "2017-08-28",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Consumer",
      "verb": "acquires",
      "value": "$13.7B (all cash, $42.00/share, including Whole Foods' net debt)",
      "valueLabel": "$13.7B",
      "valueUsdB": 13.7,
      "search": {
        "keyword": "amazon buys whole foods",
        "usMonthly": 720,
        "asOf": "2026-09"
      },
      "targetEmployees": {
        "count": 87000,
        "asOf": "2017-06-16 (announcement)",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/0000865436/000104746917004058/a2232461zex-99_1.htm"
      },
      "employeeImpact": [
        {
          "date": "2018-03-23",
          "event": "Whole Foods laid off in-store/regional marketing and graphic-design staff as operations were centralized. No official count was given.",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.cnbc.com/2018/03/23/whole-foods-reportedly-trims-staff-in-wake-of-amazon-acquisition.html"
        }
      ],
      "sources": [
        {
          "label": "Joint press release, 8-K Ex. 99.1 (2017-06-16)",
          "url": "https://www.sec.gov/Archives/edgar/data/0000865436/000104746917004058/a2232461zex-99_1.htm",
          "type": "sec-filing"
        },
        {
          "label": "Whole Foods 8-K, completion of merger (2017-08-28)",
          "url": "https://www.sec.gov/Archives/edgar/data/0000865436/000114420417045261/v474128_8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Whole Foods 10-Q Q3 FY2017 (agreement dated 2017-06-15)",
          "url": "https://www.sec.gov/Archives/edgar/data/0000865436/000086543617000171/wfm10qq32017.htm",
          "type": "sec-filing"
        },
        {
          "label": "Amazon 10-K FY2017 ($13.2B net of cash acquired)",
          "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872418000005/amzn-20171231x10k.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Amazon.com, Inc. / Whole Foods Market, Inc.. | value_note: The merger agreement was signed 2017-06-15 and announced 2017-06-16. Whole Foods' 8-K at close says about $13.55B was paid to shareholders and equity-award holders. Amazon's 2017 10-K says about $13.2B, net of cash acquired. | gemini_claim_check: Correct: year 2017 and $13.7B. Note that $13.7B includes net debt. The equity paid at close was about $13.55B. | open_questions: No primary source gives a count for the post-deal layoffs. The 2018 marketing cuts are reported only in news, with no WARN filing found.",
      "id": "amazon-whole-foods"
    },
    {
      "acquirer": "AOL",
      "target": "Time Warner",
      "type": "merger",
      "status": "closed",
      "rumored": null,
      "announced": "2000-01-10",
      "closed": "2001-01-11",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "merges with",
      "value": "Stock-for-stock: 1 AOL Time Warner share per AOL share and 1.5 per Time Warner share. No total deal value appears in the primary filings I opened.",
      "valueLabel": "All-stock",
      "valueUsdB": null,
      "search": {
        "keyword": "aol time warner merger",
        "usMonthly": 590,
        "asOf": "2026-09"
      },
      "seat": "About 8,200 employees were identified for termination or relocation; about 6,400 of those had happened by the end of 2002.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2001-01-24",
          "event": "Company-wide job cuts announced right after closing (reported as about 2,000–2,400)",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.pbs.org/newshour/nation/media-jan-june01-aol-cnn_01-24"
        },
        {
          "date": "2002-12-31",
          "event": "Merger-related workforce reduction at Time Warner units. About 8,200 employees were initially identified for involuntary termination or relocation, and about 6,400 had occurred by the end of 2002.",
          "count": 6400,
          "basis": "filing",
          "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1105705/000095014403004064/g81332e10vk.htm"
        }
      ],
      "sources": [
        {
          "label": "AOL Time Warner 8-K, merger effective 2001-01-11",
          "url": "https://www.sec.gov/Archives/edgar/data/1105705/000095011701000063/0000950117-01-000063-0001.txt",
          "type": "sec-filing"
        },
        {
          "label": "AOL Time Warner 10-K transition report FY2000 (merger agreement dated 2000-01-10; ~$147B cost; 88,500 combined employees)",
          "url": "https://www.sec.gov/Archives/edgar/data/1105705/000095011701000572/0000950117-01-000572.txt",
          "type": "sec-filing"
        },
        {
          "label": "FTC approves AOL/Time Warner merger with conditions (2000-12-14)",
          "url": "https://www.ftc.gov/news-events/news/press-releases/2000/12/ftc-approves-aoltime-warner-merger-conditions",
          "type": "regulator"
        },
        {
          "label": "AOL Time Warner 10-K FY2002 (net loss $98.696B; impairments)",
          "url": "https://www.sec.gov/Archives/edgar/data/1105705/000095014403004064/g81332e10vk.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: America Online, Inc. (via new holding company AOL Time Warner Inc.) / Time Warner Inc.. | value_note: The purchase-method cost to acquire Time Warner was about $147B including transaction costs (AOL Time Warner 10-K transition report, FY2000). The widely quoted $165B is the stock value at announcement and comes from news, not a filing. The FTC cleared the deal with a consent order on 2000-12-14. The FCC approved it and the deal closed on 2001-01-11. | gemini_claim_check: The year is only partly right: the deal was announced in 2000 but closed on 2001-01-11. The $165.0B is not in any primary filing; the filings show a purchase cost of about $147B. The '$99B writedown' is loosely right but garbled. The 2002 net loss was $98.696B. The goodwill impairments were $54.235B (accounting change, Q1 2002) plus $45.538B (Q4 2002), about $99.8B combined. Calling it a 'dot-com writedown' is editorializing. | open_questions: The combined headcount was 88,500 on 2000-12-31. I found no primary figure for Time Warner's own headcount at announcement. The January 2001 layoff count is from news only.",
      "id": "aol-time-warner"
    },
    {
      "acquirer": "Apple",
      "target": "Beats",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2014-05-28",
      "closed": "2014-07-31",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Consumer",
      "verb": "acquires",
      "value": "$3.0B: about $2.6B purchase price plus about $400M in Apple stock vesting over time",
      "valueLabel": "$3.0B",
      "valueUsdB": 3,
      "search": {
        "keyword": "apple buys beats",
        "usMonthly": 170,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Apple Newsroom: Apple to Acquire Beats Music & Beats Electronics (2014-05-28)",
          "url": "https://www.apple.com/newsroom/2014/05/28Apple-to-Acquire-Beats-Music-Beats-Electronics/",
          "type": "press-release"
        },
        {
          "label": "Apple 10-K FY2015, Business Combinations note (completed 2014-07-31; $2.6B)",
          "url": "https://www.sec.gov/Archives/edgar/data/320193/000119312515356351/R12.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Apple Inc. / Beats Music, LLC and Beats Electronics, LLC. | value_note: Apple's 10-K reports total purchase consideration of $2.6B, mostly cash. At close Apple also repaid $295M of Beats debt. The $400M in stock is retention equity, not purchase price. | gemini_claim_check: Correct: 2014 and $3.0B headline. Note that only $2.6B was purchase consideration; the other ~$400M was vesting stock. | open_questions: No primary source gives Beats' headcount. I found no primary source on employee impact.",
      "id": "apple-beats"
    },
    {
      "acquirer": "Bayer",
      "target": "Monsanto",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2016-09-14",
      "closed": "2018-06-07",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Industrial",
      "verb": "acquires",
      "value": "About $66B aggregate; $128/share, all cash",
      "valueLabel": "~$66B",
      "valueUsdB": 66,
      "search": {
        "keyword": "bayer monsanto merger",
        "usMonthly": 320,
        "asOf": "2026-09"
      },
      "targetEmployees": {
        "count": 20000,
        "asOf": "2016-09-14 ('more than 20,000')",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/0001110783/000089882216000443/press_release.htm"
      },
      "employeeImpact": [
        {
          "date": "2018-11-29",
          "event": "Bayer announces about 12,000 job cuts group-wide by the end of 2021 (confirmed in its 2018 annual report). About 4,100 were reported to be in Crop Science, where Monsanto was integrated.",
          "count": 12000,
          "basis": "company-confirmed",
          "sourceUrl": "https://www.annualreports.com/HostedData/AnnualReportArchive/b/OTC_BAYZF_2018.pdf"
        }
      ],
      "sources": [
        {
          "label": "Monsanto 8-K: Bayer/Monsanto merger press release (2016-09-14)",
          "url": "https://www.sec.gov/Archives/edgar/data/0001110783/000089882216000443/press_release.htm",
          "type": "sec-filing"
        },
        {
          "label": "Monsanto 8-K Ex. 99.1: Bayer Closes Monsanto Acquisition (2018-06-07)",
          "url": "https://www.sec.gov/Archives/edgar/data/0001110783/000119312518186836/d602943dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Bayer: Bayer closes Monsanto acquisition (2018-06-07)",
          "url": "https://www.bayer.com/media/en-us/bayer-closes-monsanto-acquisition/",
          "type": "press-release"
        },
        {
          "label": "Bayer: Bayer completes biggest acquisition in its history ($63B incl. debt)",
          "url": "https://www.bayer.com/media/en-us/bayer-completes-biggest-acquisition-in-its-history/",
          "type": "press-release"
        },
        {
          "label": "Bayer Annual Report 2018 (mirror on annualreports.com)",
          "url": "https://www.annualreports.com/HostedData/AnnualReportArchive/b/OTC_BAYZF_2018.pdf",
          "type": "press-release"
        },
        {
          "label": "DOJ: largest negotiated merger divestiture ever (2018-05-29) — not opened",
          "url": "https://www.justice.gov/archives/opa/pr/justice-department-secures-largest-merger-divestiture-ever-preserve-competition-threatened",
          "type": "regulator"
        },
        {
          "label": "CNN: Bayer cutting 12,000 jobs (secondary)",
          "url": "https://www.cnn.com/2018/11/29/business/bayer-job-cuts-monsanto",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Bayer AG / Monsanto Company. | value_note: At close Bayer states $63B including debt (Bayer, 2018-09-05, and Annual Report 2018). The DOJ required about $9B of divestitures to BASF, announced 2018-05-29 and completed 2018-08-01. The DOJ release page could not be loaded (JavaScript wall); its content comes from search results only. | gemini_claim_check: Correct: 2018 close and $63.0B, which is the value at close including debt. Omitted: the deal was announced in 2016 at about $66B. | open_questions: The Annual Report 2018 says Monsanto added 22,100 people to Bayer's headcount. I could not open Bayer's own 2018-11-29 press release (media.bayer.com did not resolve).",
      "id": "bayer-monsanto"
    },
    {
      "acquirer": "Broadcom",
      "target": "VMware",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2022-05-26",
      "closed": "2023-11-22",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "About $61B equity (cash and stock, based on AVGO's 2022-05-25 close) plus $8B of VMware net debt assumed",
      "valueLabel": "$61B",
      "valueUsdB": 61,
      "search": {
        "keyword": "broadcom vmware acquisition",
        "usMonthly": 320,
        "asOf": "2026-09"
      },
      "seat": "Closed on a Wednesday; a California WARN notice for 1,267 people at VMware’s headquarters was dated five days later. Speed is a strategy.",
      "targetEmployees": {
        "count": 38300,
        "asOf": "2023-02-03",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1124610/000112461023000015/vmw-20230203.htm"
      },
      "employeeImpact": [
        {
          "date": "2023-11-27",
          "event": "California WARN notice from Broadcom Inc.: 1,267 layoffs at 3401 Hillview Ave, Palo Alto (former VMware HQ). Received 2024-01-03; effective 2024-01-26; permanent.",
          "count": 1267,
          "basis": "warn-notice",
          "sourceUrl": "https://edd.ca.gov/siteassets/files/jobs_and_training/warn/warn-report-for-7-1-2023-to-06-30-2024.pdf"
        },
        {
          "date": "2024-02-04",
          "event": "Broadcom recognized $712M of restructuring charges, mainly employee termination costs, in the quarter ended 2024-02-04, tied to the VMware integration.",
          "count": null,
          "basis": "filing",
          "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1730168/000173016824000023/avgo-20240204.htm"
        },
        {
          "date": "2023-12-01",
          "event": "News reports put total VMware-related layoffs across states at more than 2,800.",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.manufacturingdive.com/news/semiconductor-maker-broadcom-vmware-layoffs-almost-3k-new-york-virginia-california/702038/"
        }
      ],
      "sources": [
        {
          "label": "VMware 8-K Ex. 99.1: Broadcom to acquire VMware (2022-05-26)",
          "url": "https://www.sec.gov/Archives/edgar/data/1124610/000119312522161168/d362256dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Broadcom 8-K Ex. 99.1: Broadcom completes acquisition of VMware (2023-11-22)",
          "url": "https://www.sec.gov/Archives/edgar/data/1730168/000114036123054354/ef20015100_ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "Broadcom 10-Q, quarter ended 2024-02-04 (consideration; restructuring)",
          "url": "https://www.sec.gov/Archives/edgar/data/1730168/000173016824000023/avgo-20240204.htm",
          "type": "sec-filing"
        },
        {
          "label": "VMware 10-K FY2023 (38,300 employees)",
          "url": "https://www.sec.gov/Archives/edgar/data/1124610/000112461023000015/vmw-20230203.htm",
          "type": "sec-filing"
        },
        {
          "label": "CA EDD WARN report 7/1/2023–6/30/2024",
          "url": "https://edd.ca.gov/siteassets/files/jobs_and_training/warn/warn-report-for-7-1-2023-to-06-30-2024.pdf",
          "type": "regulator"
        },
        {
          "label": "Fortune: Tan tells VMware staff to return to office (secondary)",
          "url": "https://fortune.com/2023/12/02/broadcom-ceo-orders-employees-get-butt-back-office-vmware-remote-work/amp",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Broadcom Inc. / VMware, Inc.. | value_note: Holders could elect $142.50 cash or 0.2520 AVGO shares per VMware share, prorated to 50/50. At close VMware holders received about $30.8B cash and 54.4M AVGO shares (fair value $53.4B). Broadcom's 10-Q lists total purchase consideration of $86.29B, or $79.65B net of cash acquired. | gemini_claim_check: Year 2023 is the close only; the deal was announced 2022-05-26. $61.0B is the announced equity value; it excludes the $8B of net debt and was about $84.2B in cash and stock at close. 'Private-equity operating model' is opinion: Broadcom is a public operating company, not a PE firm, so drop or attribute the phrase. The 'remote-work rollback' is supported only by news (Hock Tan's post-close RTO remarks). 'Massive operational cuts' is backed by the 1,267 CA WARN notice and $712M restructuring charge; the ~2,800 total is news-sourced. | open_questions: I did not pull WARN filings for other states (e.g., CO, GA, NY, VA). The single-state count should not be presented as the total.",
      "id": "broadcom-vmware"
    },
    {
      "acquirer": "Capital One",
      "target": "Brex",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2026-01-22",
      "closed": "2026-04-07",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Finance",
      "verb": "acquires",
      "value": "$5.15B stock and cash",
      "valueLabel": "$5.15B",
      "valueUsdB": 5.15,
      "search": {
        "keyword": "capital one brex",
        "usMonthly": 1600,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Capital One IR: Capital One to Acquire Brex",
          "url": "https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-brex",
          "type": "press-release"
        },
        {
          "label": "Capital One: Completes Acquisition of Brex",
          "url": "https://www.capitalone.com/about/newsroom/capital-one-completes-acquisition-of-brex/",
          "type": "press-release"
        },
        {
          "label": "Capital One 8-K exhibit 99.1 (Jan 2026)",
          "url": "https://www.sec.gov/Archives/edgar/data/927628/000119312526019543/d97758dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Payments Dive: Capital One nabs Brex for $5.15B",
          "url": "https://www.paymentsdive.com/news/capital-one-acquire-brex-5-billion-fintech/810319/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Capital One Financial / Brex. | value_note: Brex CEO Pedro Franceschi continues to lead Brex inside Capital One. | regulatory: No regulatory detail gathered; closed ahead of the mid-2026 target. | open_questions: No Brex layoffs or WARN notices found. Brex headcount not verified. Below the $10B/5,000-employee bar.",
      "id": "capitalone-brex"
    },
    {
      "acquirer": "Capital One",
      "target": "Discover",
      "type": "acquisition",
      "status": "integrating",
      "rumored": null,
      "announced": "2024-02-19",
      "closed": "2025-05-18",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Finance",
      "verb": "acquires",
      "value": "$35.3B all-stock",
      "valueLabel": "$35.3B",
      "valueUsdB": 35.3,
      "search": {
        "keyword": "capital one discover merger",
        "usMonthly": 2900,
        "asOf": "2026-09"
      },
      "seat": "Ten months after close, a WARN notice for 1,139 people. “No immediate changes” has an expiration date.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2026-03-03",
          "event": "Illinois WARN notice: 1,139 employees (532 on-site in Riverwoods, 69 Illinois remote, 538 remote elsewhere reporting to Riverwoods). Most leave May 4, 2026; the last group by Oct 2, 2026. The company cited enhanced severance, benefits and outplacement.",
          "count": 1139,
          "basis": "warn-notice",
          "sourceUrl": "https://chicago.suntimes.com/work/2026/03/05/capital-one-laying-off-warn-1700-employees-riverwoods-discover"
        },
        {
          "date": "2026-03-05",
          "event": "Reported total: 1,748 integration layoffs scheduled between October 2025 and October 2026, across two rounds of notices.",
          "count": 1748,
          "basis": "reported",
          "sourceUrl": "https://www.bankingdive.com/news/capital-one-discover-job-cuts-layoffs/813908/"
        }
      ],
      "sources": [
        {
          "label": "Capital One: Completes Acquisition of Discover",
          "url": "https://investor.capitalone.com/news-releases/news-release-details/capital-one-completes-acquisition-discover",
          "type": "press-release"
        },
        {
          "label": "Capital One: Receives Final Regulatory Approvals",
          "url": "https://investor.capitalone.com/news-releases/news-release-details/capital-one-receives-final-regulatory-approvals-acquisition",
          "type": "press-release"
        },
        {
          "label": "Capital One 8-K Feb 2026 (executive severance plan amended/restated, eff. 2026-03-01)",
          "url": "https://www.sec.gov/Archives/edgar/data/927628/000092762826000011/cof-20260203.htm",
          "type": "sec-filing"
        },
        {
          "label": "Chicago Sun-Times (WARN filed Mar 3, 2026)",
          "url": "https://chicago.suntimes.com/work/2026/03/05/capital-one-laying-off-warn-1700-employees-riverwoods-discover",
          "type": "news"
        },
        {
          "label": "Banking Dive, 2026-03-05",
          "url": "https://www.bankingdive.com/news/capital-one-discover-job-cuts-layoffs/813908/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Capital One Financial / Discover Financial Services. | value_note: Widely reported as ~$35B; Capital One holders ~60% / Discover ~40% of combined company. | regulatory: Federal Reserve and OCC approved 2025-04-18; shareholders approved 2025-02-18. | open_questions: The WARN notice itself (Illinois DCEO database) was not fetched directly; the figures come from Sun-Times and Banking Dive coverage of it. Could NOT confirm a 'May 2026 severance plan update'. The only severance change found is the Feb 3, 2026 8-K (executive severance plans, effective 2026-03-01), which covers executives, not rank-and-file staff. Note: the Sun-Times wrongly says the deal was 'acquired in February 2024'. That was the announcement; it closed 2025-05-18. Discover headcount at close not verified.",
      "id": "capitalone-discover"
    },
    {
      "acquirer": "Cerberus Capital",
      "target": "Chrysler",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2007-05-14",
      "closed": "2007-08-03",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Industrial",
      "verb": "buys 80.1% of",
      "value": "€5.5B ($7.4B) capital contribution for 80.1%; DaimlerChrysler retained 19.9%",
      "valueLabel": "$7.4B",
      "valueUsdB": 7.4,
      "search": {
        "keyword": "cerberus chrysler",
        "usMonthly": 50,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "DaimlerChrysler 6-K: Cerberus takes over majority interest (2007-05-14)",
          "url": "https://www.sec.gov/Archives/edgar/data/1067318/000110465907039131/a07-13892_26k.htm",
          "type": "sec-filing"
        },
        {
          "label": "DaimlerChrysler 6-K: closes transaction (2007-08-03)",
          "url": "https://www.sec.gov/Archives/edgar/data/1067318/000110465907058675/a07-20179_46k.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Cerberus Capital Management, L.P. (affiliate) / Chrysler Group (80.1% of Chrysler Holding LLC), sold by DaimlerChrysler AG. | value_note: Of the €5.5B, €3.7B went into Chrysler's industrial business, €0.8B into financial services and €1.0B to DaimlerChrysler, which expected a net cash outflow of €0.5B and a €3–4B hit to 2007 net profit. At close each side agreed to subscribe $2B of second-lien debt (DaimlerChrysler's share $1.5B). | gemini_claim_check: The report named the 2007 unwinding but gave no figures to check. It was a sale of 80.1% for a €5.5B/$7.4B capital contribution, mostly reinvested in Chrysler, not a full sale. | open_questions: The 13,000 job cuts (Feb 2007) predate the Cerberus deal and belong to the DaimlerChrysler era.",
      "id": "cerberus-chrysler"
    },
    {
      "acquirer": "Charter",
      "target": "Cox Communications",
      "type": "merger",
      "status": "integrating",
      "rumored": null,
      "announced": "2025-05-16",
      "closed": "2026-08-19",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Telecom",
      "verb": "acquires",
      "value": "$34.5B (Cox enterprise value)",
      "valueLabel": "$34.5B",
      "valueUsdB": 34.5,
      "search": {
        "keyword": "charter cox merger",
        "usMonthly": 1900,
        "asOf": "2026-09"
      },
      "seat": "Charter says it will hire 1,000+ sales roles in Cox markets and keep overhead cuts “de minimis.” Both can be true while your specific title is the duplicate.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2025-10-23",
          "event": "Charter to cut ~1,200 corporate/back-office roles (~1% of ~95k), including Stamford HQ; front-line sales/service excluded. First reported by WSJ, then confirmed by Charter. Pre-close; some coverage ties it to Cox integration prep, Charter framed it as streamlining.",
          "count": 1200,
          "basis": "company-confirmed",
          "sourceUrl": "https://broadbandbreakfast.com/charter-to-lay-off-1-200-workers/"
        },
        {
          "date": "2026-08-21",
          "event": "CEO Chris Winfrey: overhead/duplicate-title reductions will be 'de minimis' and won't hit front line; 1,000+ new neighborhood sales jobs; Cox offshore sales/service roles moved onshore within 18 months. No number given.",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.sdxcentral.com/news/charter-ceo-mixed-on-post-cox-job-plans-capex-confident-on-enterprise-opportunities/"
        }
      ],
      "sources": [
        {
          "label": "Charter 8-K (Items 2.01 etc.), filed 2026-08-20, completion 2026-08-19",
          "url": "https://www.sec.gov/Archives/edgar/data/0001091667/000114036126033909/ef20080687_8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Charter press release: transaction complete",
          "url": "https://corporate.charter.com/newsroom/charter-and-cox-communications-complete-transaction",
          "type": "press-release"
        },
        {
          "label": "Charter/Cox definitive agreement release (2025-05-16)",
          "url": "https://corporate.charter.com/newsroom/charter-communications-and-cox-communications-announce-definitive-agreement-to-combine-companies",
          "type": "press-release"
        },
        {
          "label": "FCC approval",
          "url": "https://docs.fcc.gov/public/attachments/DOC-419093A1.pdf",
          "type": "regulator"
        },
        {
          "label": "Variety: Charter closes $34.5B Cox deal",
          "url": "https://variety.com/2026/tv/news/charter-closes-cox-merger-new-company-name-1236838902/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Charter Communications / Cox Communications (residential cable business of Cox Enterprises). | value_note: Structure: Cox Enterprises contributed its cable business to Charter Holdings for $3.5B cash plus preferred and common units. Liberty Broadband merger closed the same day. The combined company will take the Cox Communications name within a year; HQ Stamford, CT; Spectrum brand stays. | regulatory: FCC approved; CPUC approval ~Aug 2026 was the final hurdle. | open_questions: No WARN notices found tied to the Cox integration since close. The Fierce Network article 'Charter plans 1,200 new job cuts following its Cox deal' returned 403 and could not be read, so it is unclear whether it covers the Oct 2025 round or a new post-close round. Treat any new round as unconfirmed. Cox headcount not verified.",
      "id": "charter-cox"
    },
    {
      "acquirer": "Daimler-Benz",
      "target": "Chrysler",
      "type": "merger",
      "status": "unwound",
      "rumored": null,
      "announced": "1998-05-07",
      "closed": "1998-11-12",
      "closedPrecision": "day",
      "ended": "2007-08-03",
      "jurisdictions": [
        "US"
      ],
      "sector": "Industrial",
      "verb": "merges with",
      "value": "Not stated as a purchase price. Chrysler holders got 0.6235 DaimlerChrysler shares per share (0.547 in the original release, before capital adjustments).",
      "valueLabel": "All-stock",
      "valueUsdB": null,
      "search": {
        "keyword": "daimler chrysler merger",
        "usMonthly": 210,
        "asOf": "2026-09"
      },
      "seat": "Sold as a “merger of equals.” Within three years Chrysler announced 26,000 job cuts; nine years later it was sold off.",
      "targetEmployees": {
        "count": 121000,
        "asOf": "1997 (per joint release of 1998-05-07)",
        "sourceUrl": "https://www.theautochannel.com/news/press/date/19980507/press012154.html"
      },
      "employeeImpact": [
        {
          "date": "2001-02-26",
          "event": "Chrysler Group Turnaround Plan: workforce reduction of 26,000 (20%) over three years, announced from Dec 2000/Jan 2001; 19,300 in 2001",
          "count": 26000,
          "basis": "filing",
          "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1067318/000091205701006646/a2040038z6-k.txt"
        },
        {
          "date": "2007-02-14",
          "event": "Chrysler Group Recovery and Transformation Plan: 13,000 employee reduction (about 16%) over 2007–2009",
          "count": 13000,
          "basis": "filing",
          "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1067318/000110465907010719/a07-4166_36k.htm"
        }
      ],
      "sources": [
        {
          "label": "DaimlerChrysler 20-F FY1999 (history; pooling; 0.6235 ratio)",
          "url": "https://www.sec.gov/Archives/edgar/data/0001067318/000091205700008581/0000912057-00-008581.txt",
          "type": "sec-filing"
        },
        {
          "label": "DaimlerChrysler F-4 (1998)",
          "url": "https://www.sec.gov/Archives/edgar/data/0001067318/000104746998029563/0001047469-98-029563.txt",
          "type": "sec-filing"
        },
        {
          "label": "Joint Daimler-Benz/Chrysler press release 1998-05-07 (reproduced by The Auto Channel)",
          "url": "https://www.theautochannel.com/news/press/date/19980507/press012154.html",
          "type": "press-release"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Daimler-Benz AG (combined as DaimlerChrysler AG) / Chrysler Corporation. | value_note: Accounted for as a pooling of interests, so no purchase price was recorded. The agreement was signed late 1998-05-06 and announced 1998-05-07; shareholders approved 1998-09-18. Chrysler merger completed 1998-11-12, and Daimler-Benz merged into DaimlerChrysler on 1998-12-21. The joint release cites a $92B combined market value. The common '$36B' figure for Chrysler is news-sourced. | gemini_claim_check: Year 1998 is correct. No value was claimed; any '$36B' or '$38B' figure is news-sourced, since the deal was a pooling with no recorded price. | open_questions: I did not open the F-4 to extract a primary per-share value at announcement. The joint release was read from a third-party reproduction.",
      "id": "daimler-benz-chrysler"
    },
    {
      "acquirer": "Disney",
      "target": "21st Century Fox",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2017-12-14",
      "closed": "2019-03-20",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "$52.4B all-stock at announcement; $71.3B cash and stock after the 2018-06-20 amendment",
      "valueLabel": "$71.3B",
      "valueUsdB": 71.3,
      "valueNote": "Announced 2017-12-14 at $52.4B all-stock; raised to $71.3B cash and stock on 2018-06-20 after Comcast bid.",
      "search": {
        "keyword": "disney buys fox",
        "usMonthly": 390,
        "asOf": "2026-09"
      },
      "seat": "A studio absorbed into a studio: overlap in every back-office function. Layoffs began the day after close.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2019-03-21",
          "event": "Layoffs begin at 20th Century Fox the day after close, starting with senior film marketing and distribution executives. About 4,000 cuts were widely reported; Disney did not confirm a number.",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.hollywoodreporter.com/news/general-news/layoffs-begin-at-20th-century-fox-disney-deal-closes-1195834/"
        },
        {
          "date": "2019-05-17",
          "event": "Further 'widespread' Disney/Fox post-merger layoffs reported",
          "count": null,
          "basis": "reported",
          "sourceUrl": "https://www.deseret.com/2019/5/17/20673490/disney-fox-in-midst-of-widespread-layoffs-this-week-here-s-how-many-people-lost-their-jobs/"
        }
      ],
      "sources": [
        {
          "label": "Disney 8-K Ex.99.1 original agreement, $52.4B stock (2017-12-14)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000095015717001599/ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "Disney 8-K Ex.99.1 amended agreement, $71.3B (2018-06-20)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000095015718000744/ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "New Disney 8-K12B Ex.99.1 closing / per-share value (2019-03)",
          "url": "https://www.sec.gov/Archives/edgar/data/1744489/000095015719000301/ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "Disney 10-Q XBRL acquisitions note ($69.5B consideration)",
          "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448919000100/R12.htm",
          "type": "sec-filing"
        },
        {
          "label": "Variety: Layoffs hit Disney and Fox film groups",
          "url": "https://variety.com/2019/film/news/disney-fox-layoffs-1203216165/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: The Walt Disney Company (via TWDC Holdco 613 Corp.) / Twenty-First Century Fox, Inc. (post-spin of Fox Corp. assets). | value_note: Original deal: $52.4B in stock (0.2745 DIS/share) plus ~$13.7B net debt, ~$66.1B total. Amended deal (after the Comcast counterbid): $71.3B equity value, ~50/50 cash/stock, plus ~$13.8B net debt, ~$85.1B total. Effective 12:02am ET 2019-03-20, after the Fox Corp. spin-off on 2019-03-19. Per-share consideration was $51.572626 cash or 0.4517 new-Disney shares. Disney 10-Q: consideration recorded at $69.5B ($35.7B cash + 307M shares at $110.00 = $33.8B). | gemini_claim_check: $71.3B correct as the amended (June 2018) equity value. 2019 is the close year only; announced 2017-12-14 at $52.4B and raised 2018-06-20. Consideration recorded at close was $69.5B; the total including ~$13.8B assumed net debt was ~$85.1B. | open_questions: No primary source for layoff counts; the ~4,000 figure is press estimates. Hollywood Reporter article not opened (paywall redirect). DOJ consent decree (2018-06-27) and EU approval were not opened. 21CF headcount not sourced.",
      "id": "disney-21st-century-fox"
    },
    {
      "acquirer": "Disney",
      "target": "Lucasfilm",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2012-10-30",
      "closed": "2012-12-21",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "$4.05B, ~50% cash / ~50% stock (~40M shares)",
      "valueLabel": "$4.05B",
      "valueUsdB": 4.05,
      "search": {
        "keyword": "disney buys lucasfilm",
        "usMonthly": 170,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Disney 8-K Ex.99.1 press release (2012-10-30)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000119312512441509/d429302dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Disney 10-Q XBRL Note 3 Acquisitions (close 2012-12-21, $4.1B)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000100103913000123/R10.htm",
          "type": "sec-filing"
        },
        {
          "label": "Business Wire: Disney completes Lucasfilm acquisition (2012-12-21) - not opened (403)",
          "url": "https://www.businesswire.com/news/home/20121221006017/en/Walt-Disney-Company-Completes-Lucasfilm-Acquisition",
          "type": "press-release"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: The Walt Disney Company / Lucasfilm Ltd. LLC. | value_note: Disney 10-Q (Q3 FY2013, Note 3): on 2012-12-21 Disney issued 37.1M shares and paid $2.2B cash, a value of $4.1B at the $50.00 closing price. Lucasfilm was privately held, solely owned by George Lucas. | gemini_claim_check: 2012 and $4.05B correct (announced); value at close $4.1B. | open_questions: Lucasfilm headcount not disclosed. Reported 2013 LucasArts shutdown layoffs (~150) were not researched.",
      "id": "disney-lucasfilm"
    },
    {
      "acquirer": "Disney",
      "target": "Marvel Entertainment",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2009-08-31",
      "closed": "2009-12-31",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "~$4.0B cash + stock ($30 cash + ~0.745 DIS share per Marvel share)",
      "valueLabel": "~$4B",
      "valueUsdB": 4,
      "search": {
        "keyword": "disney buys marvel",
        "usMonthly": 320,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Joint press release, 8-K Ex.99.1 (2009-08-31)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000119312509184502/dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Disney 'Disney Completes Marvel Acquisition' (2009-12-31)",
          "url": "https://thewaltdisneycompany.com/press-releases/disney-completes-marvel-acquisition/",
          "type": "press-release"
        },
        {
          "label": "Disney 10-K FY2010 (Note 4, $4.2B purchase price)",
          "url": "https://www.sec.gov/Archives/edgar/data/1001039/000119312510268910/d10k.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: The Walt Disney Company / Marvel Entertainment, Inc.. | value_note: Announced as $50/share, ~$4B, based on DIS close 2009-08-28. Disney FY2010 10-K: purchase price totaled $4.2B, made up of $2.4B cash plus ~59M Disney shares valued at $1.9B ($32.25). Final exchange ratio was 0.7452. | gemini_claim_check: 2009 and ~$4.0B (announced) correct; value at close was $4.2B. | open_questions: Marvel headcount at announcement not sourced (Marvel's FY2008 10-K was not checked).",
      "id": "disney-marvel"
    },
    {
      "acquirer": "Facebook",
      "target": "Instagram",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2012-04-09",
      "closed": "2012-08-01",
      "closedPrecision": "month",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "~$1B cash + stock",
      "valueLabel": "~$1B",
      "valueUsdB": 1,
      "search": {
        "keyword": "facebook buys instagram",
        "usMonthly": 480,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Facebook newsroom 'Facebook to Acquire Instagram' (2012-04-09)",
          "url": "https://about.fb.com/news/2012/04/facebook-to-acquire-instagram/",
          "type": "press-release"
        },
        {
          "label": "Facebook 10-Q Q3 2012, Note 2 Acquisitions",
          "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680112000006/fb-9302012x10q.htm",
          "type": "sec-filing"
        },
        {
          "label": "FTC closes investigation (2012-08-22)",
          "url": "https://www.ftc.gov/news-events/news/press-releases/2012/08/ftc-closes-its-investigation-facebooks-proposed-acquisition-instagram-photo-sharing-program",
          "type": "regulator"
        },
        {
          "label": "TechCrunch: Facebook closes Instagram acquisition (2012-09-06)",
          "url": "https://techcrunch.com/2012/09/06/facebook-closes-instagram-acquisition-instagram-announces-5-billion-photos-shared/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Facebook, Inc. / Instagram, Inc.. | value_note: Announced as ~$1B ($300M cash + ~23M Facebook shares, per the announcement). Facebook's Q3 2012 10-Q: completed 'In August 2012'; total purchase price $521M (~12M vested Class B shares + $300M cash) plus ~11M unvested shares to employees, fair value $194M, expensed over 3 years. Value at close was therefore ~$715M, mainly because FB shares fell after the IPO. FTC closed its investigation 2012-08-22. | gemini_claim_check: 2012 correct. $1.0B is the announced value only; SEC-reported consideration at close was $521M purchase price (+$194M unvested employee shares, ~$715M total). | open_questions: Exact close day: the 10-Q gives only 'August 2012', but press coverage dated the close 2012-09-06. Confirm before publishing a day. Instagram headcount (~13, widely reported) has no primary source. | close date only known as 2012-08",
      "id": "facebook-instagram"
    },
    {
      "acquirer": "Facebook",
      "target": "WhatsApp",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2014-02-19",
      "closed": "2014-10-06",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "~$16B ($4B cash + ~$12B stock) plus $3B RSUs = ~$19B",
      "valueLabel": "~$16B",
      "valueUsdB": 16,
      "search": {
        "keyword": "facebook buys whatsapp",
        "usMonthly": 260,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Facebook 8-K Ex.99.1 'Facebook to Acquire WhatsApp' (2014-02-19)",
          "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680114000010/exhibit991_pressrelease219.htm",
          "type": "sec-filing"
        },
        {
          "label": "Facebook 8-K, closing of WhatsApp acquisition (2014-10-06)",
          "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680114000037/fb_8-kxclosingxofxwhatsapp.htm",
          "type": "sec-filing"
        },
        {
          "label": "Facebook 10-Q Q3 2014, Note 13 Subsequent Events",
          "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680114000068/fb-9302014x10q.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Facebook, Inc. / WhatsApp Inc.. | value_note: Press release headline value is ~$16B. The $3B of RSUs for founders/employees (vesting over 4 years) is additional, giving the commonly cited $19B. At close (8-K / Q3 2014 10-Q): $4.59B cash + ~178M Class A shares (13.787B at $77.56) + 46M RSUs to be granted. GAAP purchase consideration was $17.193B after excluding $1.067B of post-acquisition compensation and $116M cash acquired. Press reports of a ~$22B total at close are not stated in the filings. | gemini_claim_check: 2014 correct. $19.0B holds only when the $3B RSUs are included; the press release headline is ~$16B. Label it '$16B + $3B RSUs'. | open_questions: The ~55 employee headcount is widely reported but was not found in a primary source.",
      "id": "facebook-whatsapp"
    },
    {
      "acquirer": "Google",
      "target": "YouTube",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2006-10-09",
      "closed": "2006-11-13",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "$1.65B all-stock",
      "valueLabel": "$1.65B",
      "valueUsdB": 1.65,
      "search": {
        "keyword": "google buys youtube",
        "usMonthly": 210,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "Google 8-K Ex.99.1 announcement press release (2006-10-09)",
          "url": "https://www.sec.gov/Archives/edgar/data/1288776/000119312506206884/dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Google 8-K Ex.99.1 closing press release (2006-11-13)",
          "url": "https://www.sec.gov/Archives/edgar/data/1288776/000119312506238320/dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Google 8-K (closing)",
          "url": "https://www.sec.gov/Archives/edgar/data/1288776/000119312506238320/d8k.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Google Inc. / YouTube, Inc.. | value_note: Stock-for-stock. At close Google issued 3,217,560 Class A shares plus RSUs/options/warrant for 442,210 shares. The count was set by dividing $1.65B less ~$15M Google funded to YouTube between signing and closing by the 30-trading-day average price to 2006-11-09; 12.5% escrowed for one year. | gemini_claim_check: 2006 and $1.65B correct (all stock, not cash). | open_questions: The press release gives no YouTube headcount. It says all YouTube employees would remain.",
      "id": "google-youtube"
    },
    {
      "acquirer": "HPE",
      "target": "Juniper Networks",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2024-01-09",
      "closed": "2025-07-02",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "$40.00/share cash; ~$14B equity value",
      "valueLabel": "~$14B",
      "valueUsdB": 14,
      "search": {
        "keyword": "hpe juniper acquisition",
        "usMonthly": 170,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "HPE press release: closes Juniper acquisition",
          "url": "https://www.hpe.com/us/en/newsroom/press-release/2025/07/hewlett-packard-enterprise-closes-acquisition-of-juniper-networks-to-offer-industry-leading-comprehensive-cloud-native-ai-driven-portfolio.html",
          "type": "press-release"
        },
        {
          "label": "HPE press release: to acquire Juniper (2024-01-09)",
          "url": "https://www.hpe.com/us/en/newsroom/press-release/2024/01/hpe-to-acquire-juniper-networks-to-accelerate-ai-driven-innovation.html",
          "type": "press-release"
        },
        {
          "label": "GovConWire: HPE/Juniper DOJ settlement",
          "url": "https://www.govconwire.com/articles/hpe-juniper-doj-settlement-all-cash-acquisition-competition-networking",
          "type": "news"
        },
        {
          "label": "Network World: HPE cuts 2,500",
          "url": "https://www.networkworld.com/article/3840596/hpe-cuts-2500-workers-expects-juniper-buy-to-close-end-of-25-faces-tariff-issues.html",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Hewlett Packard Enterprise / Juniper Networks. | value_note: HPE later cited ~$13.4B cash consideration. | regulatory: DOJ sued to block in Jan 2025, then settled in June 2025 (divestiture/licensing remedies); closed 2025-07-02. | open_questions: No company-confirmed layoff count tied to the Juniper integration was found, and no WARN notices were checked (CA EDD for Sunnyvale). Claims of 'rolling cuts under the WARN threshold' come from a staffing-firm blog (kore1.com) and are NOT publishable. The March 2025 date for the 2,500 cuts is approximate (Q1 FY25 earnings call). The press-release page timed out, so the close date is confirmed only via search snippets and HPE's 10-K/10-Q mentions. | HPE announced ~2,500 cost cuts on 2025-03-06, before close and not attributed to Juniper; excluded from impact.",
      "id": "hpe-juniper"
    },
    {
      "acquirer": "Huntington",
      "target": "Veritex",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2025-07-14",
      "closed": "2025-10-20",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Finance",
      "verb": "acquires",
      "value": "$1.9B all-stock (1.95 HBAN shares per VBTX share)",
      "valueLabel": "$1.9B",
      "valueUsdB": 1.9,
      "search": {
        "keyword": "huntington veritex merger",
        "usMonthly": 20,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2025-11-21",
          "event": "Texas WARN notice: 63 Dallas employees, reported effective 2026-01-19",
          "count": 63,
          "basis": "warn-notice",
          "sourceUrl": "https://hoodline.com/2025/12/63-dallas-bank-jobs-axed-as-huntington-swallows-veritex/"
        }
      ],
      "sources": [
        {
          "label": "Huntington IR: completes merger with Veritex",
          "url": "https://ir.huntington.com/news-presentations/press-releases/detail/948/huntington-bank-completes-merger-with-veritex-deepening-commitment-to-texas",
          "type": "press-release"
        },
        {
          "label": "Veritex 8-K exhibit 99.1 (announcement)",
          "url": "https://www.sec.gov/Archives/edgar/data/1501570/000110465925067599/tm2520227d1_ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "WFAA on Dallas layoffs",
          "url": "https://www.wfaa.com/article/money/business/huntington-national-bank-dallas-layoffs-veritex-acquisition/287-e9d05913-ea3a-4079-8313-20a64524db2d",
          "type": "news"
        },
        {
          "label": "Hoodline 2025-12-02",
          "url": "https://hoodline.com/2025/12/63-dallas-bank-jobs-axed-as-huntington-swallows-veritex/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Huntington Bancshares / Veritex Holdings. | value_note: Agreement dated 2025-07-13. | regulatory: Closed 2025-10-20; systems conversion planned early 2026. | open_questions: The TWC WARN listing was not fetched directly; the figures come from news reports of it. The WFAA page returned 403, so the 25-27% figure comes from a search snippet only. Below the $10B bar.",
      "id": "huntington-veritex"
    },
    {
      "acquirer": "Microsoft",
      "target": "Activision Blizzard",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2022-01-18",
      "closed": "2023-10-13",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "$68.7B all-cash ($95.00/share)",
      "valueLabel": "$68.7B",
      "valueUsdB": 68.7,
      "search": {
        "keyword": "microsoft activision blizzard",
        "usMonthly": 170,
        "asOf": "2026-09"
      },
      "seat": "1,900 gaming roles cut about three months after close. The memo pointed to areas of overlap.",
      "targetEmployees": {
        "count": 9800,
        "asOf": "2021-12-31",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/718877/000162828022003992/atvi-20211231.htm"
      },
      "employeeImpact": [
        {
          "date": "2024-01-25",
          "event": "Microsoft Gaming cuts ~1,900 of ~22,000 roles, per a Phil Spencer memo citing areas of overlap after the acquisition",
          "count": 1900,
          "basis": "reported",
          "sourceUrl": "https://www.cnbc.com/2024/01/25/microsoft-lays-off-1900-workers-nearly-9percent-of-gaming-division-after-activision-blizzard-acquisition.html"
        }
      ],
      "sources": [
        {
          "label": "Activision 8-K Ex.99.1 joint press release (2022-01-18)",
          "url": "https://www.sec.gov/Archives/edgar/data/718877/000110465922004729/tm223212d1_ex99-1.htm",
          "type": "sec-filing"
        },
        {
          "label": "Activision S-8 POS (merger effective 2023-10-13)",
          "url": "https://www.sec.gov/Archives/edgar/data/718877/000110465923110572/tm2328886d17_s8pos.htm",
          "type": "sec-filing"
        },
        {
          "label": "Activision 10-K FY2021 (headcount)",
          "url": "https://www.sec.gov/Archives/edgar/data/718877/000162828022003992/atvi-20211231.htm",
          "type": "sec-filing"
        },
        {
          "label": "TechCrunch on 1,900 layoffs",
          "url": "https://techcrunch.com/2024/01/25/microsoft-lays-off-1900-employees-in-activision-blizzard-and-xbox-divisions",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Microsoft Corporation / Activision Blizzard, Inc.. | value_note: $68.7B is 'inclusive of Activision Blizzard's net cash' per the joint press release. Merger effective 2023-10-13 on filing of Delaware certificate of merger (Activision S-8 POS). Value-at-close figure not checked in Microsoft 10-Q/10-K. | gemini_claim_check: $68.7B correct. Year 2023 is the close year only; the deal was announced 2022-01-18. | open_questions: Only news copies of the Spencer memo exist; Microsoft published no primary text. The closing date also relies on an Activision S-8 POS rather than a Microsoft press release (not opened).",
      "id": "microsoft-activision-blizzard"
    },
    {
      "acquirer": "Microsoft",
      "target": "LinkedIn",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2016-06-13",
      "closed": "2016-12-08",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "$26.2B (all cash, $196/share, inclusive of LinkedIn's net cash)",
      "valueLabel": "$26.2B",
      "valueUsdB": 26.2,
      "search": {
        "keyword": "microsoft linkedin acquisition",
        "usMonthly": 90,
        "asOf": "2026-09"
      },
      "targetEmployees": {
        "count": 10113,
        "asOf": "2016-09-30",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1271024/000127102416000059/a20160930-10qdocument.htm"
      },
      "employeeImpact": [],
      "sources": [
        {
          "label": "Microsoft News: Microsoft to acquire LinkedIn (2016-06-13)",
          "url": "https://news.microsoft.com/source/2016/06/13/microsoft-to-acquire-linkedin/",
          "type": "press-release"
        },
        {
          "label": "LinkedIn 8-K Ex. 99.1 joint release",
          "url": "https://www.sec.gov/Archives/edgar/data/0001271024/000110465916126712/a16-13234_1ex99d1.htm",
          "type": "sec-filing"
        },
        {
          "label": "LinkedIn: Microsoft completes acquisition of LinkedIn (2016-12-08)",
          "url": "https://news.linkedin.com/2017/microsoft-completes-acquisition-of-linkedin",
          "type": "press-release"
        },
        {
          "label": "Official Microsoft Blog (2016-12-08)",
          "url": "https://blogs.microsoft.com/blog/2016/12/08/microsoft-and-linkedin-begin-journey-to-empower-professionals-around-the-world-to-achieve-more/",
          "type": "press-release"
        },
        {
          "label": "Microsoft 10-K FY2017 ($27.0B total purchase price)",
          "url": "https://www.sec.gov/Archives/edgar/data/789019/000156459017014900/msft-10k_20170630.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Microsoft Corporation / LinkedIn Corporation. | value_note: Microsoft's FY2017 10-K gives a total purchase price of $27.0B, mostly cash ($26.9B per search snippet; the $27.0B figure itself was confirmed). The European Commission cleared the deal 2 days before closing (news). | gemini_claim_check: Correct: 2016 and $26.2B, the announced value. The purchase price recorded at close was $27.0B. | open_questions: I found no deal-tied layoffs in primary sources. The headcount shown is from the closest 10-Q after announcement (2016-09-30).",
      "id": "microsoft-linkedin"
    },
    {
      "acquirer": "Elon Musk",
      "target": "Twitter",
      "type": "take-private",
      "status": "closed",
      "rumored": null,
      "announced": "2022-04-25",
      "closed": "2022-10-27",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "~$44B all-cash ($54.20/share)",
      "valueLabel": "$44B",
      "valueUsdB": 44,
      "search": {
        "keyword": "musk buys twitter",
        "usMonthly": 90,
        "asOf": "2026-09"
      },
      "seat": "About half the staff were notified within eight days of close. The textbook case against “wait and see.”",
      "targetEmployees": {
        "count": 7500,
        "asOf": "2021-12-31",
        "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1418091/000141809122000029/twtr-20211231.htm"
      },
      "employeeImpact": [
        {
          "date": "2022-11-04",
          "event": "Mass layoff of about half the workforce (~3,700 people, per reports). Employees were notified Nov 4.",
          "count": 3700,
          "basis": "reported",
          "sourceUrl": "https://www.npr.org/2022/11/04/1134263184/twitter-layoffs-elon-musk"
        },
        {
          "date": "2022-11-04",
          "event": "California WARN notices, as reported: 784 in San Francisco, 106 in San Jose, 93 in Santa Monica (983 total), effective around Jan 4, 2023.",
          "count": 983,
          "basis": "reported",
          "sourceUrl": "https://www.cnbc.com/2022/11/04/twitter-cut-more-than-950-california-employees-after-elon-musk-took-over-warn-notice-shows.html"
        }
      ],
      "sources": [
        {
          "label": "Twitter 8-K Ex.99.1 'Elon Musk to Acquire Twitter' (2022-04-25)",
          "url": "https://www.sec.gov/Archives/edgar/data/1418091/000119312522117720/d319190dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Twitter 8-K, merger agreement (filed 2022-04-26)",
          "url": "https://www.sec.gov/Archives/edgar/data/1418091/000119312522120461/d310843d8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Twitter 8-K, completion of merger 2022-10-27",
          "url": "https://www.sec.gov/Archives/edgar/data/1418091/000119312522272772/d411753d8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Twitter 10-K FY2021 (headcount)",
          "url": "https://www.sec.gov/Archives/edgar/data/1418091/000141809122000029/twtr-20211231.htm",
          "type": "sec-filing"
        },
        {
          "label": "Twitter DEFM14A proxy",
          "url": "https://www.sec.gov/Archives/edgar/data/1418091/000119312522202163/d283119ddefm14a.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Elon Musk (via X Holdings I, Inc.) / Twitter, Inc.. | value_note: Announcement press release (8-K Ex. 99.1): 'valued at approximately $44 billion'; financing $25.5B committed debt and margin loans plus ~$21.0B equity commitment. Closing 8-K confirms $54.20 cash per share but gives no aggregate value; no separate value-at-close figure in primary sources. | gemini_claim_check: Year 2022 and $44.0B correct (the $44B is the announced approximate transaction value, not a closing figure). | open_questions: Layoff counts are news-sourced only (no company filing; Twitter was private after close). CNBC page returned 403 and NPR timed out on fetch; the figures come from search-result snippets. Pull the CA EDD WARN report directly if a primary source is needed.",
      "id": "musk-twitter"
    },
    {
      "acquirer": "Omnicom",
      "target": "Interpublic (IPG)",
      "type": "acquisition",
      "status": "integrating",
      "rumored": null,
      "announced": "2024-12-09",
      "closed": "2025-11-26",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "acquires",
      "value": "All-stock; 0.344 OMC shares per IPG share",
      "valueLabel": "All-stock",
      "valueUsdB": null,
      "search": {
        "keyword": "omnicom ipg merger",
        "usMonthly": 2400,
        "asOf": "2026-09"
      },
      "seat": "Searches for this deal peaked at 18,100 in December 2025, the month the cuts were announced. Not at the announcement, and not at close.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2025-12-01",
          "event": "Omnicom to eliminate ~4,000 roles after close; ~10,000 more affected by divestitures/exits (PR Daily says ~10,000 eliminations in total since announcement, ~8% of workforce). DDB, FCB and MullenLowe networks retired and folded into BBDO, TBWA and McCann.",
          "count": 4000,
          "basis": "reported",
          "sourceUrl": "https://www.axios.com/2025/12/02/omnicom-ipg-layoffs"
        }
      ],
      "sources": [
        {
          "label": "Omnicom: Completes Acquisition of Interpublic",
          "url": "https://www.omc.com/newsroom/omnicom-completes-acquisition-of-interpublic-forming-the-worlds-leading-marketing-and-sales-company-built-for-intelligent-growth-in-the-next-era/",
          "type": "press-release"
        },
        {
          "label": "Omnicom 8-K (Dec 2024 merger agreement)",
          "url": "https://www.sec.gov/Archives/edgar/data/29989/000119312524272904/d863026d8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Axios 2025-12-02",
          "url": "https://www.axios.com/2025/12/02/omnicom-ipg-layoffs",
          "type": "news"
        },
        {
          "label": "PR Daily",
          "url": "https://www.prdaily.com/the-scoop-omnicoms-post-merger-overhaul-with-4000-layoffs-signals-a-new-era-for-agencies/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: Omnicom Group / Interpublic Group (IPG). | value_note: Reported values vary: ~$13B equity per most coverage, $16.72B per InsideArbitrage (likely including debt). Legacy OMC holders own ~60.6%. | regulatory: FTC consent order (not reviewed here); all approvals received by 2025-11-26. | open_questions: The 4,000 figure was announced by Omnicom management on 2025-12-01 (investor update) per news. The Axios and Fast Company pages returned 403, so the wording was not read directly; confirm against Omnicom's own release or transcript. The 10,000 figure is interpreted differently across outlets. No WARN notices checked.",
      "id": "omnicom-ipg"
    },
    {
      "acquirer": "Paramount Skydance",
      "target": "Warner Bros. Discovery",
      "type": "acquisition",
      "status": "pending-regulatory",
      "rumored": null,
      "announced": "2026-02-27",
      "closed": null,
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Media",
      "verb": "to acquire",
      "value": "$31.00/share cash; ~$81B equity / ~$110-111B enterprise value",
      "valueLabel": "$31/share cash",
      "valueUsdB": null,
      "search": {
        "keyword": "paramount warner bros merger",
        "usMonthly": 6600,
        "asOf": "2026-09"
      },
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2026-09-21",
          "event": "State AG settlement: $47.5M workforce fund over 5 years for workers displaced by the merger; must honor existing collective bargaining agreements (CBAs); $1.5B added US film production investment; 30-32 films a year",
          "count": null,
          "basis": "company-confirmed",
          "sourceUrl": "https://oag.ca.gov/news/press-releases/attorney-general-bonta-announces-settlement-warner-brosparamount-litigation"
        }
      ],
      "sources": [
        {
          "label": "Paramount press release: to acquire WBD",
          "url": "https://www.paramount.com/press/paramount-to-acquire-warner-bros-discovery-to-form-next-generation-global-media-and-entertainment-company",
          "type": "press-release"
        },
        {
          "label": "WBD 8-K exhibit 99.1",
          "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/exhibit991.htm",
          "type": "sec-filing"
        },
        {
          "label": "Netflix 8-K (termination of WBD agreement)",
          "url": "https://www.sec.gov/Archives/edgar/data/1065280/000119312526082247/d120618d8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "California AG settlement release 2026-09-21",
          "url": "https://oag.ca.gov/news/press-releases/attorney-general-bonta-announces-settlement-warner-brosparamount-litigation",
          "type": "regulator"
        },
        {
          "label": "CBS News 2026-09-21",
          "url": "https://www.cbsnews.com/news/paramount-skydance-antitrust-deal-warner-bros-discovery/",
          "type": "news"
        },
        {
          "label": "TheWrap: judge holds off on settlement ruling",
          "url": "https://www.thewrap.com/industry-news/deals-ma/paramount-warner-bros-merger-state-ag-settlement-ruling-delayed/",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "value_note: Competing bid: Netflix signed a deal for WBD's studios and streaming business on 2025-12-04 (amended 2026-01-19). WBD declared Paramount's offer superior on 2026-02-26 and ended the Netflix deal on 2026-02-27; Paramount paid Netflix the $2.8B break fee. Paramount also ran a hostile tender offer (SC TO-T) before the agreement. Ticking fee of $0.25/share per quarter if not closed by 2026-09-30. | regulatory: DOJ, FCC and many foreign regulators approved. 12 state AGs (led by California) settled on 2026-09-21, but the consent decree needs court approval. At a 2026-09-24 hearing Judge Martinez-Olguin deferred her ruling and said the court is 'not a rubber stamp'. Not closed as of 2026-09-25. | open_questions: One outlet (pulse2.com) says the deal completed 2026-09-22. Other sources contradict it (hearing on 2026-09-24 with the ruling deferred), so do NOT mark as closed. Re-check around 2026-09-30/10-01. No company-confirmed layoff numbers yet. A reported WGA side deal barring CBS News layoffs is unverified.",
      "id": "paramount-wbd"
    },
    {
      "acquirer": "Synopsys",
      "target": "Ansys",
      "type": "acquisition",
      "status": "closed",
      "rumored": null,
      "announced": "2024-01-16",
      "closed": "2025-07-17",
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Tech",
      "verb": "acquires",
      "value": "~$35B enterprise value ($197 cash + 0.3450 SNPS shares per Ansys share)",
      "valueLabel": "~$35B",
      "valueUsdB": 35,
      "search": {
        "keyword": "synopsys ansys acquisition",
        "usMonthly": 90,
        "asOf": "2026-09"
      },
      "seat": "Four months after close, an 8-K announcing a roughly 10% workforce reduction.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2025-11-12",
          "event": "8-K Item 2.05 restructuring: ~10% of Synopsys workforce (as of FY2025 year-end); $300-350M pre-tax charges (severance, site closures); most cuts in FY2026, substantially complete by end of FY2027. Press reported this as up to ~2,800 of ~28,000.",
          "count": 2800,
          "basis": "company-confirmed",
          "sourceUrl": "https://www.sec.gov/Archives/edgar/data/883241/000119312525276232/d48382d8k.htm"
        }
      ],
      "sources": [
        {
          "label": "Synopsys 8-K Item 2.05 (filed 2025-11-12)",
          "url": "https://www.sec.gov/Archives/edgar/data/883241/000119312525276232/d48382d8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "Synopsys 8-K completion (July 2025)",
          "url": "https://www.sec.gov/Archives/edgar/data/883241/000114036125026139/ef20051970_8k.htm",
          "type": "sec-filing"
        },
        {
          "label": "SF Chronicle: Synopsys cutting up to 2,800 jobs",
          "url": "https://www.sfchronicle.com/tech/article/synopsys-layoffs-ansys-acquisition-21169869.php",
          "type": "news"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "value_note: Merger agreement dated 2024-01-15 (per SEC summary); public announcement 2024-01-16. | regulatory: Closed after global antitrust clearances (remedy details not gathered). | open_questions: The 2,800 figure is derived: 10% x ~28,000 as reported by SF Chronicle. The 8-K gives only the percentage. California EDD WARN filings (Sunnyvale) not checked.",
      "id": "synopsys-ansys"
    },
    {
      "acquirer": "Union Pacific",
      "target": "Norfolk Southern",
      "type": "merger",
      "status": "pending-regulatory",
      "rumored": null,
      "announced": "2025-07-29",
      "closed": null,
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Transport",
      "verb": "to acquire",
      "value": "$85B enterprise value for NS (1 UNP share + $88.82 cash per NS share; ~$320/share)",
      "valueLabel": "$85B",
      "valueUsdB": 85,
      "search": {
        "keyword": "union pacific norfolk southern merger",
        "usMonthly": 5400,
        "asOf": "2026-09"
      },
      "seat": "The companies pledged that every union employee keeps a job. The review runs into 2027, which is a long time to wonder where you fit.",
      "targetEmployees": null,
      "employeeImpact": [
        {
          "date": "2025-08-06",
          "event": "Pledge: every union employee at combination keeps a job; efficiencies through attrition; ~1,200 net new union jobs projected by year 3",
          "count": null,
          "basis": "company-confirmed",
          "sourceUrl": "https://www.up-nstranscontinental.com/the-impact/jobs-workforce/"
        },
        {
          "date": "2026-07-22",
          "event": "STB ordered the applicants to make the employee-impact exhibits (positions abolished/created/transferred) public by 2026-07-27",
          "count": null,
          "basis": "company-confirmed",
          "sourceUrl": "https://www.stb.gov/news-communications/latest-news/pr-26-18/"
        }
      ],
      "sources": [
        {
          "label": "STB UP-NS merger resources (FD 36873)",
          "url": "https://www.stb.gov/resources/major-railroad-mergers/",
          "type": "regulator"
        },
        {
          "label": "STB PR 26-18 employee data",
          "url": "https://www.stb.gov/news-communications/latest-news/pr-26-18/",
          "type": "regulator"
        },
        {
          "label": "UNP 8-K announcement exhibit (2025-07-29)",
          "url": "https://www.sec.gov/Archives/edgar/data/100885/000119312525167154/d64537dex991.htm",
          "type": "sec-filing"
        },
        {
          "label": "NS press release: America's first transcontinental railroad",
          "url": "https://norfolksouthern.investorroom.com/2025-07-29-Union-Pacific-and-Norfolk-Southern-to-Create-Americas-First-Transcontinental-Railroad",
          "type": "press-release"
        },
        {
          "label": "UNP 10-Q Q2 2026 (close expected 2027)",
          "url": "https://www.sec.gov/Archives/edgar/data/0000100885/000010088526000250/unp-20260630.htm",
          "type": "sec-filing"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "value_note: Combined enterprise >$250B; $2.75B annual synergies targeted. | regulatory: STB Finance Docket FD 36873. First application rejected as incomplete 2026-01-16. Revised application filed 2026-04-30, accepted 2026-05-28 but held in abeyance. Abeyance lifted and procedural schedule set 2026-08-18. Motions for summary denial rejected 2026-09-18. Notices of intent to participate due 2026-09-30. Close expected 2027 (UNP 10-Q). | open_questions: The job numbers come from news summaries (Axios behind a paywall, not fetched; WSB wording was garbled), not from reading the STB exhibits directly. Pull the exact figures from the public employee-impact exhibit in FD 36873 before publishing. The WSB date (Dec 2025) conflicts with the revised application of Apr 2026, so its numbers may reflect the rejected first application. The 2025-08-06 date on the union pledge is approximate. Final STB decision date not set.",
      "id": "unionpacific-norfolksouthern"
    },
    {
      "acquirer": "United Airlines",
      "target": "American Airlines",
      "type": "merger",
      "status": "rumored",
      "rumored": "2026-04-13",
      "announced": null,
      "closed": null,
      "closedPrecision": "day",
      "ended": null,
      "jurisdictions": [
        "US"
      ],
      "sector": "Transport",
      "verb": "approached",
      "value": "No deal. Approach reported, then rejected.",
      "valueLabel": "No deal",
      "valueUsdB": null,
      "search": {
        "keyword": "united american merger",
        "usMonthly": 5400,
        "asOf": "2026-09"
      },
      "seat": "There is no deal. United approached, American said no. Searches for it are up 875% anyway, which tells you how fast rumors travel inside an airline.",
      "targetEmployees": null,
      "employeeImpact": [],
      "sources": [
        {
          "label": "United PR Newswire: Statement from CEO Scott Kirby (2026-04-27)",
          "url": "https://www.prnewswire.com/news-releases/statement-from-united-airlines-ceo-scott-kirby-302754152.html",
          "type": "press-release"
        },
        {
          "label": "CNBC 2026-04-27",
          "url": "https://www.cnbc.com/2026/04/27/united-airlines-merger-with-american-airlines-ceo-airline-confirms.html",
          "type": "news"
        },
        {
          "label": "The Points Guy 2026-04-15 (cites Bloomberg 2026-04-13)",
          "url": "https://thepointsguy.com/news/united-american-merger-talks-will-it-actually-happen/",
          "type": "news"
        },
        {
          "label": "Sen. Warren letter",
          "url": "https://www.warren.senate.gov/imo/media/doc/united-american_airlines_merger_letter.pdf",
          "type": "regulator"
        }
      ],
      "lastChecked": "2026-09-25",
      "notes": "Legal parties: United Airlines (approach) / American Airlines. | value_note: No deal and no terms. Bloomberg reported 2026-04-13 that Kirby had pitched the idea in Washington (reportedly first raised with President Trump in late Feb 2026). On 2026-04-27 Kirby publicly confirmed he approached American. American declined to engage; Kirby: without a willing partner it 'simply can't get done'. | regulatory: None filed. Sen. Warren sent a letter opposing it. Combined domestic share would be ~40%. | open_questions: This was an approach that American rejected. There is no agreement and no talks were ever confirmed. Best status label is 'rumored', or 'approach rejected'. Nothing newer than April 2026 was found.",
      "id": "united-american"
    }
  ]
}