Deal Alchemist Library

Real M&A deal breakdowns built from the podcast. Learn what happened, why it mattered, and what PE teams should do next.

Broadcom x VMware $69B

Technology

Broadcom’s $69 Billion VMware Integration: Speed, Margins and Customer Retention After Acquisition

Broadcom paid about $69 billion for VMware and reached a 70% margin within a year. Its biggest customers renewed, and many are now shrinking their VMware use. A lesson in what speed costs.
Walgreens & VillageMD $5.2B Deal

Healthcare Services

Walgreens’ VillageMD Bet: A Healthcare Roll-Up That Scaled Before It Proved Itself

Walgreens paid $5.2B for VillageMD control, backed an $8.9B physician roll-up, then wrote down $15.4B. What add-on acquirers should prove first.
Forward & Omni $3.2B (Closed at 2.1) Deal

Transportation & Logistics

When a Deal Hits Its Synergy Target and Still Destroys Value

Forward Air exceeded its cost-synergy target on the Omni Logistics deal and the equity still fell. What add-on acquirers should underwrite instead.
Apollo's simultaneous acquisition of Emerald Holding and Questex, showing the combined Forge platform leadership structure

Business Services

Apollo’s Emerald–Questex Merger: How PE Integrates Two Acquisitions Into One Platform

Apollo acquired Emerald and Questex simultaneously, then gave the CEO seat to the smaller company. What that choice reveals about selecting an operating model before Day 1.
Carrier_Viessmann_$12B 3000x3000

Business Services

Cross-Border M&A Integration: What Carrier’s €12 Billion Viessmann Deal Reveals About Risk

Carrier paid €12 billion for Viessmann, then German heat pump demand halved. The promises that won the deal, from job guarantees to site commitments, shaped the integration that followed.
NVIDIA_Mellanox_$7.1B 3000x3000

Technology

Why NVIDIA Acquired Mellanox for $7.1 Billion Before the AI Boom

NVIDIA paid $7.13 billion for Mellanox before the AI boom. Networking became a $31 billion business, and the conditions China set to approve the deal are still in dispute.
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