Global M&A and IPO Markets Heat Up with Major Deals from Alcoa, Comcast, and SpaceX

M&A/IPO | Wed Jul 01 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 11 sources

Major transactions are accelerating, including Alcoa's $5.6 billion acquisition of South32 assets, Comcast's NBCU spinoff, and SpaceX's IPO.

Analysis

[Alcoa] agreed to acquire South32 aluminum assets for up to $5.6 billion ^[2][8]

• Acquisition includes bauxite mines
• alumina refineries
• and aluminum smelters in Australia
• Brazil
• and South Africa
• Approximately $4.1 billion in cash and stock plus up to $750 million in contingent consideration
• Strengthens its position as the world's largest aluminum producer

[Comcast] announced separation of cable and media businesses through NBCUniversal spinoff ^[1][6]

• Aims to unlock value by separating cable and broadband from NBCUniversal
• Viewed as the end of Hollywood conglomerate experiments
• Historically
• media spinoffs have produced mixed results

[SpaceX] set to join Nasdaq 100 and raise post-IPO capital ^[7][11]

• Scheduled for inclusion in the Nasdaq 100 index next week
• Issuing $25 billion in bonds
• S&P Global projects negative free cash flow through 2029
• Starlink generated $11.4 billion in revenue with 10.3 million subscribers

[Getty Images-Shutterstock] canceled merger following UK regulatory ruling ^[4]

• Getty announced termination of the merger citing UK regulatory ruling
• Shutterstock shares plunged approximately 30% in after-hours trading

[QXO] neared completion of TopBuild acquisition with 91% cash election ^[10]

• 91% of TopBuild shareholders elected cash consideration
• Acquisition scheduled to close July 1
• QXO shares fell 3.03% after the announcement

[Shell] agreed to sell US Gulf of Mexico deepwater assets for $1.7 billion ^[9]

• Sold to Talos Energy and Ridgewood Energy
• Assets include Shell's 50% non-operated interest
• All-cash transaction

[ITG and iHerb] advanced new listings amid active US IPO market ^[3][5]

• ITG
• backed by Oaktree Capital
• raised $312.2 million but priced below its marketing range
• iHerb selected underwriters for a $500 million IPO

Sources

• [1] Will the Comcast-NBCU spinoff pay off for investors? Here’s what history has to say. - MarketWatch Top Stories
• [2] Alcoa Bets on Aluminum Boom With $5.6 Billion South32 Deal - Bloomberg Markets
• [3] Oaktree Capital-Backed ITG Raises $312.2 Million in US IPO - Bloomberg Markets
• [4] Shutterstock Shares Fall After Getty Says It Will End Merger - Bloomberg Markets
• [5] iHerb Is Said to Select Banks for $500 Million IPO This Year - Bloomberg Markets
• [6] Comcast’s ‘amicable divorce’ unwinds Hollywood’s corporate experiment - Financial Times
• [7] SpaceX to Join Nasdaq 100 Next Week - Yahoo Finance
• [8] Alcoa to buy aluminum assets from South32 in deal valued up to $5.6B - Seeking Alpha Market News
• [9] Shell to sell U.S. Gulf assets to Talos Energy, Ridgewood for $1.7B - Seeking Alpha Market News
• [10] Stock Market Today, June 30: QXO Falls After TopBuild Merger-Election Results Show Most Shareholders Opt for Cash - The Motley Fool
• [11] SpaceX Won't Be Free-Cash-Flow Positive Until 2029 and It's Already Taking on $25 Billion in Debt. Here's What That Means for Your Investment. - The Motley Fool