Q1 2026: A Record-Breaking M&A Quarter — Inside the Unilever $45BN Deal

Q1 2026 just delivered the most mega-deals in a single quarter, ever!But not every deal in this bumper period is one to celebrate. This week Deborah and Graham break down what's driving the surge in $10BN+ transactions, then go deep on one of the quarter's most talked-about deals: Unilever selling its food business, including Marmite and Hellmann's, to McCormick for $45 billion.On the surface it looks like a bold strategic pivot. But when you crunch the numbers, the picture gets complicated fast. Low valuation multiples, 4x leverage, €500M+ in separation costs, and a structure that means Unilever isn't actually exiting at all, yet.What you'll learn:• Why Q1 2026 may be the best quarter for mega-deal M&A on record and what's really driving it• How pent-up demand and a permissive antitrust environment are unlocking dealmaking despite geopolitical uncertainty• Why Unilever has been systematically exiting food, and what structural pressures are hitting the whole industry• What a Reverse Morris Trust actually is, and why it makes this more of a spin-off than a sale• Why the Kraft Heinz deal fell apart, and what that meant for Unilever's options• How to read the valuation: 13.8x EBITDA, 4x leverage, and what the market's 7% share price reaction tells you• Why private equity wasn't interested, and what that says about the investment case for food businesses right nowWhy Wall Street Prep?Wall Street Prep is the trusted training provider for the world’s top investment banks, private equity firms, Fortune 1000 companies and business schools. Our online training and instructor-led boot camps are direct adaptations of our corporate training, making Wall Street Prep the ideal choice for those looking to break into finance.DISCLAIMER: The information provided in this video is for educational and entertainment purposes only and does not constitute financial, investment, tax, or legal advice.Investing involves risk, and you may lose some or all of your capital. Past performance is not indicative of future results. Please conduct your own due diligence or consult with a certified professional before making any financial decisions.WTBD Newsletter: https://webmail.wallstreetprep.com/whats-the-big-dealFollow Us On Socials:LinkedIn: https://www.linkedin.com/company/wall-street-prep/Instagram: https://www.instagram.com/wallstreetprep/Resources: https://linktr.ee/wallstreetprep