Review period: July 23, 2026 afternoon – July 24, 2026. As of 15:24 Istanbul time.

The day's leading development in Turkey was SPK approval of the statutory merger of MIA Technology and Lider Sistem Teknolojileri. In the U.S. market, the Mapfre–Safety Insurance $1.54 billion merger, Mobix Labs' defense-technology acquisition of Vision Aerial, and Carrier's acquisition of AI-powered building automation company 75F were the headline transactions. In ongoing major deals, the SEGRO board shifted to a positive stance on the Prologis offer, while the court stay in the Paramount–Warner Bros. Discovery matter was extended to August 17, 2026.

Parties: MIA Teknoloji A.Ş. and Lider Sistem Teknolojileri A.Ş.
Sector: Information technology, defense technology, integration and software
Transaction type: Statutory merger by acquisition of all assets and liabilities
Cash transaction value: Not disclosed
Stage: SPK approval received

The Capital Markets Board of Turkey (SPK) approved the merger announcement text for the acquisition of Lider Sistem Teknolojileri by MIA Technology, with all assets and liabilities, on July 23, 2026. The share exchange ratio was set at 2.9316. MIA Technology's total capital is expected to increase from TRY 494 million by TRY 492,513,594 to TRY 986,513,594. Eligible shareholders who object to the merger will be granted appraisal rights at TRY 38.48 per share.

Legal and commercial significance: The approximate doubling of capital will create meaningful dilution for existing MIA shareholders and alter the ownership structure of the combined company. The transaction is a statutory merger — assets and liabilities transfer to MIA by universal succession — rather than a share purchase with a cash acquisition price.

Practice considerations: Next steps include general assembly approval, exercise of appraisal rights, registration of capital and articles of association amendments, and post-merger share issuance. Change-of-control and merger clauses in credit agreements, public procurement contracts, defense project agreements, licenses, and customer contracts should be reviewed.

Parties: Mapfre S.A. (Spain); Safety Insurance Group Inc. (U.S.)
Sector: Property and casualty insurance
Transaction value: Approximately $1.54 billion
Consideration: $105.00 per Safety share in cash
Expected closing: First quarter 2027

Mapfre's U.S. subsidiary will acquire Safety Insurance, a New England-focused property and casualty insurer, in an all-cash merger. The $105.00 per share price represents an approximately 44% premium to Safety's closing price on July 23, 2026. Safety will become a wholly owned subsidiary of Mapfre U.S.A. following closing but will continue to operate under its existing brand.

Legal and commercial significance: The transaction expands Mapfre's scale in the Massachusetts and New England insurance market while taking Safety private. As an insurance company acquisition, regulatory review by the state insurance commissioner — focused on financial solvency and policyholder protection — will be determinative alongside standard merger control.

Practice considerations: Safety shareholder approval, Hart–Scott–Rodino waiting period, and Massachusetts Insurance Commissioner approval are closing conditions. Due diligence priorities include actuarial reserves, loss reserves, reinsurance agreements, independent agent network, catastrophe risk exposure, and state-by-state rate filing approvals.

Parties: Mobix Labs Inc. and Vision Aerial Inc.
Sector: Defense technology, unmanned aerial vehicles, and RF systems
Transaction value: Approximately $15 million
Consideration: Combination of cash and Mobix Labs shares
Expected closing: Current quarter 2026

Mobix Labs entered into a definitive agreement to acquire Vision Aerial, a Montana-based drone manufacturer. Vision Aerial's U.S.-manufactured, National Defense Authorization Act-compliant systems are used by the U.S. Air Force, U.S. Navy, government agencies, energy companies, and infrastructure operators.

Legal and commercial significance: The transaction has the potential to transform Mobix from an electronic components and RF technology supplier into a direct platform and autonomous aerial systems manufacturer. The partial share consideration may create dilution for existing Mobix shareholders.

Practice considerations: Government contract assignment, security clearances, software and hardware intellectual property, critical component supply chain, and key personnel retention are material. ITAR, EAR, and federal procurement rules require separate analysis given the defense and dual-use technology involved. The transaction remains subject to shareholder approval and financing and closing conditions that have not yet been satisfied.

Parties: Carrier Global Corporation and 75F
Sector: HVAC, artificial intelligence, IoT, and building automation
Transaction value: Not disclosed
Stage: Acquisition completed

Carrier acquired 75F, a developer of cloud-based, wireless, AI-powered building automation systems. Carrier plans to integrate 75F's sensor, controls, cloud software, and AI technology into its existing building management systems and data center cooling platforms.

Legal and commercial significance: The transaction advances Carrier's strategy to become an end-to-end technology provider combining equipment, controls, data analytics, and autonomous building operations — rather than solely an HVAC equipment manufacturer.

Practice considerations: Integration issues include software licenses, ownership of AI models and training data, open-source software obligations, cybersecurity, and processing of building occupancy data. Product liability and performance warranty scope should be renegotiated as 75F technology is combined with Carrier's existing product lines.

Parties: PowerTransitions; Alliance Energy Group subsidiaries (per prior contract announcement)
Sector: Power generation, natural gas plants, and energy infrastructure
Transaction value: Not disclosed
Capacity acquired: 323 MW total
Stage: Transaction completed

PowerTransitions acquired the Hillburn, Shoemaker, Massena, Batavia, and Sterling natural gas power plants in New York State. Following the acquisition, the company's operating portfolio in the NYISO, PJM, and ISO-New England regions reached approximately 550 MW.

Legal and commercial significance: The company acquires not only existing generation revenue but also the opportunity to redevelop grid-connected plant sites for energy storage, data center, and new generation investment.

Practice considerations: Environmental liabilities, historical emissions, fuel and pipeline contracts, NYISO interconnection rights, capacity market obligations, and costs associated with facility retirement or conversion should be at the center of the contractual indemnification regime.

Prologis raised its "best and final" offer for SEGRO to 1,032 pence per share — approximately £14 billion / $18.8 billion in total. The SEGRO board indicated it is minded to recommend these terms to shareholders if a formal offer is made. Prologis's deadline to announce a firm offer or withdraw was extended to August 12, 2026.

Practice considerations: The transaction has not yet reached a definitive merger agreement. The share payment ratio, partial cash election right, London secondary listing commitment, and U.S.–U.K. securities regulation requirements should be clarified in the formal offer document.

Union Pacific's approximately $85 billion plan to acquire Norfolk Southern received the support of Canadian National. In exchange for that support, Canadian National is to receive access to certain routes and rights relating to certain regional railroad subsidiaries in St. Louis and Kansas City. The Surface Transportation Board is reviewing the transaction under the stringent standard requiring a showing that the merger enhances public interest and competition.

Practice considerations: The access and asset rights granted to Canadian National must be binding, enforceable, and of sufficient duration. The STB will focus not only on post-merger market share but also on service quality, freight rates, line access, and potential operational disruptions.

A federal court extended its stay of Paramount's approximately $110 billion acquisition of Warner Bros. Discovery to August 17, 2026. A coalition of states led by California argues the transaction will reduce competition in film and television markets, while Paramount states that a prolonged delay could push transaction costs above $1 billion.

Practice considerations: Financing commitment validity periods, the long-stop date, delay fees, reverse termination fees, and allocation of regulatory litigation costs should be reassessed. The parties must avoid gun-jumping risk in pre-closing coordination and sensitive information sharing while litigation continues.

The U.S. Department of Justice Antitrust Division announced a faster review approach for certain transactions, under which second-request document demands may initially be more limited, with supplemental requests issued if needed. The stated objective is to reduce review timelines and document burdens for certain transactions.

Practical implication: Parties should not interpret this change as indicating that review will be superficial. Document preservation obligations, employee communications, and market and pricing analyses must still be maintained in full. Document production should be staged but capable of rapid expansion if required.

No significant newly signed and reliably sourced direct Turkish acquirer–U.S. target or U.S. acquirer–Turkish target transactions were identified during this review period. The Turkey agenda was dominated by the MIA–Lider Sistem merger; the U.S. agenda focused on transactions in insurance, defense technology, energy, and smart building systems.

ULF New York monitors Turkish and U.S. M&A markets daily. This digest is prepared for informational purposes and does not constitute legal advice. For transaction-specific analysis, contact ULF New York.