In this week's Taxation With Representation, French electric utility Engie acquires UK Power Networks, Gilead Sciences Inc. buys clinical-stage biotechnology company Arcellx Inc., and The Brink's Co. acquires NCR Atleos in a deal that unites two major companies in the ATM business.

Engie-UK Power Networks $14B Deal

French electric utility Engie said Wednesday it has agreed to acquire UK Power Networks, a top British electricity distribution operator, from Hong Kong-based CK Group for an equity value of £10.5 billion (approximately $14.2 billion) and an enterprise value of £15.8 billion, which is about $21.3 billion.

A Linklaters LLP team that advised CK Group included tax partner Chris Smale and managing associate Catherine Sam.

Engie said in a statement Wednesday that the acquisition will bolster its footprint in the UK.

The transaction is expected to be completed in mid-2026, subject to certain regulatory and shareholder approvals, Engie said.

Gilead's $7.8B Arcellx Buy

Biopharmaceutical company Gilead Sciences Inc. said Feb. 23 it has agreed to buy clinical-stage biotechnology company Arcellx Inc. as part of a deal valued at $7.8 billion.

A Ropes & Gray LLP team advising Gilead included tax partners Benjamin Rogers and David Saltzman, while a Wilson Sonsini Goodrich & Rosati PC team representing Arcellx included tax partner Gregory Broome and associate Anjali Krishnan.

Gilead said in a Feb. 23 statement it has agreed to acquire Arcellx for $115 per share in cash plus one contingent value right worth $5 per share, reflecting an implied equity value of $7.8 billion.

The companies' boards of directors approved the transaction, which is expected to close in the second quarter of 2026, subject to regulatory approvals and other conditions, Gilead said.

ATM Players' $6.6B Deal

The Brink's Co. said Thursday it has agreed to acquire NCR Atleos in a cash-and-stock transaction valued at approximately $6.6 billion that combines two top financial technology infrastructure providers.

A Sidley Austin LLP team steering Brink's included partners Suresh Advani and Christian Brause, counsel Eric Grosshandler and managing associate Patrick Gray advising on tax aspects.

The transaction is expected to close in the first quarter of 2027, subject to certain conditions including regulatory and shareholder approvals, Brink's said in a statement Thursday.