Summary

• Mergers and Acquisition (M&A) volume continued its strong pace in the first quarter with $1.2 trillion in announced transactions, representing a 27% increase compared to the first quarter of 2025.
• Strategic combinations during the quarter included Devon Energy’s $21 billion acquisition of Coterra Energy and Boston Scientific’s $15 billion acquisition of Penumbra.
• The Gabelli ABC Fund Class I shares achieved a 1.65% return for the quarter, outperforming the Lipper U.S. Treasury Money Market Fund Average's 0.83% return.
• Market volatility in the quarter did not stall dealmaking volumes, as industry participants remained confident that expanding their businesses was the right course of action.
• Gilead Sciences agreed to acquire Arcellx Inc. for $115 per share in cash on February 23, and the deal is expected to close shortly after the tender offer expires.

Investment Scorecard

Mergers and Acquisition (M&A) volume continued its strong pace in the first quarter with $1.2 trillion in announced transactions. This represents a 27% increase compared to the first quarter of 2025 and the third consecutive quarter exceeding $1 trillion.