This week, while working on a book chapter draft about China's efforts to master systems integration businesses such as nuclear power plants and large commercial aircraft, I've been reading some sources on the construct of jointness (see here for a military application), referring to the need for globally integrated operations. Thus, it was no surprise that I was struck by jointness in a couple of deals that have been reported during the week: the Novartis-GSK restructuring deal and the Bill Ackman/ Valeant bid for Allergan. The jointness in the Novartis-GSK case springs from the fact that the two companies are trading assets (literally, swapping) in a mutually coordinated effort to optimize their respective portfolios: Novartis buying GlaxoSmithKline’s cancer drug business, GlaxoSmithKline buying Novartis’s vaccine business, and the two companies combining their over-the-counter pharmaceutical and consumer drug business businesses. The jointness is the Bill Ackman/ Valeant case springs from Ackman's hedge fund teaming up with a strategic acquirer to make an unsolicited bid. Team deals with multiple private equity investors are well known, but these two deals appear to be interesting variations on the theme of joint dealmaking.