The M&A environment has picked up in a major way in recent years, and investors that have been lucky enough to own shares of companies that have been acquired at a premium to market price have enjoyed some major returns.

However, there are three big-name deals that have yet to be completed that offer some major arbitrage opportunities if the deals go through as planned.

Baker Hughes Incorporated BHI 1.41%: 12.3 Percent Upside

In November of 2014, Halliburton Company HAL 2.99% agreed to buy Baker Hughes for $19, plus 1.19 shares of Halliburton stock for every share of Baker Hughes stock.

At recent trading prices, that implies that each Baker Hughes share should be worth about $60.60, rather than the $53.95 price it currently sports.

Why the disconnect? The Department of Justice (DOJ) is closely watching Haliburton’s attempt to sell off assets to avoid breaching antitrust laws with the deal, and the market does not fully trust that the deal will go through as planned.

Cigna Corporation CI 1.2%: 26.3 Percent Upside

In July, Anthem Inc ANTM 3.54% agreed…

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