Global M&A Deals in 2025 – Top Themes by Sector: Strategic Intelligence
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If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As). This report analyzes the disruptive themes that have driven M&A activity in 2025 across all sectors including materials, consumer, energy, financials, healthcare, industrials, technology, media & telecoms.
The global M&A market in 2025 witnessed deals worth $3 trillion, a growth of 33% compared to 2024. The TMT sector led the M&A deal activity, with deals worth $909 billion recorded in 2025. Most of the sectors saw a year-on-year fall in deal value in 2025. Mega-deals (defined as any deal valued at more than $1 billion) recorded a deal value worth $2.5 trillion in 2025, compared to $1.8 trillion in 2024.
Scope
This report provides an overview of merger and acquisition activity globally in 2025 across all sectors. This report takes a close look at the top deals in all the sectors and identifies the themes driving each of these deals. This report also looks at the deals trend across North America, Europe, China, APAC Ex-China, South America, and Middle east and Africa.
Key Highlights
The global M&A market in 2025 witnessed deals worth $3 trillion, a growth of 33% compared to 2024. The TMT sector led the M&A deal activity, with deals worth $909 billion recorded in 2025. Most of the sectors saw a year-on-year fall in deal value in 2025. Mega-deals (defined as any deal valued at more than $1 billion) recorded a deal value worth $2.5 trillion in 2025, compared to $1.8 trillion in 2024.
Reasons to Buy
Companies that invest in the right themes become success stories; those that miss the big themes end up as failures. If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As).
This report lists the most notable deals across all sectors to make it easy for our clients to get a view of themes disrupting these sectors and prepare for the future.
2PointZero
3G Capital
89bio
Abbott Laboratories
Abu Dhabi Investment Authority
Affinity Partner
AI Infrastructure Partners
Air Lease
Akero Therapeutics
Akzo Nobel
Aligned Data Centers
Alphabet
Aluminium Corporation of China
AMB Holdings
American Water Works
Amicus Therapeutics
Ampere Computing
Amphenol
Anglo American
Anthropic
Anywhere Real Estate
Apex Logistics International
Apollo Global Management
AppLovin
Armis Security
Asahi Group Holdings
Astorg
AT&T
Athora Holding
Athos Therapeutics
Augusta SpinCo
Avidity Biosciences
Axalta Coating Systems
Ayana Renewable Power
Baker Hughes
Bally’s
Banco Santander
BASF
BBVA
BD
Beacon Roofing Supply
Beijing Jingneng Xilin Gol Energy
Berkshire Hathaway
BioMarin Pharmaceutical
Blackstone
Blackstone Life Sciences
Blueprint Medicines
Boeing
Bohai Leasing
Borouge Group International
Boyd Gaming
Boyu Capital Consultancy
Braskem
BRF
Brookfield Asset Management
Brookfield Infrastructure Partners
Brown & Brown
Cadence Bank
Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil (Previ)
Calpine
Casa del Fuego Family Office Trust
Castrol from BP
Catalyst Technologies
Cementos Pacasmayo
Chart Industries
Charter Communications
China Electronics Technology Group
China National Building Material Group
China Overseas Development Group (CODG)
Chongqing Xiangguosi Storage
Chow Tai Fook Enterprises
Civitas Resources
CK Hutchison Holdings
Clairvest Group
Clario
Clayton, Dubilier & Rice
Clearlake Capital Group
Clearwater Analytics Holdings
Coeur Mining
Colonial Enterprises
Commercial Aircraft Corporation of China
CommScope Holding
Companhia de Participacoes em Concessoes
Compass
Confluent
Constellation Energy
Core Scientific
CoreWeave
Cox Enterprises
CPP Investments
Crown Castle
CVC Capital Partners
CyberArk Software
Dayforce
Digital Global Systems
Dream Games
Dun & Bradstreet
East African Breweries from Diageo
EchoStar
Electronic Arts
Energeticky a Prumyslovy Holding
Eon TV International (NetTV Plus)
EQT Active Core Infrastructure fund
Equinor Brasil Energia
Erste Group Bank
Essential Utilities
Exact Sciences
F. Hoffmann-La Roche
FanDuel
Fidelity National Information Services (FIS)
Fifth Third acquires Comerica
Filtration Group
Flutter Entertainment
Foundation Building Materials
Francisco Partners Management
G2 Gaming
Game development studios
Genmab
Ghitha Holding
GIC Private
Global Infrastructure Partners
Global Payments
Global Sea Containers (Seaco)
GMS
Grover Gaming
Grupo Aeroportuario del Sureste
GTCR
Haitian Water Group
Hefei State-owned Assets Supervision and Administration Commission
Hellman & Friedman
Holcim
Hologic
Honeywell International
Howard Hughes Holdings
Huntington Bancshares
Iberdrola
IBM
Informatica
Intel
International Holding
Intersect Power
Intra-Cellular Therapies
Intralot
Iveco Group
James Hardie Industries
Jamf Holding
Janus Henderson Group
JDE Peet’s
Jizhong Energy Fengfeng Group
Jizhong Energy Resources
Johnson & Johnson
Kenvue
Kering
Keurig Dr Pepper
Kilani Group
Kimberly-Clark
KKR
Kuhne + Nagel Management
Liaohe Oilfield (Panjin) Gas Storage
Light & Wonder
Lorca Telecom Bondco
L'Oreal
Lowe's Companies
LS Power
Lumen Technologies
Macquarie Asset Management
Marcap
Marfrig Global Foods
MasOrange
Merck
Merus
Meta Platforms
MGM Resorts International
MGX Fund Management
Microsoft
Mitsui
MIXI Australia
Motiva Infraestrutura de Mobilidade
Motorola Solutions
Mr. Cooper Group
MUFG Bank
Multiply Group
Multiven
Neoenergia
Paramount Skydance
New Gold
NewGenIvf Group
Nexstar Media Group
Niantic
Nippon Steel acquires US Steel
Nippon Telegraph and Telephone
Nordic Capital
Nova Chemicals Holdings
Novartis
Novo Holding and Cinven
Novo Nordisk
Novonor
NRG Energy
NTT DATA Group
Nvidia
Occidental Petroleum
ONGC NTPC Green
Oracle
Orange
Orsted Hornsea Project Three (UK)
Palo Alto Networks
Pan Jit International
Panama Ports
Parker Hannifin
Parkland
Partners Group
Pension Insurance
Permira Holdings Ltd
PetroChina
Petronas
PhotonAI
Pinnacle Financial Partners
Pioneer Sail Singapore
PointsBet Holdings
Prio Tigris
Project Aurora Bidco
Public Investment Fund
Qatar Investment Authority
Qorvo
QXO
Rocket Companies
RSC Topco
Safe Harbor Marinas
Salesforce
Sanofi
Saxa
SC Investments Management
Scale AI
Schneider Electric
Scopely
SCSK
Sealed Air
Securiti
Sembcorp Energy Australia
Sempra Infrastructure Partners
ServiceNow
Shanghai Hongrun Hangzhou Travel Investment
Shanghai Hongrun Real Estate
Shanghai Xin Dongan Enterprise Development
Shine I FIDC
Shriram Capital and Shriram Ownership Trust
Sichuan Zhenxing Industrial Park Industrial
Silver Lake Management
Silvus Technologies
Skechers USA
Skyworks Solutions
SM Energy
Smart Capital
SMBC Aviation Capital
Societe Tunisienne d'Automobiles
SoftBank Group
SpaceX
Spectris
Spirent Communications
SRS Distribution
Starbucks
Stellantis
Stonepeak Partners
Sumitomo
Sunoco
Sycamore Partners
Synovus Financial
Tango Merger
Tata Motors
TechnoPro Holdings
Teck Resources (Teck)
Tegna
Telekom Srbija
Temasek Holdings
Tencent Music
Terex REV Group
Terminal Investment Limited
The Azek
The Carlyle Group
The Resolute Fund IV
Thermo Fisher Scientific
Thoma Bravo
Torex Vietnam Semiconductor
TotalEnergies
TPG Capital LP
TRC Companies
Trian Fund Management & General Catalyst Group Management
Tripledot Studios
TXNM Energy
Typewriter Ascend
U.S. Government
Union Pacific acquires Norfolk Southern
Vantage Group Holdings
Veeam Software
Veren
Verona Pharma
Viavi Solutions
Vista Energy Argentina
VOC Group
Walgreens Boots Alliance
Warburg Pincus
Warner Bros Discovery
Waters
Whitecap Resources
Wiz
Worldpay
WSP Global
xAI (x.ai)
Ximalaya
Xinjiang Oilfield Gas Storage
Zangge Mining
Zayo Group
Zijin International Holdings
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