Global TMT M&A Deals 2025 – Top Themes and Predictions: 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&A). This report analyzes the disruptive themes that drove M&A activity across the technology, media, and telecom (TMT) industry in 2025.

Scope

This report provides an overview of merger and acquisition activity in the global TMT market in 2025.

It identifies the M&A deals announced in the TMT market between January 1, 2021 and December 31, 2025 and provides comprehensive sector-by-sector analysis of the themes driving this activity.

Key Highlights

Global M&A deal value in the TMT sector continued to recover in 2025 after bottoming out at a five-year low of $403 billion in 2023. Total deal value rose to $903 billion in 2025, up sharply from $514 billion in 2024.

Deal volume rose 12% year-over-year, reaching 573 M&A transactions in 2025.

Reasons to Buy

This report offers a unique perspective on M&A activity in the TMT sector by focusing on the themes driving deals. This allows for a deeper understanding of the themes that are shaping the industry.

It provides analysis of M&A activity in major geographic regions, including North America, Europe, and Asia-Pacific.

It evaluates the M&A deals announced by the leading technology companies (inccluding Google, Amazon, Meta, Microsoft, Nvidia, and Apple) and identifies the themes on which they are focusing.

The report also includes our predictions for future acquisitions targets across all TMT sectors.

AAC Technologies
Aaeon Technology
Aareal Bank
ABB India
Abry Partners
Abu Dhabi Investment Authority
Acuity Brands
Adenza
ADK Holdings
ADOBE Inc
ADT
AdTheorent Holding
Advanced Circuits
Advent International
AE Industrial Partners
Affinity Partners
AGCO
AirTrunk
Akamai Technologies
Alibaba Group Holding
Alibaba Health
Alibaba Investment
Aligned Data Centers
All3Media
Allegion
Allegro MicroSystems
Alma Media
Alphawave IP Group
Altair Engineering
Altera
Alteryx
Altice Media
Altium
Amadeus IT Group
AMD
AMETEK
Ampere Computing
Amphenol
ANSYS
Anthropic
Aonic
APCT
APG Asset Management NV
Apollo Funds
Apollo Global Management
Apollo S3 Equity Management
AppLovin
Apptio
Ariel Alternatives
Aristocrat Leisure
ARKA Group
Armis Security
Artificial Electronics Intelligent Materials
Artificial Intelligence Infrastructure Partnership
Ascential
AT&S Korea
AT&T
ATC India
Atlas LuxCo 4
Atos
AustralianSuper
Automattic
Avago Technologies International Sales
Avid Technology
Axcelis Technologies
Azure Summit Technology
B2B.Trade
Bain Capital
Bain Capital Private Equity
Bally’s
Baltimore Sun
Bauer Media Audio
Bayanat AI
BCPE Bridge Cayman
BCPE Stack
Beeper
Beijing Kangda Shengjing Technology
Bel Fuse
Belcan
Belden
Believe
Bell Canada
Bending Spoons
BeReal
BEST
Bharti Televentures (Bharti Global)
Bin Zayed
Binance Holdings
BJ Russell Holdings Limited
Blackmores
BlackRock
BlackRock’s Global Infrastructure Partners
Blackstone
Blaize
Bloomsbury Publishing
Boyd Thermal
BPEA Private Equity Fund VIII
Bridgepoint Group
Brightstar Capital Partners
British Columbia Investment Management Corp
Broadcom
Brookfield Asset Management
Brookfield Infrastructure Partners
BurTech Acquisition
Butterfly Effect
BYD Electronic
CACI International
Cadence Design Systems
Cadent
Cainiao Smart Logistics Network Limited
Caisse de depot et placement du Quebec
Canon
Canon Electronics
Capgemini
Carrier Global
CarUX Technology
Casa Del Fuego Family Office & Trust
Caseton Partners
CBRE Group
CEA Technologies
Celestial AI
Cellnex Telecom
CentersquareDC
Charter Communications
Chengdu Xinchao Media Group
Chenghe Acquisition
China Mobile Investment
Chindata Group
Chord Music
Chronosphere
Cisco
City AM
Clear Channel International
Clear Sale
Clearlake Capital Group
Clearwater Analytics
CMA CGM
CNH Industrial NV
Coastal Cloud
Coatue
Coforge
Cognex
Cognizant Technology Solutions
Coherent
Coinbase Global
Commscope Holding
Compass Datacenters
CompoSecure
Concentrix
Concord Acquisition Corp III
Confluent
ConnectWave
Cordiant Digital Infrastructure
Core Scientific
CoreWeave
Cornerstone Telecommunications Infrastructure
Cotiviti
Cox Communications
Crane Harbor Acquisition
Crocus Technology
Crown Castle
CSG Systems International
CVC Capital Partners
CyberArk Software
Cyxtera
D2iQ
Dada Nexus
Dai Nippon Printing
Darktrace
Data Infrastructure Trust
David D Smith
Dayforce
DAZN Group
Dear U Co
Deep Green Technologies
Deliveroo
Denis Ladeqaillerie
Denlux Logistics Invest
Denso
Deribit
Dharma Sinar Semesta
Digimoc
Digital Global Systems
Digital Media Solutions
DirecTV
DISH Network
Disney
D-Market Elektronik Hizmetler Tic
DoorDash
Dorna Sports
Dotmatics
Downtown Music Holdings
DPG Media
DraftKings
Dream Games
DUET Acquisition
Dun & Bradstreet Holdings
Dundee
EA Elektro-Automatik
Easybrain
Eaton
EchoStar
Edge Autonomy
Editis
Elatec
Electrolux South Africa
Electronic Arts
Elektron Energy
Eletromidia Group
Elo Touch Solutions
eMagin
Emerson Electric
Emirates Telecommunications Group (e&)
Encora Digital
Endeavor Group
Enercon Technologies
EngageSmart
Engro Connect
Epic Games
EQS Group
EQT & Tvc funds
EQT Active Core Infrastructure fund
euNetworks Group
EuroGroup Laminations
European Private Equity fund
Everi Holdings
Evident
Exaion
Experian
FactSet Research Systems
Fanduel
Faro Technologies
Fenix 360
First Advantage
FK
Flipkart
Flutter Entertainment
Focus Media Information Technology
Fortive
FountainVest Partners
Francisco Partners Management
French state
Freya Investissement
Frontier Communications Parent
Fujisoft
Fujitsu
G2 Gaming
Gamehaus
GCT Semiconductor
Gem Security
Genesys Cloud Services
Gentex
GEO Semiconductor
GK Software
GLIL Infrastructure
Global Infrastructure Partners
Global Switch Australia
Gogo
Golden Star Acquisition
Goldman Sachs Asset Management
Google
GoTo Gojek Tokopedia
Graphcore
GreenSquareDC
Group 42 Holding
Grover Gaming
Grubhub
Grupo Globo
GTCR
Guidehouse
H.I.G. Capital
Haier Smart Home
Hanam Data Center (Seoul)
Harman
HashiCorp
Haveli Investments
Hefei Huaxin Mingzhu
Hefei Xinmei Materials
Hemisphere GNSS
Hewlett Packard
Hexagon
HMC Capital
Holitech Technology
Honeywell
HSO Group
HTC VIVE
Hulu
Hutchison 3G
HyperVault AI Data Center
IBM
IDEX
IFC
IHS Rwanda
IMCO
IMM Credit Solution
Imperva
Ims Nanofabrication
indie Semiconductor
Infineon Technologies
Infinera
Infocom
Informa
Informatica
Innovid
Insight Enterprises
Insight Venture Management
Integral Ad Science
Intel
Intelsat
International Game Technology
International Media Investment
Intralot
io Products
IonQ
Iridian Spectral Technologies
IronScales
irth Solutions
Iscvina Manufacturing
iseek
Issuer
Jabil Circuit
JackPocket
Jamf Holding
Japan Industrial Partners
Japan Investment (JIC)
Jazz
Jbb Advanced Technologies
JD.com
Jetway Information
Jiangsu Phoenix Publishing & Media
Jotta Group
Juniper Networks
Just Eat Takeawaycom
Kabushiki Kaisha Japan
Kakao Games
Kantar Media Intelligence
kaonavi
Kape Technologies
Kaspi.kz
Keysight Technologies
Keystone Investment Holdings
Khazna Data Center
Khidmat Kejora
Kindred Group
Kirin
KKR & Co
KKR North America Fund XIII
Krafton
KT Cloud
La Francaise Des Jeux
Launchmetrics
Lazada Group
Lectra
Lee Equity Partners
Lexmark International
LG Chem
LG Display Guangzhou Trading
Liberty Latin America
Liberty Media
Light & Wonder
LiquidityBook
Lottomatica
Luke Bidco
Lumen Technologies
Lumine Group
Macquarie Asset Management Holding
Magic Investment
Manus Ai
Maple Leaf Sports & Entertainment
MARA Holdings
Marvell Technology
Masimo
MasOrange
MasterCard
MBC
MBK Partners
Mediaocean
Melio Solutions
Meltwater
MERIT France
Meta Platforms
MGX
MGX Fund Management
Microsoft
MiddleGround Capital
Millicom International Cellular
Miniclip
Mitsubishi Electric
Mitsui Chemicals
MLU BV
Mobile Charging Merger
Molex
Moritex
Motivair
Motorola Solutions
Moveworks
Multiven
MW Investment
My Code Media
My Favorite Things
Mytheresa.com
Nanning Minsheng New Energy
Nasdaq
National Instruments
NBT Social Networking
NCR Payment Solutions
NEC
NeoGames
Neptune Retail
Net One Systems
Network International
New H3C Technologies
New Relic
NewBorn Town
NewsWhip Media
Nexstar Media Group
NEXTDC
Niantic
Ningbo Yongning Yinshu
Nippon Telegraph and Telephone
Nisene Technology Group
Nokia
Noname Security
Northern Data
Northwest Fiber
Novacap Management
NTT DATA Group
Nutanix
Nuvei
nVent Electric
NVIDIA
NXE Australia
Oak Holdings
OceanSound (SMX)
Octopus Energy
Olayan Group
Olo
Omnicom Group
On Tower Poland
one.com Group
Onesoft Solutions
Ontario Teachers' Pension Plan
Open Text
OpenAI
OQS Media
Orange
Otava
OwnBackup
Oxford Ionics
Pacific Equity Partners
Palo Alto Networks
Pan Jit International
Paradigm Tower Ventures
Paragon Solutions
Paramount Global
Paramount Skydance
Partners Group
Patient Square Capital
Paychex
Paycor HCM
Pearce Services
Perficient
Permira Holdings
Phoenix Tower International
PhotonAI
Pioneer
PlayAGS
Playtika Holding
Polaris Media
PPF Telecom
Precision Optical Technologies
Premier
Premium Sounds Solutions
Preqin
Press Ganey Associates
Prime Insights Group
Procare Software
Prosus
PSG Equity
Public Investment Fund
Public Sector Pension Investment Board
PurgeRite
Qorvo
QSC
Qualcomm
Qualtrics
Quotient Technology
Radius Global Infrastructure
Rakuten Group
Recorded Future
RedBird Capital Partners
RedBird IMI
Redwire
Regional Link Telecom Services Holdings
Renesas Electronics
Resideo Technologies
Resolute Holdings
Revel Systems
Rocket Software
Rogers Communications
Roland DG
Rollman Management
Roper Technologies
Rover Group
Rovio Entertainment
Rowman & Littlefield
RTL Nederland
Rumble
S&P Global
S7 Data Centre Site (Sydney)
SADA
Salesforce
Samsung Display
Sanmina
Satcom Direct
Saudi Telecommunications
Savvy Games Group
SC Investments Management
Scala Data Centers
Scale AI
Schibsted
Schneider Electric
SciPlay
Scopely
SCSK
Seagate Technology
SecureWorks
Securiti
Sega Europe
SEMrush Holdings Inc
Sena Technology
Serve Robotics
ServiceNow
SES
SGT Capital
Shanghai Electric Group
Shanghai Jingcai New Material Technology
Shanghai STEP Electric
Shanghai Xinshida Intelligent
SHANGHAI-FANUC Robotics
Shao-Ning Johnny Chou
Shenzhen Huishe Technology
Shenzhen Sunway Communication
Shenzhen Transsion Holdings
Shift4 Payments
Shinko Electric Industries
Siemens
Silver Lake Partners
Silvus Technologies
SK Group
Skaylink
SKS365 Malta
Skyworks Solutions
SM Entertainment
Smart Share Global
Smartsheet
Smiths Interconnect
SNAITECH
Snap One
SocialPilot Technologies
Sociedad Estatal de Participaciones Industriales (SEPI)
SoftBank Group
Softchoice
SolarWinds
Somacis
Sophos
Space X
Spark New Zealand
Speed Fibre Group
Spirent Communications
Splunk
Sprout Social
ST Telemedia Global Data Centres
Star Micronics
Stemmer Imaging
Sterlingcheck
STG Partners
Stonepeak Partners
StreamSets
Sumo Logic
SuperPlay
Swisscom
Syft Analytics
Symbotic
Synchronoss Technologies
Synopsys
T Mobile Advertising Solutions
Taiwan Color Optics
Taobao
TaskU
Tata Consultancy Services
Tata Group
Technopro Holdings
Technoprobe
TEGNA
Tele2
Telefonica
Telegraph Media Group
Telenor Software Lab
TELUS
Temasek Holdings
Tencent Music Entertainment
Teradyne
Tessco Technologies
Tether Operations
Thales
The Australian Government
The Interpublic Group of Companies
The Investment Management Corporation of Ontario
The Saudi Public Investment Fund
The Spectator
The Walt Disney Co
THG
Thoma Bravo
TikTok
TIM
Tinius Trust
T-Mobile US
Tongling State-owned Capital Operation Holding Group
Torex Vietnam Semiconductor
Toshiba
TPG
Transact Campus
Transphorm Technology
Trendyol Go
Trimble Agriculture
Tripledot Studios
Tronic Ventures
Tsinghua Unisplendour
Turn/River Capital
Twin Point Capital
Uber Technologies
u-blox Holding
UniCredit
Unikmind Holdings
Unisplendour (UNIS)
Universal Music Group
US cellular
US Government
Vanderlande Industries Holding
Vantage Data Centers UK
Vayu Robotics
Veeam Software
Veeco Instruments
Venafi
VeriFone
Verint Systems
Veritas Capital Fund Management
Verizon Communications
Vertical Bridge Holdings
Vertiv Holdings Co
Viacom18 Media
Victory Square Media
Vimeo
Virgin Music Group
Vision Box
Vista Equity Partners
Vistar Media
Vizio Holding
Vocus Group
Vodafone Group
Vodeno
Voodoo
VOXX International
Wabtec
Walmart
Warburg Pincus
Warner Bros. Discovery
Waters
Webhelp Groupe
webMethods
Weishi Technology
Winsight
Wistron Infocomm Manufacturing (India)
With Intelligence
Wiz
WNS
Wonder
World Wide Technology Holding
World Wrestling Entertainment (WWE)
Worldpay
Wunder.Social
Wyatt Technology
X (formerly Twitter)
x.ai
Xanadu Quantum
Xero
Xerox Holdings
Ximalaya.com
XYZ
Yahsat
Yandex
Yelooo Integra Datanet
Yichun Jinheng Equity Investment Co
Yoox Net-A-Porter Group
Zayo Group
Zebra Technologies
Zegona Communications
ZeroFox Holdings
Zhejiang Hozon New Energy Automobile
ZI Zenith
ZT Systems

Table of Contents

Executive Summary

M&A Market Review

M&A Themes by Sector

M&A Themes by Geography

Future M&A Targets

Deal Selection Criteria

Further Reading

Glossary

Thematic Research Methodology

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