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 31% compared to 2024. The TMT sector led the M&A deal activity, with deals worth $885 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 $2.4 trillion in 2025, compared to $1.8 trillion in 2024.
The global M&A market in 2025 witnessed deals worth $3 trillion, a growth of 31% compared to 2024. The TMT sector led the M&A deal activity, with deals worth $885 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 $2.4 trillion in 2025, compared to $1.8 trillion in 2024.
Report 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.
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.
Table of Contents
- Executive Summary
- Review of the Global M&A Market - 2025
- Top Themes Driving M&A Activity - 2025
- Top M&A Deals by Sector - 2025
- Top M&A Deals by Geography - 2025
- M&A Outlook for 2026
- Further Reading
- Report Authors
- Appendix 1: Deal Selection Criteria
- Appendix 2: Thematic Research Methodology
- Contact the Publisher
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- X (Twitter)
- 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
- Netflix
- 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
