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.
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.
Report 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.
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.
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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- 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
