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 Q1 2025 across all sectors including materials, consumer, energy, financials, healthcare, industrials, technology, media & telecoms.
The global M&A market in Q1 2025 witnessed deals worth $580 billion, a decline of 13% compared to Q1 2024. The TMT sector led the M&A deal activity, with deals worth $174 billion recorded in Q1 2025. Some sectors saw a year-on-year fall in deal value in Q1 2025. Mega-deals (defined as any deal valued at more than $1 billion), recorded deal value worth $453 billion in Q1 2025 compared to $507 billion in Q1 2024.
The global M&A market in Q1 2025 witnessed deals worth $580 billion, a decline of 13% compared to Q1 2024. The TMT sector led the M&A deal activity, with deals worth $174 billion recorded in Q1 2025. Some sectors saw a year-on-year fall in deal value in Q1 2025. Mega-deals (defined as any deal valued at more than $1 billion), recorded deal value worth $453 billion in Q1 2025 compared to $507 billion in Q1 2024.
Scope
- This report provides an overview of merger and acquisition activity globally in Q1 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 - Q1 2025
- Top M&A Deals by Sector - Q1 2025
- Top M&A Deals by Geography - Q1 2025
- Top Themes Driving M&A Activity - Q1 2025
- Further Reading
- Appendix 1: Deal Selection Criteria
- Appendix 2: Thematic Research Methodology
- About Us
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- x.ai Inc
- Google LLC
- Sycamore Partners
- Constellation Energy Corp
- Johnson & Johnson
- Borouge Group International
- Rocket Companies Inc
- Whitecap Resources
- QXO Inc
- James Hardie Industries Plc
- X Corp
- Wiz Inc
- Walgreens Boots Alliance Inc
- Calpine Corp
- Intra-Cellular Therapies Inc
- Nova Chemicals Corp
- Mr Cooper Group Inc
- Veren
- Beacon Roofing Supply Inc
- The AZEK Co Inc
- BPER Banca Spa
- Prosus NV
- Bain Capital LP
- Allianz SE
- Generali Financial Holdings FCP-FIS Sub-fund 2
- Hannover Re
- T&D Holdings Inc
- American Axle & Manufacturing Holdings Inc
- Hyatt Hotels Corp
- Pure Health Holding PJSC
- Meiji Yasuda Life Insurance Co
- Dubai Aerospace Enterprise
- MGX Fund Management Ltd
- Banca Popolare di Sondrio
- Just Eat Takeawaycom NV
- Apleona GmbH
- Viridium Group GmbH & Co Kg
- Dowlais Group Plc
- Playa Hotels & Resorts NV
- Hellenic Healthcare Group
- Legal & General Group Plc
- Nordic Aviation Capital
- Binance Holdings Ltd
- Haitian Water Group Co Ltd
- Aluminum Corporation of China Ltd
- China Baowu Steel Group Corp Ltd
- China Logistics Group, Inc.
- China Reform Holdings Corp Ltd
- GP Health Service Capital Co Ltd
- Shanghai Pharmaceuticals Holding Co Ltd
- New China Life Insurance Co Ltd
- Shanghai RAAS Blood Products Co Ltd
- Quzhou Zhishang Enterprise Management Partnership (Limited Partnership)
- Quzhou Zhiwei Enterprise Management Partnership
- Google LLC
- Asia-Potash International Investment (Guangzhou) Co Ltd
- Xian Shunmao Property Co Ltd
- DBS Group Holdings Ltd
- Sichuan Zhenxing Industrial Park Industrial Co., Ltd
- Xuzhou XCMG Auto Manufacturing Co., Ltd.
- Shanghai Hutchison Pharmaceuticals Ltd
- Bank of Hangzhou Co Ltd
- Nanyue Biopharming Corp Ltd
- Guangdong DFP New Material Group Co Ltd
- HTC VIVE
- Beijing Agricultural Potassium Resources Technology Co., Ltd
- Xian Changmao Property Co., Ltd
- Shenzhen Rural Commercial Bank Co., Ltd.
- BlackRock Inc
- Global Infrastructure Partners LLC
- Terminal Investment Limited
- Mitsui & Co Ltd
- Bain Capital LP
- Bajaj Finserv Ltd
- JIC PE Co-Investment Fund No 1
- JIC PE Fund No 1
- KKR Asian Fund IV
- TK Corporation, Inc.
- Topcon Corp - Management Team
- ONGC NTPC Green Pvt Ltd
- Bain Capital Ventures LLC
- DBS Group Holdings Ltd
- CC Capital Partners LLC
- Saudi Agricultural and Livestock Investment Company SALIC
- Panama port company (PPC)
- VOC Group and AMB Holdings
- Mitsubishi Tanabe Pharma Corp
- Bajaj Allianz General Insurance Co Ltd
- Bajaj Allianz Life Insurance Company Ltd
- Topcon Corp
- Ayana Renewable Power Pvt Ltd
- Insignia Financial Ltd
- PT Bank Pan Indonesia Tbk
- Insignia Financial Ltd
- Olam Agri Holdings Pte Ltd
- Telecom Argentina SA
- CMB.Tech NV
- Sherwin-Williams Co
- Excelerate Energy Inc
- Cementos Progreso Holdings SL
- Popular Investment Fund Administradora
- Engie Brasil Energia SA
- MMG Singapore Resources Pte Ltd
- Cyber Chic Co Ltd
- Exmar LPG BVBA
- Telefonica
- Golden Ocean Group Ltd
- BASF
- New Fortress Energy
- CEMEX Dominicana, S.A.
- Companhia Energetica do Jari
- Empresa De Energia Cachoeira Caldeirao SA
- Anglo American
- Vast Infraestrutura SA
- Avance Gas Holding
- CoStar Group Inc
- Domain Holdings Australia Ltd
- Group 42 Holding Ltd
- Vitol Holding BV
- Warba Bank KSCP
- AM Green Power BV
- Emirates NBD Bank PJSC
- Saudi Arabian Mining Co
- Elm Company SJSC
- Acwa Power Co
- Boston Scientific Corp
- Gabon Oil Company
- Khazna Data Center Ltd
- Eni
- Gulf Bank KSCP
- Greenko Energy Holdings (Mauritius Islands)
- Banque du Caire
- Aluminium Bahrain BSC
- THIQAH
- Engie
- SoniVie Ltd.
- Tullow Oil Gabon SA
- Viavi Solutions Inc
- JAMF Software LLC
- CyberArk Software Ltd
- NOS SGPS SA
- Tenable Inc
- Spirent Communications
- Identity Automation Inc
- Zilla Security Inc
- Claranet Portugal SA
- Vulcan Cyber