Global mergers and acquisitions activity rebounded strongly in 2025, supported by easing monetary policy in the United States, rising demand for artificial intelligence capabilities, and improving macroeconomic stability following a subdued prior year.
Lower borrowing costs were a central driver of the recovery. Multiple interest rate cuts by the US Federal Reserve, including a third 25-basis-point reduction in December, lowered loan yields by more than 200 basis points over the year. The shift improved leverage capacity for buyouts, supported higher valuations, and helped restore deal confidence after muted conditions in 2024.
Deal values rose materially as a result. US M&A volume approached $2.3 trillion in 2025, representing a 49% increase from the prior year, while global deal value rose more than 25%. Activity was underpinned by an increase in large-scale transactions, with 63 deals valued above $10 billion announced globally, according to professional services firm EY.
Several high-profile transactions across media, technology, mining, infrastructure, and healthcare shaped the year.
Netflix to acquire Warner Bros. Discovery’s studios and streaming assets
Netflix Inc (NASDAQ:NFLX, XETRA:NFC) agreed in December to acquire Warner Bros Discovery Inc (NASDAQ:WBD, XETRA:J5A)’s studios and streaming business in a transaction valuing the assets at $72 billion in equity value, or $82.7 billion on an enterprise basis. The agreement followed a competitive bidding process that included Paramount Skydance, whose offer remains supported by a personal guarantee from Oracle founder Larry Ellison.
The transaction excludes Warner Bros. Discovery’s cable networks, including CNN and Discovery, which are expected to be spun off into a separate publicly listed company, Discovery Global, prior to the deal’s anticipated close in 12 to 18 months. The acquisition would significantly expand Netflix’s content production and distribution footprint.
Anglo American and Teck Resources to combine in merger of equals
Anglo American PLC (LSE:AAL) and Teck Resources Ltd (TSX:TECK.B) announced a merger of equals in September, forming Anglo Teck, a copper-focused mining company valued at approximately $53 billion. Headquartered in Canada with a primary London Stock Exchange listing, the combined group is positioned as one of the world’s largest copper producers.
The companies expect annual pre-tax recurring synergies of about $800 million by the fourth year following completion, with additional earnings benefits from adjacent Chilean copper operations. The transaction increases copper exposure to more than 70% of production, reflecting growing demand linked to the global energy transition. Shareholders approved the deal in December, followed by Canadian regulatory clearance.
Alphabet’s Google acquires cloud security firm Wiz
Alphabet Inc (NASDAQ:GOOG)’s Google announced in March an agreement to acquire cloud security firm Wiz for $32 billion in cash, marking Alphabet’s largest acquisition to date. Wiz, which serves a significant portion of Fortune 100 companies, will be integrated into Google Cloud while maintaining operational independence and multi-cloud compatibility.
The deal received US antitrust clearance in November and is expected to close in the first quarter of 2026. The acquisition strengthens Google Cloud’s cybersecurity offerings amid intensifying competition in enterprise cloud services.
Union Pacific merges with Norfolk Southern
Union Pacific Corp (NYSE:UNP, XETRA:UNP) and Norfolk Southern Corp (NYSE:NSC) proposed an $85 billion merger in July that would create the first transcontinental railroad network in the United States. The combined system would span more than 50,000 route miles across 43 states and connect approximately 100 ports.
Under the stock-and-cash structure, Norfolk Southern shareholders would receive a premium valuation and retain a minority ownership stake in the combined entity. The companies project annual synergies of $2.75 billion, driven by freight volume growth and cost efficiencies. Shareholders approved the transaction in November with overwhelming support.
Sycamore Partners acquires Walgreens Boots Alliance
Private equity firm Sycamore Partners completed its acquisition of Walgreens Boots Alliance Inc in August, taking the pharmacy retailer private in a transaction valued at up to $23.7 billion, including debt. Shareholders received cash consideration along with contingent value rights tied to future asset monetization.
The deal concluded Walgreens’ tenure as a public company following several years of operational challenges and restructuring efforts. Sycamore partnered with former chief executive Stefano Pessina, who reinvested his stake, and indicated plans to maintain the company’s headquarters, brands, and workforce.
Sintana Energy acquires Challenger Energy Group
Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, AIM:SEI) agreed in October to acquire Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) in an all-share transaction valued at approximately C$83.6 million. The combination creates an exploration-focused entity with exposure to hydrocarbon assets across Namibia, Uruguay, the Bahamas, and Colombia.
Challenger shareholders will hold roughly a quarter of the combined company, while Sintana plans to pursue a listing on London’s AIM market. The transaction expands Sintana’s license portfolio and aligns it with major industry partners ahead of future drilling milestones.
Lumine Group acquires Synchronoss Technologies
Lumine Group, a subsidiary of Constellation Software Inc. (TSX:CSU), entered into a definitive agreement in December to acquire Synchronoss Technologies Inc (NASDAQ:SNCR) in an all-cash transaction. The deal values Synchronoss’s equity at $116.4 million and represents a significant premium to its recent trading levels.
The acquisition follows Lumine’s earlier purchase of selected Synchronoss assets and completes the company’s transition into a focused cloud services platform. Synchronoss will operate as a private company under Lumine while retaining its headquarters and brand.
Volato Group to combine with M2i Global
Volato Group and M2i Global Inc (OTC:MTWO) agreed to a business combination in July structured as a reverse merger, resulting in M2i shareholders holding a controlling stake in the publicly listed entity. The all-stock transaction shifts Volato’s strategic focus toward critical minerals supply chains while retaining its aviation software platform.
The combined company aims to leverage M2i’s copper offtake agreements alongside Volato’s technology operations, positioning the group at the intersection of infrastructure, resources, and transportation.