Top Mergers and Acquisitions Deals in US 2025
Published
2025 proved to be a transformative year for M&A with over $85 billion changing hands in the year’s largest single transaction alone. From mega-mergers in utilities and transportation to sovereign wealth fund acquisitions in gaming, the deals closed this year signal major shifts in corporate strategy and industry consolidation.
Top 100 M&A Deals of 2025 by Value
| Transaction Name | Acquisition Type | Price (in USD) | Acquiree Headquarters Location | Acquirer Headquarters Location |
|---|---|---|---|---|
| Norfolk Southern Corporation acquired by Union Pacific Corporation | Merger | 85000000000 | Norfolk, Virginia, United States | Omaha, Nebraska, United States |
| Essential Utilities acquired by American Water | Merger | 63000000000 | Bryn Mawr, Pennsylvania, United States | Voorhees, New Jersey, United States |
| Kenvue acquired by Kimberly-Clark Corporation | Acquisition | 48700000000 | Skillman, New Jersey, United States | Dallas, Texas, United States |
| Electronic Arts acquired by Saudi Arabia's Public Investment Fund | Acquisition | 36000000000 | Redwood City, California, United States | Riyadh, Ar Riyad, Saudi Arabia |
| Cox Communications acquired by Charter Communications | Merger | 34500000000 | Atlanta, Georgia, United States | Stamford, Connecticut, United States |
| X (formerly Twitter) acquired by xAI | Acquisition | 33000000000 | Bastrop, Texas, United States | Burlingame, California, United States |
| Wiz acquired by Google | Acquisition | 32000000000 | New York, New York, United States | Mountain View, California, United States |
| CyberArk acquired by Palo Alto Networks | Acquisition | 25000000000 | Newton, Massachusetts, United States | Santa Clara, California, United States |
| Walgreens Boots Alliance acquired by Sycamore Partners | Acquisition | 23700000000 | Deerfield, Illinois, United States | New York, New York, United States |
| Panama Ports Company acquired by BlackRock | Acquisition | 22800000000 | Panama, New York, United States | New York, New York, United States |
| Worldpay acquired by Global Payments | Acquisition | 22700000000 | Cincinnati, Ohio, United States | Atlanta, Georgia, United States |
| Qorvo acquired by Skyworks Solutions | Merger | 22000000000 | Greensboro, North Carolina, United States | Woburn, Massachusetts, United States |
| Aligned acquired by AI Infrastructure Partners | Acquisition | 20000000000 | Plano, Texas, United States | |
| JDE Peets acquired by Keurig Dr Pepper | Acquisition | 18378415078 | Amsterdam, Noord-Holland, The Netherlands | Burlington, Massachusetts, United States |
| Hologic acquired by Blackstone Group | Acquisition | 18300000000 | Marlborough, Massachusetts, United States | New York, New York, United States |
| Aspen Technology acquired by Emerson | Acquisition | 17000000000 | Bedford, Massachusetts, United States | St Louis, Missouri, United States |
| Calpine acquired by Constellation Energy | Acquisition | 16400000000 | Houston, Texas, United States | Baltimore, Maryland, United States |
| Sugon acquired by Haiguang Information Technology | Merger | 16154413915 | Beijing, Beijing, China | Beijing, Beijing, China |
| Intra-Cellular Therapies acquired by Johnson & Johnson | Acquisition | 14600000000 | New York, New York, United States | New Brunswick, New Jersey, United States |
| Nord Anglia Education acquired by Dubai Holding | Acquisition | 14500000000 | London, England, United Kingdom | Dubai, Dubai, United Arab Emirates |
| Chart Industries acquired by Baker Hughes | Acquisition | 13600000000 | Ball Ground, Georgia, United States | Houston, Texas, United States |
| Global Payments - Issuer Solutions Business acquired by FIS | Acquisition | 13500000000 | Jacksonville, Florida, United States | |
| Nova Chemicals acquired by Borouge Group International | Acquisition | 13400000000 | Calgary, Alberta, Canada | Vienna, Wien, Austria |
| Civitas Resources acquired by SM Energy | Merger | 12800000000 | Denver, Colorado, United States | Denver, Colorado, United States |
| Avidity Biosciences acquired by Novartis | Merger | 12000000000 | San Diego, California, United States | Basel, Basel-Stadt, Switzerland |
| TXNM Energy acquired by Blackstone Infrastructure | Acquisition | 11500000000 | Albuquerque, New Mexico, United States | |
| Dayforce acquired by Thoma Bravo | Acquisition | 11180000000 | Minneapolis, Minnesota, United States | Chicago, Illinois, United States |
| Beacon Building Products acquired by QXO | Merger | 11000000000 | Herndon, Virginia, United States | Greenwich, Connecticut, United States |
| Comerica Bank acquired by Fifth Third Bank | Merger | 10900000000 | Philadelphia, Pennsylvania, United States | Cincinnati, Ohio, United States |
| CommScope - Connectivity and Cable Solutions Business acquired by Amphenol | Acquisition | 10500000000 | Wallingford, Connecticut, United States | |
| Veren acquired by Whitecap Resources | Merger | 10400000000 | Calgary, Alberta, Canada | Calgary, Alberta, Canada |
| Verona Pharma acquired by Merck | Acquisition | 10000000000 | London, England, United Kingdom | Rahway, New Jersey, United States |
| Accession Risk Management Group acquired by Brown & Brown | Acquisition | 9825000000 | Sacramento, California, United States | Florida, New York, United States |
| OxyChem acquired by Berkshire Hathaway | Acquisition | 9700000000 | Omaha, Nebraska, United States | |
| Boyd Thermal acquired by Eaton Corporation | Acquisition | 9500000000 | Dublin, Dublin, Ireland | |
| Skechers U.S.A. acquired by 3G Capital Partners | Acquisition | 9420000000 | Manhattan Beach, California, United States | New York, New York, United States |
| Mr. Cooper Group acquired by Rocket Companies | Acquisition | 9400000000 | Dallas, Texas, United States | Detroit, Michigan, United States |
| Parkland Corporation acquired by Sunoco LP | Acquisition | 9100000000 | Calgary, Alberta, Canada | Dallas, Texas, United States |
| Core Scientific acquired by CoreWeave | Merger | 9000000000 | Dover, Delaware, United States | Livingston, New Jersey, United States |
| Colonial Pipeline acquired by Brookfield Infrastructure Partners | Acquisition | 9000000000 | Alpharetta, Georgia, United States | Toronto, Ontario, Canada |
| Clario acquired by Thermo Fisher Scientific | Acquisition | 8875000000 | Philadelphia, Pennsylvania, United States | Waltham, Massachusetts, United States |
| Foundation Building Materials acquired by Lowe’s | Acquisition | 8800000000 | Tustin, California, United States | Mooresville, North Carolina, United States |
| The AZEK Company acquired by James Hardie | Acquisition | 8750000000 | Chicago, Illinois, United States | Dublin, Dublin, Ireland |
| Synovus acquired by Pinnacle Financial Partners | Merger | 8600000000 | Columbus, Georgia, United States | Nashville, Tennessee, United States |
| Aleatica acquired by IFM Investors | Acquisition | 8126320618 | Mexico City, Distrito Federal, Mexico | Melbourne, Victoria, Australia |
| Merus acquired by Genmab | Acquisition | 8000000000 | Utrecht, Utrecht, The Netherlands | Copenhagen, Hovedstaden, Denmark |
| Informatica acquired by Salesforce | Acquisition | 8000000000 | Redwood City, California, United States | San Francisco, California, United States |
| MEG Energy acquired by Cenovus Energy | Acquisition | 7900000000 | Calgary, Alberta, Canada | Calgary, Alberta, Canada |
| Pension Insurance acquired by Athora | Acquisition | 7767826480 | London, England, United Kingdom | Hamilton, Hamilton, Bermuda |
| Dun & Bradstreet acquired by Clearlake Capital Group | Acquisition | 7700000000 | Jacksonville, Florida, United States | Santa Monica, California, United States |
| Banca Popolare di Sondrio acquired by BPER Banca | Merger | 7469316189 | Sondrio, Lombardia, Italy | Modena, Emilia-Romagna, Italy |
| Cadence Bank acquired by Huntington National Bank | Acquisition | 7400000000 | Tupelo, Mississippi, United States | Columbus, Ohio, United States |
| Air Lease Corporation acquired by Sumitomo | Acquisition | 7400000000 | Los Angeles, California, United States | Tokyo, Tokyo, Japan |
| Novo Banco acquired by Groupe BPCE | Acquisition | 7391682971 | Lisbon, Lisboa, Portugal | Paris, Ile-de-France, France |
| Moss Adams acquired by Baker Tilly | Merger | 7000000000 | Seattle, Washington, United States | Chicago, Illinois, United States |
| PG Forsta acquired by Qualtrics | Acquisition | 6750000000 | Provo, Utah, United States | |
| Endo Pharmaceuticals acquired by Mallinckrodt | Merger | 6700000000 | Ballsbridge, Dublin, Ireland | Blanchardstown, Dublin, Ireland |
| Io acquired by OpenAI | Merger | 6500000000 | San Francisco, California, United States | San Francisco, California, United States |
| Ampere Computing acquired by SoftBank | Acquisition | 6500000000 | Santa Clara, California, United States | Tokyo, Tokyo, Japan |
| Blueprint Medicines acquired by Sanofi | Acquisition | 6300000000 | Cambridge, Massachusetts, United States | Paris, Ile-de-France, France |
| International Game Technology acquired by Apollo | Acquisition | 6300000000 | London, England, United Kingdom | New York, New York, United States |
| Tegna acquired by Nexstar Media Group | Acquisition | 6200000000 | Mclean, Virginia, United States | Irving, Texas, United States |
| Lumen - Mass Markets fiber Business acquired by AT&T | Acquisition | 5750000000 | Dallas, Texas, United States | |
| Safe Harbor Marinas acquired by Blackstone Infrastructure | Acquisition | 5650000000 | Dallas, Texas, United States | |
| Encino Acquisition Partners acquired by EOG Resources | Acquisition | 5600000000 | Houston, Texas, United States | Houston, Texas, United States |
| Spectris acquired by Project Aurora Bidco | Acquisition | 5596093107 | Egham, Surrey, United Kingdom | |
| GFL Environmental Inc - Environmental Services business acquired by Apollo Funds | Acquisition | 5568742648 | New York, New York, United States | |
| GMS acquired by SRS Distribution | Acquisition | 5500000000 | Tucker, Georgia, United States | Mckinney, Texas, United States |
| Zentiva acquired by Aurobindo Pharma | Acquisition | 5500000000 | Prague, Hlavni mesto Praha, Czech Republic | Hyderabad, Andhra Pradesh, India |
| ABB - Robotics business acquired by SoftBank | Acquisition | 5375000000 | Tokyo, Tokyo, Japan | |
| Tipico Group acquired by Banijay Group | Acquisition | 5361311610 | Valletta, NA - Malta, Malta | Paris, Ile-de-France, France |
| ModMed acquired by Clearlake Capital Group | Acquisition | 5300000000 | Boca Raton, Florida, United States | Santa Monica, California, United States |
| Akero Therapeutics acquired by Novo Nordisk | Acquisition | 5200000000 | Cambridge, Massachusetts, United States | Bagsværd, Hovedstaden, Denmark |
| Dotmatics acquired by Siemens | Acquisition | 5100000000 | Boston, Massachusetts, United States | Munich, Bayern, Germany |
| Husky Injection Molding Systems acquired by CompoSecure | Merger | 5000000000 | Bolton, Ontario, Canada | Somerset, New Jersey, United States |
| Digital Global Systems acquired by Casa del Fuego Family Office and Trust | Acquisition | 5000000000 | Fairfax, Virginia, United States | Bocas Del Toro, Bocas del Toro, Panama |
| Lixin Pharmaceutical acquired by Sino Biopharmaceutical | Acquisition | 5000000000 | Suzhou, Jiangsu, China | Wan Chai, Hong Kong Island, Hong Kong |
| MadeComfy acquired by Belvilla | Acquisition | 5000000000 | Ultimo, New South Wales, Australia | Amsterdam, Noord-Holland, The Netherlands |
| MasOrange acquired by Orange | Acquisition | 4929593801 | Madrid, Madrid, Spain | Issy-les-moulineaux, Ile-de-France, France |
| Metsera acquired by Pfizer | Acquisition | 4900000000 | New York, New York, United States | New York, New York, United States |
| Inari Medical acquired by Stryker | Merger | 4900000000 | Irvine, California, United States | Kalamazoo, Michigan, United States |
| Zentiva acquired by GTCR | Acquisition | 4800000000 | Prague, Hlavni mesto Praha, Czech Republic | Chicago, Illinois, United States |
| H&E Equipment Services acquired by United Rentals | Acquisition | 4800000000 | Baton Rouge, Louisiana, United States | Stamford, Connecticut, United States |
| Creed acquired by L'Oreal | Acquisition | 4663151428 | London, England, United Kingdom | Clichy, Ile-de-France, France |
| Altera acquired by Silver Lake | Acquisition | 4460000000 | San Jose, California, United States | Menlo Park, California, United States |
| Veeco Instruments acquired by Axcelis Technologies | Merger | 4400000000 | Plainview, New York, United States | Beverly, Massachusetts, United States |
| Shibaura Electronics acquired by Yageo | Acquisition | 4400000000 | Saitama-shi, Saitama, Japan | Taipei, T'ai-pei, Taiwan |
| Silvus Technologies acquired by Motorola Solutions | Acquisition | 4400000000 | Los Angeles, California, United States | Chicago, Illinois, United States |
| Hanesbrands acquired by Gildan | Acquisition | 4400000000 | Winston Salem, North Carolina, United States | Charleston, Illinois, United States |
| SolarWinds acquired by Turn/River Capital | Acquisition | 4400000000 | Austin, Texas, United States | San Francisco, California, United States |
| Iveco Group acquired by Tata Motors | Acquisition | 4342713213 | Torino, Piemonte, Italy | Mumbai, Maharashtra, India |
| Just Eat Takeaway.com acquired by Prosus | Acquisition | 4312947468 | London, England, United Kingdom | Amsterdam, Noord-Holland, The Netherlands |
| Array Digital Infrastructure acquired by T-Mobile | Acquisition | 4300000000 | Bellevue, Washington, United States | |
| Iberdrola Mexico acquired by Cox Energy | Acquisition | 4200000000 | Mexico City, Distrito Federal, Mexico | Madrid, Madrid, Spain |
| Malaysia Airports acquired by Khazanah Nasional | Acquisition | 4200000000 | Sepang, Selangor, Malaysia | Kuala Lumpur, Kuala Lumpur, Malaysia |
| Paycor acquired by Paychex | Acquisition | 4100000000 | Cincinnati, Ohio, United States | Rochester, New York, United States |
| FirstBank acquired by PNC | Merger | 4099999999 | Lakewood, Colorado, United States | Pittsburgh, Pennsylvania, United States |
| Solventum - Purification & Filtration Business acquired by Thermo Fisher Scientific | Acquisition | 4099999999 | Waltham, Massachusetts, United States | |
| Sitio Royalties acquired by Viper Energy | Acquisition | 4099999999 | Houston, Texas, United States | Midland, Texas, United States |
| Starbucks China acquired by Boyu Capital | Acquisition | 4000000000 | Shanghai, Shanghai, China | Beijing, Beijing, China |
Data Sources from Crunchbase on 5th November, 2025
Union Pacific’s $85 billion acquisition of Norfolk Southern led the pack, representing the year’s largest transaction. American Water followed with a $63 billion purchase of Essential Utilities, while Kimberly-Clark acquired Kenvue for $48.7 billion in one of the year’s biggest consumer goods deals.
The tech sector saw transformative activity with Saudi Arabia’s Public Investment Fund acquiring Electronic Arts for $36 billion and xAI purchasing X for $33 billion. Google’s $32 billion acquisition of Wiz underscored the on cybersecurity assets.
Key Insights
- Infrastructure & Utilities had major spikes in July and October
- Tech & Cybersecurity had concentrated activity in March and September
- Private Equity activity accelerated in Q4 with strategic acquisitions across multiple sectors
- Healthcare & Pharma maintained steady deal flow throughout the year with therapeutic-focused acquisitions
Top M&A Consulting Firms 2025:The Advisors Behind the Deals
Organizing these billion-dollar transactions requires world-class advisory support. McKinsey & Company and Boston Consulting Group dominated the highest-profile deals. The Big Four give due diligence and integration support and technology-focused firms like Accenture played important roles in deals requiring digital transformation and IT integration, while players such as Oliver Wyman brought deep sector expertise in financial services and healthcare M&A.
| Firm | Prestige | Annual Revenue (USD) | Core Specialties | Headquarters |
|---|---|---|---|---|
| McKinsey & Company | Highest | $13.5B | Strategic advisory, synergy realization, long-term value creation; major deals in tech, healthcare, industrials, energy | New York, USA |
| Boston Consulting Group (BCG) | Highest | $117M | M&A strategy, post-merger integration, data-driven approach; strong in TMT sectors | Boston, USA |
| Deloitte | High | $59B | Full-spectrum M&A: deal advisory, due diligence, restructuring, post-merger integration | London, UK |
| PricewaterhouseCoopers (PwC) | High | $50B | M&A strategy, financial due diligence, post-deal integration, regulatory compliance | London, UK |
| EY (Ernst & Young) | High | $45B | Audit, advisory, tax, transaction advisory, cross-border M&A, post-merger integration | London, UK |
| KPMG | Average to High | $35B | Due diligence, valuation, separation & integration, risk management | Amsterdam, Netherlands |
| Accenture | High | $61B | Technology-driven M&A, digital transformation, IT integration | Dublin, Ireland |
| Oliver Wyman | High | $2.5B | Financial services, healthcare, risk management, strategy, digital M&A | New York, USA |
| Booz Allen Hamilton | Average (High in ME) | $8B | AI, data science, analytics, cybersecurity, digital engineering, federal M&A support | McLean, Virginia, USA |
Data Source: MyCPE ONE
Top M&A Law Firms 2025
Elite M&A law firms handled the structuring and negotiation of these complex transactions on the legal front. Wachtell, Lipton, Rosen & Katz topped the rankings, followed by powerhouses Kirkland & Ellis and Skadden Arps. New York-based white-shoe firms like Cravath, Swaine & Moore and Sullivan & Cromwell handled many of the year’s largest deals, while firms like Latham & Watkins and Cooley brought particular strength in tech and West Coast transactions. The presence of global firms such as DLA Piper, Baker McKenzie, and A&O Shearman reflected the increasingly international nature of M&A activity.
| 2025 Rank | Law Firm | Operation/Headquarters |
|---|---|---|
| 1 | Wachtell, Lipton, Rosen & Katz | Global (New York, NY) |
| 2 | Kirkland & Ellis | Global (HQ: Chicago, IL) |
| 3 | Skadden, Arps, Slate, Meagher & Flom LLP | Global (HQ: New York, NY) |
| 4 | Cravath, Swaine & Moore LLP | New York, NY / London / Washington DC |
| 5 | Latham & Watkins LLP | Global (HQ: Los Angeles, CA) |
| 6 | Sullivan & Cromwell LLP | Global (HQ: New York, NY) |
| 7 | Simpson Thacher & Bartlett LLP | New York, NY / Global |
| 8 | Davis Polk & Wardwell LLP | Global (HQ: New York, NY) |
| 9 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | Global (HQ: New York, NY) |
| 10 | Sidley Austin LLP | Global (HQ: Chicago, IL) |
| 11 | Milbank LLP | New York, NY / Global |
| 12 | Weil, Gotshal & Manges LLP | Global (HQ: New York, NY) |
| 13 | Ropes & Gray LLP | Global (HQ: Boston, MA) |
| 14 | Gibson, Dunn & Crutcher LLP | Global (HQ: Los Angeles, CA) |
| 15 | Cooley LLP | Global (HQ: Palo Alto, CA) |
| 16 | DLA Piper LLP (US) | Global (HQ: Chicago, IL) |
| 17 | White & Case LLP | Global (HQ: New York, NY) |
| 18 | Cleary Gottlieb Steen & Hamilton LLP | Global (HQ: New York, NY) |
| 19 | Jones Day | Global (HQ: Cleveland, OH) |
| 20 | Vinson & Elkins LLP | HQ: Houston, TX |
| 21 | Mayer Brown LLP | Global (HQ: Chicago, IL) |
| 22 | A&O Shearman | Global (Merged: A&O + Shearman, 2024) |
| 23 | Goodwin Procter LLP | Global (HQ: Boston, MA) |
| 24 | Baker McKenzie | Global (HQ: Chicago, IL) |
| 25 | Freshfields US LLP | Global (HQ: London / US HQ: New York) |
Data Source: Valult
Your M&A Journey Starts Here
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