Major Acquisitions Drive M&A Activity
Mergers and acquisitions activity has intensified across multiple sectors, with technology and mining companies leading some of the largest deals in recent months.
In March 2025, Alphabet announced its acquisition of Israeli-American cybersecurity startup Wiz for approximately $32 billion in cash, marking the largest deal in the Google parent company's history since its $13 billion acquisition of Motorola Mobility [Dealroom.net]. The transaction remains subject to regulatory approval, including U.S. and potentially international antitrust scrutiny.
Mining Sector Consolidation
The mining industry is witnessing potential consolidation with Rio Tinto reportedly in talks to acquire Glencore in what could be a $200 billion transaction, according to recent reports [The Middle Market]. One scenario under consideration includes acquiring all of Glencore, including its coal business—a sector Rio Tinto previously exited in 2018.
Entertainment and Sports Deals
The entertainment sector has also seen significant activity. TKO Group Holdings completed its $3.25 billion all-equity acquisition of IMG, On Location Experiences, and Professional Bull Riders from Endeavor Group Holdings on February 28, 2025 [Dealroom.net]. This deal strengthens TKO's position in live events, media rights, and brand partnerships, adding to its existing UFC and WWE properties.
Technology Sector Transactions
Beyond Alphabet's Wiz acquisition, other notable technology deals have shaped the sector. IBM completed its acquisition of HashiCorp on February 27, 2025, though the transaction value was not disclosed [Dealroom.net]. The deal strengthens IBM's cloud and infrastructure automation capabilities.
World Wide Technology finalized its $1.3 billion all-cash acquisition of Toronto-based Softchoice Corporation on March 4, 2025, expanding its reach across North America in software, cloud, cybersecurity, and AI services [Dealroom.net].
2024 Deal Activity
Looking back at 2024, July was particularly active with several major transactions. KKR acquired Instructure Holding for $4.8 billion, while Devon Energy acquired Grayson Mill Energy's Wilson Basin Business for $5 billion [Intellizence]. Other significant deals included Standard General L.P.'s $4.6 billion acquisition of Bally's Corporation and Eli Lilly's $3.2 billion acquisition of Morphic.
Market Outlook
The current wave of M&A activity reflects companies' continued focus on strategic growth and consolidation across sectors. Goldman Sachs dominated global dealmaking league tables in 2025, according to analysis, taking market share in a year marked by increasingly larger mergers [Reuters].
Private equity firms are expected to unleash middle market M&A deals, according to recent surveys, suggesting continued robust activity ahead [Reuters]. The combination of strategic acquisitions and financial sponsor-backed transactions indicates a healthy dealmaking environment across multiple industries.