The mergers and acquisitions landscape remained robust in 2024, with several mega-deals exceeding $15 billion as companies pursued strategic consolidation across key industries.
2024's Largest Completed Deals
The energy sector led consolidation activity, highlighted by Diamondback Energy's $26 billion merger with Endeavor Energy Partners, which closed as one of the year's largest transactions [Reuters]. The deal strengthened Diamondback's position in the Permian Basin and is expected to enhance operational efficiencies while increasing production capacity.
Home Depot executed the year's second-largest deal, acquiring SRS Distribution for $18.3 billion in a transaction that closed March 28, 2024 [Intellizence]. The retail giant's acquisition expanded its professional contractor services business.
In healthcare, Johnson & Johnson completed its $17 billion acquisition of Shockwave Medical on May 31, 2024, adding the medical device company's specialized cardiovascular technologies to its portfolio [Intellizence]. Other notable 2024 closings included Roark Capital's acquisition of Subway and Honeywell's purchase of Carrier Global assets.
Major Deals Scheduled for 2025
Several significant transactions are expected to close in 2025, led by ConocoPhillips' $22.5 billion acquisition of Marathon Oil [Reuters]. The deal continues the consolidation trend in the U.S. oil and gas industry that has accelerated over the past two years.
Telecommunications companies are pursuing international expansion, with Swisscom set to acquire Vodafone Italia for $8.6 billion [Dealroom]. Domestically, T-Mobile plans to acquire US Cellular assets valued at $4.4 billion, further consolidating the American wireless market.
The technology sector features Permira's planned $6.9 billion acquisition of website-building platform Squarespace, taking the company private [Dealroom]. Meanwhile, the renewable energy space will see CPP Investments and GIP acquire utility company Allete for $6.2 billion.
Recent Deal Activity Signals Continued Momentum
Current market activity suggests the M&A trend will persist into 2025. Pharmaceutical giant Merck is reportedly in talks to acquire Revolution Medicines for approximately $30 billion [Seeking Alpha], while mining companies Glencore and Rio Tinto are discussing a potential combination that could create the world's largest mining company.
In the financial sector, Fifth Third and Comerica announced a $10.9 billion merger that would create the ninth-largest U.S. bank [Fast Company]. The banking consolidation reflects ongoing efforts to achieve scale and operational efficiency.
Industry Analysis
Private equity firms are expected to drive increased middle-market M&A activity, according to recent industry surveys [Reuters]. Energy sector consolidation has been particularly active as companies seek to optimize operations and reduce costs amid fluctuating commodity prices.
The healthcare and technology sectors continue attracting significant investment, with artificial intelligence and specialized medical devices commanding premium valuations. Telecommunications deals reflect companies' strategies to expand market reach and integrate next-generation network capabilities.
As regulatory environments remain relatively favorable and companies maintain strong balance sheets, analysts expect M&A activity to sustain its momentum throughout 2025, particularly in energy, healthcare, and technology sectors.