Corporate merger and acquisition activity reached significant heights in 2025, led by consumer goods giant Kimberly-Clark's $48.7 billion acquisition of Kenvue in November, marking one of the year's largest deals [BBC News].
The healthcare and consumer products sectors dominated major transactions, with the Kimberly-Clark-Kenvue deal uniting "two giants in the over-the-counter health business, bringing together brands like Kleenex and Benadryl," according to BBC News coverage from November 3, 2025.
Technology companies also pursued aggressive expansion strategies throughout the year. IBM completed its acquisition of data streaming platform Confluent for $11 billion in December 2025, while earlier completing its purchase of HashiCorp for an undisclosed amount in February [Intellizence]. Meanwhile, Alphabet announced plans for its largest acquisition since Motorola Mobility, agreeing to purchase Israeli-American cybersecurity startup Wiz for $32 billion in cash, pending regulatory approval [Dealroom].
The energy sector saw consolidation continue with ExxonMobil's massive $59.5 billion stock acquisition of Pioneer Natural Resources, completed in May 2024. This deal "gives ExxonMobil increased access to the Midland and Permian Basins, more than doubling the company's footprint," according to industry analysis [Dealroom].
Other notable transactions included pharmaceutical company BioMarin's $4.8 billion acquisition of Amicus in December 2025, and ServiceNow's $7.7 billion purchase of cybersecurity firm Armis [Intellizence]. The financial services sector also saw activity, with U.S. Bancorp acquiring investment bank BTIG "to expand capital markets capabilities" [The Middle Market].
Sports and entertainment conglomerate TKO Group Holdings completed a significant $3.25 billion all-equity acquisition of IMG, On Location Experiences, and Professional Bull Riders from Endeavor Group Holdings in February 2025. The deal strengthened TKO's position in "live events, media rights, ticketing, and brand partnerships" while giving Endeavor approximately 59% ownership of the combined entity [Dealroom].
Industrial companies also participated in the consolidation trend, with Eaton acquiring Boyd Thermal for $9.8 billion in November 2025, and Lowe's purchasing Foundation Building Materials for $8.8 billion in August [Intellizence].
Looking ahead to 2026, deal activity shows no signs of slowing. Toyota Motor recently raised its take-private offer for its biggest subsidiary to $34 billion, increasing the proposal by 15% "following criticism from activist investors and shareholders" [Financial Times].
The robust M&A environment reflects companies' continued pursuit of scale, technological capabilities, and market consolidation across multiple industries. However, several high-profile deals face regulatory scrutiny, particularly in the technology sector where antitrust concerns continue to influence approval processes.
Market analysts suggest the current wave of consolidation is driven by companies seeking operational synergies, expanded market reach, and enhanced competitive positioning in an increasingly complex global business environment.