M&A in 2025 has continued its strong momentum, building on the recovery seen in 2024. With stabilizing macroeconomic conditions, increased access to financing, and a growing appetite for strategic consolidations, deal activity has remained robust.
Key sectors such as technology, energy, and healthcare continue to drive major transactions as companies seek to enhance their competitive positioning and expand their market share.
«The M&A market consolidates the recovery that started in 2024.»
The M&A market in 2025 is characterized by strategic growth, technological integration, and continued cross-border activity
Despite the positive outlook, challenges remain. Regulatory scrutiny has intensified, especially concerning AI-driven acquisitions and cross-border transactions.
Additionally, geopolitical uncertainties and interest rate fluctuations continue to shape dealmaking strategies. However, the overall trend points toward sustained growth in M&A activity, as businesses adapt to the evolving economic and regulatory landscape.
As we analyze the biggest deals of 2025 so far, it is clear that strategic imperatives and industry transformation are fueling the current wave of transactions.
See the biggest M&A deals of 2024 here.
Top 5 Biggest M&A Deals of 2025 So Far
5. Acquisition of NOVA Chemicals Corporation by Borealis AG and Borouge PLC
Deal value: $13.4 billion.
Petrochemical firms Borealis AG and Borouge PLC merged to form Borouge Group International, subsequently acquiring NOVA Chemicals Corporation for $13.4 billion, including debt. This transaction creates the world’s fourth-largest producer of polyolefins, strengthening its position in the global petrochemical industry.
4. Acquisition of Walgreens Boots Alliance by Sycamore Partners
Deal value: $10 billion.
Walgreens Boots Alliance agreed to be acquired by Sycamore Partners in a transaction valued at $10 billion, marking the end of nearly a century as a publicly traded company. Sycamore plans to refocus Walgreens’ core business, aiming to revitalize its position in the retail market.
3. Acquisition of Calpine by Constellation Energy
Deal value: $16.4 billion.
Constellation Energy acquired Calpine in a transaction valued at $16.4 billion. This strategic move aims to meet the growing electricity demand, particularly driven by data centers supporting artificial intelligence technologies.
2. Acquisition of Pioneer Natural Resources by ExxonMobil
Deal value: $59.5 billion.
ExxonMobil completed the acquisition of Pioneer Natural Resources in a transaction valued at approximately $59.5 billion. This strategy significantly expands ExxonMobil’s presence in the Permian Basin, doubling its footprint in this prolific oil-producing region.
1. Merger of ExxonMobil and Chevron
Deal value: $100 billion.
In one of the largest transactions in the energy sector, ExxonMobil and Chevron announced a merger valued at $100 billion. This union creates a global energy powerhouse, consolidating resources and strengthening its position in the global market.
Interested to know what were the biggest operations in 2023?
M&A Trends for 2025 and Predictions for 2026
As the first half of 2025 comes to a close, we see M&A trends shaping the business landscape with increased consolidation, technology-driven deals, and strategic global expansions. Looking ahead to 2026, experts predict continued cross-border activity, AI-driven acquisitions, and a stronger emphasis on ESG considerations in dealmaking.
Key takeaways for M&A in 2025
AI Integration
Companies are aggressively acquiring AI startups to integrate advanced machine learning and automation capabilities.
Operaciones de transición energética
Las grandes compañías energéticas tradicionales están invirtiendo cada vez más en energía limpia e iniciativas de sostenibilidad a través de operaciones de M&A.
Energy Transition Deals
Traditional energy giants are increasingly investing in clean energy and sustainability initiatives through M&A.
Private Equity Dominance
With substantial dry powder available, private equity firms continue to play a leading role in shaping deal volumes.
Regulatory Scrutiny
Governments are imposing stricter antitrust regulations, particularly in the tech and healthcare sectors.
As the year progresses, we will continue monitoring how these trends unfold and shape the M&A landscape heading into 2026. Stay tuned for our end-of-year analysis and updated predictions!
About ONEtoONE
ONEtoONE Corporate Finance is an international M&A firm with offices in more than 50 cities worldwide. We have experience in more than 2000 mandates. If you need advice on any potential corporate transaction, please contact us.
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