Deal-making rebounded sharply in 2025, reshaping the corporate landscape as companies pursued takeovers and strategic partnerships. According to Quartz, mergers and acquisitions activity surged during the year, approaching the record levels seen in 2021. Total global M&A value reached about $4.5 trillion—roughly 50% higher than in 2024 and the second-largest annual total on record, according to The Financial Times.
Here are some of the biggest and most prominent M&A deals of the year.
Netflix’s proposal to take over Warner Bros. Discovery (and Paramount’s hostile bid)
One of the most talked-about deals this year is Netflix’s deal to buy Warner Bros Discovery for $27.75 per share. Netflix reached this deal following a dramatic bidding process that also saw Paramount Skydance and Comcast vying for legacy assets. Under the deal, Netflix will take over Warner Bros.’ film and streaming assets for an equity value of $72 billion.
Paramount responded to this deal with a hostile bid of its own, worth $108.4 billion. However, Warner Bros.’ fifth largest shareholder, Harris Oakmark, told Reuters on Monday that the new bid was “not sufficient.”
Earlier this year, Paramount’s $8.4 billion merger with Skydance was greenlit by the FCC.
Union Pacific and Norfolk Southern merger
The second largest deal of 2025 was a $88.26 billion rail merger, including debt, between the U.S. rivals Union Pacific and Norfolk Southern, announced in July.
READ: Netflix set to buy Warner Bros. Discovery in major all-cash acquisition (
EA’s takeover by Saudi’s PIF-led consortium
Electronic Arts (EA) shareholders approved a $55 billion sale of the company to a consortium led by Saudi Arabia’s Public Investment Fund, along with Silver Lake, and Jared Kushner’s Affinity Partners. The deal will take the company private, and is a record-setting leveraged buyout in the gaming industry.
Kimberly-Clark’s acquisition of Kenvue
Personal care multinational Kimberly-Clarke acquired Kenvue, a consumer health company for $40 billion. Kimberly-Clark makes Kleenex and Huggies diapers, while Kenvue — a Johnson & Johnson spinoff — is known for Tylenol, Band-Aid, Benadryl, Neutrogena, and Aveeno.
Blackrock-led consortium’s acquisition of Aligned Data Centers
A consortium of investors led by BlackRock’s Global Infrastructure Partners and MGX, and including Microsoft, Nvidia, and xAI (Elon Musk’s venture) struck a deal worth $40 billion to acquire Aligned Data Centers. The consortium will buy the company from Macquarie Asset Management.
Alphabet’s acquisition of Wiz
Google-parent Alphabet is acquiring cybersecurity company Wiz for $32 billion. This deal would be Alphabet’s largest acquisition. It will integrate Wiz into Google’s cloud unit, enhancing the company’s cybersecurity solutions to help businesses mitigate critical risks.
READ: Paramount moves on $108.4 billion hostile takeover of Warner Bros. Discovery (
IBM’s acquisition of Confluent
IBM agreed to buy Confluent for $11 billion, reinforcing its strategy around real-time data and hybrid cloud platforms key assets in the age of AI-driven digital transformation. IBM’s move reflects how control over data pipelines and analytics infrastructure has emerged as a critical competitive differentiator.
Qualtrics’ acquisition of Forsta
Qualtrics acquired healthcare market research company Press Ganey Forsta for approximately $6.75 billion, expanding its experience management platform with deeper healthcare and analytics capabilities. This deal is meant to give Qualtrics access to the healthcare survey firm’s deep hospital ties and datasets, which it would use to help healthcare providers to improve tracking patient satisfaction and offer better care.
ServiceNow’s acquisition of Armis
In the cybersecurity domain, ServiceNow took over Armis $7.75 billion, in a move aimed at expanding security coverage across connected devices, cloud infrastructure and AI-enabled environments.
Constellation Energy’s acquisition of Calpine
U.S. power company Constellation Energy acquired Calpine for $16.4 billion. This is one of the biggest acquisitions in the U.S. power industry that came during a time of major demand, with the proliferation of energy-hungry AI data centers and the electrification of transportation and buildings.