May 2025 witnessed a dynamic surge in global M&A activity, with major deals spanning technology, healthcare, energy, and consumer sectors. From transformative telecom mergers to strategic biotech acquisitions, the month underscored a global appetite for consolidation and innovation. Below is a comprehensive breakdown of the most significant transactions.
TPG Acquires Sabre’s Hospitality Solutions for $1.1 Billion
On April 28, 2025, Sabre Corporation announced the sale of its Hospitality Solutions business unit to TPG for $1.1 billion. The deal enables Sabre to streamline its operations, focus on core travel technology services, and reduce debt. TPG plans to establish the acquired unit as an independent technology company dedicated to the hospitality industry.
Toyota Tsusho to Acquire Radius Recycling for $1.34 Billion
Toyota Tsusho America, a subsidiary of Japan’s Toyota Tsusho Corporation, agreed to acquire all shares of Radius Recycling at $30 per share in cash, representing a nearly 120% premium to the stock’s last close. The transaction, valued at approximately $1.34 billion, is expected to close in the second half of 2025, subject to shareholder approval.
Novartis to Acquire Regulus Therapeutics for Up to $1.7 Billion
Novartis entered into an agreement to acquire Regulus Therapeutics, a company specializing in microRNA-targeted therapies. The deal includes an upfront payment of $0.8 billion, with potential additional payments of $0.9 billion upon achieving future regulatory milestones, bringing the total value up to $1.7 billion. The acquisition is expected to close in the second half of 2025.
Merck KGaA to Acquire SpringWorks Therapeutics for $3.9 Billion
Germany’s Merck KGaA announced its intention to acquire SpringWorks Therapeutics for $47 per share in cash, representing an equity value of approximately $3.9 billion. The acquisition aims to bolster Merck’s pipeline in rare diseases and oncology.
OpenAI Acquires Windsurf for $3 Billion
OpenAI agreed to acquire Windsurf, an AI-assisted coding tool formerly known as Codeium, for about $3 billion. This acquisition represents OpenAI’s largest to date and is expected to enhance its capabilities in AI-driven software development.
CVC Capital Partners Invests in Dream Games
CVC Capital Partners announced a strategic investment in Dream Games, the developer of popular mobile games like Royal Match. While financial terms were not disclosed, reports suggest the investment values Dream Games at approximately $5 billion. The partnership aims to support Dream Games’ continued global growth.
Erste Group Acquires 49% Stake in Santander’s Polish Unit for $7.7 Billion
Austria’s Erste Group Bank agreed to purchase a 49% stake in Santander Bank Polska for around €6.8 billion ($7.7 billion). The deal positions Erste as a significant player in Poland’s banking sector and includes a 50% stake in Santander’s Polish asset management business for an additional €200 million.
Sunoco to Acquire Parkland Corporation for $9.1 Billion
Sunoco LP announced its plan to acquire Canada’s Parkland Corporation in a transaction valued at approximately $9.1 billion, including assumed debt. The acquisition is set to create the largest independent fuel distributor in the Americas.
3G Capital to Acquire Skechers USA for $9.4 Billion
3G Capital agreed to acquire Skechers USA for $9.4 billion, or $63 per share in cash. The deal comes amid challenges faced by Skechers due to trade tensions and aims to take the company private to navigate market volatility more effectively.
Pan American Silver to Acquire MAG Silver for $2.1 Billion
Pan American Silver Corp. announced its intention to acquire MAG Silver Corp. in a deal valued at approximately $2.1 billion. The acquisition is expected to enhance Pan American’s portfolio of silver assets and strengthen its position in the mining industry.
Dick’s Sporting Goods to Acquire Foot Locker for $2.4 Billion
In May 2025, Dick’s Sporting Goods announced its acquisition of Foot Locker for approximately $2.4 billion. The deal, at $24 per share, represents an 86% premium over Foot Locker’s last closing price. This strategic move aims to expand Dick’s global footprint and strengthen its position in the athletic retail market.
Stonepeak and Energy Equation Partners to Acquire JET Tankstellen Deutschland for $2.8 Billion
Stonepeak and Energy Equation Partners announced their plan to acquire JET Tankstellen Deutschland GmbH, a leading fuel retailer in Germany, for approximately $2.8 billion. The acquisition aims to expand their presence in the European energy market.
NRG Energy to Acquire LS Power Assets for $12 Billion
NRG Energy agreed to acquire LS Power’s portfolio of energy assets in a deal valued at $12 billion. The acquisition is expected to enhance NRG’s generation capacity and diversify its energy portfolio.ir.regulusrx.com
Charter Communications and Cox Communications Announce $34.5 Billion Merger
Charter Communications and Cox Communications announced a merger agreement valued at $34.5 billion. The combined entity aims to create a more competitive player in the U.S. broadband and cable market.
Lotus Infrastructure Partners to Acquire Vistra Corp for $1.9 Billion
Lotus Infrastructure Partners announced its plan to acquire Vistra Corp, a leading integrated retail electricity and power generation company, for approximately $1.9 billion. The acquisition is expected to strengthen Lotus’s position in the energy sector.
Sanmina to Acquire ZT Systems’ Server-Manufacturing Business for $3 Billion
Sanmina Corporation agreed to acquire ZT Systems’ server-manufacturing business in a deal valued at $3 billion. The acquisition aims to enhance Sanmina’s capabilities in the data center and cloud infrastructure markets.
AT&T to Acquire Lumen’s Mass Markets Fiber Business for $5.75 Billion
AT&T announced its intention to acquire Lumen Technologies’ Mass Markets fiber business for $5.75 billion. The acquisition is expected to expand AT&T’s fiber footprint and enhance its broadband offerings.
OpenAI Acquires io Products for $6.5 Billion
OpenAI agreed to acquire io Products, a company specializing in AI-driven productivity tools, for $6.5 billion. The acquisition aims to bolster OpenAI’s suite of AI applications for enterprise customers.
Blackstone Infrastructure to Acquire TXNM Energy for $11.5 Billion
Blackstone Infrastructure announced its plan to acquire TXNM Energy, a leading energy infrastructure company, for $11.5 billion. The acquisition is expected to expand Blackstone’s portfolio in the energy sector.
JSW Paints to Acquire Akzo Nobel India Stake for $1.1 Billion
On May 26, 2025, JSW Paints announced its agreement to acquire Akzo Nobel’s stake in Akzo Nobel India for $1.1 billion. The acquisition aims to strengthen JSW Paints’ position in the Indian paints and coatings market.
USALCO Acquires Fontus Blue
On May 25, 2025, USALCO, a leading provider of water treatment chemicals, announced its acquisition of Fontus Blue, a company specializing in digital water treatment solutions. The acquisition aims to enhance USALCO’s capabilities in providing integrated water treatment solutions.
Samsung Electronics to Acquire FläktGroup for €1.5 Billion
On May 23, 2025, Samsung Electronics announced its agreement to acquire all shares of FläktGroup, a leading global HVAC solutions provider, for €1.5 billion. The acquisition aims to expand Samsung’s presence in the HVAC market.
Google Acquires Galileo AI
On May 22, 2025, Google announced its acquisition of Galileo AI, an AI-driven UI startup.
GAN Limited to be Acquired by Sega Sammy Holdings
On May 23, 2025, GAN Limited, a prominent provider of B2B internet gaming software solutions, announced its acquisition by Sega Sammy Holdings Inc., a Japanese entertainment conglomerate. The deal aims to enhance Sega Sammy’s digital gaming portfolio and expand its presence in the online gaming market.
Optinose to Acquire Paratek Pharmaceuticals
On May 20, 2025, Optinose Inc., a specialty pharmaceutical company, entered into an agreement to acquire Paratek Pharmaceuticals Inc., known for its novel antibiotics. The acquisition is expected to strengthen Optinose’s product pipeline and expand its offerings in the infectious disease segment.
Nordstrom Inc. Receives Buyout Offers
On May 20, 2025, Nordstrom Inc. disclosed that it had received buyout offers from both the Nordstrom family and El Puerto de Liverpool SAB de CV, a leading Mexican department store chain. The proposals are under review, with the company considering strategic options to maximize shareholder value.
Acelyrin to Merge with Alumis
On May 20, 2025, Acelyrin Inc., a biopharmaceutical company focused on immunology, announced a merger with Alumis Inc., a clinical-stage biopharma firm. The combined entity aims to accelerate the development of novel therapies for autoimmune diseases.
Discover Financial Services to Merge with Capital One Financial Corp
On May 16, 2025, Discover Financial Services and Capital One Financial Corp announced a merger agreement to create a diversified banking and payment services leader. The combined company is expected to offer enhanced value to customers and shareholders through expanded product offerings and increased scale.
Despegar.com to be Acquired by Prosus NV
On May 14, 2025, Despegar.com Corp, a leading Latin American online travel company, agreed to be acquired by Prosus NV, a global consumer internet group. The acquisition is set to bolster Prosus’s presence in the online travel sector and support Despegar’s growth initiatives.
Allakos Inc. to be Acquired by Concentra Biosciences LLC
On May 14, 2025, Allakos Inc., a clinical-stage biotechnology company, announced its acquisition by Concentra Biosciences LLC. The deal is anticipated to advance the development of treatments for eosinophil and mast cell-related diseases.
2seventy Bio Inc. to be Acquired by Bristol Myers Squibb
On May 12, 2025, 2seventy Bio Inc., a cell and gene therapy company, entered into an agreement to be acquired by Bristol Myers Squibb Co. The acquisition aims to enhance Bristol Myers Squibb’s capabilities in the field of oncology and cell therapy.
Veren Inc. to Merge with Whitecap Resources Inc.
On May 9, 2025, Veren Inc., an energy company, announced a merger with Whitecap Resources Inc., a Canadian oil and gas producer. The combined entity is expected to create a stronger energy platform with increased operational efficiencies.
Evans Bancorp Inc. to be Acquired by NBT Bancorp Inc.
On May 2, 2025, Evans Bancorp Inc., a community bank, agreed to be acquired by NBT Bancorp Inc., a financial services company. The acquisition is set to expand NBT’s footprint in Western New York and enhance its community banking services.
Neurometrix Inc. to Merge with Electrocore Inc.
On May 1, 2025, Neurometrix Inc., a medical device company, announced a merger with Electrocore Inc., a bioelectronic medicine firm. The merger aims to combine their technologies to develop innovative treatments for neurological disorders.
May 2025 was marked by a flurry of M&A activities across various sectors, reflecting strategic realignments and growth ambitions of companies worldwide. These transactions underscore the dynamic nature of the global business environment and the continuous pursuit of innovation and market expansion.