Mergers and Acquisitions (M&A) are types of corporate transactions where companies combine or transfer ownership to enhance their efficiency and market presence.
This process can lead to improved products, services, and strategic decision-making, ultimately benefiting shareholders and clients alike.
In this guide, we’ve listed some of the most popular and highest profile deals that have happened in M&A over the last three decades.
What Are Mergers and Acquisitions (M&A)?
Mergers and Acquisitions are a type of business transaction where the ownership of one company, its resources, or its operating units are combined with or transferred to another company. In case of a merger, two companies combine to form a new entity that is more efficient and effective than the two separate entities on their own. In acquisition, one company purchases another and absorbs it into their own operations.
M&A provides financial benefits to the owners of the original companies. Some shareholders can also cash out their stocks as a part of the deal, while others can keep their shares in the newly merged entity and gain profits from higher dividends as the company grows.
These transactions ensure strategic company decision-making, improved products and services, better client experience, and access to new geographic markets.
Successful Merger and Acquisition examples
We have created a database of the top mergers and acquisitions from 1998 to 2024 with key details such as:
- Year
- Companies involved
- Deal value (if known)
- Deal summary
| Year | Companies Involved | Deal Value ($) | Deal Summary |
| 2009 | Disney and Marvel Entertainment | Not specified | Acquisition resulted in the highly profitable superhero film franchises. |
| 2021 | BHP Group Limited and BHP Group plc | Not specified | Unification to form a stronger mining corporation in the Australian market. |
| 2019 | Bristol-Myers Squibb and Celgene | $95B ($115B adjusted) | Acquisition combined two major cancer drug manufacturers. |
| 2018 | Energy Transfer Equity and Energy Transfer Partners | $90B ($111B adjusted) | Merger to simplify corporate structure and streamline operations. |
| 2000 | Pfizer and Warner-Lambert | $90 billion | A hostile takeover that created the second-largest drug company in the US, giving Pfizer control of Lipitor. |
| 2020 | Unilever plc and Unilever N.V. | $81B ($97B adjusted) | Unification of dual-listed company structure. |
| 1998 | Exxon and Mobil | $80 billion | Merger of the two largest US oil producers, considered one of the most successful in history. |
| 2017 | Linde AG and Praxair | $80 billion | This merger of equals created Linde plc, resolving competition concerns in Canada. |
| 2023 | Microsoft and Activision Blizzard | $75.4B ($76.5B adjusted) | Microsoft acquired Activision Blizzard to boost its gaming segment. |
| 2017 | CVS Health and Aetna | $70 billion | Vertical merger to transform the customer healthcare experience, combining insurance and pharmaceutical services. |
| 2006 | Disney and Pixar | $7.4 billion | This acquisition led to a highly successful animated film collaboration. |
| 2019 | Saudi Aramco and SABIC | $69.1 billion | Saudi Aramco acquired 70% of SABIC to strengthen its presence in the global petrochemicals market. |
| 2018 | Bayer and Monsanto | $63B ($78B adjusted) | Bayer acquired Monsanto to become a global leader in seeds, traits, and agricultural chemicals. |
| 2019 | Abbvie and Allergan plc | $63 billion | Merger to create biopharmaceutical corporations with top market positions. |
| 2023 | Broadcom and VMWare | $61B ($62B adjusted) | Broadcom acquired VMWare to strengthen its infrastructure software business. |
| 2023 | Exxon Mobil and Pioneer Natural Resources | $59.5B ($60B adjusted) | Merger to enhance production capabilities and market presence. |
| 2023 | Chevron and Hess | $53 billion | All-stock acquisition to upgrade and diversify Chevron’s portfolio. |
| 2017 | Walt Disney and 21st Century Fox | $52.4B ($83.7B adjusted) | Disney acquired 21st Century Fox to boost its global presence and content diversity. |
| 2019 | Groupe PSA and Fiat Chrysler | $52 billion | Merger formed Stellantis, the fourth-largest automobile manufacturer by volume. |
| 2005 | Google and Android | $50 million | Google acquired Android, enabling competition with Microsoft and Apple in the mobile market. |
| 2017 | British American Tobacco and R. J. Reynolds | $49 billion | BAT acquired the remaining 57.8% of Reynolds to increase market presence and customer base. |
| 2020 | S&P Global and IHS Markit | $44B ($52.8B adjusted) | S&P Global acquired IHS Markit to expand its data and analytics offerings. |
| 2022 | Discovery, Inc. and WarnerMedia | $43B ($46B adjusted) | Merger formed Warner Bros. Discovery, combining their entertainment assets. |
| 2023 | Pfizer and Seagen | $43B ($43.7B adjusted) | Pfizer acquired Seagen to strengthen its oncology portfolio. |
| 2021 | Altimeter and Grab Holdings | $40B ($46.7B adjusted) | Altimeter’s SPAC merger with Grab took this Southeast Asian ride-hailing giant public. |
| 2020 | Nippon Telegraph and Telephone and NTT Docomo | $40 billion | Acquisition to cut prices through combined facilities and manufacturing. |
| 2022 | HDFC Bank and Housing Development Finance Corporation Limited | $40 billion | Merger created the fourth-largest lender in the world by market capitalization. |
| 2020 | AstraZeneca and Alexion Pharmaceuticals | $39 billion | Acquisition to strengthen market presence in immunology. |
| 2020 | Liberty Global and Telefónica | $38 billion | Joint venture to integrate the O2 and Virgin Cable networks. |
| 2023 | Bunge and Viterra | $34 billion | Merger to increase operational flexibility in agribusiness supply chains. |
| 2021 | Canadian Pacific Railway and Kansas City Southern | $31 billion | Acquisition to create the first direct railway linking Canada, US, and Mexico. |
| 2017 | United Technologies and Rockwell Collins | $30 billion | Acquisition to broaden the customer market in the aerospace manufacturing industry. |
| 2021 | Square Inc. and Afterpay | $29 billion | Merger to share technology and expand financial services. |
| 2021 | Oracle Corporation and Cerner Corporation | $28.4 billion | Oracle expanded influence in the healthcare industry. |
| 2020 | Salesforce.com and Slack Technologies | $28 billion | Acquisition to create a unique technological ecosystem. |
| 2023 | Cisco and Splunk | $28 billion | Acquisition to enhance cybersecurity measures and digital resilience. |
| 2017 | Shenhua Group and China Guodian Corporation | $278B ($354B adjusted) | Merger creating the world’s largest power utility company by installed capacity. |
| 2022 | Prologis and Duke Realty | $26 billion | All-stock acquisition to expand presence in the main US markets. |
| 2018 | ChemChina and Sinochem | $245B ($309B adjusted) | Merger creating the world’s largest industrial chemicals company. |
| 2022 | Kroger and Albertsons | $24.6 billion | Merger to form the second-largest grocer by market share in the US. |
| 2014 | Facebook and WhatsApp | $22 billion | Acquisition expanding Facebook’s influence in developing countries and mobile messaging. |
| 2000 | Vodafone and Mannesmann | $202.8B ($373B adjusted) | Vodafone acquired Mannesmann, becoming the world’s largest mobile operator. |
| 2021 | Microsoft and Nuance | $19.7 billion | Microsoft acquired Nuance to boost cloud and AI capabilities in healthcare and customer service. |
| 2000 | AOL and Time Warner | $182B ($325B adjusted) | Merger of internet service provider and cable television company; sadly considered a failed merger. |
| 2007 | Gaz de France and Suez | $182B ($259B adjusted) | Created the world’s fourth largest energy company and Europe’s second largest electricity and gas group. |
| 2002 | eBay and PayPal | $15 billion | eBay acquired PayPal to enhance its payment operations (later spun off in 2015). |
| 2013 | Verizon and Vodafone | $130B ($173B adjusted) | Verizon acquired Vodafone’s stake in Verizon Wireless. |
| 2015 | Dow Chemical and DuPont | $130B ($166B adjusted) | Merger of equals creating the largest chemicals company by sales worldwide. |
| 2019 | United Technologies and Raytheon | $121B ($147B adjusted) | Merger creating an aerospace and defence giant. |
| 2018 | AT&T and Time Warner | $108B ($134B adjusted) | AT&T acquired Time Warner to combine telecommunications with media content. |
| 2000 | Glaxo Wellcome and SmithKline Beecham | $107B ($197B adjusted) | Merger creating one of the world’s largest pharmaceutical firms. |
| 2015 | AB InBev and SABMiller | $107B ($138B adjusted) | Merger of two of the world’s biggest brewers. |
| 2021 | BMO Financial Group and Bank of the West | $105B ($119.5B adjusted) | BMO acquired Bank of the West to expand its presence in the U.S. |
| 2015 | Heinz and Kraft | $100B ($131B adjusted) | Merger creating one of the world’s largest food and beverage companies. |
The 10 biggest Merger and Acquisition examples with known deal value
1. Bristol-Myers Squibb and Celgene
- Industry: Pharmaceutical
- Deal value: $95B ($115B adjusted)
Bristol-Myers Squibb acquired Celgene Corporation in 2019 to create a leading specialty biopharma company especially for addressing the needs of patients suffering from cancer, inflammatory and immunologic diseases and cardiovascular diseases. This acquisition will focus on developing high-value innovative medicines and leading scientific capabilities to treat patients with a range of serious diseases globally.
2. Energy Transfer Equity and Energy Transfer Partners
- Industry: Energy
- Deal: $90B ($111B adjusted)
Energy Transfer Equity acquired Energy Transfer Partners in 2018 to simplify its corporate structures.
The transaction reduces the equity cost of capital by eliminating the incentive distribution rights of ETE in ETP, leading to improved cash flow for the combined partnership from investments made into organic growth projects. By utilising cash distribution savings they will also reduce debts.
3. Pfizer and Warner-Lambert
- Industry: Pharmaceuticals
- Deal value: $90 Billion
Pfizer acquired Warner-Lambert in 2000 to gain product lines ranging from Parke-Davis branded pharmaceuticals, Listerine mouthwash, to Schick and Wilkinson Sword wet-shave products. The goal of this partnership was to create the strongest and most dynamic pharmaceutical company in the world.
4. Unilever plc and Unilever N.V.
- Industry: Consumer Goods
- Deal value: $81B ($97B adjusted)
Unilever N.V. merged with Unilever plc in 2020 for the unification of the Unilever group’s legal structure, and to come under a single parent company, Unilever plc. It now works with one market capitalization, one class of shares, and one global pool of liquidity. Unilever also maintains its listings on the Amsterdam, London, and New York stock exchanges.
This merger gave the group greater flexibility for strategic portfolio changes, improved governance, and removed structural complexities.
5. Exxon and Mobil
- Industry: Oil and Gas
- Deal value: $80 billion
When Exxon and Mobil merged in 1998, it became the third largest company in the world in the oil and gas industry. The main focus of Exxon in this merger was the expansion of the company in the regions of high potential for future oil and gas production. The partnership is also expected to generate double-digit returns by recovering their resources more efficiently and with less environmental impact, and to strengthen the US economy and ensure energy security by using the best technologies.
6. Linde AG and Praxair
- Industry: Chemicals
- Deal value: $80 billion
The leading technology of Linde AG with its strong presence in Asia and Europe, merged with Praxair and their operational efficiency and strength in the Americas, with the goal of overtaking its main competitor, Air Liquide of France. This merger in 2017 helped the companies raise their cost saving target within 3 years, and established strong, complementary positions in key geographies and end markets.
7. Microsoft and Activision Blizzard
- Industry: Technology/Gaming
- Deal value: $75.4 Billion ($76.5 Billion adjusted)
Microsoft acquired Activision Blizzard Inc. in 2023 to accelerate its growth in the gaming sector across mobile, PC, console and cloud, and to create the foundation for the metaverse platform. Activision Blizzard was a leader in the gaming development industry and an interactive entertainment content publisher when it was acquired by Microsoft. This transaction made Microsoft the third-largest gaming company in the world in terms of revenue.
8. CVS Health and Aetna
- Industry: Healthcare
- Deal value: $70 Billion
CVS Health acquired Aetna in 2017 to improve its consumers’ healthcare experience. This transaction will make a complicated care delivery system simpler for all, helping people achieve better health at lower cost, and gain access to authentic health information, resources, and services. The focus of the acquisition of Aetna is to become the nation’s premier health innovation company. All products and services made by the combined companies are now available on the healthcare marketplace.
9. Disney and Pixar
- Industry: Entertainment
- Deal value: $7.4 billion
Disney’s acquisition of Pixer in 2006 created a great moment for the animation industry. Pixer is the pioneer of 3D animation services and its first 3D feature film, Toy Story, made it a threat to Disney’s popularity in the market. This made Disney acquire Pixer, and together they have set a new standard of excellence in the animation industry.
10. Saudi Aramco and SABIC
- Industry: Petrochemicals
- Deal value: $69.1 Billion
Saudi Aramco acquired 70% of SABIC in 2019 to accelerate its downstream strategy, to leverage petrochemical growth opportunities, and strengthen its presence in the global petrochemical market. This acquisition made Aramco one of the major global petrochemicals players, expanding its capabilities in procurement, supply chain, manufacturing, marketing, and sales. It also improved their geographic presence and increased their cash flow generation.
Latest mergers and acquisitions examples in 2024
1. GlaxoSmithKline and Aiolos Bio
- Industry: Healthcare
- Deal value: $1.4 billion
GSK acquired Aiolos Bio, a clinical-stage biopharmaceutical company to expand its respiratory biologics portfolio and reach a wider portion of asthma patients. This acquisition gives GSK access to Aiolos’ AIO-001, one of the best, long-acting anti-thymic stromal lymphopoietin (TSLP) monoclonal antibodies that are ready for entering its phase-2 clinical development for treating adult asthma patients.
2. LondonMetric Property Plc and LXi REIT plc
- Industry: Real Estate
- Deal value: £6.2 billion
LondonMetric Property Plc merged with LXi REIT plc to become the fourth largest UK REIT and is intended to improve the share liquidity and provide better access to capital.
This merger will deliver better liquidity, material economies of scale, and greater cost savings with improved terms in both debt and equity markets. It will also provide better access to new opportunities, driving earnings and dividend progression.
3. Gamma Communications plc and BrightCloud Group Ltd
- Industry: Technology-based communication
- Deal value: Not disclosed
Gamma Communications plc acquired BrightCloud Group Ltd to expand its contact centre and customer experience expertise and capabilities.
The Gamma Communications plc was already a leading provider of technology-based communication services across Europe, but they wanted to become a leading managed service provider for enterprises looking to transform their communication estates in Europe, and to deepen their company’s strategic partnership with Cisco. This is why they acquired BrightCloud who was Cisco’s leading European enterprise partner for CCaaS and has massive experience and expertise in Customer Experience transformation.
4. Titan Wealth and AHR Group
- Industry: Financial
- Deal value: £20 billion
Titan Wealth, a renowned wealth management company in the UK, wanted to expand their business globally. Acquiring the AHR Group, a Dubai based financial planning and wealth management firm, helped them make their first step into the international market. Titan Wealth also plans to increase its assets in the next 3-5 years, and this acquisition is helping build a total asset of £20 billion.
How do mergers and acquisitions work?
When two separate companies combine to form a single legal entity, it is called a merger. It is difficult though for two equal companies to merge together and still mutually benefit one another by combining resources and staff. On the other hand, when a company acquires or purchases another company for its own benefits but no new company is formed, this is known as an acquisition.
Steps on the buyer side of an M&A
- Develop an acquisition strategy
- Define M&A goals, and make a profile of your ideal merger or acquisition
- Search for ideal companies and perform a brief evaluation of them
- Plan your acquisition strategy and provide a summary of the proposed deal
- Perform evaluation with the information provided by the potential company
- Perform your own due diligence
- Negotiate and sign the deal
- Create purchase agreements and sale contracts
Steps on the seller side of an M&A
- Define your goals when entering into a potential sale
- Compile all your confidential information and other materials required for the process
- Hold bidding rounds including contacting buyers, receiving starting bids, meeting with interested bidders, and receiving their Letters of Intent (LOI)
- Negotiate the terms and conditions with all buyers who submit bids
- Enter into an exclusivity agreement with the buyer
- Help the buyer complete their due diligence process faster
- Get approval from the board and sign the definitive agreement
How can Mergers Acquisitions UK help you with mergers and acquisitions?
Mergers Acquisitions UK can provide you with strategic investment strategies for better mergers and acquisitions. We have 12+ years of experience in the industry and can leverage our expertise to facilitate your strategic growth and exit strategies to achieve your financial goals.
We fully understand the M&A process and can assist you with business valuation, contacting for consultation, and providing expertise in business selling or investment.
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