Global M&A rebounds in 2025 led by media, mining and tech megadeals

• Fed rate cuts lowered borrowing costs by 200+ basis points, enabling 63 deals above $10 billion globally as leverage capacity and valuations improved
• Netflix's acquisition of Warner Bros. Discovery studios/streaming creates a content production giant, while Anglo-Teck merger forms $53 billion copper powerhouse targeting 70%+ production exposure
• Google's $32 billion Wiz acquisition marks Alphabet's largest deal ever, strengthening cloud security offerings amid enterprise competition

Global M&A activity surged in 2025 with deal values exceeding $2.3 trillion in the US (up 49% YoY) and global values rising over 25%, driven by Federal Reserve rate cuts totaling over 200 basis points and improved macroeconomic conditions. The year saw 63 deals valued above $10 billion globally.

Major Transactions:

• Netflix/Warner Bros. Discovery: Netflix acquiring WBD's studios and streaming assets for $72 billion equity value ($82.7 billion enterprise value), excluding cable networks like CNN which will spin off separately
• Anglo American/Teck Resources: $53 billion merger creating Anglo Teck, focused on copper production (>70% of output) with $800 million expected annual synergies
• Alphabet/Wiz: Google's largest acquisition at $32 billion cash for cloud security firm Wiz, closing Q1 2026
• Union Pacific/Norfolk Southern: Proposed $85 billion merger to create first US transcontinental railroad spanning 50,000+ miles
• Sycamore Partners/Walgreens: $23.7 billion take-private transaction completed in August
• Additional deals: Sintana Energy acquiring Challenger Energy, Lumine Group acquiring Synchronoss Technologies for $116.4 million, and Volato Group merging with M2i Global

The rebound was fueled by AI-driven demand, energy transition opportunities (particularly in copper), and restored deal confidence following improved lending conditions. Key sectors included media, technology, mining, infrastructure, and healthcare, with private equity playing an active role in take-private transactions.