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

Group 1: Mergers and Acquisitions Activity - Global mergers and acquisitions activity rebounded strongly in 2025, driven by easing monetary policy in the US, rising demand for AI capabilities, and improving macroeconomic stability [1] - US M&A volume approached $2.3 trillion in 2025, representing a 49% increase from the prior year, while global deal value rose more than 25% [3] Group 2: Key Transactions - Netflix agreed to acquire Warner Bros Discovery's studios and streaming business for $72 billion in equity value, following a competitive bidding process [4] - Anglo American and Teck Resources announced a merger of equals valued at approximately $53 billion, forming a copper-focused mining company [6] - Alphabet's Google announced an agreement to acquire cloud security firm Wiz for $32 billion, marking its largest acquisition to date [8] - Union Pacific and Norfolk Southern proposed an $85 billion merger to create the first transcontinental railroad network in the US [10] - Sycamore Partners completed its acquisition of Walgreens Boots Alliance in a transaction valued at up to $23.7 billion [12] - Sintana Energy agreed to acquire Challenger Energy Group in an all-share transaction valued at approximately C$83.6 million [14] - Lumine Group entered into an agreement to acquire Synchronoss Technologies in an all-cash transaction valued at $116.4 million [16] - Volato Group and M2i Global agreed to a business combination structured as a reverse merger [18] Group 3: Strategic Implications - The Netflix acquisition is expected to significantly expand its content production and distribution footprint [5] - The Anglo American and Teck merger is projected to yield annual pre-tax recurring synergies of about $800 million by the fourth year [7] - The Union Pacific and Norfolk Southern merger is expected to generate annual synergies of $2.75 billion [11] - The acquisition of Wiz is aimed at strengthening Google Cloud's cybersecurity offerings amid intensifying competition [9]