Global M&A Wiki › Encyclopedia of Noteworthy DealsReference
Encyclopedia of Noteworthy Deals
369 transactions across the history of M&A, in thirteen books. Each entry gives the value as-announced, the structure, the outcome stated plainly, and the precedent it set.
What is on this page. Public transaction history — announced values, deal structures, defensive tactics and outcomes, each with its source and year. Everything here is drawn from the public record. El Dorado Capital's own segment analysis, buyer universes and live deal work are maintained privately and are not published.
By kind of transaction The third book is the longest, deliberately. Most commentary on failed deals conflates three different diseases — overpayment at a cycle peak, integration failure, and inherited liability. They have different diligence answers, and the record separates them.
By sector Technology, Software and Semiconductors · 28 deals Healthcare, Pharma and Life Sciences · 30 deals Energy, Power, Mining and Materials · 29 deals Financial Services, Insurance and Exchanges · 30 deals Consumer, Retail, Food and Hospitality · 29 deals Telecom, Cable, Media and Entertainment · 29 deals Industrials, Aerospace, Automotive and Transport · 30 deals The shape of the collection Deal value by year
Wave IV Wave V Wave VI Modern $100m $1bn $10bn $100bn 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Greece — Private Sector Involvement debt exchange (2012) — Restructured approximately €200 billion of privately held Greek government bonds, imposing a reported roughly Vodafone AirTouch – Mannesmann (1999) — ~$183 billion as-announced (Nov 1999), all-stock; commonly cited as the largest M&A transaction in history in Vodafone AirTouch / Mannesmann (1999-2000) — Initial hostile all-share bid of roughly £80-90 billion (November 1999), with the final agreed deal valued at AOL – Time Warner (2000) — $165 billion as-announced (Jan 2000), all-stock merger positioned as a merger of equals AOL–Time Warner (2000) — $165 billion (stock-for-stock, announced January 2000) Pfizer – Allergan (2015/2016) — ABANDONED — $160 billion as-announced (Nov 2015), all-stock Pfizer – Allergan (terminated, 2015–2016) — approximately $160 billion, all-stock as proposed. Announced November 2015, terminated April 2016. AT&T – the Bell System divestiture (1984) — The Bell System held roughly $150 billion in assets at divestiture (equivalent to about $460 billion in 2025 d BHP Billiton's bid for Rio Tinto (2007–2008) — Sweetened all-share offer in February 2008 valued at approximately $147 billion (CNBC 2008); peak paper valuat Kraft Heinz (US) approach – Unilever (UK/Netherlands) (2017) — Reported at approximately $143 billion, cash and stock; no formal offer was ever filed. Dow Chemical – DuPont (2015/2017) — Merger of equals combining two companies with a combined market value of roughly $130 billion at announcement Verizon Communications – Vodafone (Verizon Wireless stake) (2013) — $130 billion as-announced (Sept 2013) United Technologies – Raytheon (2019/2020) — Merger of equals with a combined market value commonly reported around $121 billion at announcement (June 2019 Broadcom–Qualcomm (2018) — ~$117 billion (unsolicited bid, 2017-18) ConocoPhillips – Phillips 66 (2012) and Marathon Oil – Marathon Petroleum (2011) — Precise separation-day market capitalizations for either pair are not reliably disclosed in sources reviewed; Anheuser-Busch InBev – SABMiller (2015/2016) — $107 billion as-announced (Nov 2015) Honeywell – the announced three-way separation (2025-2026, in progress) — Analysts estimated the aerospace and automation businesses could be worth as much as $104 billion and $94 bill Kraft Foods Group – H.J. Heinz (2015) — Combination valued at roughly $100 billion as-announced (March 2015), engineered by 3G Capital and Berkshire H Kraft Heinz (2015 merger; 2019 writedown) — ~$100 billion combined enterprise (2015 merger, engineered by 3G Capital and Berkshire Hathaway) Fannie Mae and Freddie Mac conservatorship (US) (2008) — US Treasury initially committed up to $100 billion in capital support to each entity, later increased; the gov Pfizer – AstraZeneca (failed bid, 2014) — Pfizer's proposals escalated over several weeks from roughly $99 billion to a final offer commonly reported be RBS-led consortium–ABN AMRO (2007) — Consortium bid valued near $95.5 billion (RBS, Fortis, and Santander; roughly €71 billion), closing October 20 Pfizer – Warner-Lambert (2000) — $90 billion, all-stock. Announced November 1999, closed June 2000. AT&T–Time Warner (2016-18) — $85.4 billion (announced 2016) Exxon – Mobil (1998/1999) — $81 billion as-announced (Dec 1998), all-stock Charter Communications – Time Warner Cable (2015/2016) — $78.7 billion as-announced (May 2015), including assumed debt; also acquired Bright House Networks concurrentl Glaxo Wellcome – SmithKline Beecham (2000) — Commonly reported at approximately $76 billion as-announced (talks revived Jan 2000 after an earlier 1998 atte Bristol-Myers Squibb – Celgene (2019) — $74 billion, cash-and-stock, plus a Contingent Value Right (CVR) worth up to $9 per share (about $6.4 billion Silicon Valley Bank – First Citizens BancShares (2023) — First Citizens purchased SVB's loan book (roughly $72 billion of loans, acquired at a discount) and assumed it Comcast – AT&T Broadband (2002) — $72 billion transaction value including assumed debt, announced December 2001 (Comcast Corporation press relea Actavis – Allergan (2015) — $70.5 billion, cash-and-stock. Announced November 2014, closed March 2015; the combined company took the Aller Royal Dutch Shell – BG Group (2015/2016) — $70 billion as-announced (April 2015) Travelers Group – Citicorp (1998) — Approximately $70 billion as-announced (April 1998), all-stock merger of equals CVS Health – Aetna (2017/2018) — $69 billion as-announced (Dec 2017), cash-and-stock (total transaction value including debt sometimes cited ne Pfizer (US) approach – AstraZeneca (UK) (2014) — Pfizer's final proposal valued AstraZeneca at approximately £69 billion (reported elsewhere as $106-118 billio Microsoft – Activision Blizzard (2022/2023) — $68.7 billion as-announced (Jan 2022), all cash Pfizer – Wyeth (2009) — $68 billion, cash-and-stock. Announced January 2009, closed October 2009. Dell, EMC and VMware – both directions (2016 in, 2021 out) — Dell's 2016 acquisition of EMC (which brought a roughly 80%-owned VMware along with it) was widely reported at Dell – EMC Corporation (2015–2016) — $67 billion, cash and tracking stock, announced October 2015, closed September 2016 — the largest technology a Cigna – Express Scripts (2018) — $67 billion, cash-and-stock. Announced March 2018, closed December 2018. AT&T Inc. – BellSouth (2006) — $67 billion, all-stock, announced March 2006 (Washington Post, NPR affiliate reporting 2006). Bayer – Monsanto (2016/2018) — $66 billion as-announced (Sept 2016), all cash Bayer–Monsanto (2018) — $63 billion (announced 2016, closed 2018) AbbVie – Allergan (2020) — $63 billion, cash-and-stock as announced. Announced June 2019, closed May 2020. Takeda Pharmaceutical – Shire (2018/2019) — $62 billion as-announced (May 2018; also cited as £46 billion/$62 billion depending on FX at signing) Glencore – Xstrata (2012–2013) — Initial all-share terms agreed in February 2012 valued the combination at approximately $61.9 billion (CNN 201 Broadcom – VMware (2022/2023) — $61 billion as-announced (May 2022, cash-and-stock); value rose to roughly $69 billion at closing as VMware's Pfizer – Pharmacia (2003) — approximately $60 billion, all-stock. Announced July 2002, closed April 2003. NationsBank – BankAmerica (1998) — All-stock deal announced April 1998, widely reported at roughly $60 billion (some contemporary accounts cite $ Exxon Mobil – Pioneer Natural Resources (2023/2024) — $59.5 billion as-announced (Oct 2023), all-stock Procter & Gamble – Gillette (2005) — $57 billion, all-stock. Anthem–Cigna (2015-17) — $54 billion (announced 2015) Chevron – Hess Corporation (2023/2024) — $53 billion as-announced (Oct 2023), all-stock The Walt Disney Company – 21st Century Fox (2017/2019) — $52.4 billion as-announced (Dec 2017, all-stock); raised to $71.3 billion (cash-and-stock) in June 2018 after 21st Century Fox, News Corp and the road to Disney (2013 and 2019) — Relative separation-day values for the 2013 split of News Corporation are not reliably disclosed. Disney's sub InBev – Anheuser-Busch (2008) — $52 billion, cash, at $70 per share (Reuters, 2008). Financed with roughly $45 billion of acquisition debt. GSK – Haleon demerger (2022) — No precise valuation was reliably disclosed at the July 2022 demerger, but Unilever's rejected takeover approa Bank of America – Merrill Lynch (2008) — All-stock deal announced September 15, 2008 at approximately $50 billion. Deutsche Telekom – VoiceStream Wireless (2000-2001) — Reported at roughly $50 billion in Deutsche Telekom stock at announcement in July 2000 (contemporaneous press, Fiat Chrysler Automobiles – PSA Groupe (Stellantis) (2021) — combined equity value at signing reported at approximately €50 billion, all-stock (companies' joint statement, General Motors bankruptcy restructuring (2009) — US Treasury committed approximately $49.5 billion in total support to GM through TARP; the "New GM" purchased BP – Amoco (1998) — $48 billion, all-stock (Washington Post 1998; CNN 1998). Sanofi / Aventis (2004) — Initial hostile bid of approximately €47.8 billion (January 2004), raised to approximately €54.5 billion by th Alimentation Couche-Tard (Canada) approach – Seven & i Holdings (Japan) (2024-2025) — Couche-Tard's raised proposal reportedly valued Seven & i at approximately ¥7.8 trillion (roughly $47 billion) eBay – PayPal (spin-off, 2015) — No transaction price — a tax-free spin-off completed July 2015; PayPal began trading independently with a mark TXU / Energy Future Holdings (2007) — Approximately $45 billion including assumed debt, announced February 2007 — the largest LBO ever attempted. Microsoft / Yahoo (2008, withdrawn) — Approximately $44.6 billion ($31/share, a 62% premium), proposed February 2008. Twitter / Elon Musk (2022) — Approximately $44 billion ($54.20/share), agreed April 2022, closed October 2022. Roche – Genentech (2009) — Initial hostile tender offer valued at about $43.7 billion in July 2008 was rejected by Genentech's board as i WarnerMedia and Discovery – merged by Reverse Morris Trust, then unwound (2022, splitting again 2026) — The Reverse Morris Trust valued WarnerMedia such that AT&T received approximately $43 billion in cash and debt ChemChina (China) – Syngenta (Switzerland) (2016-2017) — $43 billion, all cash — the largest outbound Chinese acquisition on record at the time. ChemChina – Syngenta (2016–2017) — $43 billion, all-cash (Produce Report 2017). FIS – Worldpay (2019, later reversed 2023-2025) — All-stock-and-cash deal announced March 2019, valued at approximately $43 billion, completed July 2019. FIS su Discovery, Inc. – WarnerMedia (2021-2022) — $43 billion, announced May 2021 (Variety, TechCrunch 2021). Medtronic – Covidien (2015) — $42.9 billion is the figure most consistently reported; some contemporaneous reporting on total consideration TotalFina – Elf Aquitaine (1999–2000) — Initial hostile bid valued at $41.2 billion in TotalFina stock (Oil & Gas Journal 1999); final terms adjusted Merck – Schering-Plough (2009) — $41.1 billion, cash-and-stock. Announced March 2009, closed November 2009. E.ON (Germany) – Endesa (Spain) (2006-2007) — E.ON's final all-cash offer valued Endesa at roughly €41 billion, up from an initial approach near €29 billion Teva–Actavis Generics (2015/16) — $40.5 billion (announced 2015, closed 2016) Nvidia–Arm (2020-22) — $40 billion (SoftBank sale price, cash plus stock, announced 2020) HNA Group's outbound buying spree and forced unwinding (China) (2016-2021) — HNA spent an estimated $40 billion or more accumulating global stakes (including Deutsche Bank, Hilton Worldwi Equity Office Properties / Blackstone (2006/07) — Approximately $39 billion including assumed debt, closed February 2007 at $55.50/share after Vornado Realty Tr AT&T–T-Mobile (2011) — $39 billion (announced 2011) Qualcomm – NXP Semiconductors (announced 2016, blocked 2018) — Originally $110 per share (~$39 billion), raised to $127.50 per share (~$44 billion including debt) after acti AstraZeneca – Alexion Pharmaceuticals (2021) — $39 billion, cash-and-stock. Announced December 2020, closed July 2021. Rio Tinto – Alcan (2007) — $38.1 billion, all-cash (CBC 2007). Occidental Petroleum – Anadarko Petroleum (2019) — $38 billion in equity consideration, roughly $57 billion including assumed debt (CNBC 2019); financed with a $ Signature Bank – New York Community Bancorp / Flagstar (2023) — Flagstar Bank (NYCB's banking subsidiary) acquired a large share of Signature Bank's assets and assumed most o Berkshire Hathaway – Precision Castparts (2015) — $37.2 billion (or $34.2 billion excluding assumed debt, per differing contemporaneous accounts), cash, at $235 Aetna–Humana (2015-17) — $37 billion (announced 2015) Avago Technologies – Broadcom (2015–2016) — $37 billion, cash and stock, announced May 2015; closed February 2016. Daimler-Benz – Chrysler (1998) — Approximately $36 billion as-announced (May 1998), all-stock Daimler–Chrysler (1998) — $36 billion ("merger of equals," 1998) Chevron – Texaco (2001) — $36 billion at announcement, all-stock (Oil & Gas Journal 2000); the FTC's own release cites the deal as $35 b Mars – Kellanova (2024) — $36 billion, all-cash, at $83.50 per share (CNBC, 2024). Halliburton–Baker Hughes (2014-16) — $35 billion (announced 2014) Sprint–Nextel (2005) — $35 billion ("merger of equals," announced 2005) AMD – Xilinx (2020–2022) — $35 billion all-stock as announced (October 2020); because the deal used a fixed exchange ratio and AMD's stoc Conoco – Phillips Petroleum (2002) — $35 billion, all-stock merger of equals (Oil & Gas Journal 2001). Publicis Groupe – Omnicom Group (2013-2014, collapsed) — Approximately $35 billion combined "merger of equals," announced July 2013 (Fortune, contemporaneous wire repo IBM – Red Hat (2018–2019) — $34 billion, all cash, announced October 2018, closed July 2019 — then IBM's largest acquisition ever. CenturyLink – Level 3 Communications (2016-2017) — $34 billion including assumed debt, cash-and-stock, announced October 31, 2016 (CenturyLink/Lumen investor rel Berkshire Hathaway – Burlington Northern Santa Fe (2009-2010) — approximately $34 billion including assumed debt, at $100 per share in cash and stock for the approximately 77 HP Inc. – Xerox Holdings (attempted, 2019–2020; blocked/withdrawn) — Xerox's initial unsolicited proposal in November 2019 valued HP at roughly $33.5 billion ($22 per share, cash L3 Technologies – Harris Corporation (2019) — approximately $33.5 billion combined enterprise value in an all-stock exchange (companies' joint announcement, Universal Music Group – demerger from Vivendi (2021) — UMG listed on Euronext Amsterdam on September 21, 2021 at €18.50 per share, implying an initial valuation of a SoftBank – Arm Holdings (2016) — $32 billion cash, announced and completed within weeks in July–September 2016. Baker Hughes – GE Oil & Gas merger and unwind (2017–2019) — Combined entity valued at approximately $32 billion at formation; GE held roughly 62.5% of the new "Baker Hugh General Electric – the three-way split into Aerospace, HealthCare and Vernova (2023-2024) — GE stated an approximate $31 billion valuation for the healthcare business ahead of its separation (Wall Stree Chase Manhattan – J.P. Morgan (2000) — All-stock merger announced September 2000 at approximately $30.9 billion, closed December 2000. General Motors §363 sale — "New GM" / "Old GM" (2009) — US Treasury committed roughly $30.1 billion in additional DIP/exit financing on top of about $19.4 billion in Ciba-Geigy – Sandoz (1996, forming Novartis) — Reported near $30 billion in combined market value at announcement; sources vary on the precise figure for thi Aon – Willis Towers Watson (blocked, 2021) — All-share merger agreed March 2020, valued at approximately $30 billion. United Technologies – Rockwell Collins (2018) — approximately $30 billion total transaction value ($23 billion equity plus assumed debt), cash and stock (Unit First Data / KKR (2007) — Approximately $29 billion, announced April 2007 (CNBC, 2007). Ahold – Delhaize (2016) — Approximately $29 billion, all-stock (Spectrum News, 2015). Canadian Pacific – Kansas City Southern (2021-2023) — original cash-and-stock agreement announced March 2021 at approximately $29 billion; after Canadian National's Oracle – Cerner Corporation (2021–2022) — $28.3 billion cash, announced December 2021, closed June 2022 — Oracle's largest acquisition ever, surpassing ACE Limited – Chubb Corporation (2016) — Cash-and-stock deal announced July 2015, valued at approximately $28.3 billion, completed January 2016 (CNBC; Cisco Systems – Splunk (2023–2024) — $28 billion cash, announced September 2023, closed March 2024 — Cisco's largest acquisition ever. Amgen – Horizon Therapeutics (2023) — $27.8 billion, all cash, $116.50 per share. Announced May 2023, closed October 2023. Salesforce – Slack Technologies (2020–2021) — $27.7 billion in cash and stock, announced December 2020, closed July 2021 — Salesforce's largest acquisition Boston Scientific / Johnson & Johnson – Guidant (2006) — Boston Scientific ultimately paid $27 billion, cash-and-stock, to win Guidant after a bidding war; Johnson & J BP – Atlantic Richfield (ARCO) (1999–2000) — Approximately $27 billion, stock-for-stock (Oil & Gas Journal 2000). Alcoa's failed hostile bid for Alcan (2007) — $27 billion, cash-and-stock, unsolicited (NBC News 2007). London Stock Exchange Group – Refinitiv (2019-2021) — All-share deal announced August 2019, valued at approximately $27 billion, completed January 2021 after extend Microsoft – LinkedIn (2016) — $26.2 billion cash, announced June 2016, closed December 2016 — then Microsoft's largest acquisition. T-Mobile US – Sprint (2018/2020) — $26 billion as-announced (April 2018), all-stock (also reported as ~$26.5 billion including debt) Hilton Hotels / Blackstone (2007) — Approximately $26 billion including debt, announced July 2007 at $47.50/share, days before credit markets seiz Diamondback Energy – Endeavor Energy Resources (2024) — $26 billion, cash-and-stock (CNBC 2024). RJR Nabisco / KKR (1988) — ~$25 billion purchase price ($109/share final bid), closed February 1989 (Burrough & Helyar, *Barbarians at th Northern Rock nationalization (UK) (2007-2008) — Emergency Bank of England lending to Northern Rock exceeded £25 billion following the September 2007 bank run; Hewlett-Packard – Compaq (2001–2002) — Announced at approximately $25 billion in an all-stock swap (0.6325 HP shares per Compaq share) in September 2 Abbott Laboratories – St. Jude Medical (2017) — $25 billion, cash-and-stock. Announced April 2016, closed January 2017. Kroger–Albertsons (2022-24) — $24.6 billion (announced 2022) Dell / Silver Lake, Michael Dell (2013) — Approximately $24.4 billion ($13.65/share), announced February 2013. SoftBank Group (Japan) – Arm Holdings (UK) (2016) — £24.3 billion (about $32 billion), all cash. Becton, Dickinson and Company – C.R. Bard (2017) — $24 billion, cash-and-stock. Announced April 2017, closed December 2017. Allianz – Dresdner Bank (2001) — All-share deal announced in 2001; widely reported at roughly €24 billion at signing, though sources vary and t Altice – Numericable/SFR (2014) — Vivendi accepted Altice/Numericable's offer for SFR at approximately $23.3 billion (Bloomberg, Taipei Times 20 Mars – Wrigley (2008) — $23 billion, at $80 per share, cash (widely reported at signing, April 2008). ConocoPhillips – Marathon Oil (2024) — $22.5 billion, all-stock, a 14.7% premium to Marathon's prior closing price (ConocoPhillips 2024). Fiserv – First Data Corporation (2019) — $22 billion, all-stock, announced January 2019, closed July 2019. Fiserv – First Data (2019) — All-stock deal announced January 2019, valued at approximately $22 billion, completed July 2019 (CNBC; Fiserv Global Payments – TSYS (2019) — All-stock "merger of equals" announced May 2019, valued at approximately $21.5 billion, completed September 20 Analog Devices – Maxim Integrated (2020–2021) — $21 billion all-stock, announced July 2020, closed August 2021; combined enterprise value cited at roughly $68 AbbVie – Pharmacyclics (2015) — $21 billion, cash-and-stock. Announced March 2015, closed May 2015. Gilead Sciences – Immunomedics (2020) — $21 billion, all cash, $88 per share (roughly a 108% premium). Announced September 2020, closed October 2020. London Stock Exchange – Deutsche Börse (blocked, 2016-2017) — All-share "merger of equals" agreed in 2016, with the combined entity's value reported around £21 billion (rou United Technologies – Otis and Carrier, spun off into a Raytheon merger (2020) — Carrier was reported as a $20.4 billion company by 2022, two years after separation, following roughly $19 bil AB InBev – Grupo Modelo, and Constellation Brands' Corona rights (2013) — AB InBev paid $20.1 billion for the roughly 50% of Modelo it did not already own (Fox News, 2013); the revised SoftBank – Sprint Nextel (2012-2013) — $20.1 billion for approximately 70% of Sprint, announced October 2012 (SoftBank Group press releases 2012). Cl Adobe–Figma (2022-23) — $20 billion (announced 2022) IBM – Kyndryl (2021) — The spun-off infrastructure-services business represented approximately $19 billion of revenue, about 25% of I Facebook – WhatsApp (2014) — Announced at $19 billion (cash, stock and restricted stock units) in February 2014; because Facebook's stock r Tyco International – the serial breakups (2007 and 2012) — Precise separation-day market capitalizations are not reliably disclosed; post-split Tyco International (fire JAB Holding's coffee roll-up and Keurig Dr Pepper (2012–2018) — The Dr Pepper Snapple merger with Keurig Green Mountain was valued at $18.7 billion, with Dr Pepper Snapple sh Mittal Steel / Arcelor (2006) — Initial unsolicited offer of approximately €18.6 billion (January 2006), rising to a final agreed value of rou CNOOC (China) – Unocal (US) (2005) — $18.5 billion, all cash (Fox News; NBC News, 2005), against Chevron's competing bid of roughly $16.5-17 billio NextEra Energy's failed bid for Oncor (2016–2017) — Approximately $18.4 billion, later raised to about $18.7 billion (Bloomberg 2017; Dallas News 2017). Vodafone – Liberty Global (Germany, Czech Republic, Hungary, Romania) (2018-2019) — €18.4 billion, announced May 2018 (Financier Worldwide, TelecomTV 2018). United Technologies – Goodrich (2012) — approximately $18.4 billion, cash (United Technologies press release, September 2011; closed July 2012). Barrick Gold – Randgold Resources (2019) — Approximately $18.3 billion, all-stock (Resource World 2018). Siemens – Healthineers carve-out and Energy spin-off (2018 and 2020) — Siemens Healthineers listed at €28.00 per share in its March 2018 IPO — Germany's largest listing since Deutsc Telefónica – O2 (2005-2006) — £17.7 billion (approximately $31 billion), all cash, announced October-November 2005 (Taipei Times, contempora Altice – Cablevision Systems (2015-2016) — $17.7 billion including debt, announced September 2015 (Lightwave Online, NPR 2015). Newmont – Newcrest Mining (2023) — An initial proposal near $17 billion was raised to a final improved all-stock offer of approximately $19.5 bil BBVA – Banco Sabadell (2024-2025, withdrawn) — BBVA's all-share hostile offer, launched in 2024, was valued at approximately €17 billion by the time of its 2 Intel – Altera (2015; divested 2025) — $16.7 billion cash, announced May 2015, closed December 2015 — Intel's largest acquisition to that point. In A Comcast – NBCUniversal (2011 / 2013) — Comcast took 51% operating control of a new NBCUniversal joint venture with General Electric in a transaction First Union – CoreStates Financial (1998) — Stock deal announced 1997/closed 1998, commonly cited at approximately $16.6 billion — the largest US bank acq Citrix Systems / Vista Equity Partners and Evergreen Coast Capital (2022) — Approximately $16.5 billion, announced January 2022, closed September 2022, merged with TIBCO Software to form Walmart – Flipkart (2018) — $16 billion for approximately a 77% stake, cash (widely reported, May 2018). SBC – AT&T Corp (2005) — $16 billion, all-stock, announced January 2005 (NBC News, CBS News 2005). Closed November 2005 as originally v Guinness – Grand Metropolitan / formation of Diageo (1997) — Initial coverage put the deal at $15.8 billion (Washington Post, 1997); other contemporaneous reporting valued Salesforce – Tableau Software (2019) — $15.7 billion, all-stock, announced June 2019, closed August 2019. Wells Fargo – Wachovia (2008) — All-stock deal announced October 3, 2008 valued at approximately $15.1 billion, topping an earlier government- Nippon Steel – United States Steel (2023–2025) — $14.9 billion (also reported as $55.00 per share, roughly $14.1 billion in equity), all-cash (Nippon Steel/US Schlumberger – Cameron International (2016) — $14.8 billion, cash-and-stock (SLB 2015). Pernod Ricard – Allied Domecq (2005) — Reported around $14.2 billion / £7.4 billion (CNN Money, 2005; Deseret News, 2005), with some outlets citing a Japan Industrial Partners-led consortium (Japan) – Toshiba Corporation (Japan) (2023) — Approximately ¥2 trillion (about $14 billion), all cash tender offer. Amazon – Whole Foods Market (2017) — $13.7 billion cash, announced June 2017, closed August 2017. Duke Energy – Progress Energy (2011–2012) — Approximately $13.7 billion in equity value, all-stock; reported as roughly $26 billion including assumed debt Kinder Morgan (2006) — Initial offer of approximately $13.5 billion in equity value (Forbes, May 2006), raised to roughly $15 billion Pacific Gas & Electric — Chapter 11 and Fire Victim Trust (2019-2020) — The confirmed plan funded a Fire Victim Trust with approximately $13.5 billion, split roughly evenly between c BlackRock – Barclays Global Investors (2009) — Cash-and-stock deal announced June 2009, valued at approximately $13.5 billion (Business Standard; NBC News, 2 Zimmer Holdings – Biomet (2015) — $13.35 billion, cash-and-stock; total transaction value including assumed debt is cited by some reporting near Boeing – McDonnell Douglas (1997) — approximately $13.3 billion, all-stock, announced December 1996 (contemporaneous press coverage, 1996-97). UnitedHealth Group (Optum) – Change Healthcare (2022) — $13 billion is the figure most consistently used in contemporaneous reporting for the combination with Optum; Omnicom Group – Interpublic Group (2024-2025) — Reported at approximately $13 billion to $13.25 billion depending on measurement date, all-stock, announced De Novartis – Alcon (2008–2011; spun off 2019) — Acquired from Nestlé and public shareholders in stages: an approximately 25% stake in 2008, an additional roug Google–Motorola Mobility (2011-14) — $12.5 billion (announced 2011, closed 2012) BlackRock – Global Infrastructure Partners (2024) — Cash-and-stock deal announced January 2024, valued at approximately $12.5 billion, completed October 2024 foll Coty – Procter & Gamble's specialty beauty brands (2016), and the writedowns — $12.5 billion (Jones Day, 2016). Danone – Numico (2007) — €12.3 billion, reported as roughly $16.7–16.8 billion at the time, cash tender offer at €55 per share (Dairy R Marriott – Starwood, contested by Anbang (2016) — Marriott's original agreed deal (November 2015) was valued at about $12.2 billion; a rival all-cash bid from a Lloyds TSB – HBOS (2008) — All-share deal announced September 18, 2008, initially valued around £12 billion. Kraft Foods (US) – Cadbury (UK) (2010) — £11.9 billion (reported as roughly $18.9-19.6 billion depending on the source and exchange-rate date), cash an Kellogg – Kellanova and WK Kellogg Co (2023) — Kellanova (the larger successor) carried approximately $11.4 billion of sales at separation, about 80% of the Alliance Boots / KKR (2007) — Approximately £11.1 billion (~$22 billion), announced April 2007 — Europe's largest LBO at the time. HP–Autonomy (2011) — $11.1 billion (announced 2011) Gilead Sciences – Pharmasset (2011) — $11 billion, all cash, $137 per share (roughly an 89% premium to Pharmasset's prior close). Announced and clos American Airlines – US Airways (2013) — the combined company was valued at approximately $11 billion at closing, an all-stock exchange executed as par First Republic Bank – JPMorgan Chase (2023) — JPMorgan paid the FDIC approximately $10.6 billion for the failed bank's assets, deposits and branches in a de Charter Communications – Bright House Networks (2016) — $10.4 billion, announced May 2015 (Charter Communications investor relations 2015). Oracle / PeopleSoft (2003/04) — Final agreed value approximately $10.3 billion (2004), after Oracle raised its unsolicited $18/share June 2003 Kraft Foods / Cadbury (2009/10) — Initial hostile approach valued at approximately £10.2 billion (September 2009), raised to a final agreed valu Norfolk Southern / CSX – Conrail split (1997-1999) — Conrail was acquired for approximately $10.2 billion combined, split roughly 58%/42% between Norfolk Southern Deutsche Börse–NYSE Euronext (2011-12) — ~$9-10 billion (stock "merger of equals," announced 2011; CBS News reported the deal as a $10 billion combinat Newmont Mining – Goldcorp (2019) — $10 billion, all-stock (CNBC 2019). ConocoPhillips – Concho Resources (2021) — $9.7 billion announced all-stock value (ConocoPhillips 2020); some analyses cite roughly $13.3 billion includi Novartis – the Sandoz spin-off (2023) — Sandoz listed on the SIX Swiss Exchange with a reported market capitalization in the range of $18-25 billion ( Northrop Grumman – Orbital ATK (2018) — $9.2 billion, cash, plus assumption of debt (Northrop Grumman press release, September 2017; deal closed June Geely Holding Group (China) – Daimler stake (Germany) (2018) — A stake of approximately 9.7 percent, valued at about $9 billion when disclosed in February 2018. Lufthansa's German state stabilization package (Germany) (2020) — €9 billion in state support, combining a silent-participation hybrid capital instrument, a direct equity stake Infineon Technologies – Cypress Semiconductor (2019–2020) — Announced at €9 billion (reported as roughly $10 billion at the time), all cash at $23.85 per Cypress share; a Tapestry – Capri Holdings (blocked, 2024) — $8.5 billion, at $57 per share cash, announced August 2023. Verizon – MCI (2005-2006) — Initial agreed value approximately $6.75-6.8 billion in cash and stock, announced February 2005 (Forbes, NBC N Safran – Zodiac Aerospace (2018) — approximately €8.5 billion (increased from an initial c. €8.8 billion / €29.47-per-share offer after Zodiac pr Amazon – MGM Studios (2021–2022) — $8.45 billion cash, announced May 2021, closed March 2022 after FTC review. Amazon – Metro-Goldwyn-Mayer (2021-2022) — $8.45 billion, announced May 2021; completed at $8.5 billion at closing in March 2022 (Washington Post, CNN, T Boeing – Spirit AeroSystems (2024) — approximately $8.3 billion enterprise value including assumed debt, all-stock; equity component reported as ro 3M – the Solventum spin-off (2024) — Solventum reported $8.25 billion of revenue in its first full year as an independent company (2024); its separ Intercontinental Exchange (ICE) – NYSE Euronext (2013) — Cash-and-stock deal announced December 2012 at $8.2 billion, completed November 2013 (CNBC; Bloomberg, 2012-20 LATAM Airlines Group Chapter 11 (2020-2022) — The confirmed plan raised approximately $8.19 billion in new capital (a mix of new equity and convertible/exch Unocal Corp. / Mesa Petroleum (1985) — Mesa Petroleum's two-tier hostile tender offer for Unocal was valued at approximately $8.1 billion. Melrose Industries (UK) – GKN (UK) (2018) — Final recommended offer valued GKN at approximately £8.1 billion (up from an initial £7.4 billion approach rep Chrysler / Fiat (2009) — Not a cash purchase price. The US Treasury and Canadian governments committed roughly $8 billion (US) plus abo SAP – Qualtrics (2018 acquisition; 2023 divestiture) — SAP acquired Qualtrics for $8 billion cash in November 2018 (closed January 2019). SAP then IPO'd roughly 20% Illumina – GRAIL (2021; unwound 2023–2024) — approximately $8 billion, cash-and-stock, plus a contingent-value-right component tied to GRAIL's future perfo Skydance Media – Paramount Global (2024-2025) — Reported at approximately $8 billion to $8.4 billion depending on the source and measurement date (CNBC, Varie Chesapeake Energy Chapter 11 (2020-2021) — Filed with roughly $9-9.7 billion in debt; the confirmed plan reduced debt by approximately $7.7 billion. BAE Systems – Marconi Electronic Systems (1999) — approximately £7.7 billion, all-stock (contemporaneous UK press coverage, November 1999). Microsoft – GitHub (2018) — $7.5 billion, all-stock, announced June 2018, closed October 2018. Chesapeake Energy – Southwestern Energy (2024) — Approximately $7.4 billion in equity, all-stock (Natural Gas World 2024); combined enterprise value cited near The Walt Disney Company – Pixar (2006) — $7.4 billion, all-stock, announced January 2006 (contemporaneous reporting; widely cited figure, 2006). Sainsbury's – Asda (blocked, 2018–2019) — Proposed at roughly £7.3 billion (reported as approximately $9.4 billion), share-and-cash, with Walmart retain Microsoft–Nokia (2013) — $7.2 billion (device and services business, announced 2013, closed 2014) Dubai Ports World (UAE) – Peninsular and Oriental Steam Navigation Company (UK) (2006) — $6.8 billion, all cash, for P&O's global port operations (widely reported, 2006; no separate price was ever at Walgreens – Alliance Boots (2012–2014, forming Walgreens Boots Alliance) — Step one (2012): roughly $6.7 billion cash-and-stock for a 45% stake in Alliance Boots, with a call option for Walmart – Asda (1999, exited 2021) — £6.7 billion (reported around $10.8 billion at the time), cash. Toys "R" Us / KKR-Bain Capital-Vornado (2005) — $6.6 billion, announced March 2005. Johnson & Johnson – Momenta Pharmaceuticals (2020) — $6.5 billion, all cash, $52.50 per share. Announced August 2020, closed October 2020. Nexstar Media Group – Tribune Media (2019) — $6.4 billion in cash, announced December 2018 (Nexstar/Business Wire 2018). Beatrice Companies / KKR (1985) — Agreed at approximately $6.2 billion in November 1985 (Washington Post, 1985), total transaction value includi Tata Steel – Corus Group (2006–2007) — Final winning bid of 608 pence per share, valuing the deal at approximately £6.2 billion, roughly $12 billion Purdue Pharma Chapter 11 and Harrington v. Purdue Pharma (2019-2024) — The Sackler family agreed to contribute an amount that grew across negotiated versions of the plan, from rough Marvell Technology – Cavium (2017–2018) — Approximately $6 billion in cash and stock, announced November 2017, closed July 2018. Molson Coors – merger of equals (2005) — Approximately $6 billion, all-stock (Fox News, 2005; SEC filings, 2005). Marsh & McLennan – Jardine Lloyd Thompson (2019) — Cash deal completed April 2019 valued at approximately $5.6 billion (Insurance Journal, 2019). Nestlé – Gerber (2007) — $5.5 billion, cash. Renault – Nissan Alliance (1999) — Renault's initial stake reported at approximately $5.4 billion for 36.8% of Nissan (contemporaneous 1999 press Union Pacific – Southern Pacific (1996) — approximately $5.4 billion, stock-for-stock (contemporaneous 1996 press coverage; closed September 1996). Visa – Plaid (announced 2020; abandoned 2021) — $5.3 billion, cash and stock, announced January 2020; abandoned January 2021 before closing. Visa – Plaid (blocked, 2020-2021) — Cash-and-stock deal announced January 2020, valued at approximately $5.3 billion. Sears Holdings / Transform Holdco (2018-2019) — Approximately $5.2 billion, funded substantially through a credit bid of secured debt already held by the buye UPS – TNT Express (2012-2013, blocked) — €5.16 billion (approximately $6.8 billion at announcement), cash (UPS press release, March 2012). Hospital Corporation of America (1988 & 2006) — 1988 management buyout, led by founder Thomas Frist Jr., valued at approximately $5.1 billion. 2006 buyout by Peabody Energy Chapter 11 (2016) — The confirmed plan eliminated approximately $5 billion of debt. IAG formation: British Airways – Iberia (2011) — combined group valued at approximately £5 billion at the merger's completion, all-stock (contemporaneous 2010- Midea Group (China) – Kuka (Germany) (2016-2017) — Approximately €4.5 billion (about $5 billion) tender offer, with Midea's stake ultimately exceeding 94 percent Nortel Networks — patent auction (2011) — $4.5 billion, against a Google-led stalking-horse opening bid of $900 million. Pioneer Natural Resources – Parsley Energy (2021) — $4.5 billion in equity, all-stock and priced with no acquisition premium (Houston Chronicle 2020); some source Franklin Resources – Legg Mason (2020) — Cash deal announced February 2020 at $50 per share, valued at approximately $4.5 billion in equity value (plus Volkswagen – Porsche (2009-2012) — Volkswagen paid approximately €4.46 billion ($5.6 billion) in 2012 for the remaining Porsche AG shares it did Lockheed Martin–Aerojet Rocketdyne (2021-22) — $4.4 billion (announced 2020) FedEx – TNT Express (2015-2016) — approximately €4.4 billion ($4.8 billion), cash (FedEx and TNT Express joint statement, April 2015; closed May The Walt Disney Company – Lucasfilm (2012) — $4.05 billion in cash and stock, announced October 30, 2012 (NPR 2012). Neiman Marcus Chapter 11 (2020) — Entered Chapter 11 with roughly $4.8-5 billion in debt; the confirmed plan cut debt by approximately $4 billio Stryker – Wright Medical Group (2020) — approximately $4 billion, all cash. Announced November 2019, closed November 2020. Bank of America – Countrywide Financial (2008) — All-stock deal announced January 2008 valued at approximately $4 billion. The Walt Disney Company – Marvel Entertainment (2009) — Announced at approximately $4 billion in cash and stock in August 2009; completed value reported at $4.24 bill Amazon – One Medical (2023) — $3.9 billion, all cash, $18 per share. Announced July 2022, closed February 2023. Sinclair Broadcast Group – Tribune Media (2017-2018, blocked) — $3.9 billion, announced May 2017 (Axios 2018 reporting on the deal's termination). JetBlue–Spirit (2022-24) — $3.8 billion (announced 2022) Johnson & Johnson – Kenvue (2023) — Kenvue's May 2023 IPO priced at $22 per share, raising approximately $3.8 billion, the largest US IPO since 20 Adidas – Reebok (2006), sold to Authentic Brands Group (2021) — Acquired for $3.8 billion (announced 2005, completed January 2006); sold in 2021 for $2.5 billion (CNBC, 2021) Unilever – Alberto Culver (2011) — $3.7 billion, cash, at $37.50 per share. Tesco – Booker Group (2018) — Reported around £3.7 billion (Business Chief, 2018). Seadrill Chapter 11 — first and second filings (2017 and 2021) — The 2017-2018 restructuring cut roughly $3.5 billion of debt and lease commitments and raised about $1.06 bill Hormel – Planters (2021) — $3.35 billion, cash (Bloomberg, 2021). Walmart – Jet.com (2016, shut down 2020) — $3.3 billion, mostly cash with a smaller stock component (widely reported, 2016). Delta Air Lines and Northwest Airlines — Chapter 11 and merger (2005-2008) — The subsequent Delta-Northwest merger was an all-stock transaction valued at roughly $3.1 billion when announc Google – DoubleClick (2007–2008) — $3.1 billion cash, announced April 2007, closed March 2008 after extended US FTC and European Commission antit United Airlines – Continental Airlines (2010) — reported at approximately $3 billion, all-stock (contemporaneous 2010 press coverage; announced May 2010, clos Ferrero – Nestlé USA confectionery business (2018) — $2.8 billion, cash (Food Dive, 2018). Gray Television – Meredith Corporation Local Media Group (2021) — $2.7 billion, announced May 2021 (Gray Television investor relations, Variety 2021). Saks (Saks Global) – Neiman Marcus (2024) — Announced at $2.65 billion; some reporting cites $2.7 billion at completion (Seeking Alpha, 2024; WWD, 2024). eBay–Skype (2005) — $2.6 billion (announced 2005) Argentina sovereign debt — holdout litigation, NML Capital v. Argentina (2001-2016) — Argentina's 2001 default covered roughly $95-100 billion of bonds; its 2005 and 2010 exchanges offered holders Estée Lauder – Tom Ford (2022) — Reported as $2.3 billion by some outlets and up to $2.8 billion by others, reflecting different treatment of c Tata Motors – Jaguar Land Rover (2008) — $2.3 billion, cash (Ford and Tata Motors joint statement, March 2008; closed June 2008). Pfizer's two carve-outs: Zoetis (2013) and Upjohn/Viatris (2020) — Zoetis raised $2.2 billion in its February 2013 IPO, selling 86.1 million shares, with Pfizer retaining an app ByteDance (China) – forced TikTok US divestiture (US) (2020-2025) — Not established as a single disclosed acquisition price; Oracle separately disclosed a $2.2 billion investment Sony/ATV (and consortium) – EMI Music Publishing (2012 and 2018) — A Sony/ATV-led consortium, including the Michael Jackson estate, acquired EMI Music Publishing for approximate Penguin Random House–Simon & Schuster (2020-22) — $2.175 billion (announced 2020) Anbang Insurance Group (China) – Waldorf Astoria New York (US) and Anbang's own state takeover (2014-2018) — $1.95 billion for the Waldorf Astoria in 2014 — at the time the highest price ever paid for a single US hotel. JPMorgan Chase – Washington Mutual (2008) — JPMorgan paid the FDIC approximately $1.9 billion for WaMu's banking operations (deposits, branches, most asse Restaurant Brands International: Burger King – Tim Hortons (2014) and Popeyes (2017) — Burger King's acquisition of Tim Hortons was valued at approximately $11.4–11.5 billion (Gulf News, 2014); the Geely – Volvo Cars (2010) — $1.8 billion, cash (Ford and Geely joint statement, March 2010). Lehman Brothers — sale to Barclays (2008) — Initially reported around $1.75 billion; the real-estate and other components were later revalued closer to $1 Quaker Oats–Snapple (1994-97) — $1.7 billion (announced 1994) J.Crew — "trapdoor" liability management (2016-2017) and Chapter 11 (2020) — The 2016-2017 maneuver moved the J.Crew trademark, valued in filings at several hundred million dollars, outsi Google – YouTube (2006) — $1.65 billion, all-stock, announced and closed October–November 2006. Avianca Holdings Chapter 11 (2020-2021) — Exit financing and new capital were reported at approximately $1.6 billion, funded substantially by United Air Qatar Holding / Qatar Investment Authority – Harrods (UK) (2010) — Reported at £1.5 billion. Alitalia's repeated state rescues and wind-down into ITA Airways (Italy) (2008-2021) — Cumulative Italian state support and losses across more than a decade of rescues were reported in the billions Canyon Bridge Capital Partners (China-backed) – Lattice Semiconductor (US) (2016-2017) — $1.3 billion, cash ($8.30 per share), agreed November 2016 (Harvard Law School Forum on Corporate Governance, Ant Financial (China) – MoneyGram (US) (2017-2018) — $1.2 billion, cash (TechCrunch, 2018). Ørsted's transformation: DONG Energy's divestment of oil and gas to INEOS (2017) — Reported between $1.05 billion and $1.3 billion depending on source (Orsted company announcement 2017; Gulf Ne Hertz Global Chapter 11 (2020-2021) — The confirmed plan paid legacy common shareholders a combined recovery reported at roughly $1 billion in cash Facebook – Instagram (2012) — Approximately $1 billion, cash and stock, announced and closed April 2012 — for a 13-employee company with no Bertelsmann / Pearson – Penguin Random House (2012-2013, and subsequent full buyout) — Formed as a joint venture combination (53% Bertelsmann / 47% Pearson) rather than a cash acquisition at format BMW – Rover Group (1994) / breakup (2000) — BMW paid British Aerospace approximately £800 million for Rover Group in 1994; in 2000 BMW sold the bulk of Ro Air France – KLM (2004) — Air France's share exchange offer for KLM was valued at approximately €784 million for the KLM shares acquired Fujian Grand Chip Investment Fund (China) – Aixtron SE (Germany) (2016) — Approximately €670 million (about $713 million), all cash (Norton Rose Fulbright; Washington Post, 2016). News Corp–MySpace (2005) — $580 million (announced 2005) Arcadia Group administration (2020) — ASOS paid approximately £330 million for the Topshop, Topman, Miss Selfridge and HIIT brands (February 2021); Unilever – Ben & Jerry's (2000) — $326 million, cash tender offer. Lufthansa – ITA Airways (2024-2026) — Lufthansa agreed to invest €325 million for an initial 41% stake in ITA Airways, with an option structure to a Public Investment Fund of Saudi Arabia – Newcastle United (UK) (2021) — Reported at £305 million for the football club. Barneys New York Chapter 11 (2019) — Approximately $271 million, paid by Authentic Brands Group and B. Riley Financial for the Barneys brand and in JPMorgan Chase – Bear Stearns (2008) — Initial agreement March 16, 2008 at $2 per share (roughly $236 million in equity value); renegotiated within d Serta Simmons Bedding — uptier priming transaction and litigation (2020-2024) — The 2020 transaction issued roughly $200 million of new money plus an exchange of about $875 million of existi Gibson Greeting Cards / Wesray Capital (1982) — Purchased from RCA for roughly $80 million; taken public about 16 months later at a valuation near $290 millio Debenhams administration (2019-2021) — The Debenhams brand and website (not the stores) were separately bought by Boohoo Group for about £55 million Bed Bath & Beyond Chapter 11 (2023) — Approximately $21.5 million, paid by Overstock.com for the Bed Bath & Beyond and buybuy Baby brand names and i 327 deals with a parseable announced value, 1980–2026. Log scale. Shaded bands are the merger waves from the history. 1 earlier deals (1911–1979) sit outside this window. Hover any point for the deal and its stated value. Six more views of what this collection covers and where it thins out .
Sourcing standard Deal values are as-announced unless stated otherwise, in the currency reported, with the year. Announced and completed values often differ; where they do, both are given. Where sources conflict, a range is given rather than a single figure — a range is an honest answer and a false single number is not. Where no defensible figure exists, the entry says so rather than estimating. Write-downs and impairments are as-reported, with the year and the reporting entity. In distressed entries, debt cancelled , new money and enterprise value are kept separate, because conflating them is the most common error in restructuring reporting.
Entries are compiled from the public record. Where a figure is hedged in the text — "reported", "sources differ", "approximately" — that hedge is deliberate and should be read as part of the entry.
The waves For the structural history these deals sit inside, see The History of M&A .
Global M&A Wiki — an M&A-native map of the world's industries, from the author of The Agentic Edge . A segment exists here because a recognisable set of companies competes for the same budget and gets bought by the same acquirers — not because a code was assigned to it.
Market structure and AI-disruption analysis are published. Ownership, buyer universes, transaction comparables and deal-timing analysis are maintained privately by El Dorado Capital.
Figures carry their source and year inline. Where credible estimates conflict, the range is given. theagenticedge.net