The biggest merger and acquisitions for the last eight years

Geopolitical turmoil, supply chain disruptions and rising inflation are among the various factors that contributed to profoundly changing the global M&A activity during the last eight years . The number of deals and their combined value differed from the record-breaking 2021 to more calm periods. However, there was always a place for large deals that made history. 

The article below dwells on the largest mergers and acquisitions that took place every year starting from 2015 to present. Read on to explore!

Top mergers and acquisitions examples by year (2015-2022)

Learning from others’ stories, experiences, and mistakes can help your team plan a successful merger or acquisition. So, we invite you to a tour of M&A deals covering select periods between 2015 and the present.

Biggest mergers and acquisitions 2015

M&A activity was high in 2015: more than 7,500 deals with a combined value of more than $4.5 trillion were announced. It still remains among the most record-breaking years in terms of M&A activity. Among the largest transactions conducted in 2015 are the following: 

• Dell and EMC, $67 billion
• Heinz and the Kraft Foods Group, $100 billion
• AB InBev and SABMiller, $100 billion

Let’s now shortly review them.

1. Dell – EMC

Dell’s acquisition of EMC, an information technology company, was the second-largest merger after AOL and Time Warner, with a transaction value of $67 billion.

After the successful M&A completion, the new company was named Dell Technologies. It has become a $74 billion leader owning an expansive tech portfolio with a software-defined data center, hybrid cloud, converged infrastructure, and cybersecurity. In addition, the corporation is the sales leader in storage systems and climbed to second in the server market.

2. Heinz – Kraft Foods Group

The $100 billion merger between Heinz and the Kraft Foods Group created a new entity, The Kraft Heinz Company.

Despite the immense expectations of shareholders, such as cost reduction, colossal revenue, and global influence, it became apparent in 2019 that Kraft Heinz lacked the potential to live up to expectations.

According to analysts, the company should have adapted to changing consumer preferences and not focused on reducing costs, slowing down the corporation’s development. Alternatively, Kraft Heinz Company could improve its business by acquiring healthy alternatives to everyday snacks like B&G Foods and Amplify.

3. AB InBev – SABMiller

AB InBev acquired SABMiller for more than $100 billion to rank as the largest takeover of a London-listed company and created the world’s biggest brewing company. In addition to market recognition, the new company has received many awards, including the Grand Prize at the American Lawyer Awards as a global M&A deal of the year.

The deal to merge the world’s top brewing corporations faced antitrust challenges. Thus, applications for the transaction had to be filed in about 30 jurisdictions. Most of them required legal protection to deal with antitrust regulators’ concerns about public interest and antitrust implications.

Biggest mergers and acquisitions 2016 

In 2016, the global M&A activity significantly declined compared to the previous record-breaking year, registering about 17, 369 deals worth $3.2 trillion. However, M&A activity still reached its third-highest deal value since 2007. Among the largest mergers and acquisitions announced in 2016 were the following:

• Microsoft and LinkedIn, $26.2 billion
• AT&T and Time Warner, $85 billion
• Abbott Laboratories and St. Jude Medical, Inc., $25 billion

Let’s review them in more detail.

1. Microsoft – LinkedIn

At the time of the deal announcement, it was the biggest acquisition of Microsoft (later, it was beaten by the deal with Activision Blizzard). 

Though the deal was a surprise for many industry experts, there was a clear Microsoft intention behind this transaction. LinkedIn is a social network with about 433 million members and 2 million paid subscribers. By acquiring LinkedIn, it gets access to all those 422 million users, which allows for further many opportunities. 

As a result of the deal, Reid Hoffman, the LinkedIn founder, became a member of the Microsoft board, and LinkedIn’s revenue increased by 28% to $6.8 billion. Additionally, the number of LinkedIn members has also grown to more than 645 million users.

2. AT&T – Time Warner

As a result of the $85 billion merger, Time Warner merged with AT&T combining its content with the world’s most efficient telecommunications network. However, this deal is also known for the Ministry of Justice filing an appeal in court, subsequently denied, challenging its approval. Thus, President Trump expressed his fears, believing the combined company could threaten the consumer by controlling market prices.

Although the parties trudged through a lengthy court battle, finally leading to a successful merger, AT&T spun off its assets three years later. AT&T found it better to team up with Discovery to better align with people’s viewing habits. Consumers were switching from pay TV to online streaming.

3. Abbott Laboratories – St. Jude Medical, Inc. 

Abbott Laboratories, an American multinational medical devices and healthcare company, announced its intention to acquire St. Jude Medical, another medical devices company, in late April. The deal was valued at $25 billion.

The main reason behind this merger and acquisition deal was to create a premiere medical device business and advance Abbott’s competitive and strategic position on the market. St. Jude’s expertise in cardiac procedure equipment was of special interest for Abbott.

Biggest mergers and acquisitions 2017

The global M&A activity in 2017 remained robust: about 19, 510 deals with a combined value of $2.93 trillion. Among the most prominent companies announced acquisitions were the following:

• Shenhua Group and China Guodian Corporation, $278 billion
• Linde AG and Praxair, $80 billion
• United Technologies and Rockwell Collins,  $30 billion

Now, let’s shortly review each deal.

1. Shenhua Group – China Guodian Corporation

This deal is one of the most successful mergers in China. Shenhua Group, renowned as China’s leading coal provider, joined forces with China Guodian Corporation, one of the nation’s top five electricity producers. 

Following approvals from the government and investors, this integration marked the inception of a unified entity anticipated to become the world’s largest power company in terms of capacity. The deal concluded with a remarkable $278 billion in combined assets.

2. Linde AG – Praxair 

Linde AG, a German chemical company with expertise in atmospheric gases production and distribution, merged with Praxair, a major American global industrial gas firm. 

The primary motivation behind the proposed merger was to address competition issues in Canada’s market. By combining forces, the successful merger of Linde AG and Praxair aimed to reduce competition within the supply chain. As a result, a newly formed entity, Linde plc, emerged from this merger, representing a significant “merger of equals” and standing as one of the most substantial M&A deals to date, with a total value of approximately $80 billion.

3. United Technologies – Rockwell Collins

The merger between United Technologies and Rockwell Collins has unquestionably become a prominent subject for discussion. Having obtained all necessary regulatory approvals for the acquisition of Rockwell Collins, United Technologies (UTC) achieved one of the most significant company mergers in the aerospace manufacturing sector. 

This successful integration enabled the newly formed entity to expand its customer market and experience an increase in cash flows, contributing to the booming growth of the aerospace industry.

Biggest mergers and acquisitions 2018

During 2018, the global M&A activity reached the highest levels since the record-breaking 2015 as the global deal value reached $3.35 trillion. Among the most prominent merging companies were the following:

• Takeda Pharmaceutical and Shire plc, $62 billion
• Walt Disney and Twenty-First Century Fox, $71.3 billion
• Meredith Corporation and Time, $2.8 billion

Below are some details about each deal.

1. Takeda Pharmaceutical – Shire plc 

Takeda Pharmaceutical, headquartered in Japan, stands as the largest pharmaceutical company in Asia. On the other hand, Shire plc, a prominent biopharmaceutical company based in the United States, held a significant market presence in the U.S. 

The extensive eight-month acquisition process between Takeda Pharmaceutical and Shire plc facilitated Takeda’s expansion of its geographic influence, resulting in a substantial boost to its revenue and cash flows. This merger is historically noteworthy, as it represents Japan’s largest merger with a foreign company. 

2. Walt Disney – Twenty-First Century Fox

The $71.3 billion deal was an opportunity for Disney to become an even bigger giant in the entertainment industry and gain a stronger position to compete with Netflix.

In addition to Fox characters, such as the X-Men and The Fantastic Four, Disney acquired Fox television networks, National Geographic Partners, and FX Networks.

With the deal completed, Disney brought the new Fox acquisitions into the Disney family, moving The Simpsons to the Disney+ streaming service.

3. Meredith Corporation – Time

The $2.8 billion merger between the mass media corporation Meredith and publishing powerhouse Time had several goals. They included increasing readership, expanding Meredith’s reach to include millennials, and increasing the number of monthly unique visitors to the site.

This acquisition created a very good ground for Meredith to become the nation’s top magazine publisher.

Biggest mergers and acquisitions 2019

Although overall M&A activity started strong, the situation worsened over the course of the year. Nevertheless, with decreasing valuations and political uncertainty, dealers managed to cope with increased volatility. The global M&A deal value was estimated at about $3.9 trillion.

The largest M&A deals included:

• United Technologies and Raytheon, $121 billion
• Salesforce and Tableau Software, $15 billion
• Bristol Myers Squibb and Celgene,  $74 billion

Let’s shortly review those deals.

1. United Technologies – Raytheon 

United Technologies Corporation and Raytheon Company, on an all-stock merger of equals, created a corporation worth $121 billion.

This deal was considered one of the largest mergers in the aviation industry due to a complementary portfolio of aerospace and defense technologies.

2. Salesforce – Tableau Software

When Salesforce failed to acquire LinkedIn, it continued to expand products and services beyond its CRM solutions.

Therefore, Salesforce acquired Tableau, which specializes in data visualization and has several large clients from the Fortune 500. The cost of the transaction was $15 billion.

3. Bristol Myers Squibb – Celgene

The $74 billion merger of these two companies built a giant pharmaceutical company. Thus, the new corporation has found efficient ways to address the needs of patients suffering from cardiovascular, immunological, inflammatory, and oncological diseases. 

Under the deal, Bristol Myers Squibb shareholders received a 69% stake, while the target company’s shareholders were expected to own the rest.

Biggest mergers and acquisitions 2020

The ongoing trade war between the United States and China because of COVID-19 caused uncertainty in the global economy. Consequently, M&A activity has been gradually declining. According to Ernst & Young, global M&A value was estimated at $2.2 trillion.

However, despite these difficulties, some significant deals still took place. These are the largest of them: 

• AMD and Xilinx, $49 billion
• Analog Devices and Maxim Integrated, $21 billion
• Teladoc and Livongo, $18.5 billion

Discover more details about these deals below.

1. AMD – Xilinx

When AMD announced its $49 billion acquisition of Xilinx, M&A activity in the semiconductor market was on the rise. 

Xilinx, specializing in programmable processors, helped AMD compete with Intel. Another benefit is that the parties combined their forces of world-class engineers and knowledge.

2. Analog Devices – Maxim Integrated

Analog Devices closed a $21 billion deal with Maxim Integrated to expand offerings to the automotive and industrial markets.

The deal created a new competitor for Texas Instruments, with a customer base of 125,000 and about 50,000 products. In addition, another $9 billion in annual revenue expanded the company’s presence in factories and strengthened its position in the automotive sector. 

3. Teladoc – Livongo

The merger of two big virtual care organizations cost Teladoc $18.5 billion in cash and stock to improve the consumer healthcare industry worldwide.

One of the strategic goals of the combined company was to create a comprehensive platform for virtual medical care. So, this unit combines data-driven experience and clinical expertise with innovative technologies.

Biggest mergers and acquisitions 2021

M&A activity in 2021 surpassed pre-COVID levels, reaching nearly 2015 peaks. Thus, easy access to capital and the recovery of the global economy set the stage for transactions totaling $5.1 trillion, the highest since 2015. 

Among the biggest deals were the following:

• Canadian Pacific Railway and Kansas City Southern, $31 billion
• Shaw and Rogers, $26 billion
• Deutsche Wohnen and Vonovia, $22 billion

1. Canadian Pacific Railway – Kansas City Southern

While this merger deal was made public in 2021 when Canadian Pacific Railway announced its acquisition of Kansas City Southern, it was only finalized in 2023. 

Shareholders of both parties have approved the $31 billion merger, and the deal was expected to be approved by the Surface Transportation Board. As stated by CPR and Kansas City Southern, the merged company will create the first direct railway network between Canada and Mexico.

2. Shaw – Rogers

The $26 billion merger between Rogers Communications and Shaw Communications was only closed in April 2023.

The deal reduces the number of operators in Canada from four to three, raising the Canadian Competition Bureau’s concerns about damage to competition.

To settle the issue, Rogers announced plans to sell its Freedom Mobile to Quebecor, which would alleviate concerns about operator competition in the country. Although this did not resolve the issue, all parties look forward to the project’s successful completion.

3. Deutsche Wohnen – Vonovia

Vonovia, Europe’s leading residential real estate group, acquired German rival Deutsche Wohnen for $22 billion.

According to the chief executive of Vonovia, Deutsche Wohnen greatly supports projects for improving the energy efficiency of apartments and adapting them for the elderly.

Biggest mergers and acquisitions 2022

The year started slower for M&As compared to 2021. Due to geopolitical instability, supply chain problems, and soaring inflation, uncertainty in the M&A environment increased. The global deal value was estimated at $3.8 trillion, which is a significant fall compared to 2021. However, activity has remained relatively high. What’s more, North and South America are the most active dealers. 

The largest deals include:

• Microsoft and Activision Blizzard, $68.7 billion
• Broadcom and VMware, $61 billion
• Oracle and Cerner, $28 billion

Read about each deal’s details below.

1. Microsoft – Activision Blizzard

Early in 2022, the news of Microsoft’s intentions to acquire Activision Blizzard in a $68.7 billion cash deal went public.

The deal is said to accelerate the growth of Microsoft’s gaming business across PCs, consoles, mobile devices, and the cloud. Moreover, if the merger is successful, Microsoft will become the third-largest corporation in the world after Tencent and Sony in terms of revenue.

2. Broadcom – VMWare

In November, shareholders of VMware, the target company, voted in favor of being acquired by Broadcom.

The transaction is expected to close in Broadcom’s fiscal 2023. This deal will provide customers with more choices and flexibility to create, deploy, modernize, and protect applications.

3. Oracle – Cerner

The software maker Oracle acquired the healthcare IT company Cerner in a $28 billion deal. The 69.2% stake owned by Cerner was tendered to Oracle.

As Oracle management said, Cerner is their anchor asset for their expansion in the healthcare industry. In addition, this acquisition can help the acquirer expand its cloud business into the health system market.

Also, Oracle’s CTO hopes this alliance will become a powerful supplier of next-generation healthcare information systems to healthcare professionals. 

Top 5 biggest mergers and acquisitions in history

While some of the biggest mergers and acquisitions of all time above have had varying success, the ones that we are going to list next have become the real game-changers in the business world. 

According to Statista, the top mergers include deals between Vodafone and Mannesman, Gaz de France and Suez, AOL and Time Warner, Dow Chemical and DuPont, and Verizon and Vodafone.

Source: Statista

At the same time, our list of largest mergers and acquisitions has a few corrections. 

1. Vodafone – Mannesmann, about $190 billion

The most sizable merger ever was also one of the most hostile: Mannesmann, a German telecom operator, fended off Vodafone’s advances for three months before finally succumbing to a $198 billion takeover in February 2000. The combined company had a worth of $342 billion, and the deal was only given the green light by European Union regulators when Vodafone pledged to sell off their sub-brand Orange to France Telecom.

The initial signs were promising for Vodafone — March 2000 saw its share price hit an all-time high — but the initial price bounce didn’t last long. Even so, Vodafone has effectively consolidated their share of the European market. As a result of the deal, Vodafone became the world’s largest mobile operator.

2. AOL – Time Warner, $180 billion

Ask any finance professional for an example of a terrible deal, and they’re likely to cite AOL’s $180 billion purchase of Time Warner as one of the most misguided M&A ventures ever. The deal was announced in 2000 and expected to become one of the most successful ones. However, it turned out to be one of the worst ones. Find out why in our post.

3. Verizon Communications – Verizon Wireless, $130 billion

When Verizon Communications bought Vodafone’s 45% stake in Verizon Wireless in 2013 for a weighty $130 billion, it was the culmination of a ten-year chase to gain full control of the cell-phone carrier.

What’s more, it was fairly profitable for both sides. Verizon acquired an asset with no integration costs, and Vodafone gained a sizable $40 billion of capital to service its debt and reinvest into its operations in an increasingly competitive European market.

4. Dow – DuPont, $130 billion

In the last months of 2015, two U.S. chemical giants agreed to embark on an unprecedented project in financial engineering. First, Dow Chemical and DuPont would merge, forming a company worth $130 billion, and then that corporate giant would subsequently split into three, with separate entities for agriculture, materials, and specialty projects.

The companies actually created a whole website devoted to explaining all this maneuvering to their shareholders. The Dow and DuPont merger hasn’t gone through yet, and German rival BASF is even the worst ever mergers & acquisitions — so watch this space.

5. Pfizer – Warner-Lambert, $90 billion

In 2000, Pfizer acquired Warner-Lambert, which created the second-largest drug company in the world. 

By many experts, this acquisition is considered “one of the most hostile in history”. This is because Warner-Lambert was originally to be acquired by American Home Products, a consumer goods company. 
The main reason for the acquisitions was the ownership of top-selling cholesterol medication Lipitor. Pfizer had commercial rights for this drug, but it also was splitting profits on it with Warner-Lambert. In 1999, Warner-Lambert even sued Pfizer to end their licensing pact. By purchasing Warner-Lambert, Pfizer removed any risks for lawsuits. It also allowed them to gain access to Lipitor’s profits that were skyrocketing.

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