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M&A News: Global M&A Deals Week of July 28 to August 3, 2025
- IMAA
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The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
The global mergers and acquisitions (M&A) market remained highly active during the week of July 28 to August 3, with 691 announced transactions amounting to a total deal value of USD 184.82 billion. Among these, 29 deals each surpassed the USD 500 million mark, collectively accounting for 94% of the total weekly deal value, reflecting a strong concentration in large-scale transactions.
The most significant deal of the week was Union Pacific’s USD 85 billion acquisition of Norfolk Southern Corporation. The transaction is set to create the first transcontinental railroad in the United States, fundamentally reshaping the freight rail sector. The combined company is expected to have an enterprise value of USD 250 billion and generate approximately USD 2.75 billion in annual synergies. This strategic move will integrate over 50,000 miles of rail across 43 states and strengthen connections to key ports on both coasts, enhancing supply chain efficiency while supporting job preservation and economic growth.
Another major transaction was Palo Alto Networks’ USD 25 billion acquisition of CyberArk Software, aimed at strengthening its position in the identity security space. As digital infrastructure becomes increasingly reliant on artificial intelligence and machine identities, the integration of CyberArk’s capabilities in Privileged Access Management and identity protection will enable Palo Alto to deliver more comprehensive security solutions across both human and non-human access points.
Compared to the previous week, M&A activity rose by 6%, with the number of deals increasing from 649 to 691. More notably, the total deal value surged by 299% from USD 46.37 billion to USD 184.82 billion, driven by the scale of the week’s high-value deals.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of July 28 to August 3, 2025 in detail:
Deal No. 1: Union Pacific Corporation to Acquire Norfolk Southern Corporation for USD 85.00 Billion
Deal No. 2: Palo Alto Networks, Inc. to Acquire CyberArk Software Ltd. for USD 25.00 Billion
Deal No. 3: Baker Hughes Company to Acquire Chart Industries, Inc. for USD 13.60 Billion
Deal No. 4: Schneider Electric S.E. to Acquire Schneider Electric India Pvt. Ltd. for USD 6.40 Billion
Deal No. 5: Tata Motors Limited to Acquire Iveco Group N.V. for USD 4.39 Billion
Deal No. 1:
Union Pacific Corporation to Acquire Norfolk Southern Corporation for USD 85.00 Billion
Major railroad company Union Pacific has entered into a definitive agreement to acquire Norfolk Southern Corporation in a landmark cash-and-stock transaction valued at USD 85 billion. The merger will form what is being called America’s First Transcontinental Railroad, combining two of the country’s most significant freight rail networks.
Norfolk Southern, through its main operating arm, Norfolk Southern Railway, manages an extensive network spanning roughly 19,500 route miles across 22 states in the eastern U.S. and Washington, D.C. The company plays a critical role in the country’s freight infrastructure, moving a wide variety of goods such as raw materials, intermodal cargo, automobiles, coal, and industrial commodities. It also maintains strong ties to key East Coast ports and operates in close coordination with other major Class I railroads.
The combined entity is expected to have an enterprise value of over USD 250 billion and will span more than 50,000 route miles across 43 states. It will link approximately 100 ports from the East Coast to the West Coast, significantly enhancing national supply chain connectivity. The merger is anticipated to eliminate interchange bottlenecks, open new direct routes, boost intermodal capabilities, and shorten transit times across high-demand corridors. By offering more efficient rail alternatives to trucking, the combined network could also help reduce highway congestion and lower infrastructure maintenance costs.
The transaction is expected to close by early 2027. Union Pacific is being advised by Morgan Stanley & Co. LLC and Wells Fargo, while Norfolk Southern is receiving financial advice exclusively from BofA Securities.
Deal No. 2:
Palo Alto Networks, Inc. to Acquire CyberArk Software Ltd. for USD 25.00 Billion
Palo Alto Networks is set to acquire Israeli cybersecurity firm CyberArk Software in a transaction valued at USD 25 billion, marking a significant strategic move into the identity security space. The deal underscores Palo Alto’s ambition to broaden its cybersecurity platform and strengthen its position in identity and access protection.
According to the terms of the agreement, CyberArk shareholders will receive USD 45.00 in cash and 2.2005 shares of Palo Alto Networks common stock for each share they hold.
CyberArk is a globally recognized cybersecurity company specializing in identity security and privileged access management. Its technology is designed to safeguard credentials, secrets, and privileged accounts across both cloud and on-premises environments. CyberArk’s solutions help enterprises defend against threats targeting both human and machine identities, ensuring secure access to critical systems and sensitive information.
Through this acquisition, Palo Alto Networks plans to integrate CyberArk’s identity-focused solutions into its AI-driven security platform. The move is expected to accelerate Palo Alto’s long-term strategy of delivering comprehensive, unified protection across users, devices, and automated systems. By bridging gaps in identity management, the combined offering aims to simplify operations and deliver a more holistic defense against emerging cyber threats.
The transaction is slated to close in the second half of Palo Alto Networks’ fiscal year 2026. J.P. Morgan Securities LLC is serving as financial advisor to Palo Alto Networks, while Qatalyst Partners is advising CyberArk.
Deal No. 3:
Baker Hughes Company to Acquire Chart Industries, Inc. for USD 13.60 Billion
Global energy technology company Baker Hughes is advancing its energy and industrial technology strategy through the acquisition of Chart Industries, a prominent U.S.-based manufacturer of highly engineered equipment serving the clean energy and industrial gas sectors. The all-cash transaction is valued at USD 13.6 billion.
Chart Industries is a global provider of precision-engineered equipment designed for the production, storage, and transport of liquefied gases. Its solutions support a diverse range of sectors, including energy, industrial gases, aerospace, and healthcare. Widely recognized for its expertise in cryogenic technology, Chart plays a pivotal role in applications such as LNG, hydrogen, and carbon capture, aligning closely with the global shift toward cleaner energy. In 2024, Chart reported USD 4.2 billion in revenue and maintains a global footprint with 65 manufacturing facilities and more than 50 service centers.
This acquisition positions Baker Hughes to better address the growing global demand for lower-carbon, high-efficiency energy and industrial systems. It also expands the company’s footprint in high-growth sectors such as LNG, data infrastructure, and emerging energy technologies while enhancing its engineering and manufacturing capabilities.
Integrating Chart’s high-margin portfolio into Baker Hughes’ Industrial and Energy Technology segment is expected to improve earnings and support stronger overall profitability. The transaction is also anticipated to deliver meaningful value to shareholders of both companies.
The deal is expected to close by mid-2026, subject to regulatory approvals and other customary conditions. Baker Hughes is being advised by Goldman Sachs & Co. LLC, Centerview Partners LLC, and Morgan Stanley & Co. LLC, while Wells Fargo is acting as the financial advisor to Chart Industries.
Deal No. 4:
Schneider Electric S.E. to Acquire Schneider Electric India Pvt. Ltd. for USD 6.40 Billion
Schneider Electric intends to acquire the remaining 35% in its Indian subsidiary, Schneider Electric India Private Limited (SEIPL), from Temasek in a cash deal valued at USD 6.4 billion. This move will grant Schneider Electric full ownership of SEIPL and reflects its broader strategy to strengthen India’s role as a critical growth market and a central hub within its global network.
SEIPL has been operating in India for over six decades and is a major provider of energy management and industrial automation solutions. It operates 31 manufacturing facilities, including five smart factories, and employs more than 39,000 people across 500 cities. India is one of Schneider Electric’s four global hubs, playing a central role in innovation, research and development, manufacturing, and sustainability initiatives.
The company is also a market leader in smart metering and advanced metering infrastructure (AMI), offering digital solutions that enable real-time data transmission and automated billing. These solutions support a wide range of sectors, including utilities, buildings, industry, data centers, and homes. SEIPL’s focus on localized production, industrial automation, and clean energy closely aligns with India’s energy transition and digital infrastructure goals.
This acquisition marks a strategic move to streamline decision-making and strengthen Schneider Electric’s regional presence. Full ownership of SEIPL will enhance its ability to respond quickly to market opportunities in India and other emerging markets, while deepening its integration across R&D and supply chain platforms.
The transaction is subject to customary closing conditions, including approval from the Competition Commission of India, and is expected to be completed in the coming quarters.
Deal No. 5:
Tata Motors Limited to Acquire Iveco Group N.V. for USD 4.39 Billion
Tata Motors has agreed to acquire Italy’s Iveco Group for EUR 3.8 billion (USD 4.39 billion), marking its largest acquisition to date. This move follows Iveco Group’s decision to divest its defence business to Leonardo, allowing both companies to focus on their respective core areas. This acquisition highlights Tata Motors’ strategy to expand its presence in global commercial and industrial vehicle markets.
Iveco Group is a manufacturer of commercial vehicles, buses, and powertrain systems. It operates through several key brands, including IVECO for trucks, IVECO BUS for passenger transport, and FPT Industrial for engine and drivetrain technologies. With a presence in over 160 countries, the company is committed to advancing sustainable and innovative transportation solutions.
The combination of Tata Motors and Iveco Group brings together complementary product portfolios with limited overlap in operations or geography. The merged entity is expected to sell more than 540,000 units annually and generate around EUR 22 billion in revenue, with contributions from Europe (50%), India (35%), and the Americas (15%), as well as growing exposure to emerging markets in Asia and Africa.
Leveraging their collective supplier networks and technological strengths, the combined company aims to accelerate the rollout of advanced, sustainable mobility solutions. The transaction is expected to unlock significant growth opportunities and create long-term value for customers, partners, and shareholders.
The deal is expected to close in the second quarter of 2026, subject to regulatory approvals. Goldman Sachs is acting as financial advisor to Iveco Group, while Tata Motors is being advised exclusively by Morgan Stanley.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of July 28 to August 3, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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