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M&A News: Global M&A Deals Week of August 11 to 17, 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.
From August 11 to August 17, the global mergers and acquisitions market recorded 575 announced deals with a total value of USD 115.69 billion. Of these, 21 transactions exceeded USD 500 million, collectively accounting for USD 105.65 billion, or 91% of the week’s total.
The most notable development was Perplexity AI’s USD 34.5 billion offer to acquire Google’s Chrome browser, a move aimed at leveraging Chrome’s 3.5 billion–plus user base to accelerate growth in AI-driven search and strengthen its position against established technology competitors. The offer comes amid intensified U.S. antitrust scrutiny, with regulators recently asserting that Google maintains an unlawful monopoly in the search market.
Shortly after Perplexity’s announcement, Search.com submitted a USD 35 billion counteroffer backed by JPMorgan Chase and a consortium of private equity investors, highlighting Chrome’s strategic value as a gateway to global internet traffic and a key platform for emerging AI applications. The bidding war reflects a broader shift in the digital search and web browsing landscape, as new entrants seek to challenge incumbent players.
On a week-on-week basis, deal volume declined 17%, from 691 to 575 transactions. However, aggregate deal value rose sharply by 69%, increasing from USD 68.52 billion to USD 115.69 billion, underscoring the impact of large-cap transactions on overall market activity.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of August 11 to 17, 2025 in detail:
Deal No. 1: Perplexity AI, Inc. to Acquire Google Chrome Browser of Alphabet Inc for USD 34.50 Billion
Deal No. 2: Global Infrastructure Partners to Acquire Jafurah midstream assets of Saudi Arabian Oil Company for USD 11.00 Billion
Deal No. 3: A group led by Tom Dundon to Acquire Trail Blazers, Inc. for USD 4.25 Billion
Deal No. 4: Advent International, L.P. to Acquire Sapiens International Corporation N.V. for USD 2.50 Billion
Deal No. 5: Apollo Global Management, Inc. to Acquire Kelvion Holding GmbH for USD 2.30 Billion
Deal No. 1:
Perplexity AI, Inc. to Acquire Google Chrome Browser of Alphabet Inc for USD 34.50 Billion
AI startup Perplexity has put forward a USD 34.5 billion bid to acquire Google’s Chrome browser, a deal that would mark a defining moment in the technology sector.
Perplexity operates an AI-powered search engine that integrates live web data with large language models to generate direct, source-linked answers. Expanding its portfolio, the company recently introduced Comet, a browser enhanced with artificial intelligence to create a more interactive search experience.
The proposal follows the U.S. Department of Justice’s push for Google to divest Chrome after losing an antitrust case last year. While the likelihood of Google agreeing to sell remains slim, the move highlights how emerging players are challenging established tech giants to redefine the internet in the age of artificial intelligence.
If successful, acquiring Chrome would give Perplexity access to the browser’s massive user base of over three billion people, significantly strengthening its position against competitors like OpenAI.
AI startup Perplexity makes bold $34.5 billion bid for Google’s Chrome browser | Reuters
AI: Perplexity makes US$34.5 billion bid for Google Chrome
Perplexity offers to buy Google’s Chrome browser for $34.5 billion
AI search firm Perplexity makes $34.5 billion surprise bid for Google Chrome | CNN Business
Deal No. 2:
Global Infrastructure Partners to Acquire Jafurah midstream assets of Saudi Arabian Oil Company for USD 11.00 Billion
Aramco has entered into a USD 11 billion lease and leaseback agreement for its Jafurah midstream assets with a consortium led by Global Infrastructure Partners (GIP).
Jafurah, the Kingdom of Saudi Arabia’s largest non-associated gas development, holds an estimated 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. It forms a central pillar of Aramco’s strategy to expand gas production capacity by 60% between 2021 and 2030 to meet growing energy demand.
As part of the transaction, a newly established entity, Jafurah Midstream Gas Company (JMGC), will assume development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility. These assets will then be leased back to Aramco for a 20-year period. In return, JMGC will receive a tariff, granting Aramco exclusive rights to process and treat Jafurah’s raw gas.
The agreement is designed to optimize Aramco’s asset base while unlocking value from the Jafurah gas field. Aramco will retain a 51% majority interest in JMGC, with the remaining 49% held by investors led by GIP. The deal, which does not restrict Aramco’s production volumes, is expected to close in due course.
Deal No. 3:
A group led by Tom Dundon to Acquire Trail Blazers, Inc. for USD 4.25 Billion
The Portland Trail Blazers are set to be acquired by a consortium led by Tom Dundon, owner of the NHL’s Carolina Hurricanes, in a transaction valued at USD 4.25 billion.
Joining Dundon in the bid are Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, a Portland native and co-CEO of Collective Global. The group has emphasized that the franchise will remain in Portland, with no plans for relocation.
The transaction follows a wave of high-profile NBA ownership changes. Over the past two years, franchises including the Milwaukee Bucks, Phoenix Suns, and Dallas Mavericks have been sold, while 2025 saw record-breaking deals with the Los Angeles Lakers changing hands for USD 10 billion and the Boston Celtics for USD 6.1 billion.
With significant financial resources, proven leadership in sports management, and partners committed to the city, Dundon’s acquisition is expected to usher in a new chapter for the Trail Blazers.
A closing timeline has not been provided, with the transaction still awaiting approval by the NBA Board of Governors.
Blazers to be sold to Tom Dundon for reported $4 billion | FOX 13 Seattle
Carolina Hurricanes Owner Tom Dundon Agrees To Purchase Trail Blazers For $4 Billion – Yahoo Sports
NBA’s Trail Blazers reach deal to sell to NHL’s Hurricanes owner Tom Dundon – The Athletic
Blazers to be sold to Tom Dundon for reported $4 billion | FOX 13 Seattle
Deal No. 4:
Advent International, L.P. to Acquire Sapiens International Corporation N.V. for USD 2.50 Billion
Advent International has agreed to acquire Sapiens, a SaaS-based software provider for the insurance sector, in a transaction valued at USD 2.5 billion.
Sapiens, an Israel-based software provider, delivers SaaS solutions that power core insurance systems and digital platforms worldwide. Its offerings span property and casualty, life, and workers’ compensation, as well as reinsurance, regulatory compliance, analytics, digital engagement, and decision management. By integrating AI and advanced automation, Sapiens enables insurers to modernize operations, improve efficiency, and enhance customer experience. With a presence in more than 30 countries, the company serves insurers of all sizes, from regional carriers to global enterprises.
The acquisition represents a pivotal step in Sapiens’ growth strategy, providing the scale and backing needed to accelerate its innovation pipeline and strengthen its global footprint. By combining Sapiens’ advanced technology with Advent’s financial and operational expertise, the partnership aims to drive digital transformation across the insurance technology landscape, fostering new solutions and improved outcomes for customers.
Once completed, Sapiens will be taken private and delisted. The transaction is expected to close between Q4 2025 and Q1 2026. William Blair & Company L.L.C. is acting as financial advisor to Sapiens, while Citi is serving as financial advisor to Advent International.
Deal No. 5:
Apollo Global Management, Inc. to Acquire Kelvion Holding GmbH for USD 2.30 Billion
Apollo is acquiring a majority stake in Germany-based Kelvion from Triton in a transaction valued at USD 2.3 billion, with Triton retaining a minority interest.
Kelvion is a global manufacturer of industrial heat exchange solutions, producing plate, finned-tube, shell-and-tube, and modular cooling systems for industries such as power generation, oil and gas, chemicals, HVAC, refrigeration, and data centers. Since its acquisition by Triton in 2014, the company has expanded into high-tech and green-tech markets, with advanced cooling solutions for data centers emerging as its largest and fastest-growing segment. Kelvion also plays a key role in the energy transition, providing technologies for carbon capture, hydrogen, electrification, renewable energy, and heat pumps.
The partnership with Apollo is expected to build on Kelvion’s established strengths and accelerate growth across structural drivers such as cloud demand, decarbonization, and reindustrialization. Apollo brings extensive experience in climate and energy transition investments, having committed approximately USD 58 billion over the past five years into related companies and infrastructure projects.
The deal is anticipated to close between Q4 2025 and Q1 2026. UBS AG, J.P. Morgan Securities plc, and Barclays Bank PLC advised Apollo, while Triton was advised by Guggenheim Securities, LLC and Morgan Stanley & Co. International plc.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of August 11 to 17, 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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