- M&A News
M&A News: Global M&A Deals Week of September 29 to October 5, 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.
For the week of September 29 to October 5, the global mergers and acquisitions (M&A) landscape recorded 615 announced deals, totaling USD 96.58 billion in value. Fourteen of these deals exceeded USD 500 million each, totaling USD 87.27 billion and accounting for 90% of the week’s aggregate deal value.
The highlight deal of the week was the USD 55 billion acquisition of Electronic Arts by a consortium comprising Silver Lake Technology, the Public Investment Fund, and Affinity Partners. This deal represents the largest all-cash, sponsor-led take-private transaction in history. EA, a global leader in interactive entertainment anchored by its flagship sports franchises, continues to demonstrate accelerating revenue growth and strong, scalable free cash flow. The consortium brings deep industry expertise, substantial committed capital, and a global network across gaming, entertainment, and sports, positioning EA to seamlessly blend physical and digital experiences, elevate fan engagement, and capture new avenues for growth. This acquisition ranks as the second-largest in gaming history, trailing only Microsoft’s USD 69 billion purchase of Activision Blizzard, and underscores Saudi Arabia’s growing influence in the gaming sector.
Week-on-week data shows a marginal 1.4% decline in deal volume, from 624 to 615, while total deal value jumped 51%, rising from USD 63.80 billion to USD 96.58 billion, highlighting a dynamic and high-value M&A landscape.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of September 29 to October 5, 2025 in detail:
Deal No. 1: Silver Lake Technology Management, L.L.C.; Public Investment Fund; Affinity Partners Global to Acquire Electronic Arts Inc. for USD 55.00 Billion
Deal No. 2: Berkshire Hathaway Inc. to Acquire Occidental Chemical Corporation for USD 9.70 Billion
Deal No. 3: Genmab A/S to Acquire Merus N.V. for USD 8.00 Billion
Deal No. 4: Axcelis Technologies, Inc. to Acquire Veeco Instruments Inc. for USD 2.18 Billion
Deal No. 5: CVC Capital Partners plc to Acquire Bamboo Ide8 Insurance Services, LLC for USD 1.75 Billion
Deal No. 1:
Silver Lake Technology Management, L.L.C.; Public Investment Fund; Affinity Partners Global to Acquire Electronic Arts Inc. for USD 55.00 Billion
Electronic Arts (EA), among the largest video game publishers globally, is being acquired by a consortium of investors that includes the Public Investment Fund (PIF), Silver Lake, and Affinity Partners in a deal valued at USD 55 billion. The transaction is expected to strengthen EA’s ability to innovate and grow as it continues to advance the future of interactive entertainment.
EA has built a diverse portfolio of internationally recognized franchises, including The Sims, FIFA, Madden NFL, Battlefield, and Apex Legends. The company develops and publishes games for console, PC, and mobile platforms, focusing on immersive experiences and live service models that foster long-term player engagement. Its internal studios, such as EA Sports, EA Games, and Respawn Entertainment, have become key contributors to the global sports, simulation, and action gaming markets.
The consortium combines extensive experience in technology, entertainment, and digital investment, along with established networks across global markets. Their partnership offers EA new opportunities to bridge physical and digital experiences, expand fan interaction, and create fresh avenues for sustainable growth.
The deal will be financed through cash contributions from PIF, Silver Lake, and Affinity Partners, along with the rollover of PIF’s current equity in EA and USD 20 billion in debt financing fully committed by JPMorgan. Each investor intends to fund its share entirely from capital under its management.
The transaction is expected to close in the first quarter of fiscal year 2027 and will transition EA into a privately held company. Goldman Sachs & Co. LLC serves as financial advisor to EA, while J.P. Morgan Securities LLC acts as financial advisor to the investor consortium.
Deal No. 2:
Berkshire Hathaway Inc. to Acquire Occidental Chemical Corporation for USD 9.70 Billion
Multinational conglomerate Berkshire Hathaway is acquiring Occidental Petroleum’s petrochemical division, OxyChem, for USD 9.7 billion in cash, marking its largest acquisition since 2022.
OxyChem, formally known as Occidental Chemical Corporation, produces a wide range of basic and specialty chemicals used across various industries and consumer applications. Its products include chlorine, caustic soda, vinyl chloride monomer, and other key materials that serve as essential components in the production of plastics, pharmaceuticals, construction materials, and water treatment solutions.
For Occidental Petroleum, the sale strengthens its financial position and supports its ongoing debt reduction strategy. The company plans to allocate USD 6.5 billion of the proceeds toward debt repayment, advancing its goal of lowering principal debt below USD 15 billion—a target set following the December 2023 announcement of its CrownRock acquisition.
Berkshire Hathaway, which currently owns a 28.2% stake in Occidental, further deepens its strategic relationship with the company through this transaction.
The deal is expected to close in the fourth quarter of 2025, after which OxyChem will operate as a subsidiary of Berkshire Hathaway. Barclays is acting as financial advisor to Occidental Petroleum.
Deal No. 3:
Genmab A/S to Acquire Merus N.V. for USD 8.00 Billion
Denmark-based Genmab announced its plan to acquire Dutch biotechnology company Merus N.V. in a USD 8 billion deal that will strengthen its oncology pipeline and expand its portfolio of antibody-based cancer therapies.
Merus is a clinical-stage biotechnology company focused on developing multispecific antibody therapies for cancer. Through its proprietary Biclonics® platform, it designs full-length antibodies capable of targeting multiple tumor-related antigens, with the goal of improving treatment effectiveness and patient outcomes. Its leading drug candidate, petosemtamab, is in Phase 3 trials for head and neck cancer, while another program, zenocutuzumab, targets cancers driven by NRG1 gene fusions.
The acquisition supports Genmab’s strategic shift toward a fully owned operating model, enhancing its revenue diversity and long-term growth potential. Incorporating petosemtamab into Genmab’s late-stage portfolio aligns closely with its expertise in antibody innovation, development, and commercialization, reinforcing its position in the global oncology market.
Genmab expects the potential launch of petosemtamab in 2027, subject to clinical results and regulatory clearance, and plans to extend its use into earlier treatment settings. The company anticipates the therapy will begin contributing to EBITDA after approval, generating at least USD 1 billion in annual sales by 2029, with significant revenue growth potential beyond that period.
The transaction is expected to close in the first quarter of 2026. PJT Partners and Morgan Stanley & Co. International plc are serving as joint financial advisors to Genmab, while Jefferies LLC is acting as financial advisor to Merus.
Deal No. 4:
Axcelis Technologies, Inc. to Acquire Veeco Instruments Inc. for USD 2.18 Billion
Axcelis Technologies is set to acquire Veeco Instruments in an all-stock transaction valued at USD 2.18 billion, creating a new force in the semiconductor production equipment industry. The combined entity is projected to have an enterprise value of approximately USD 4.4 billion.
Veeco Instruments designs and manufactures advanced process equipment for the semiconductor, microelectronics, and data storage industries. Its product portfolio includes systems for thin-film deposition, ion beam etching, and the production of LEDs and compound semiconductors. Veeco’s technologies enable manufacturers to improve device performance, increase production yields, and enhance operational efficiency, serving global markets across computing, communications, and advanced lighting.
The merger leverages the complementary capabilities of Axcelis and Veeco, strengthening their ability to address key customer challenges, accelerate R&D, tackle material constraints, and support next-generation chip production, while generating long-term value for stakeholders.
Upon completion, the combined company will be headquartered in Beverly, Massachusetts, and will adopt a new name, ticker symbol, and brand identity.
The transaction is expected to close in the second half of 2026. J.P. Morgan Securities LLC serves as exclusive financial advisor to Axcelis, and UBS Investment Bank serves as exclusive financial advisor to Veeco.
Deal No. 5:
CVC Capital Partners plc to Acquire Bamboo Ide8 Insurance Services, LLC for USD 1.75 Billion
CVC Capital Partners has agreed to acquire a majority stake in Bamboo Ide8 Insurance Services for USD 1.75 billion from White Mountains Insurance Group, which will retain a 15% stake in the company post-closing.
Bamboo Insurance is a managing general agent (MGA) specializing in property and casualty coverage, including homeowners, renters, and auto insurance, primarily in California and Texas. The company partners with fronting carriers to underwrite and manage policies, offering protection in high-risk areas such as wildfire-prone regions. Bamboo operates two interconnected businesses: a retail agency providing ancillary products, such as flood and earthquake insurance, on behalf of third parties, and a captive reinsurer that shares underwriting risk in its MGA programs, aligning interests with reinsurance partners.
Bamboo’s growth trajectory, recurring revenue streams, and strategic value to its partners make it an attractive addition to CVC’s U.S. portfolio.
The transaction is expected to close by the end of the fourth quarter of 2025. Evercore Group L.L.C. served as lead financial advisor to White Mountains and Bamboo, while Latham & Watkins LLP acted as legal advisor to CVC.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of September 29 to October 5, 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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