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M&A News: Global M&A Deals Week of October 13 to 19, 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.
During the week of October 13 to October 19, the global mergers and acquisitions (M&A) market recorded 576 announced deals with a total combined value of USD 106.02 billion. Of these, 23 transactions were valued above USD 500 million, contributing a total of USD 99.42 billion—approximately 94% of the week’s total deal value.
Leading the week’s activity was the planned acquisition of Aligned Data Centers by a consortium led by BlackRock’s Global Infrastructure Partners (GIP) in a transaction valued at USD 40 billion. The investment group includes AI Infrastructure Partners (AIP) and MGX. Aligned Data Centers is a major provider of sustainable and adaptive digital infrastructure designed to support complex cloud computing and AI workloads. The deal underscores the growing strategic importance of AI-ready data centers as critical infrastructure for the expanding global digital economy. This partnership aims to mobilize private capital and expertise to accelerate AI innovation, enhance compute capacity at scale, and foster global economic productivity.
On a week-over-week basis, the number of announced deals declined by 10%, falling from 641 to 576. However, aggregate deal value increased by 78%, rising from USD 59.48 billion in the previous week to USD 106.02 billion, reflecting a surge in large-cap transactions.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of October 13 to 19, 2025 in detail:
Deal No. 1: Global Infrastructure Management, LLC; Microsoft Corporation; NVIDIA Corporation; MGX Fund Management Limited to Acquire Aligned Data Centers, LLC for USD 40.00 Billion
Deal No. 2: Orange S.A.; Bouygues SA; FREE SAS to Acquire Large part of the telecommunications activities of the Altice group in France for USD 19.72 Billion
Deal No. 3: Allwyn International AG to Acquire Organization of Football Prognostics S.A. for USD 10.37 Billion
Deal No. 4: Rayonier Inc. to Acquire PotlatchDeltic Corporation for USD 4.44 Billion
Deal No. 5: Brookfield Corporation; Brookfield Asset Management Ltd. to Acquire Oaktree Capital Management, L.P. for USD 3.00 Billion
Deal No. 1:
Global Infrastructure Management, LLC; Microsoft Corporation; NVIDIA Corporation; MGX Fund Management Limited to Acquire Aligned Data Centers, LLC for USD 40.00 Billion
A consortium led by BlackRock’s Global Infrastructure Partners (GIP) has announced plans to acquire Aligned Data Centers in a transaction valued at USD 40 billion, representing one of the largest-ever deals in the data center sector.
The investor group includes Abu Dhabi’s MGX and AIP, a partnership established by BlackRock, GIP, Microsoft, and NVIDIA to accelerate investment in next-generation AI infrastructure. The acquisition represents AIP’s first investment and a key milestone toward its goal of mobilizing and deploying USD 30 billion in equity capital.
Aligned Data Centers provides scalable, sustainable infrastructure solutions for hyperscale and enterprise clients. The company designs, builds, and operates high-capacity facilities offering colocation, build-to-scale, and adaptive infrastructure services. Its portfolio spans 50 campuses with more than 5 gigawatts of operational and planned capacity, including projects under development across major Tier I digital gateway regions in the U.S. and Latin America. Aligned has earned a strong reputation for meeting the complex and evolving requirements of hyperscalers through flexible, energy-efficient, and innovative infrastructure solutions.
The consortium combines significant expertise across AI and digital infrastructure. AIP contributes its strategic investment platform and large-scale capital formation capabilities; MGX brings global focus on AI and advanced technology investments; while GIP adds extensive experience in owning and managing complex infrastructure assets worldwide. Supported by this consortium, Aligned is expected to accelerate its expansion, enhance innovation, and deliver next-generation AI-ready data center solutions.
The transaction highlights the growing strategic importance of scalable, energy-efficient data centers in enabling the global AI and cloud ecosystem. Completion of the acquisition is expected in the first half of 2026.
Deal No. 2:
Orange S.A.; Bouygues SA; FREE SAS to Acquire Large part of the telecommunications activities of the Altice group in France for USD 19.72 Billion
French telecom operators Orange, Bouygues Telecom, and Free-iliad Group have jointly submitted a non-binding offer to acquire a significant portion of Altice Group’s telecommunications operations in France for approximately USD 19.72 billion. The proposed acquisition would consolidate control over key network infrastructure and reshape the country’s telecom landscape.
The offer covers most of Altice-owned operator SFR’s assets, excluding its stakes in Intelcia, UltraEdge, XP Fibre, and Altice Technical Services, as well as Altice’s activities in France’s overseas territories. SFR, France’s second-largest telecom operator with around 26 million customers, would be divided among the bidders. Under the proposed structure, Bouygues Telecom and Free-iliad Group would primarily assume SFR’s B2B business, while its B2C segment would be shared among Bouygues Telecom, Free-iliad Group, and Orange. Other assets and infrastructure, including network frequencies, would also be distributed among the three operators, except for SFR’s rural mobile network, which would go to Bouygues Telecom.
The indicative breakdown of the transaction’s value is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange. The consortium believes the deal would strengthen investment capacity in ultra-fast networks, cybersecurity, and emerging technologies such as AI, while maintaining a competitive environment for French consumers.
The transaction remains subject to Altice’s acceptance, as well as detailed financial and operational due diligence. It will also require regulatory approval before completion.
Deal No. 3:
Allwyn International AG to Acquire Organization of Football Prognostics S.A. for USD 10.37 Billion
Gaming and entertainment group Allwyn International is acquiring Greek state-backed betting operator OPAP in an all-share transaction valued at approximately USD 10.37 billion, marking one of the largest deals in the global gaming industry. The merger will create the second-largest publicly listed lottery and gaming company worldwide.
OPAP, headquartered in Athens, is Greece and Cyprus’s dominant gaming operator and one of the most established in the global betting industry. The company holds exclusive rights to operate numerical lotteries and sports betting games in Greece, along with licenses for video lottery terminals (VLTs) and online gaming. It also maintains an extensive nationwide retail network and continues to invest in digital expansion to enhance customer engagement.
The merger combines OPAP’s strong market presence in Greece with Allwyn’s international portfolio, forming a group with diverse, high-growth operations across Europe, the United States, and other key markets. The deal also strengthens their longstanding partnership, which began in 2013, with Allwyn currently owning a 51.78% stake in OPAP.
Following completion, the merged company will operate under the Allwyn name and continue to trade on the Athens Stock Exchange, with potential additional listings in London or New York. Under the proposed structure, Allwyn will hold approximately 78.5% of the combined entity, while OPAP shareholders will own the remaining 21.5%.
The transaction is subject to shareholder approval, with completion expected between Q4 2025 and Q1 2026.
Deal No. 4:
Rayonier Inc. to Acquire PotlatchDeltic Corporation for USD 4.44 Billion
Rayonier Inc. and PotlatchDeltic Corporation have agreed to merge in an all-stock transaction valued at approximately USD 4.4 billion, creating a combined company with an enterprise value of USD 8.2 billion. The merger will form one of the largest timberland owners and lumber producers in North America, uniting two established timber REITs with complementary assets and operations.
PotlatchDeltic operates extensive timberlands across several U.S. states. The company manufactures lumber and other forest products for industrial and residential markets and also engages in real estate development and rural land sales. Its operations emphasize sustainable forest management and long-term resource stewardship.
Upon completion, the combined company will become the second-largest publicly traded timber and wood products enterprise in North America, well-positioned to benefit from an improving housing market and growing opportunities in higher-and-better-use (HBU) real estate and natural climate solutions. The combined company will manage approximately 4.2 million acres of timberlands across 11 states, with more than three-quarters located in the U.S. South, one of the country’s most productive timber regions.
The merged company will be headquartered in Atlanta, Georgia, while maintaining major regional offices in Spokane, Washington, and Wildlight, Florida. Following the completion of the transaction, Rayonier shareholders will own about 54% of the combined company, and PotlatchDeltic shareholders will hold approximately 46%.
The transaction is expected to close in the late first quarter or early second quarter of 2026, subject to shareholder and regulatory approvals. Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Rayonier, while BofA Securities, Inc. is acting as exclusive financial advisor to PotlatchDeltic.
Deal No. 5:
Brookfield Corporation; Brookfield Asset Management Ltd. to Acquire Oaktree Capital Management, L.P. for USD 3.00 Billion
Brookfield is acquiring the remaining 26% stake it does not already own in Oaktree Capital Management for approximately USD 3 billion. The transaction will give Brookfield full ownership of the U.S.-based asset manager, further expanding its presence in the global credit and alternative investment markets.
Oaktree is a leading global investment firm specializing in alternative assets, including credit strategies, private equity, real assets, and listed equities. Renowned for its expertise in credit investing, Oaktree will enhance Brookfield’s diversified credit platform and reinforce its position as one of the world’s most comprehensive alternative asset managers.
The deal also strengthens Brookfield’s footprint in the United States, which will become its largest and most significant market, with over USD 550 billion in assets under management across key sectors. Following completion, more than half of Brookfield’s workforce will be based in the United States, and the country will account for approximately 50% of total revenue. The acquisition deepens Brookfield’s long-term commitment to the U.S. economy, broadens its domestic shareholder base, and supports its inclusion in major U.S. market indices.
Of the USD 3 billion purchase price, BAM and Brookfield Corporation (BN) will contribute approximately USD 1.6 billion and USD 1.4 billion, respectively, reflecting their current ownership interests in Oaktree.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of October 13 to 19, 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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