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M&A News: Global M&A Deals Week of November 24 to 30, 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 November 24 to November 30, the global mergers and acquisitions market recorded 521 announced deals, totaling USD 46.68 billion. Thirteen of these deals exceeded USD 500 million, together representing USD 35.71 billion—or 76% of the week’s total value.
The week’s standout transaction was Naver’s USD 10.3 billion acquisition of Dunamu, establishing a leading fintech platform covering payments, cryptocurrency, and stock trading. Dunamu operates Upbit, South Korea’s largest cryptocurrency exchange. The deal will integrate Naver’s AI capabilities with Naver Pay and Dunamu’s blockchain expertise to develop next-generation financial infrastructure. This new platform aims to go beyond traditional payments, offering a broad array of financial services and digital solutions for everyday use. As the global tech landscape moves toward Web3, the merger positions Naver at the forefront of innovation and international growth. The transaction also comes as South Korea finalizes regulations for won-pegged stablecoins and strengthens cryptocurrency oversight, providing a supportive environment for Naver’s growth in digital finance.
Week-on-week comparisons reveal a slowdown in activity, with deal volume falling 17% from 624 to 521 and total deal value declining 45% from USD 84.54 billion to USD 46.68 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of November 24 to 30, 2025 in detail:
Deal No. 1: Naver Financial Corporation to Acquire Dunamu Inc. for USD 10.30 Billion
Deal No. 2: Macquarie Asset Management to Acquire Qube Holdings Limited for USD 7.50 Billion
Deal No. 3: Brookfield Asset Management; GIC to Acquire National Storage REIT for USD 2.60 Billion
Deal No. 4: Abu Dhabi National Energy Company PJSC; Dubal Holding LLC; to Acquire Power and water generation assets of EGAs in Al Taweelah for USD 1.90 Billion
Deal No. 5: Warburg Pincus LLC to Acquire Raptor Technologies, LLC for USD 1.80 Billion
Deal No. 1:
Naver Financial Corporation to Acquire Dunamu Inc. for USD 10.30 Billion
Naver Financial, the fintech arm of Naver, has agreed to acquire Korean crypto exchange operator Dunamu in a transaction valued at KRW 15.1 trillion (USD 10.3 billion). The acquisition will create a major fintech platform by combining Naver’s payment ecosystem and AI capabilities with Dunamu’s digital-asset expertise and blockchain infrastructure.
Dunamu operates Upbit, South Korea’s most active cryptocurrency exchange, and develops a wide range of blockchain services, including node operations, data-indexing tools, and enterprise-grade Web3 solutions. Dunamu also works with enterprises to design and operate blockchain-based platforms tailored for financial services, digital identity, and other technology-driven use cases.
Through the deal, Naver intends to integrate its AI technologies and Naver Pay services with Dunamu’s blockchain systems to strengthen its position in emerging financial and technology markets. Naver has outlined plans to invest KRW 10 trillion over the next five years to expand domestic AI and blockchain infrastructure, with the integration of Dunamu expected to play a role in that broader strategy.
The transaction is targeted for completion in June 2026.
Naver to Buy Top Korea Crypto Exchange in $10.3 Billion Deal – Bloomberg
Naver To Acquire Korean Crypto Exchange Giant Dunamu In $10 Billion Deal
Naver’s payment arm to acquire South Korean crypto exchange operator in $10 bln deal | Reuters
What challenges lie ahead after Naver’s acquisition of Dunamu? – The Korea Times
Deal No. 2:
Macquarie Asset Management to Acquire Qube Holdings Limited for USD 7.50 Billion
Macquarie has proposed to acquire Sydney-based logistics and infrastructure company Qube Holdings in a transaction valued at approximately USD 7.5 billion, marking one of the firm’s largest investments in Australian infrastructure to date.
Qube Holdings runs an extensive logistics network, providing services in freight transport, port operations, container handling, warehousing, and bulk cargo logistics. The company operates through multiple business divisions and holds stakes in critical terminal assets, enabling it to support supply-chain operations across Australia and select parts of the Asia-Pacific region. Its operations include import and export services across Australia, New Zealand, and Southeast Asia, positioning Qube as a significant contributor to regional trade and logistics infrastructure.
As part of the acquisition process, Qube’s board has entered into an exclusivity agreement with Macquarie, granting the firm a due diligence period until February 1, 2026. During this time, Macquarie will conduct a detailed review of Qube’s operations, financials, and strategic assets before finalizing the transaction.
The deal, once completed, is expected to reinforce Macquarie’s footprint in infrastructure and logistics, while providing Qube with additional resources to support long-term growth initiatives.
Deal No. 3:
Brookfield Asset Management; GIC to Acquire National Storage REIT for USD 2.60 Billion
Brookfield Asset Management, together with Singapore’s sovereign wealth fund GIC, has launched a proposal to acquire National Storage REIT, Australia’s largest self-storage operator, in a deal valued at around USD 2.6 billion. The move reflects growing interest from global investors in stable, income-generating real estate assets in the region.
National Storage REIT manages a network of over 270 storage centres across Australia and New Zealand, serving around 94,500 residential and business customers. Its services include personal and business storage units, climate-controlled wine storage, vehicle and trailer storage, as well as additional offerings such as packaging supplies, insurance, and vehicle hire.
The proposed transaction, if completed, would be among the largest take-private deals involving an Australian real estate company. The company has given the consortium until December 7 to conduct due diligence and submit a binding offer. Brookfield and GIC are being advised by Deutsche Bank and Jefferies throughout the process.
Deal No. 4:
Abu Dhabi National Energy Company PJSC; Dubal Holding LLC; to Acquire Power and water generation assets of EGAs in Al Taweelah for USD 1.90 Billion
UAE-based TAQA and Dubal Holding are forming a joint venture to acquire Emirates Global Aluminium’s Al Taweelah power and water generation assets in a transaction valued at USD 1.9 billion. The acquisition reinforces the partners’ commitment to supporting industrial growth while advancing the UAE’s clean energy goals.
The Al Taweelah complex in Abu Dhabi is a large-scale integrated facility that produces approximately 3.1 gigawatts of electricity, ranking among the largest power generation sites in the emirate. The plant also includes a desalination unit with a capacity of 23.6 million litres per day. Together, these utilities supply reliable electricity and water to EGA’s aluminium smelting operations and support the broader industrial and logistical infrastructure in the region.
As part of the agreement, TAQA Transmission will take control of EGA’s electricity network and expand the interconnection capacity from the main grid to EGA’s sites from 640 to 3,360 MVA. The upgrade, expected to be completed by 2027, will enable a higher flow of clean and renewable energy.
The joint venture has also signed a long-term power purchase agreement with Emirates Water and Electricity Company, under which EWEC will buy electricity from the Al Taweelah plant until 2049, ensuring a stable supply while supporting the integration of renewable energy into the grid.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to be finalized in the coming year.
Deal No. 5:
Warburg Pincus LLC to Acquire Raptor Technologies, LLC for USD 1.80 Billion
Warburg Pincus is acquiring a majority stake in Raptor Technologies from Thoma Bravo in a deal valued at USD 1.8 billion. JMI Equity, a long-standing investor in Raptor, will also reinvest alongside Warburg Pincus as part of the transaction.
Raptor Technologies, based in the United States, provides software solutions designed to enhance safety in K–12 schools. Its platform includes tools for visitor and volunteer management, emergency response, and compliance tracking, helping schools maintain secure and well-managed learning environments. The company’s solutions are currently used by around 60,000 schools in 55 countries.
Under Thoma Bravo’s ownership, Raptor expanded globally and solidified its position as a leading provider of school safety solutions. With the support of Warburg Pincus and JMI Equity, the company is well positioned to continue its growth and innovation in the sector.
The transaction is expected to be completed in January 2026.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of November 24 to 30, 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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