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M&A News: Global M&A Deals Week of December 22 to 28, 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 final full week of 2025, spanning December 22–28, the global mergers and acquisitions (M&A) market recorded 424 announced transactions with a combined deal value of USD 54.66 billion. Transactions valued above USD 500 million remained the primary value driver, with 22 such deals totaling USD 46.10 billion and accounting for roughly 84% of the week’s aggregate deal value.
On top of the list was ServiceNow’s USD 7.75 billion acquisition of Armis, aimed at expanding its cybersecurity offering into a unified exposure and operations platform spanning IT, operational technology, and connected medical devices. The deal reflects rising security priorities as AI adoption accelerates, with global information security spending expected to grow 12.5% in 2026 to about USD 240 billion, driven by increasingly complex threats. Against this backdrop, the acquisition strengthens ServiceNow’s security and risk portfolio while broadening its addressable market in an AI-driven security environment.
Week-on-week comparisons indicate a moderation in overall M&A activity. Deal volume declined by 50%, falling from 854 transactions in the previous week to 424, while aggregate deal value decreased by 33%, from USD 81.33 billion to USD 54.66 billion, reflecting a softer year-end pace following heightened activity earlier in the month.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of December 22 to 28, 2025 in detail:
Deal No. 1: ServiceNow, Inc. to Acquire Armis Inc. for USD 7.75 Billion
Deal No. 2: Cintas Corporation to Acquire UniFirst Corporation for USD 5.20 Billion
Deal No. 3: Alphabet Inc. to Acquire Intersect Power, LLC for USD 4.75 Billion
Deal No. 4: Harbour Energy plc to Acquire LLOG Exploration Company, L.L.C. for USD 3.20 Billion
Deal No. 5: Kohlberg Kravis Roberts & Co. L.P.; PAG Investment Management to Acquire Sapporo Real Estate Co., Ltd. for USD 3.06 Billion
Deal No. 1:
ServiceNow, Inc. to Acquire Armis Inc. for USD 7.75 Billion
Armis, a cybersecurity company specializing in cyber exposure management and cyber-physical security, is being acquired by ServiceNow in an all-cash transaction valued at USD 7.75 billion. The deal aligns with ServiceNow’s efforts to deepen its security capabilities and broaden its addressable market across enterprise risk, resilience, and operations.
Armis helps organizations to manage cyber risk across the full attack surface, including IT environments, operational technology (OT), medical devices, and connected assets. Its agentless platform provides continuous visibility, risk assessment, and threat detection across enterprise networks, helping companies, governments, and critical infrastructure operators identify vulnerabilities and secure IoT, medical, and cloud-based assets without installing software on devices.
Cybersecurity remains a top strategic priority for corporate leaders as AI adoption accelerates. Global end-user spending on information security is projected to increase by 12.5% in 2026 to approximately USD 240 billion, driven by a rising threat landscape and the expanding use of AI and generative AI technologies.
The combination of Armis and ServiceNow is expected to create an integrated, end-to-end security exposure and operations platform that delivers unified visibility, intelligence, and automated response across the entire technology estate. The acquisition is expected to significantly expand ServiceNow’s security and risk solutions opportunity while accelerating its transition toward more autonomous, proactive cybersecurity capabilities.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions. Tidal Partners is serving as lead financial advisor to ServiceNow, alongside J.P. Morgan Securities LLC and Barclays.
Deal No. 2:
Cintas Corporation to Acquire UniFirst Corporation for USD 5.20 Billion
Cintas has renewed its bid to acquire rival UniFirst Corporation, proposing a USD 5.2 billion all-cash transaction priced at USD 275 per share, matching the offer it made roughly nine months earlier. The renewed approach underscores Cintas’ continued interest in consolidating the uniform and facility services market and expanding its scale.
UniFirst provides workplace uniforms, protective apparel, and facility services through rental, cleaning, and managed programs across the United States, Canada, and parts of Europe. The company supplies uniforms, safety and protective garments, facility-related supplies, and first-aid and safety solutions, supporting customers across diverse industries with large, geographically distributed workforces.
If completed, the transaction would result in a combined platform serving well over one million business customers across the US and Canada. Cintas’ track record of steady organic growth, coupled with UniFirst’s operational footprint, is expected to enhance processing capacity and route density, supporting operational efficiencies and improved customer service.
The proposed transaction remains subject to the negotiation of a definitive agreement and customary closing conditions, including approval by UniFirst shareholders. Davis Polk & Wardwell LLP is serving as legal counsel to Cintas, while FGS Global is acting as its strategic communications advisor.
Deal No. 3:
Alphabet Inc. to Acquire Intersect Power, LLC for USD 4.75 Billion
Alphabet, the parent of Google, has agreed to acquire data center and energy infrastructure company Intersect Power LLC in an all-cash transaction valued at approximately USD 4.75 billion, including the assumption of debt. Google already holds a minority interest in Intersect from an earlier funding round.
Intersect Power develops, owns, and operates utility-scale renewable energy and energy storage assets across the United States, with a primary focus on solar generation and battery storage. The company supplies clean power and capacity to utilities, corporate customers, and data center operators, with a growing emphasis on meeting the energy demands of AI and cloud computing infrastructure through long-term power solutions.
The transaction includes Intersect’s management team and multiple gigawatts of energy and data center projects that are under construction or in advanced stages of development, many of which stem from its existing partnership with Google. Intersect is also expected to continue evaluating emerging technologies that can broaden and diversify energy supply while supporting Google’s expanding US data center footprint.
The acquisition underscores Alphabet’s strategy to secure long-term, reliable, and affordable energy in partnership with utilities and developers, supporting the expansion of data center capacity without transferring additional costs to grid customers.
Following completion, Intersect will continue to operate as a standalone business under its existing brand. Certain assets are excluded from the transaction, including operating projects in Texas and both operating and in-development assets in California.
Deal No. 4:
Harbour Energy plc to Acquire LLOG Exploration Company, L.L.C. for USD 3.20 Billion
Harbour Energy has announced the acquisition of LLOG Exploration Company, marking Harbour’s strategic entry into the US Gulf of Mexico. The transaction is valued at USD 3.2 billion, comprising USD 2.7 billion in cash and USD 0.5 billion in Harbour Energy shares.
LLOG is focused on the exploration, development, and production of oil and natural gas in the deepwater Gulf of Mexico, with particular strength in offshore asset development. Its portfolio includes a mix of producing fields and development-stage discoveries advanced through technical expertise and long-standing partnerships.
The acquired assets are concentrated in the deepwater US Gulf, including operated interests at Who Dat in Mississippi Canyon and Buckskin and Leon-Castile in Keathley Canyon. The portfolio currently produces approximately 34,000 barrels of oil equivalent per day (boepd), with Harbour expecting output to roughly double by 2028, supported by exposure to the Lower Tertiary Wilcox play.
The acquisition adds a high-quality, long-life asset base to Harbour’s portfolio, strengthening its production and cash flow growth profile. It establishes a meaningful presence in one of the world’s most established offshore basins, supported by mature infrastructure, a deep supplier ecosystem, and a stable regulatory environment. The transaction also creates a new core business unit for Harbour alongside its existing operations in Norway, the UK, Argentina, and Mexico.
Following completion, LLOG shareholders will own approximately 11% of Harbour’s voting ordinary shares, with existing Harbour shareholders retaining the remaining 89%. The transaction is expected to close in late Q1 2026. J.P. Morgan is acting as financial advisor to Harbour, while Guggenheim Securities, LLC is advising LLOG.
Deal No. 5:
Kohlberg Kravis Roberts & Co. L.P.; PAG Investment Management to Acquire Sapporo Real Estate Co., Ltd. for USD 3.06 Billion
Sapporo Group has agreed to divest its real estate subsidiary, Sapporo Real Estate Co., to a consortium led by KKR and PAG for approximately USD 3.06 billion. The sale supports Sapporo’s plan to streamline its business portfolio and concentrate resources on its alcoholic beverages segment, where it sees clear competitive strengths, with the objective of operating as a more capital-efficient company delivering high-quality beverage experiences globally.
Sapporo Real Estate manages and develops a diversified portfolio of commercial, office, hotel, and residential properties, primarily located in Ebisu, Tokyo, and Sapporo, Hokkaido. The company has played a central role within the Sapporo Group by overseeing real estate assets and pursuing long-term, stable property investment and development strategies.
The transaction will be executed in stages over a three-year period, beginning with the sale of a 51% stake expected to close on June 1, 2026, allowing for a structured transition of ownership and operations across key locations.
Following completion, Sapporo Real Estate will operate independently. Under the ownership of PAG and KKR, the company is expected to focus on enhancing the long-term value of its property portfolio, drawing on the firms’ global investment experience and operational expertise to support sustainable growth and community-focused urban development.
PAG and KKR to Acquire Sapporo Real Estate from Sapporo Holdings
Sapporo to sell real-estate business to KKR-PAG consortium
Sapporo to sell real estate business to KKR-PAG group for $3.1 billion | Reuters
WSP Global signs agreement to acquire power and energy company TRC
WSP Global signs agreement to acquire power and energy company TRC
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of December 22 to 28, 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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