- M&A News
M&A News: Global M&A Deals Week of August 18 to 24, 2025
- IMAA
SHARE:
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.
The global mergers and acquisitions landscape saw 547 transactions from August 18 to 24, totaling USD 67.89 billion. Notably, 17 of these deals exceeded USD 500 million each, together contributing USD 58.04 billion, representing 85% of the week’s overall deal value.
The largest deals of the week were primarily concentrated in the United States. At the forefront is Thoma Bravo’s USD 12.3 billion acquisition of Dayforce, a prominent human capital management (HCM) technology provider. The acquisition is expected to enhance Dayforce’s AI capabilities and broaden its market presence, reflecting the growing significance of AI-driven solutions in the rapidly evolving HR technology sector.
Another key transaction was the U.S. government’s USD 8.9 billion acquisition of a 9.9% stake in Intel. The investment aims to strengthen domestic semiconductor production, secure the national supply chain, and align Intel’s operations with U.S. technology priorities amid global competition. While strategically significant, the stake may also create challenges, including potential effects on Intel’s international sales and operational flexibility.
Compared with the previous week, overall M&A activity showed a modest decline, with deal volume falling 5% from 575 to 547 deals. Deal value decreased more sharply, dropping 41% from USD 115.69 billion to USD 67.89 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of August 18 to 24, 2025 in detail:
Deal No. 1: Thoma Bravo, L.P. to Acquire Dayforce Inc. for USD 12.30 Billion
Deal No. 2: Government of The United States to Acquire 9.9% stake in Intel Corporation for USD 8.90 Billion
Deal No. 3: Lowe’s Companies, Inc. to Acquire Foundation Building Materials, Inc. for USD 8.80 Billion
Deal No. 4: Nexstar Media Group, Inc. to Acquire TEGNA Inc. for USD 6.20 Billion
Deal No. 5: Cenovus Energy Inc. to Acquire MEG Energy Corp. for USD 5.68 Billion
Deal No. 1:
Thoma Bravo, L.P. to Acquire Dayforce Inc. for USD 12.30 Billion
Thoma Bravo, a software-focused private equity firm, has agreed to acquire Dayforce in an all-cash deal worth USD 12.3 billion, taking the company private. The Abu Dhabi Investment Authority (ADIA) will participate in the transaction as a significant minority investor.
Dayforce is a cloud-based human capital management (HCM) platform that integrates payroll, workforce scheduling, benefits administration, human resources, and talent management into a single system. The platform provides organizations with real-time access to workforce data, enabling streamlined operations, regulatory compliance, and improved employee management. As of June, more than 6,900 organizations worldwide rely on Dayforce.
Thoma Bravo’s backing is expected to accelerate Dayforce’s expansion, strengthen customer value, and advance its use of artificial intelligence within the HCM space.
The transaction is expected to be completed in early 2026. Evercore is acting as exclusive financial advisor to Dayforce, while Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are advising Thoma Bravo.
Deal No. 2:
Government of The United States to Acquire 9.9% stake in Intel Corporation for USD 8.90 Billion
The U.S. government has acquired a 9.9% stake in Intel through an USD 8.9 billion deal, consisting of USD 5.7 billion in pending CHIPS and Science Act grants and USD 3.2 billion allocated to the Secure Enclave program, under which Intel develops chips for the Department of Defense.
Intel, a major U.S. semiconductor firm, is recognized for its advanced chip designs that power computing, data centers, and artificial intelligence applications. It remains among the few companies conducting cutting-edge logic research while maintaining domestic manufacturing capacity. Over the past five years, Intel has invested USD 108 billion in capital projects and USD 79 billion in R&D, with most of these resources dedicated to expanding U.S.-based production and advancing process technologies. The company is currently undertaking a large-scale expansion program, committing over USD 100 billion to bolster its American facilities.
Officials emphasized that the investment is purely financial, with no Board representation, governance authority, or access to confidential information, and pledged to align their shareholder votes with Intel’s positions.
The agreement underscores Washington’s broader strategy to strengthen domestic chip production and reinforce the United States’ standing in the global semiconductor industry, a central policy focus during Trump’s second term. For Intel, as the only American firm engaged in leading-edge logic R&D and production, the deal reflects its strategic role in ensuring that next-generation chip technologies remain developed and manufactured domestically
Despite initial disagreements, the administration and Intel executives swiftly finalized the arrangement after direct discussions at the White House.
Deal No. 3:
Lowe's Companies, Inc. to Acquire Foundation Building Materials, Inc. for USD 8.80 Billion
Lowe’s is strengthening its presence in the professional builders market through the USD 8.8 billion acquisition of Foundation Building Materials (FBM), a major North American distributor of specialty construction products.
FBM supplies a wide range of specialty building materials, including drywall, steel framing, ceiling systems, insulation, and related products. Its customer base spans large residential and commercial contractors engaged in both new construction and renovation projects. With more than 370 distribution centers across the United States and Canada, FBM couples its broad product portfolio with service capabilities that help streamline complex projects and ensure reliable delivery.
The acquisition supports Lowe’s Total Home strategy by expanding resources available to professional customers. With FBM’s distribution scale and expertise, Lowe’s expects to deliver faster order fulfillment, integrate advanced digital tools, strengthen its trade credit platform, and unlock cross-selling opportunities across both businesses. This positions Lowe’s to capture a greater share of the USD 250 billion professional building materials market while further differentiating its value proposition for Pro customers.
The transaction is scheduled to close in the fourth quarter of 2025. Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Lowe’s, while RBC Capital Markets is acting as exclusive financial advisor to FBM.
Deal No. 4:
Nexstar Media Group, Inc. to Acquire TEGNA Inc. for USD 6.20 Billion
Nexstar Media has agreed to acquire Tegna for USD 6.2 billion, including debt, a deal that will significantly expand its scale and strengthen its position in the competitive U.S. broadcasting landscape.
Tegna currently owns 64 television stations across 51 markets, making it one of the country’s largest independent broadcasters. Its network affiliations with NBC, CBS, ABC, and FOX provide extensive coverage in local news, sports, and entertainment. In addition to broadcasting, Tegna also manages digital assets and advertising services, including Premion, its over-the-top (OTT) advertising platform.
Following the acquisition, Nexstar will operate 265 full-power stations in 44 states and Washington, D.C., reaching 80% of U.S. television households and serving 132 of the 210 designated market areas. This scale will enhance Nexstar’s ability to deliver both local and national advertising solutions, offering brands greater reach across broadcast and digital platforms.
The deal is anticipated to close in the second half of 2026. Nexstar is being advised by BofA Securities, J.P. Morgan Securities LLC, and Goldman Sachs & Co. LLC, while Allen & Company LLC is advising Tegna.
Deal No. 5:
Cenovus Energy Inc. to Acquire MEG Energy Corp. for USD 5.68 Billion
Cenovus Energy, one of Canada’s integrated energy producers, has announced the acquisition of MEG Energy in a transaction valued at CAD 7.9 billion (USD 5.68 billion), including debt. The deal will create one of the country’s largest oil sands companies.
MEG Energy, based in Calgary, Alberta, focuses on developing and producing thermal heavy oil from the Athabasca oil sands. The company utilizes steam-assisted gravity drainage (SAGD) technology to extract bitumen, which is blended into Access Western Blend (AWB) for market distribution. MEG operates large-scale projects such as Christina Lake and has built a reputation for pursuing operational efficiency, reducing greenhouse gas emissions, and integrating innovative environmental practices.
The combined business will have more than 720,000 barrels per day (bpd) of oil sands production, the lowest steam-to-oil ratio in the basin, and the largest contiguous land position in its highest-quality resource zone. Cenovus anticipates near-term annual synergies of approximately USD 150 million, with projected savings exceeding USD 400 million per year beginning in 2028.
The acquisition will also accelerate MEG’s growth initiatives, including the planned expansion of the Christina Lake project, which aims to increase production capacity to 135,000 bpd. This initiative will continue to progress under the combined company.
The transaction is expected to close in the fourth quarter of 2025. Cenovus is being advised by Goldman Sachs Canada Inc. and CIBC Capital Markets, while MEG Energy has appointed BMO Capital Markets as its financial advisor.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of August 18 to 24, 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).
More M&A News
Stay up to date with M&A news!
Subscribe to our newsletter