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M&A News: Global M&A Deals Week of Feb 17 to 23, 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.
Between February 17 and February 23, the global mergers and acquisitions (M&A) market saw 520 announced deals, totaling USD 35.27 billion in value. Among these, 14 transactions exceeded USD 500 million, contributing a combined USD 29.07 billion—accounting for 82% of the week’s total deal value.
The standout transaction of the period was Mitsui & Co.’s USD 5.34 billion acquisition of a 40% stake in the Rio Tinto-operated Rhodes Ridge iron ore project in Australia. With an estimated 6.8 billion tons of untapped iron ore, Rhodes Ridge ranks among the world’s largest undeveloped deposits. This acquisition not only expands Mitsui’s presence in the iron ore sector but also aligns with its long-term strategy to diversify revenue streams and secure supply amid anticipated shortages.
As global crude steel production is projected to grow—driven by increasing demand in India and Southeast Asia—securing a stable supply of iron ore, the primary raw material for steelmaking, becomes increasingly critical. With existing mines facing declining output, investments in new iron ore projects like Rhodes Ridge are essential to meeting long-term demand.
Week-on-week data shows a 12% decline in deal volume, dropping from 590 to 520. Despite the decline in the number of deals, total deal value increased by 37.4%, rising from USD 25.66 billion to USD 35.27 billion, driven by multiple billion-dollar transactions across various sectors during this period.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of Feb 17 to 23, 2025 in detail:
Deal No. 1: Mitsui & Co., Ltd. to Acquire Rhodes Ridge iron ore project in Australia for USD 5.34 Billion
Deal No. 2: Herc Holdings Inc. to Acquire H&E Equipment Services, Inc. for USD 5.30 Billion
Deal No. 3: Diamondback Energy, Inc. to Acquire DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC for USD 4.08 Billion
Deal No. 4: Shift4 Payments, Inc. to Acquire Global Blue Group Holding AG for USD 2.50 Billion
Deal No. 5: Celsius Holdings, Inc. to Acquire Alani Nutrition, LLC for USD 1.80 Billion
Deal No. 1:
Mitsui & Co., Ltd. to Acquire Rhodes Ridge iron ore project in Australia for USD 5.34 Billion
Japan’s Mitsui & Co. has agreed to acquire a 40% stake in the Rhodes Ridge iron ore project in Australia, operated by Rio Tinto, for USD 5.34 billion. The acquisition is expected to strengthen Mitsui’s iron ore production capacity and reinforce its long-term earnings.
The deal involves two transactions: Mitsui will purchase a 25% stake from VOC Group and a 15% stake from AMB Holdings, both joint-venture partners of Rio Tinto in Australia. Following the transaction, AMB will retain a 10% interest, while Rio Tinto will continue holding 50%.
Located in Western Australia’s Pilbara region, Rhodes Ridge is one of the world’s largest undeveloped iron ore deposits, containing 6.8 billion tons of Mineral Resources. Mitsui has been involved in the region’s iron ore sector since the 1960s. Production is expected to commence by 2030, with Rio Tinto overseeing the project’s development and operations.
Mitsui’s annual equity share of production from Rhodes Ridge is projected to reach approximately 16 million tons in the initial stage, eventually exceeding 40 million tons as the project expands. In FY March 2024, Mitsui’s equity share of iron ore production stood at 61 million tons, and the addition of Rhodes Ridge will further bolster its long-term earnings. The iron ore extracted will be blended with Rio Tinto’s supply and exported to Asian markets, including Japan, aligning with Mitsui’s Medium-term Management Plan 2026, which prioritizes Industrial Business Solutions.
With crude steel production expected to grow, particularly in India and Southeast Asia, Mitsui anticipates sustained long-term demand for iron ore due to its essential role in high-quality steel manufacturing.
The completion of both transactions is subject to regulatory approvals and other closing conditions.
Deal No. 2:
Herc Holdings Inc. to Acquire H&E Equipment Services, Inc. for USD 5.30 Billion
Herc Holdings is acquiring H&E Equipment Services for USD 5.3 billion, including debt, surpassing United Rentals’ USD 4.8 billion bid from last month.
H&E is among the largest equipment rental companies in the U.S., serving a broad range of end markets across high-growth regions. The company operates branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest, and Mid-Atlantic.
The acquisition will enhance Herc’s growth strategy by creating a larger, more competitive platform in the equipment rental industry. The merged company will generate approximately USD 5.2 billion in revenue and is expected to achieve USD 300 million in annual synergies within three years of closing.
Following the agreement with Herc, H&E has formally notified United Rentals of its decision to terminate their prior merger agreement. United Rentals has opted not to submit a counteroffer and waived its four-business-day match period. In accordance with the original terms, Herc, on behalf of H&E, has paid a USD 63.5 million termination fee to United Rentals.
The transaction is expected to close by mid-2025. Guggenheim Securities, LLC is serving as the lead financial advisor to Herc, with Crédit Agricole Securities (USA) Inc. acting as co-advisor. BofA Securities advised H&E.
Deal No. 3:
Diamondback Energy, Inc. to Acquire DE Permian, LLC/DE IV Combo, LLC/DE IV Operating, LLC for USD 4.08 Billion
Texas-based oil and natural gas company Diamondback Energy is strengthening its position in the Permian Basin with a USD 4.08 billion cash-and-stock acquisition of Double Eagle IV’s subsidiaries.
Double Eagle IV has built a strong portfolio of high-quality drilling locations across the Midland Basin’s core. The acquisition includes 40,000 net acres in this prime area, with an expected production capacity of 27,000 barrels of oil per day (bopd). The assets feature 407 drilling locations adjacent to Diamondback’s existing operations, expanding its inventory with capital-efficient opportunities. Additionally, overlapping acreage is expected to enhance operational efficiencies by enabling longer lateral well extensions and optimizing infrastructure.
The agreement also outlines an accelerated development strategy for Diamondback’s noncore acreage in the southern Midland Basin. This initiative is projected to enhance net asset value and drive free cash flow growth starting in 2026.
The transaction is expected to close by April 1, 2025. TPH&Co. is advising Diamondback, while RBC Capital Markets, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are serving as financial advisors to Double Eagle.
Deal No. 4:
Shift4 Payments, Inc. to Acquire Global Blue Group Holding AG for USD 2.50 Billion
Shift4, a U.S.-based fintech firm, has announced plans to acquire Swiss specialty payments and technology provider Global Blue in an all-cash transaction valued at USD 2.5 billion (USD 7.50 per share). This marks Shift4’s fourth major acquisition as part of its international expansion strategy.
Global Blue specializes in tax-free shopping and payment solutions for international travelers across 52 countries. Through its proprietary mobile platform, the company facilitates VAT refunds on overseas purchases while providing retailers with payment processing and technology services to enhance customer transactions. It has built a vast network of over 400,000 premium retail and hospitality locations, linking international shoppers with merchants across Europe, Asia, and South America.
The acquisition strengthens Shift4’s position as a global unified commerce payment provider, expanding its revenue opportunities and unlocking access to new markets. Additionally, the deal opens avenues for deeper integration with Alipay+ and Weixin Pay—two of China’s most widely used payment platforms. Shift4 aims to leverage its existing relationship with Global Blue to enhance global e-commerce payment solutions, including the distribution of Alipay+, which connects merchants with 1.6 billion user accounts across 35 digital payment methods, and Weixin Pay, China’s dominant mobile payment service.
The deal is expected to close by the third quarter of 2025. Goldman Sachs & Co. LLC is serving as Shift4’s exclusive financial advisor, while J.P. Morgan Securities LLC is acting as lead financial advisor for Global Blue, supported by Deutsche Bank Securities, IFBC, Oppenheimer & Co. Inc., PJT Partners, and UBS as co-financial advisors.
Deal No. 5:
Celsius Holdings, Inc. to Acquire Alani Nutrition, LLC for USD 1.80 Billion
Celsius Holdings, the owner of energy drink brand CELSIUS, is set to acquire health and wellness beverage company Alani Nutrition (Alani Nu) for USD 1.8 billion. This transaction brings together two rapidly expanding brands in the U.S. energy drink market, forming a functional lifestyle platform designed to meet the rising consumer demand for zero-sugar and performance-focused beverages.
Alani Nu, a brand with a strong focus on female consumers, offers a range of functional beverages and wellness products, including pre-workout supplements, protein powders, energy drinks, and wellness gummies. Its products are widely distributed online and in major retailers such as Target and GNC.
The acquisition is expected to create opportunities for category expansion, enabling Celsius to drive innovation, increase brand visibility, and accelerate growth in adjacent markets. The combined platform is expected to accelerate growth, providing the scale and resources needed for continued investment. Additionally, the integration of Alani Nu is projected to push annual sales to approximately USD 2 billion, reinforcing Celsius’ presence in the premium functional beverage market as health-conscious consumer preferences continue to evolve.
The transaction is slated to close in the second quarter of 2025, after which Alani Nu will operate under Celsius.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of Feb 17 to 23, 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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