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M&A News: Global M&A Deals Week of June 16 to 22, 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 June 16 to June 22, the global mergers and acquisitions (M&A) market recorded 605 announced deals, representing a total deal value of USD 55.89 billion. Notably, 21 transactions each exceeded USD 500 million, contributing a combined USD 47.8 billion—equivalent to 86% of the week’s total deal value.
Leading the week’s activity was the proposed USD 18.7 billion acquisition of Australia’s Santos Limited by the XRG Consortium, which comprises XRG—the global energy investment arm of ADNOC—alongside Carlyle and ADQ. The deal supports the consortium’s strategy to establish a world-class, integrated gas and LNG business. If completed, the deal would give XRG and its partners access to two Australian LNG projects, stakes in PNG LNG, and the undeveloped Papua LNG. Santos also holds interests in an oil project in Alaska, which is expected to commence production by mid-2026.
This proposed acquisition comes at a time of heightened geopolitical tension in the Middle East, which has pushed oil prices to multi-week highs and raised concerns over potential disruptions to regional exports. For the consortium, the deal represents a strategic investment in expanding a diversified gas and LNG portfolio capable of delivering reliable, affordable, and lower-carbon energy solutions across Australia, Asia Pacific, and other key markets. It also highlights Australia’s continued role in supporting regional and global energy security.
On a week-over-week basis, the total number of announced deals declined slightly by 2%, from 618 to 605. In contrast, total deal value rose sharply by 43.4%, climbing from USD 38.98 billion the previous week to USD 55.89 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of June 16 to 22, 2025 in detail:
Deal No. 1: The Carlyle Group Inc.; Abu Dhabi Developmental Holding Company PJSC; XRG P.J.S.C to Acquire Santos Limited for USD 18.70 Billion
Deal No. 2: QXO, Inc. to Acquire GMS Inc. for USD 5.00 Billion
Deal No. 3: Ascension Health Alliance to Acquire AMSURG Corp. for USD 3.90 Billion
Deal No. 4: Keyera Corp. to Acquire Plains Midstream Canada ULC for USD 3.75 Billion
Deal No. 5: Eaton Corporation plc to Acquire Ultra PCS Limited for USD 1.55 Billion
Deal No. 1:
The Carlyle Group Inc.; Abu Dhabi Developmental Holding Company PJSC; XRG P.J.S.C to Acquire Santos Limited for USD 18.70 Billion
A consortium led by XRG—the global energy investment arm of the Abu Dhabi National Oil Company (ADNOC)—alongside Carlyle and ADQ, has made a non-binding offer to acquire Santos, Australia’s second-largest gas producer, for approximately USD 18.7 billion (USD 5.76 per share). The proposed acquisition reflects the consortium’s ambition to expand its international energy footprint by leveraging Santos’ established position in the global gas market.
Santos, headquartered in Adelaide, operates across Australia, Papua New Guinea, Timor-Leste, and Alaska. It plays a critical role in meeting Australia’s domestic gas needs and is a major LNG exporter through key projects such as GLNG, PNG LNG, and Darwin LNG. The company is currently advancing developments like the Barossa and Dorado fields and is investing in carbon capture and storage solutions to support its commitment to achieving net-zero Scope 1 and 2 emissions by 2040.
The XRG-led group aims to leverage Santos’ long-standing reputation as a dependable energy provider, with plans to boost gas supply for existing markets and enhance energy security at both national and international levels. The proposed acquisition is viewed as a strategic move to build on Santos’ strong asset base and operational capabilities.
The offer is subject to confirmatory due diligence and the finalisation of a binding scheme implementation agreement. If an agreement is reached and no superior proposal arises, the Santos board intends to recommend the transaction to shareholders, provided it is deemed fair and reasonable by an independent expert.
Goldman Sachs and JB North & Co are advising Santos on the transaction, while the consortium has appointed J.P. Morgan as its financial advisor.
Deal No. 2:
QXO, Inc. to Acquire GMS Inc. for USD 5.00 Billion
QXO has announced a USD 5 billion proposal to acquire GMS, a major North American distributor of specialty building materials. The proposed acquisition would mark a strategic expansion for QXO beyond its core roofing business into interior building products, including drywall.
GMS supplies a wide range of materials such as wallboard, acoustical ceilings, steel framing, and insulation, operating more than 300 distribution centers and around 100 tool sales, rental, and service locations across the U.S. and Canada. The company serves diverse residential, commercial, and institutional markets, leveraging strong local relationships and national operational scale.
QXO views the acquisition as a compelling opportunity to leverage GMS’s strong market positions in key product categories and its extensive distribution infrastructure. The transaction would establish QXO as the largest publicly traded distributor of roofing, waterproofing, and complementary building materials in the U.S. It also aligns with QXO’s broader vision to become a technology-driven leader in the USD 800 billion building materials distribution sector.
As part of its long-term strategy, QXO is aiming to reach USD 50 billion in annual revenue within the next ten years through a combination of acquisitions and organic expansion.
GMS has acknowledged receipt of the unsolicited proposal but stated that it will refrain from further comment until its Board completes a formal review. Jefferies LLC is advising GMS, while Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are advising QXO.
Deal No. 3:
Ascension Health Alliance to Acquire AMSURG Corp. for USD 3.90 Billion
Ascension, among the largest nonprofit Catholic health systems in the United States, has entered into an agreement to acquire AmSurg, a well-established operator of ambulatory surgery centers, in a deal valued at approximately USD 3.9 billion. This acquisition supports Ascension’s ongoing strategy to expand its outpatient services in line with changing patient preferences and broader shifts within the healthcare sector.
AmSurg oversees a network of more than 250 outpatient surgical centers across 34 states and Washington, D.C., offering services in gastroenterology, ophthalmology, orthopedics, and other specialties. As demand grows for more affordable and conveniently located care options, integrating AmSurg’s capabilities will enhance Ascension’s ability to serve communities seeking alternatives to hospital-based services.
The transaction aligns with Ascension’s broader effort to modernize its care model for long-term viability while staying rooted in its mission to provide compassionate, community-centered healthcare. Over recent years, Ascension has realigned its operations and resources to better reflect the shift in how and where care is being accessed across the country.
By integrating AmSurg’s extensive ASC platform, Ascension strengthens its position in delivering care that is more efficient, accessible, and responsive to patient needs. As the transition from inpatient to outpatient care accelerates nationwide, this acquisition positions Ascension to lead with a more adaptable and scalable care delivery platform.
Deal No. 4:
Keyera Corp. to Acquire Plains Midstream Canada ULC for USD 3.75 Billion
Keyera, one of Canada’s top midstream energy companies, has announced the acquisition of Plains Midstream Canada—Plains’ Canadian natural gas liquids (NGL) business—for CAD 5.15 billion (approximately USD 3.75 billion) in cash. The transaction will significantly expand Keyera’s NGL infrastructure footprint across both western and eastern Canada, marking a transformative step in its growth strategy.
Plains Midstream Canada operates a comprehensive midstream platform focused on the transportation, storage, processing, and marketing of crude oil, NGLs, and liquefied petroleum gas (LPG). The acquired assets span western and eastern Canada and will significantly strengthen Keyera’s operational scale, geographic reach, and service offering.
The combined portfolio includes approximately 193,000 barrels per day of C3+ fractionation capacity—across field, straddle, and hub facilities—following the completion of the Fort Saskatchewan (PFS) expansion. It also adds 23 million barrels of storage capacity to enhance operational flexibility and more than 1,500 miles of pipeline infrastructure with aggregate throughput exceeding 575,000 barrels per day. Additionally, the acquisition includes about 5.7 Bcf/d of straddle gas processing capacity at the Empress facility and a network of truck and rail terminals in both Canada and the U.S., improving connectivity to key markets.
This strategic acquisition will create a fully integrated NGL corridor from western to eastern Canada, improving domestic infrastructure, supporting energy security, and positioning Keyera for long-term growth and optimization opportunities. It also expands the company’s customer base and enhances market access across eastern North America.
The deal is anticipated to close in the first quarter of 2026, with RBC Capital Markets acting as Keyera’s lead financial advisor and Jefferies providing additional advisory support.
Deal No. 5:
Eaton Corporation plc to Acquire Ultra PCS Limited for USD 1.55 Billion
Eaton, a global leader in power management solutions, has entered into an agreement to acquire Ultra PCS in a transaction valued at USD 1.55 billion. The transaction aligns with Eaton’s strategy to expand its presence in the aerospace sector, particularly within high-growth and high-margin market segments.
Ultra PCS Limited is a UK-based company that develops high-performance electronic systems for defense and aerospace applications. Operating in Cheltenham, Cambridge, and the U.S., the company focuses on mission-critical solutions that integrate power, data, and audio across military platforms. Its products are built to perform in harsh environments and support seamless communication between personnel, vehicles, and command units. With a long-standing track record in engineering innovation, Ultra PCS plays a vital role in enhancing tactical connectivity and secure communications for military operations. The company anticipates generating around USD 240 million in revenue by 2025.
The acquisition will add complementary technologies to Eaton’s aerospace portfolio, strengthening its capabilities in both commercial and defense aviation. Ultra PCS’s strong market position and focus on specialized, high-value systems are expected to support Eaton’s growth and enhance its overall financial performance.
The transaction is subject to customary regulatory reviews and closing conditions, with completion anticipated in the first half of 2026.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of June 16 to 22, 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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