- M&A News
M&A News: Global M&A Deals Week of March 10 to 16, 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 March 10 and March 16, a total of 530 mergers and acquisitions (M&A) deals were announced globally, amounting to USD 49.76 billion in combined value. Of these, 20 transactions exceeded USD 500 million each, accounting for USD 42.85 billion, or 86% of the total deal value for the period.
The largest transaction was Whitecap Resources’ USD 10.43 billion acquisition of Veren, a deal that significantly strengthens its position in the North American energy sector. The merger is set to make Whitecap the seventh-largest Canadian oil producer by output, the largest landholder in Alberta’s Montney and Duvernay formations, and the second-largest oil producer in Saskatchewan. The transaction comes amid heightened uncertainty for energy firms, with challenges such as tariff threats and volatile commodity prices. The combined entity is expected to benefit from a stronger financial position, reduced debt, and an enhanced credit profile, providing greater flexibility for shareholder returns and long-term capital planning.
Another major transaction was Crown Castle’s sale of its Fiber Solutions business to Zayo and its Small Cells Solutions business to EQT, each for USD 4.25 billion. These divestitures follow a strategic review of Crown Castle’s operations, with proceeds earmarked for debt repayment and share repurchases, supporting the company’s goal of maintaining its investment-grade credit rating.
In a week-over-week comparison, M&A activity declined, with deal volume dropping 10% from 588 to 530 transactions. Total deal value also saw a slight dip of 3%, from USD 51.29 billion to USD 49.76 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of March 10 to 16, 2025 in detail:
Deal No. 1: Whitecap Resources Inc. to Acquire Veren Inc. for USD 10.43 Billion
Deal No. 2: Zayo Group Holdings, Inc. to Acquire Fiber Solutions Business of Crown Castle Inc. for USD 4.25 Billion
Deal No. 3: EQT AB to Acquire Small Cells Solutions Business of Crown Castle Inc. for USD 4.25 Billion
Deal No. 4: Scopely, Inc. to Acquire Games Business of Niantic, Inc. for USD 3.50 Billion
Deal No. 5: ServiceNow, Inc. to Acquire Moveworks, Inc. for USD 2.85 Billion
Deal No. 1:
Whitecap Resources Inc. to Acquire Veren Inc. for USD 10.43 Billion
Canadian oil and gas company Whitecap Resources has agreed to acquire Veren Inc. in an all-stock transaction valued at USD 10.43 billion (CAD 15 billion), including debt, forming the largest light oil-focused producer in Canada.
The merged entity, which will retain the Whitecap Resources name, is expected to produce 370,000 barrels of oil equivalent per day (63% liquids), with a strong presence in both conventional and unconventional assets. The deal establishes Whitecap as the largest landholder in the Alberta Montney and the second-largest across the unconventional Montney and Duvernay fairways, covering 1.5 million acres in Alberta. Additionally, the company will have over 4,800 development locations, positioning it for sustained production growth.
With increased scale, a larger asset base, and stronger free cash flow generation, the combined company aims to enhance its competitive edge. Its improved financial position and credit profile further support long-term stability in a shifting energy landscape.
Following the transaction, Whitecap shareholders will own approximately 48% of the combined entity, while Veren shareholders will hold around 52%. National Bank Financial Inc. and TD Securities advised Whitecap, while BMO Capital Markets acted as Veren’s financial advisor.
Deal No. 2:
Zayo Group Holdings, Inc. to Acquire Fiber Solutions Business of Crown Castle Inc. for USD 4.25 Billion
Crown Castle, the largest provider of shared communications infrastructure in the U.S., is selling its Fiber Solutions business to Zayo for USD 4.25 billion. The acquisition significantly expands Zayo’s metro fiber assets, strengthening its position in the market.
The deal aligns with Zayo’s strategy of investing in fiber infrastructure to support the increasing demand for artificial intelligence (AI) applications across the U.S. By enhancing its network capabilities, Zayo aims to drive digital transformation, helping enterprises scale operations and remain competitive in an evolving digital landscape.
Crown Castle’s metro-focused fiber assets will extend Zayo’s reach into strategically important regions, adding approximately 90,000 route miles of fiber and increasing its total network coverage to more than 70,000 on-net locations. This expansion enhances connectivity for businesses relying on cloud computing and AI-driven solutions.
Crown Castle plans to use the proceeds from the sale to reduce debt and fund share repurchases.
The transaction is expected to be finalized in the first half of 2026, with PJT Partners advising Zayo on the deal.
Deal No. 3:
EQT AB to Acquire Small Cells Solutions Business of Crown Castle Inc. for USD 4.25 Billion
In a separate transaction, EQT, through its EQT Active Core Infrastructure fund, will acquire Crown Castle’s Small Cells Solutions business for USD 4.25 billion.
Crown Castle’s Small Cells Solutions division develops and operates small cell networks across the United States, supporting mobile carriers in expanding network capacity. The business manages approximately 115,000 small cells—either active or under contract—across 43 states, serving the country’s three largest mobile network operators. By addressing coverage gaps in high-traffic areas where macro towers are insufficient, it plays a vital role in strengthening wireless connectivity.
With its established presence, operational expertise, and strong carrier relationships, the business is well-positioned to benefit from the growing demand for digital infrastructure. EQT plans to accelerate its growth by leveraging its global resources and industry experience to enhance assets and strengthen partnerships.
As part of the deal, Zayo and the Small Cells business will enter into a long-term commercial agreement under which Zayo will provide fiber connectivity.
The acquisition is expected to close in the first half of 2026. TD Securities served as EQT’s exclusive financial advisor.
Deal No. 4:
Scopely, Inc. to Acquire Games Business of Niantic, Inc. for USD 3.50 Billion
Mobile gaming firm Scopely is acquiring the games division of Niantic, the developer behind Pokémon GO, in a transaction valued at USD 3.5 billion.
The acquisition will bring several high-profile titles into Scopely’s portfolio, including Pokémon GO, Pikmin Bloom, and Monster Hunter Now, along with community engagement platforms Campfire and Wayfarer. Collectively, these games and services attract over 30 million monthly active players and generated more than USD 1 billion in revenue in 2024.
A key aspect of the deal is Pokémon GO, which remains a global success. Available in over 190 countries and regions, it continues to foster a dedicated player base, with users spending an average of more than 40 minutes daily exploring its augmented reality world.
As part of the transaction, Scopely will integrate Niantic’s game development team, ensuring a seamless transition and continued focus on delivering engaging, long-term gaming experiences.
Scopely’s expansion has been fueled by its 2023 acquisition by Savvy Games Group, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). This latest transaction strengthens Savvy’s strategy to build a global, multi-franchise live services platform, further cementing its presence in the gaming and esports industry.
Following the transaction, Niantic will separate its technology platform into an independent entity, Niantic Spatial Inc. The deal is subject to regulatory approvals and customary closing conditions.
Goldman Sachs & Co. LLC is serving as Niantic’s exclusive financial advisor, while J.P. Morgan is advising Scopely.
Deal No. 5:
ServiceNow, Inc. to Acquire Moveworks, Inc. for USD 2.85 Billion
ServiceNow, a provider of IT service management solutions, has agreed to acquire Moveworks, an enterprise automation and AI platform, in a cash-and-stock deal valued at USD 2.85 billion.
Moveworks specializes in AI-driven automation for IT, HR, and administrative support, using natural language understanding and machine learning to enhance workplace efficiency. Its platform integrates with tools such as Slack, Microsoft Teams, and ServiceNow to improve enterprise workflows.
The acquisition will combine ServiceNow’s AI and automation expertise with Moveworks’ advanced assistant and search technology, streamlining employee interactions across business functions. Initially, the integration will focus on delivering a unified search and self-service experience, allowing employees to access support and complete tasks from a single interface. As AI-driven tools expand across HR, finance, CRM, and IT, ServiceNow’s orchestration technology will synchronize AI agents to streamline operations across departments.
This acquisition strengthens Moveworks’ ability to innovate and scale its AI-driven solutions within ServiceNow’s ecosystem, further enhancing employee and customer experiences.
The deal is expected to close in the second half of 2025. J.P. Morgan Securities LLC acted as ServiceNow’s lead financial advisor, with Tidal Partners LLC also advising on the transaction.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of March 10 to 16, 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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