USA
Largest$1.6T across 10,333 deals (YTD 30 Nov 2025)
Deal value up ~45% YoY — second-highest year ever recorded. The US accounts for 57% of global M&A value. Corporate deals over $100m reached an annual pace of ~1,200 in 2025, up 10% on 2024.
◉ Human think tank · AI database · Predictive matching
The world's mergers,
tracked, predicted,
matched.
MassMergers is a combination of a human think tank and an AI-driven database algorithm that tracks mergers across the English-speaking world, predicts outcomes and future deals, matches potential mergers, and aims to take 0.01% of the market in a semi-automated structure by 2028.
/ 01 — Thesis
A mass merger economy, supported by data.
MassMergers crunches data, supplies new data, and supports a mass merger economy. The service was created by the International Licensing Organisation (ILO) and is used on its contract exchange, ILOCX.
01
Track
Continuous monitoring of M&A activity across seven Anglophone markets and 20+ sectors.
02
Predict
Algorithmic outcome scoring and forward-looking merger probability forecasts.
03
Match
Semi-automated matching of acquirers, targets and advisors against live mandates.
/ 02 — Markets
The English-speaking M&A landscape, FY 2025.
Seven core markets. ~70% of global deal value. A live picture of where capital is consolidating and where the next megadeals will land.
United Kingdom
2nd Anglophone~3,400 private deals in H1 2025
Volumes down 12% but values up 12%; average deal size surged 28%. Public P2P aggregate £21.5bn with average P2P value of £716m. Eleven £1bn+ public deals in 2025 vs seventeen in 2024.
Canada
Mid-tier642 deals worth $138.8B in Q3 2025
US is the top inbound acquirer ($85bn across 393 deals). Roughly half of public M&A sits below $100m, but $1bn+ deals have grown 8% since 2023.
Australia
Softening$79.5B across 1,285 deals (−8% YoY)
Inbound deals represented 45% of total value (up from 30%). Energy and Financial Services made up ~70% of value. Mining led by value ($15.4bn); technology was busiest by volume (217 deals).
Ireland
Resilient524 deals (+3%) worth €19.5B
Down 35% YoY on value (skewed by 2024 €10.1bn Apollo/Intel Fab 34). Energy / mining / utilities led at €4.84bn (25% share). International bidders led 15 of the top 20 deals.
South Africa
Africa anchor~$9B M&A (~35% of African value)
UK ranked third among foreign acquirers at $2.7bn across 35 transactions. Anchor market for Anglophone Africa.
New Zealand
Boutique100–150 disclosed deals · $4–8B
Small market, not separately tracked in most major league tables but consistent annual flow.
/ 03 — Deal flow example
M&A database June 2023 → June 2026
A 36-month snapshot of the largest publicly announced deals tracked by the MassMergers engine. Ranked by announced enterprise value in USD billions.
Deals tracked
81
Total value (USD bn)
$1564.8
Largest deal
$250bn
SpaceX / xAI · 2026
Coverage
36 mo
Jun 2023 – Jun 2026
Tracked value by year
202315 deals · $254.9bn
Global M&A ~USD 3.0tn; energy and pharma led megadeals
202443 deals · $450.1bn
Global M&A ~USD 3.4tn; tech and energy rebound
202522 deals · $609.9bn
Global M&A ~USD 5tn (+40% YoY); second-highest year ever
20261 deals · $250.0bn
YTD: technology and AI infrastructure leading deal value
Concentration by sector
Technology
$454bn
Energy
$210bn
Healthcare
$115bn
Consumer Staples
$110bn
Mining & Metals
$102bn
Media & Entertainment
$88bn
Transportation
$85bn
Financial Services
$83bn
Utilities
$79bn
Telecommunications
$61bn
Real Estate / Infrastructure
$59bn
Industrials
$33bn
Consumer Services
$18bn
Distribution / Building Products
$18bn
Chemicals
$13bn
Consumer / Retail
$10bn
Real Estate
$8bn
Energy Services
$8bn
Materials
$7bn
Energy / Retail
$3bn
| # | Acquirer | Target | Value (USD bn) | Year | Sector | Target Country |
|---|---|---|---|---|---|---|
| 01 | SpaceX | xAI | $250.00 | 2026 | Technology | USA |
| 02 | Union Pacific | Norfolk Southern | $85.00 | 2025 | Transportation | USA |
| 03 | Netflix | Warner Bros. Discovery | $83.00 | 2025 | Media & Entertainment | USA |
| 04 | American Water Works | Essential Utilities | $63.00 | 2025 | Utilities | USA |
| 05 | ExxonMobil | Pioneer Natural Resources | $60.00 | 2023 | Energy | USA |
| 06 | PIF / Silver Lake / Affinity Partners (consortium) | Electronic Arts | $55.00 | 2025 | Technology | USA |
| 07 | Chevron | Hess Corporation | $53.00 | 2023 | Energy | USA |
| 08 | Anglo American (re Teck Resources merger) | Teck Resources combination | $50.00 | 2025 | Mining & Metals | Canada |
| 09 | Kimberly-Clark | Kenvue (Tylenol owner) | $48.70 | 2025 | Consumer Staples | USA |
| 10 | Pfizer | Seagen | $43.00 | 2023 | Healthcare | USA |
| 11 | AIP / MGX / BlackRock GIP (consortium) | Aligned Data Centers | $40.00 | 2025 | Real Estate / Infrastructure | USA |
| 12 | BHP Group (proposed) | Anglo American (withdrawn) | $38.90 | 2024 | Mining & Metals | UK / South Africa |
| 13 | Mars Incorporated | Kellanova | $35.90 | 2024 | Consumer Staples | USA |
| 14 | Capital One Financial | Discover Financial Services | $35.30 | 2024 | Financial Services | USA |
| 15 | Synopsys | Ansys | $35.00 | 2024 | Technology | USA |
| 16 | Charter Communications | Cox Communications | $34.50 | 2025 | Telecommunications | USA |
| 17 | Toyota Fudosan (Toyota Group) | Toyota Industries | $33.00 | 2025 | Industrials | Japan |
| 18 | Cisco Systems | Splunk | $28.00 | 2023 | Technology | USA |
| 19 | Diamondback Energy | Endeavor Energy Resources | $26.00 | 2024 | Energy | USA |
| 20 | Palo Alto Networks | CyberArk | $25.00 | 2025 | Technology | Israel |
| 21 | ConocoPhillips | Marathon Oil | $22.50 | 2024 | Energy | USA |
| 22 | Verizon Communications | Frontier Communications | $20.00 | 2024 | Telecommunications | USA |
| 23 | Home Depot | SRS Distribution | $18.25 | 2024 | Distribution / Building Products | USA |
| 24 | Keurig Dr Pepper | JDE Peet's | $18.00 | 2025 | Consumer Staples | Netherlands |
| 25 | Constellation Energy | Calpine | $16.40 | 2025 | Utilities | USA |
| 26 | Blackstone (consortium with CPP) | AirTrunk | $16.00 | 2024 | Real Estate / Infrastructure | Australia |
| 27 | EQT Corporation | Equitrans Midstream | $14.30 | 2024 | Energy | USA |
| 28 | Hewlett Packard Enterprise | Juniper Networks | $14.00 | 2024 | Technology | USA |
| 29 | BMS (Bristol Myers Squibb) | Karuna Therapeutics | $14.00 | 2023 | Healthcare | USA |
| 30 | Borouge Group International (Borealis/Borouge) | NOVA Chemicals | $13.40 | 2025 | Chemicals | Canada |
| 31 | BlackRock | Global Infrastructure Partners (GIP) | $12.50 | 2024 | Financial Services | USA |
| 32 | Clayton Dubilier & Rice / Stone Point / Mubadala | Truist Insurance Holdings | $12.40 | 2024 | Financial Services | USA |
| 33 | BlackRock | HPS Investment Partners | $12.00 | 2024 | Financial Services | USA |
| 34 | Global Infrastructure Partners (consortium) | Saudi Aramco Jafurah (lease) | $11.00 | 2025 | Energy | Saudi Arabia |
| 35 | Merck & Co | Prometheus Biosciences | $10.80 | 2023 | Healthcare | USA |
| 36 | AbbVie | ImmunoGen | $10.10 | 2023 | Healthcare | USA |
| 37 | Sycamore Partners | Walgreens Boots Alliance | $10.00 | 2025 | Consumer / Retail | USA |
| 38 | Roark Capital | Subway | $9.55 | 2023 | Consumer Services | USA |
| 39 | Saudi Aramco | Rabigh Refining & Petrochemical Co (22.5% from Sumitomo) | $8.90 | 2024 | Energy | Saudi Arabia (Sumitomo stake) |
| 40 | AbbVie | Cerevel Therapeutics | $8.70 | 2023 | Healthcare | USA |
| 41 | Vista Equity Partners (& Blackstone) | Smartsheet | $8.40 | 2024 | Technology | USA |
| 42 | PAG / Mubadala / ADIA (consortium) | Zhuhai Wanda Commercial Mgmt Group (60%) | $8.30 | 2024 | Real Estate | China |
| 43 | Six Flags Entertainment | Cedar Fair (merger of equals) | $8.00 | 2024 | Consumer Services | USA |
| 44 | SLB (Schlumberger) | ChampionX | $7.75 | 2024 | Energy Services | USA |
| 45 | Anglo American | Anglo American Platinum (Amplats) demerger | $7.40 | 2024 | Mining & Metals | South Africa |
| 46 | Sunoco LP | NuStar Energy | $7.30 | 2024 | Energy | USA |
| 47 | International Paper | DS Smith plc | $7.20 | 2024 | Materials | UK |
| 48 | Permira | Squarespace | $7.20 | 2024 | Technology | USA |
| 49 | Qualtrics | Press Ganey Forsta | $6.75 | 2025 | Technology | USA |
| 50 | Hargreaves Lansdown (CVC/Nordic Capital/Platinum Ivy) | Hargreaves Lansdown shareholders | $6.50 | 2024 | Financial Services | UK |
| 51 | IBM | HashiCorp | $6.40 | 2024 | Technology | USA |
| 52 | Renesas Electronics | Altium | $5.90 | 2024 | Technology | Australia |
| 53 | Thoma Bravo | Darktrace | $5.30 | 2024 | Technology | UK |
| 54 | Vertex Pharmaceuticals | Alpine Immune Sciences | $4.90 | 2024 | Healthcare | USA |
| 55 | BMS (Bristol Myers Squibb) | Mirati Therapeutics | $4.80 | 2023 | Healthcare | USA |
| 56 | Aviva | Direct Line Insurance Group | $4.65 | 2025 | Financial Services | UK |
| 57 | T-Mobile US | UScellular (wireless ops) | $4.40 | 2024 | Telecommunications | USA |
| 58 | Gilead Sciences | CymaBay Therapeutics | $4.30 | 2024 | Healthcare | USA |
| 59 | Carlsberg | Britvic | $4.18 | 2024 | Consumer Staples | UK |
| 60 | BMS (Bristol Myers Squibb) | RayzeBio | $4.10 | 2023 | Healthcare | USA |
| 61 | KKR | Encavis | $3.50 | 2024 | Energy | Germany |
| 62 | Novartis | Chinook Therapeutics | $3.20 | 2023 | Healthcare | Canada / USA |
| 63 | Motor Fuel Limited (Clayton Dubilier & Rice) | Morrisons EV / Petrol Forecourts | $3.16 | 2024 | Energy / Retail | UK |
| 64 | Asahi Group | Diageo Kenya (East African Breweries 65%) | $3.00 | 2025 | Consumer Staples | Kenya |
| 65 | Humain (PIF) / Blackstone | Saudi data centre platform | $3.00 | 2025 | Real Estate / Infrastructure | Saudi Arabia |
| 66 | Roche | Carmot Therapeutics | $2.70 | 2023 | Healthcare | USA |
| 67 | Canal+ (Vivendi) | MultiChoice Group | $2.60 | 2024 | Media & Entertainment | South Africa |
| 68 | AngloGold Ashanti | Centamin | $2.50 | 2024 | Mining & Metals | UK / Egypt |
| 69 | Advent International | Sapiens International | $2.50 | 2025 | Technology | Israel |
| 70 | Renaissance Africa Energy | Shell Petroleum Development Nigeria (SPDC) | $2.40 | 2024 | Energy | Nigeria |
| 71 | Vodacom | Safaricom (additional 20%) | $2.40 | 2025 | Telecommunications | Kenya |
| 72 | Sanofi | Inhibrx (assets) | $2.20 | 2024 | Healthcare | USA |
| 73 | IBM | Software AG (StreamSets + webMethods) | $2.13 | 2023 | Technology | Germany |
| 74 | AstraZeneca | Fusion Pharmaceuticals | $2.00 | 2024 | Healthcare | Canada |
| 75 | Canal+ (Vivendi) | MultiChoice Group (initial proposal) | $1.90 | 2024 | Media & Entertainment | South Africa |
| 76 | Harmony Gold | MAC Copper | $1.60 | 2025 | Mining & Metals | Australia |
| 77 | Keysight Technologies | Spirent Communications | $1.46 | 2024 | Technology | UK |
| 78 | Gold Fields | Osisko Mining | $1.39 | 2024 | Mining & Metals | Canada |
| 79 | Carlyle Group | Energean Egyptian & Mediterranean Assets | $0.82 | 2024 | Energy | Egypt / Italy / Croatia |
| 80 | Sega Sammy Holdings | Rovio Entertainment | $0.78 | 2023 | Technology | Finland |
| 81 | DraftKings | Jackpocket | $0.75 | 2024 | Consumer Services | USA |
Source: MassMergers AI database · cross-referenced with SEC EDGAR, S&P Global, EY, PwC, Reuters
/ 04 — Economics
Advisory fees scale by deal size, not geography.
International banks operate on similar grids globally. Retainers typically run $25k–$75k monthly, or $50k–$250k upfront on mid-market mandates. Legal adds 0.5–1.5% of deal value, with financial / commercial / technical / environmental DD at 0.2–0.6% on top.
Deal band
Sub-$10m
Advisory
4–12%
Often Modified Lehman tier (5-4-3-2-1%)
Deal band
$10–50m
Advisory
1–3%
~5% effective at the $10m mark
Deal band
$50–250m
Advisory
1–2%
Mid-market sweet spot
Deal band
$250m–$1bn
Advisory
0.75–1.5%
Percentage drops sharply
Deal band
$1bn+
Advisory
0.3–0.7%
Heavily negotiated, often capped
/ 05 — Origin
Built by the ILO.
Live on ILOCX.
MassMergers was created by the International Licensing Organisation and runs as the deal-intelligence layer powering ILOCX — the contract exchange where mandates, matches and outcomes flow through a single, semi-automated pipeline.
Target market share
0.01%
by 2028
Coverage
7 markets
English-speaking
US share of global M&A
57%
FY 2025
Anglophone share
~70%
of global deal value
Request access to the live database, place a mandate, or partner with the MassMergers think tank.
/ 06 — A&M Report