21. M&As 2024

Here following is a chart showing the volume and value of M&A over the last few years  ($2.7 trillion in 2024) followed by M&A over $1 billion deal value.

In 2024, there were ~500 deals over $1 billion with over $1.6 trillion overall deal value or accounting for 60% of deal value with 1% deal count.

72 of these 502 were over $ 5billion.

Some of the largest M&A happened in the following sectors in 2024, and 2023. These are megadeals, or over $5 billion in value. In 2024, it was Tech sector while in 2023 it was Pharma leading.

For 2024, an example of top few transactions are as follows: (Some of these close in 2025 or are still awaiting approvals)

1. ExxonMobil acquired Pioneer Natural Resources ~$60 billion transaction. | Geographic Expansion, depth in Permian basin

2. Hewlett Packard Enterprise acquired Juniper Networks for $14 billion. | Product/ Portfolio Expansion. - cloud services and advanced computing - enhances networking business - comprehensive portfolio for clients.

3. Home Depot acquired SRS Distribution for $18.25 billion | Capability expansion. SRS is a leading residential trade distribution company. Adds verticals such as roofing, landscaping etc and offerings to professional contractors. Allows to serve complex project needs.

4. J&J acquired Shockwave Medical for $ 17 billion | Enhances cardiovascular portfolio. Shockwave's innovative solutions for treating calcified arterial lesions. Access to evolving medical devices market.

5. Capital One Financial Corporation acquired Discover Financial Services for $35 billion | Cost synergies and more comprehensive suite of fin services to customers - credit card and consumer banking. "The combined company would become the largest credit card issuer in the U.S. by loan volume."

6. Synopsys acquired Ansys for $35 billion | Market share. competitors in tech chip design space. Allows for pathways to integrated system design solutions.

7. Mars acquired Kellanova for $35.9 billion | Product portfolio expansion. Candy giant moves into snack market. Kellanova brands include Pringles, Cheez-it and pop-tarts.

8. Verizon acquired Frontier Communications for $19.6 billion | Capability expansion. (?Geographic expansion) Expands verizon's fiber network coverage and premium broadband delivery.

9. Novo Holdings acquired Catalent for $16.5 billion | Vertical integration. Novo holdings is the parent company of Novo Nordisk. Catalent, a drug manufacturer has 50 global supply sites. Allows production increase for Novo's weight loss drug, Wegovy.

10. Bosch acquired Johnson Controls AC assets for $8 billion | Geographic expansion and product depth. Residential ventilation business (HVAC) of Johnson and Hitachi to stregnthen Bosch's home comfort arm.