Less than two months into the Trump administration’s second tenure, the corporate M&A engine is already kicking into high gear. Business leaders appear to be embracing a more growth-friendly regulatory tone, and the early returns are clear: dealmaking is back.
After a sluggish 2023 and a tentative 2024, the new year has delivered a string of headline-grabbing acquisitions — from big tech to beverages, biotech to credit. And with rates expected to come down in the second half of the year, investment bankers are bracing for an even busier pipeline ahead.
Here’s a look at the deals that are setting the tone for 2025, as well as the names that investors are watching for what could come next.
Tech Titans Make Bold Moves
Alphabet’s $32 Billion Deal for Wiz
The most eye-popping acquisition of the year so far came just this week, with Alphabet (GOOGL) announcing it would acquire cybersecurity startup Wiz for $32 billion in cash — its largest deal ever. Wiz, known for its rapid rise in cloud security, is expected to deepen Google Cloud’s enterprise capabilities and sharpen its edge against AWS and Microsoft Azure. The deal reflects both the heightened importance of cybersecurity and Big Tech’s willingness to spend big when the strategic fit is clear.
ServiceNow Acquires Cuein to Boost AI Stack
In January, ServiceNow (NOW) announced a strategic acquisition of Cuein, an AI-native conversation data analysis company, aimed at enhancing its next-gen AI workflow tools. The deal underscores how enterprise software companies are moving aggressively to expand their generative AI capabilities through M&A.
Consumer & Health: Big Brands Bet on Growth
PepsiCo Buys Poppi for $1.95 Billion
PepsiCo (PEP) made waves with its March acquisition of Poppi, a buzzy prebiotic soda brand that has exploded in popularity with Gen Z consumers. The $1.95 billion deal reflects Pepsi’s ambition to dominate the functional beverage category and further diversify away from traditional sugary sodas.
AstraZeneca Acquires EsoBiotec for $1 Billion
In the biotech space, AstraZeneca (AZN) announced on March 17 its planned $1 billion purchase of Belgium-based EsoBiotec, a specialist in next-generation in vivo CAR-T cell therapies. The move bolsters AstraZeneca’s immuno-oncology pipeline and underscores the resurgence of dealmaking in the life sciences space following two years of muted activity.
Strategic Stakes and Cross-Border Expansion
Chevron Buys $2.3 Billion Stake in Hess
Chevron (CVX) quietly added a $2.3 billion stake in Hess (HES) to its portfolio in March, continuing its consolidation strategy in the energy space. The deal offers Chevron a stronger position in key offshore and shale assets.
Lufthansa Takes 41% of ITA Airways
Lufthansa Group (DLAKY) finalized the acquisition of a 41% stake in ITA Airways on January 20, a long-anticipated move that expands its footprint in Southern Europe and caps a lengthy saga of restructuring for Italy’s national airline.
Credit & Data Consolidation
TransUnion Doubles Down on Mexico
TransUnion (TRU) made two strategic acquisitions in January: a majority stake in Trans Union de Mexico and a separate deal to acquire Buró de Crédito’s consumer credit business. Both moves highlight the company’s ambitions to expand its data and analytics platform in Latin America.
Francisco Partners Acquires Quorum Software
Private equity firm Francisco Partners completed the acquisition of Quorum Software in March, signaling renewed activity in energy software M&A as investors seek mission-critical platforms in resilient sectors.
The Pipeline Is Heating Up
Beyond announced deals, speculation is swirling around a number of companies rumored to be exploring strategic alternatives or attracting suitor interest:
HashiCorp (HCP) is reportedly exploring a sale.
Nuvei (NVEI) is said to be considering go-private offers.
CyberArk (CYBR), BridgeBio Pharma (BBIO), and The Hartford (HIG) have all been mentioned as possible targets.
Omnicell (OMCL) and Rackspace (RXT) are also names investors are watching closely.
Even Peloton (PTON) — long rumored to be on the block — is seeing renewed chatter after stabilizing its subscriber base and deepening integration with Apple HealthKit.
It's important to note that while these companies are subjects of acquisition speculation, such discussions may not always result in finalized deals. Investors should exercise due diligence and consider the inherent uncertainties in M&A activities.
A New M&A Cycle Underway?
With interest rates poised to fall later this year and equity markets finding their footing, the ingredients are in place for a robust M&A cycle. Regulatory risk remains a wildcard — particularly in Big Tech — but the early 2025 momentum suggests boardrooms are ready to move.
Investors would do well to pay close attention to companies with strong cash positions, clear strategic adjacencies, and depressed valuations. The next big deal may already be brewing.