Top M&A Deals of Q3 2025

by Mark Xiao and Alden Hey

Heading into fiscal year 2025, many analysts predicted that a new, business-friendly administration would usher in a dramatic rise in corporate mergers and acquisitions (M&A). In reality, economic uncertainty surrounding interest rates, slashes to federal subsidies, unpredictable trade and tariff policy, and recent crackdowns on skilled H1B immigration has resulted in M&A deals being down 9% year-over-year for the first half of 2025.  Despite this reduction in volume, average deal value is up 15% for the same period with 51% of U.S. companies still pursuing a deal.

Looking to Q3, this trend of a smaller volume of high-value mergers has continued apace.

Largest Q3 M&A Deals by Sector

While deal size has clearly increased, no one industry was a clear standout for Q3 M&As. Additionally, there are no overwhelmingly divergent trends in compensation, however the prevalence of cash-rich agreements may suggest that sellers are weary of oncoming market conditions damaging the short-term viability of stocks and equity. The following is a list of the largest 2025 Q3 M&A deals broken down by market segment.

Energy

In one of the largest deals of the quarter, oil and gas giant Chevron Corporation announced in July their acquisition of competitor Hess Corporation for $53 billion. Within the energy technology space, Baker Hughes acquired Chart Industries, Inc. for $13.6 billion.

Telecommunications

Satellite and telecommunications company EchoStar has reached a $17 billion agreement with SpaceX in exchange for EchoStar’s AWS-4 and H-block spectrum licenses. EchoStar has also sold $23 billion worth of wireless spectrum licenses to AT&T, marking Q3 2025 as a pivotal moment in the makeup of EchoStar’s asset portfolio. In the world of wired communication solutions, Amphenol Corporation has acquired the entirety of CommScope’s Connectivity and Cable Solutions (CCS) business, representing over $10.5 billion in fiber optic interconnect productions for artificial intelligence and other data center applications.

Health Care

Turning now to the rapidly growing healthcare industry, Waters Corporation and Becton, Dickenson, and co. (BD) have announced an agreement to merge Waters with BD’s Bioscience and Diagnostics Solutions business, creating a combined evaluation of approximately $17.5 billion. Pharmaceutical companies Verona Pharma plc and Merck Sharp & Dohme LLC have also reached an agreement under which Merck acquires Verona for approximately $10 billion.

Technology

In another massive Q3 deal, cybersecurity firm Palo Alto Networks has announced a $25 billion acquisition of Israeli identity management software group CyberArk Software Ltd. In another vertical move, data center infrastructure provider CoreWeave has acquired tech infrastructure software developer Core Scientific for $9 billion.

Other Industries

Railroad companies Union Pacific Corporation and Norfolk Southern Corporation agreed to a merger in July to create a combined enterprise worth over $250 billion. Also in the world of transportation, aircraft leasing corporation SMBC Aviation Capital acquired Air Lease (ALC) for $7.4 billion. In September, Canadian mining companies Anglo American and Teck Resources agreed to a $53 billion merger.

Necessary Processes, Timeline, and Regulatory Review

While the exact steps, methodology, and circumstances that surround a merger or acquisition will vary between each transaction, the following steps are commonly understood as standard industry practice.

Assessment and Preliminary Review

If a company seeking to be acquired has yet to find a purchaser, an Information Memorandum will be published that advertises the details of the company to potential buyers without divulging their identity. Potential buyers and the prospective seller will then enter into a non-disclosure agreement (NDA) to maintain confidentiality throughout negotiations.

Negotiation and Letter of Intent

Before exchanging financial information, both the seller and the buyer will sign a letter of intent to formally privilege the information gathered throughout the M&A process without binding each other to the proposed deal. Additionally, this phase involves both parties examining the regulatory landscape, including antitrust, employment law, and licensing implications, of a potential merger or acquisition in order to spot major concerns early in the process.

Due Diligence

The most well-known step of the M&A process is due diligence, wherein both parties disclose any or all non-privileged information relating to their business operations. The information gathered during this stage is crucial and often determines the success or failure of a proposed merger or acquisition.

Negotiations and Closing

Relying on both public disclosures and confidential information gathered during due diligence, both parties will negotiate the terms of a potential deal. If they can come to an agreement, the deal will then be closed and publicly announced.

Post-closure Integration and Implementation

A common motivating factor behind M&A deals is a predicted improvement in the operational efficiency of one or both parties following integration. For this synergy to be attained, however, integration must be handled efficiently and operations should be adjusted to maximize value.

Shareholder Vote

Approval by the shareholders or board of directors, particularly in private companies, can be necessary to complete a merger or acquisition, depending on the entity type and the company’s organizational documents. If required by a company’s articles of incorporation or bylaws, the shareholders or board of directors will be presented with the information gathered through due diligence alongside the final negotiated price upon which they vote whether to approve the deal.

Antitrust Review

The Federal Trade Commission (FTC) and Department of Justice (DOJ) are responsible for reviewing proposed mergers and acquisitions to determine whether or not they would “substantially lessen competition” among other legal tests. The FTC and DOJ may submit a second request for information, upon which they have 30 days to either close the investigation, enter a settlement with the relevant parties, or take legal action to block the deal from going forward.

How do Miller Shah LLP’s Practice Areas Intersect with Issues that can Emerge in Large Transactions?

At Miller Shah LLP, we assist buyers, sellers, and investors with structuring, negotiating, and closing M&A deals domestic and cross-border. From multimillion-dollar strategic purchases to founder exits and carve-outs, we handle:

• Deal structuring and planning
• Comprehensive legal due diligence
• Executive compensation, short term and long term incentive plans
• Antitrust and regulatory approvals
• Post-closing integration and corporate governance

In addition, we have a proven track record of success in various forms of complex antitrust litigation. Our team can help address issues relating to:

• Improper dealer terminations
• Information exchanges
• Market allocation
• Monopolization
• Price discrimination
• Price fixing
• Refusal to deal
• Resale price maintenance
• Reverse payments
• Tying and other illegal arrangements

Our lawyers frequently work alongside the Department of Justice, Federal Trade Commission, and state attorneys’ general offices regarding antitrust and other securities and corporate litigation claims. We are also a leading U.S. law firm in the area of reverse payment antitrust litigation and have recovered over $1 billion across various high-stakes cases in all areas of business and civil litigation.

If you need legal representation or would like to schedule a free consultation with our team, fill in the form below and a Miller Shah representative will reach out to you as soon as possible.