The following tables list the largestmergers and acquisitions by decade of transaction. Transaction values are given in theUS dollar value for the year of the merger, adjusted for inflation. As of February 2026^[update], the largest ever acquisition was the 2026 takeover ofxAI bySpaceX at $250 billion ($250 billion adjusted for inflation).AT&T appears in these lists the most times with six entries, for a combined transaction value of $334.4 billion. Mergers and acquisitions are notated with the year the transaction was initiated, not necessarily completed. Mergers are shown as the market value of the combined entities.

Top 2 M&A deals worldwide by value from 1870 to 1879:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1874	Honeybrook Coal Company[2]	Wilkesbarre Coal and Iron Company	0.01	0.278
2	1879	Pacific Coast Oil Company[3]	Star Oil	0.001	0.034

Top 2 M&A deals worldwide by value from 1880 to 1889:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1884	New York Gas Light Company[4]	Manhattan Gas Light Company Metropolitan Gas Light Company Municipal Gas Light Company Knickerbocker Gas Light Company Harlem Gas Light Company	0.045	1.6
2	1883	Buffalo, Pittsburgh and Western Railroad[5]	Buffalo, New York and Philadelphia Railway Olean and Salamanca Railroad Oil City and Chicago Railroad Company	0.02085	0.704

Top 2 M&A deals worldwide by value from 1890 to 1899:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1899	American Spirits Manufacturing Company[6]	Kentucky Distilleries and Warehouse Company Spirits Distributing Company	0.125	4.7
2	1899	Pullman Palace Car Company[7][8]	Wagner Palace Car Company	0.074	2.8

Top 3 M&A deals worldwide by value from 1900 to 1909:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1901	Carnegie Steel Company[9]	Federal Steel Company National Steel Company	0.492	18.6
2	1907	New York, New Haven and Hartford Railroad Company[10]	Boston and Maine Corporation	0.310	10.5
3	1909	Interborough Rapid Transit Company[11][12]	Metropolitan Street Railway	0.222	7.8

Top 3 M&A deals worldwide by value from 1910 to 1919:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1915	Midvale Steel Company[13][14]	Remington Arms Company Worth Brothers Company	0.100	3.1
2	1915	United Dry Goods[15]	Associated Merchants Company	0.050	1.6
3	1918	General Motors[16]	United Motors Company	0.045	0.941

Top 5 M&A deals worldwide by value from 1920 to 1929:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1928	Consolidated Gas Company of New York[17]	Brooklyn Edison Company	1.0	18.3
2	1929	Niagara and Eastern Power Corporation[18]	MohawkHudson Power Corporation Northeastern Power Corporation	0.665	12.2
3	1928	United Light and Power Company[19]	American Light and Traction	0.522	9.6
4	1928	Hodenpyl & Hardy[17][20]	Stevens & Wood	0.500	9.2
5	1928	Middle West Utilities[17]	National Electric Power National Public Service New England Public Service Inland Power and Light	0.400	7.3

Top 5 M&A deals worldwide by value from 1930 to 1939:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1930	Pacific Gas and Electric Company[21]	Great Western Power Company San Joaquin Light and Power Corporation Midland Counties Public Service Corporation	0.650	12.2
2	1932	Sinclair Consolidated Oil Corporation[22][23]	Prairie Oil and Gas Prairie Pipe Line Company	0.542	12.5
3	1934	Republic Steel[24]	Corrigan-McKinney Steel Corporation	0.323	7.6
4	1931	Bethlehem Steel[25]	Pittsburgh Steel Company	0.080	1.7
5	1932	Studebaker Corporation[26]	White Motor Company	0.026	0.599

Top 5 M&A deals worldwide by value from 1940 to 1949:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1945	Consolidated Edison[27]	Brooklyn Edison Company New York and Queens Light and Power Company	1.2	21
2	1948	Central New York Power Corporation[28]	New York Power and Light Corporation Buffalo Niagara Electric Corporation	0.500	6.5
3	1945	Pittsburgh Coal Company[29]	Consolidation Coal Company	0.160	2.8
4	1948	Long Island Lighting Company[30]	Queens Borough Gas and Electric Company Nassau & Suffolk Lighting Company	0.140	1.8
5	1941	Celanese Corporation[31]	Celluoid Corporation	0.096	2.1

Top 10 M&A deals worldwide by value from 1950 to 1959:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1959	General Telephone[32]	Sylvania Electric Products	1.8	19.4
2	1957	Armco[33]	National Supply Company	0.768	8.6
3	1957	American Can Company[34]	Marathon Corporation	0.717	8
4	1955	Monsanto[35]	Lion Oil	0.550	6.5
5	1956	Continental Can Company[36]	Robert Gair Company	0.549	6.3
6	1954	Olin Industries[37]	Mathieson Chemical	0.500	5.9
7	1955	Sunray Oil Corporation[38]	Mid-Continent Petroleum Corporation	0.486	5.7
8	1955	Sperry Corporation[39]	Remington Rand	0.466	5.5
9	1953	Gulf Oil[40]	Warren Petroleum Corporation	0.420	4.9
10	1954	Hudson Motor Car Company[41]	Nash-Kelvinator	0.355	4.2

Top 10 M&A deals worldwide by value from 1960 to 1969:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1969	Atlantic Richfield[42]	Sinclair Oil Corporation	3.7	31.7
2	1965	Union Oil[43]	Pure Oil	1.5	15
3	1968	Hunt-Wesson[44]	Canada Dry McCall Corporation	1.0	9
4	1969	Xerox Corporation[45][46]	Scientific Data Systems	0.925	7.9
5	1967	Rockwell-Standard[47]	North American Aviation	0.922	8.7
6	1968	Sun Oil[45][48]	Sunray DX Oil Company	0.763	6.9
7	1965	Continental Oil Company[49]	Consolidation Coal	0.620	6.2
8	1961	American-Marietta Corporation[50]	Glenn L. Martin Company	0.600	6.3
9	1968	Control Data Corporation[51]	Commercial Credit Company	0.582	5.3
10	1967	Studebaker Corporation[52]	Worthington Corporation	0.550	5.2

Top 15 M&A deals worldwide by value from 1970 to 1979:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1979	Shell Oil Company[53]	Belridge Oil Company	3.65	15.8
2	1976	General Electric[54]	Utah International	2.17	12
3	1979	RCA[55]	CIT Financial	1.3	5.6
4	1979	Exxon[56]	Reliance Electric	1.2	5.2
5	1978	United Technologies[57][58]	Carrier Corporation	1.0	4.8
6	1979	Mobil[59]	General Crude Oil	0.765	3.3
7	1976	Atlantic Richfield[45][60][61]	Anaconda Copper	0.760	4.2
8	1978	R. J. Reynolds Industries[62]	Del Monte Corporation	0.620	3
9	1978	Johns Manville[45][63]	Olinkraft Inc	0.585	2.8
10	1977	Kennecott Copper[45][64]	Carborundum Corporation	0.567	2.9
11	1978	Philip Morris[45][65]	Seven-Up Bottling Co	0.520	2.5
12	1978	Beatrice Foods[45][66]	Tropicana Products	0.488	2.4
13	1977	Unilever[45][67]	National Starch and Chemical	0.485	2.5
14	1974	Burmah Oil[45][68]	Signal Oil & Gas	0.480	3.1
15	1979	American Brands[69]	Franklin Life Insurance	0.465	2

Top 30 M&A deals worldwide by value from 1980 to 1989:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	[1] Inflation adjusted (in billions USD)
1	1989	Kohlberg Kravis Roberts[70][71]	RJR Nabisco	31.0	78.6
2	1989	Mitsui Bank[72]	Taiyo Kobe Bank	22.8	57.8
3	1989	Warner Communications[73]	Time Inc.	15.2	38.6
4	1984	Standard Oil of California[74]	Gulf Oil	13.2	40
5	1988	Philip Morris[75]	Kraft Foods	13.1	34.8
6	1989	Bristol Myers[76]	Squibb	12.0	30.4
7	1984	Texaco[77]	Getty Oil	10.1	30.6
8	1989	Beecham Group[78]	SmithKline Beckman	7.9	20
9	1987	BP[79][80][81]	Standard Oil of Ohio	7.8	21.6
10	1981	E. I. du Pont de Nemours and Company[82]	Conoco	7.3	25.2
11	1988	Campeau Corporation[83]	Federated Department Stores	6.6	17.5
12	1985	General Electric[84]	RCA	6.3	18.4
13	1982	United States Steel Corp.[85]	Marathon Oil	6.0	19.5
14	1985	Kohlberg Kravis Roberts[86]	Beatrice Companies	6.0	17.5
15	1985	Philip Morris Companies[87]	General Foods	5.8	17
16	1987	Dome Mines[88]	Placer Development Campbell Red Lake Mines	5.8	16.1
17	1984	Mobil[89]	Superior Oil Company	5.7	17.3
18	1988	Grand Metropolitan[90]	Pillsbury Company	5.7	15.2
19	1989	Dow Chemical Company[91]	Marion Laboratories	5.7	14.5
20	1984	Royal Dutch/Shell Group[92][93]	Shell Oil Company	5.5	16.6
21	1989	Hanson plc[94]	Consolidated Gold Fields	5.5	14
22	1985	General Motors[95]	Hughes Aircraft Company	5.2	15.2
23	1988	British American Tobacco(Batus Inc.)[96]	Farmers Insurance Group	5.2	13.8
24	1987	John Philp Thompson Sr.[97]	Southland Corporation	5.1	14.1
25	1988	Thomas F. Frist Jr. Richard Rainwater[98][99]	HCA Healthcare	5.1	13.6
26	1988	Eastman Kodak[100]	Sterling Drug	5.1	13.6
27	1981	Elf Aquitaine[101]	Texasgulf Inc.	5.0	17.3
28	1985	R.J. Reynolds Industries[102]	Nabisco Brands	4.9	14.3
29	1986	Burroughs Corporation[103]	Sperry Corporation	4.8	13.8
30	1989	Sony[104]	Columbia Pictures	4.8	12.2

Top M&A deals worldwide by value ($20 billion or larger) from 1990 to 1999:^[105]

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	Inflation adjusted (in billions USD)
1	1999	Vodafone Airtouch plc[106]	Mannesmann	183.0	345.4
2	1999	Pfizer[107]	Warner-Lambert	90.0	169.9
3	1998	Exxon[108][109]	Mobil	77.2	148.9
4	1998	Citicorp[110]	Travelers Group	70.0	135
5	1999	Bell Atlantic(Wireless Unit)[111][a]	Vodafone Airtouch plc(US Wireless Unit)	70.0	132.1
6	1998	Zeneca[112]	Astra AB	67.0	129.3
7	1998	NationsBank[113]	Bank America	62.0	119.6
8	1999	SBC Communications[114]	Ameritech Corporation	62.0	117
9	1999	Vodafone Group[115]	AirTouch Communications	56.0	105.7
10	1999	TotalFina[116]	Elf Aquitaine	54.3	102.5
11	1998	Bell Atlantic[117]	GTE	53.36	102.9
12	1996	Bell Atlantic[118]	NYNEX	52.0	104.3
13	1998	BP[119]	Amoco	49.0	94.5
14	1999	AT&T[120]	Tele-Communications Inc.	48.0	90.6
15	1999	The Sumitomo Bank[121][122]	The Sakura Bank	45.5	85.9
16	1999	Qwest Communications[123]	US West	44.0	83.1
17	1998	Hoechst AG[124]	Rhône-Poulenc	43.0	83
18	1999	Royal Bank of Scotland Group[125]	National Westminster Bank plc	42.5	80.2
19	1999	Fuji Bank[126][121]	Dai-Ichi Kangyo Bank Industrial Bank of Japan	40.1	75.7
20	1997	Zurich Insurance Group[127]	British American Tobacco (Financial Division)	38.0	74.4
21	1998	Daimler-Benz[128]	Chrysler	38.0	73.3
22	1997	Worldcom[129]	MCI Communications	37.0	72.5
23	1999	Mannesmann[130]	Orange UK	36.0	68
24	1999	Viacom[131]	CBS Corporation	35.6	67.2
25	1998	Wells Fargo[132]	Norwest Corporation	34.0	65.6
26	1999	Olivetti[133]	Telecom Italia(55% Stake)	34.0	64.2
27	1995	Mitsubishi Bank[134]	The Bank of Tokyo	33.8	69.7
28	1998	Banc One[135]	First Chicago Bank	29.8	57.5
29	1996	Ciba-Geigy[136]	Sandoz	27.0	54.1
30	1999	BP-Amoco[137]	Atlantic Richfield Company	26.8	50.6
31	1999	Monsanto[138]	Pharmacia & Upjohn	26.5	50
32	1999	Lucent[139]	Ascend Communications	25.2	47.6
33	1997	Union Bank of Switzerland[140]	Swiss Bank Corporation	25.0	49
34	1999	Clear Channel Broadcasting[141]	AMFM Broadcasting Licenses, LLC	23.8	44.9
35	1998	Berkshire Hathaway[142]	Gen Re	22.0	42.4
36	1999	Banque Nationale de Paris[143]	Paribas	20.0	37.8

Top M&A deals worldwide by value ($20 billion or larger) from 2000 to 2009:^[105]

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)	Inflation adjusted (in billions USD)
1	2000	AOL[144]	Time Warner	182.0	332.3
2	2007	Gaz de France[145]	Suez S.A.	107.0	162.3
3	2007	RFS Holdings[146][147]	ABN Amro	98.0	148.6
4	2004	Royal Dutch Petroleum[148][b]	Shell Transport & Trading Company plc	95.0	158.1
5	2000	Glaxo Wellcome[149]	SmithKline Beecham	76.0	138.8
6	2001	Comcast[150]	AT&T Broadband	72.0	127.9
7	2006	Banca Intesa[151]	Sanpaolo IMI	71.0	110.7
8	2009	Pfizer[152]	Wyeth	68.0	99.7
9	2008	United States Department of the Treasury[153][c]	American International Group	67.8	99
10	2006	AT&T[154][155]	BellSouth	67.0	104.5
11	2008	Enel Acciona[156]	Endesa	65.3	95.4
12	2004	Sanofi[157]	Aventis	64.2	106.9
13	2002	AT&T[158]	MediaOne	62.0	108.4
14	2002	Pfizer[159]	Pharmacia Corp.	60.0	104.9
15	2004	JPMorgan Chase[160]	Bank One Corporation	58.0	96.6
16	2008	HM Treasury[161][c]	Royal Bank of Scotland Group	58.0	84.7
17	2005	Procter & Gamble[162]	Gillette	57.0	91.8
18	2008	InBev[163]	Anheuser-Busch	52.0	75.9
19	2000	Deutsche Telekom[164]	Voicestream	50.7	92.6
20	2008	Lloyds TSB Group[165]	HBOS	50.0	73
21	2008	Bank of America[166]	Merrill Lynch & Co.	50.0	73
22	2009	United States Department of the Treasury[167][c]	General Motors	49.5	72.5
23	2003	Bank of America[168]	FleetBoston Financial	47.0	80.3
24	2009	Roche Holding AG[169]	Genentech	46.8	68.6
25	2008	United States Department of the Treasury[170][c]	Citigroup	45.0	65.7
26	2008	United States Department of the Treasury[171][172][c]	Bank of America	45.0	65.7
27	2009	Merck & Co.[173]	Schering-Plough	41.1	60.2
28	2000	JDS Uniphase[174]	SDL Inc.	41.0	74.9
29	2004	Cingular[175]	AT&T Wireless	41.0	68.3
30	2009	ExxonMobil[176]	XTO Energy	41.0	60.1
31	2000	France Télécom[177]	Vodafone Airtouch plc(Orange UK)	40.3	73.6
32	2008	Novartis[178]	Alcon	39.0	57
33	2007	Rio Tinto[179]	Alcan	38.1	57.8
34	2000	Pacific Century Cyber Works[180]	Cable & Wireless HKT Ltd	38.0	69.4
35	2005	Tokyo Mitsubishi[181]	UFJ Holdings	38.0	61.2
36	2006	América Móvil[182]	América Telecom	37.0	57.7
37	2006	The Blackstone Group[183]	Equity Office	36.0	56.2
38	2005	ConocoPhillips[184]	Burlington Resources	35.6	57.3
39	2000	Chevron Corporation[185]	Texaco	35.0	63.9
40	2005	Sprint Corporation[186]	Nextel Communications	35.0	56.3
41	2005	Bank of America[187]	MBNA	34.2	55.1
42	2000	Vivendi[188]	Seagram	34.0	62.1
43	2006	Mittal Steel Company[189]	Arcelor	33.65	52.5
44	2007	Kohlberg Kravis Roberts Texas Pacific Group[190]	TXU Corp.	31.8	48.2
45	2005	Telefónica[191]	O2	31.6	50.9
46	2006	Nokia Corporation(Telecommunication Network Equipment Unit)[192][a]	Siemens AG(Telecommunication Network Equipment Unit)	31.6	49.3
47	2000	Citigroup[193]	Associates First Capital Corporation	31.0	56.6
48	2000	Chase Manhattan Bank[194]	J.P. Morgan & Co.	30.9	56.4
49	2007	Statoil[195]	Norsk Hydro	30.0	45.5
50	2009	Comcast[196]	General Electric(NBCUniversal)	30.0	44
51	2007	Kohlberg Kravis Roberts[197]	First Data	29.0	44
52	2007	UniCredit[198]	Capitalia	29.0	44
53	2004	KBC Bank[199]	Almanij	28.12	46.8
54	2008	Verizon Wireless[200]	Alltel	28.1	41
55	2001	BHP Ltd.[201]	Billiton plc	28.0	49.7
56	2003	Olivetti[133]	Telecom Italia(Remaining 45% Stake)	27.8	47.5
57	2007	Texas Pacific Group Goldman Sachs Capital Partners[202]	Alltel	27.5	41.7
58	2006	Boston Scientific[203]	Guidant	27.2	42.4
59	2006	Thomas H. Lee Partners Bain Capital[204]	Clear Channel Broadcasting	26.7	41.6
60	2009	Berkshire Hathaway[205]	Burlington Northern Santa Fe Corp.	26.3	38.5
61	2007	The Blackstone Group[206]	Hilton Hotels Corp	26.0	39.4
62	2007	Freeport-McMoRan[207]	Phelps Dodge	25.9	39.3
63	2006	Wachovia[208]	Golden West Financial	25.5	39.8
64	2008	HM Treasury[209][c]	Lloyds Banking Group	25.4	37.1
65	2008	Apollo Management Texas Pacific Group[210]	Harrahs Entertainment	25.1	36.7
66	2001	Hewlett Packard Company[211]	Compaq	25.0	44.4
67	2008	United States Department of the Treasury[212][c]	JPMorgan Chase	25.0	36.5
68	2008	United States Department of the Treasury[213][c]	Wells Fargo	25.0	36.5
69	2008	Ministry of Finance[214][c]	Fortis(Dutch Unit)	23.3	34
70	2001	American International Group[215]	American General	23.0	40.8
71	2008	Mars, Incorporated[216]	Wm. Wrigley Jr. Company	23.0	33.6
72	2007	Iberdrola[217]	Scottish Power	22.5	34.1
73	2006	Richard Kinder Goldman Sachs Capital Partners The Carlyle Group Riverstone Holdings American International Group[218]	Kinder Morgan	22.0	34.3
74	2007	Kohlberg Kravis Roberts Stefano Pessina[219]	Alliance Boots	22.0	33.4
75	2006	Bayer[220]	Schering AG	21.5	33.5
76	2000	Verisign[221]	Network Solutions	21.0	38.3
77	2000	Firstar Corporation[222]	U.S. Bancorp	21.0	38.3
78	2006	Thomas F. Frist Jr. Bain Capital Kohlberg Kravis Roberts Merrill Lynch Global Private Equity[223]	HCA Healthcare	21.0	32.8
79	2006	CVS[224]	Caremark RX	21.0	32.8
80	2007	Bank of America[225]	ABN AMRO(LaSalle Bank)	21.0	31.8
81	2000	Unilever[226]	Bestfoods	20.3	37.1
82	2001	Allianz[227]	Dresdner Bank	20.0	35.5
83	2006	Ferrovial[228]	BAA plc	20.0	31.2

Top M&A deals worldwide by value ($20 billion or larger) from 2010 to 2019:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)(with debt)	Inflation adjusted (in billions USD)(with debt)	Ref
1	2013	Verizon Communications	Vodafone Group(RemainingVerizon Wireless 45% Stake)	130.0	175.5	[229]
2	2015	Dow Chemical	E. I. du Pont de Nemours and Company	130.0	172.5	[230]
3	2019	United Technologies(Aerospace Division)	Raytheon	121.0	148.8	[231][232][233][234]
4	2015	AB InBev	SABMiller	107.0	141.9	[235]
5	2015	Heinz	Kraft	100.0	132.7	[236]
6	2018	Energy Transfer Equity	Energy Transfer Partners	90.0	112.7	[237][238]
7	2017	Linde AG	Praxair	86.0	110.3	[239][240][d]
8	2016	AT&T	Time Warner	85.4 —108.7	111.9 —142.4	[241]
9	2015	Cheung Kong Holdings	Hutchison Whampoa	85.0	112.8	[242]
10	2015	Charter Communications	Time Warner Cable	78.7	104.4	[243]
11	2019	Bristol-Myers Squibb	Celgene	74.0 —95.0	91 —116.8	[244][245][246][247]
12	2018	The Walt Disney Company	21st Century Fox	71.3 —85.1	89.3 —106.6	[248][249]
13	2014	Kinder Morgan	Kinder Morgan Energy Partners Kinder Morgan Management El Paso Pipeline Partners	71.0	94.3	[250]
14	2015	Actavis	Allergan, Inc	70.5	93.5	[251][d]
15	2015	Royal Dutch Shell	BG Group	70.0 —81.9	92.9 —108.6	[252][253]
16	2019	Saudi Aramco	SABIC	69.1	85	[254]
17	2017	CVS Health	Aetna	69.0	88.5	[255][256][257]
18	2015	Dell	EMC Corporation	67.0	88.9	[258]
19	2018	Takeda Pharmaceutical	Shire plc	64.3	80.5	[259][260][261]
20	2019	AbbVie	Allergan plc	63.0	77.5	[262]
21	2019	GlaxoSmithKline(Consumer Health Unit)	Pfizer(Consumer Health Unit)	62.8	77.2	[263][264][a]
22	2014	Holcim	Lafarge S.A.	60.0	79.7	[265]
23	2017	Essilor	Luxottica	58.5	75	[266]
24	2013	Rosneft	TNK-BP	55.0	74.2	[267]
25	2016	Bayer	Monsanto	54.5 —63.5	71.4 —83.2	[268][269]
26	2018	Cigna	Express Scripts	54.0 —67.0	67.6 —83.9	[270]
27	2019	Groupe PSA	Fiat Chrysler	50.0	61.5	[271]
28	2014	AT&T	DirecTV	49.0 —67.1	65.1 —89.1	[272]
29	2017	British American Tobacco	R. J. Reynolds Tobacco Company	49.0	62.9	[273]
30	2019	DuPont(Nutrition & Biosciences Division)	International Flavors & Fragrances	45.4	55.8	[274]
31	2016	ChemChina	Syngenta	43.0	56.3	[275]
32	2014	Medtronic	Covidien	42.9	57	[276][d]
33	2015	Teva Pharmaceutical Industries	Allergan plc(Actavis Generics)	40.5	53.7	[277][278][279]
34	2018	Comcast Corporation	Sky plc	39.0	48.8	[280][281][282]
35	2018	E.ON SE	Innogy SE	38.5	48.2	[283]
36	2019	Occidental Petroleum Corp	Anadarko Petroleum	38.0 —57.0	46.7 —70.1	[284]
37	2015	Berkshire Hathaway	Precision Castparts	37.2	49.3	[285]
38	2015	Avago Technologies	Broadcom Corporation	37.0	49.1	[286]
39	2018	T-Mobile US	Sprint Corporation	37.0	46.3	[287][288]
40	2019	Fidelity National Information Services	Worldpay, Inc.	35.0 —43	43 —52.9	[289]
41	2018	Harris Corporation	L3 Technologies	34.0	42.6	[290]
42	2018	IBM	Red Hat	34.0	42.6	[291]
43	2016	Shire plc	Baxalta	32.0 —35	41.9 —45.9	[292][293][d]
44	2016	Softbank Group	Arm Holdings	31.4	41.1	[294]
45	2012	Glencore	Xstrata	31.0	42.5	[295]
46	2010	GDF Suez	International Power	30.0	43.3	[296]
47	2016	General Electric(GE Oil and Gas)	Baker Hughes	30.0	39.3	[297]
48	2017	United Technologies	Rockwell Collins	30.0	38.5	[298]
49	2017	Johnson & Johnson	Actelion	30.0	38.5	[299]
50	2019	Yahoo! Japan	Line Corporation	30.0	36.9	[300]
51	2012	T-Mobile US	MetroPCS	29.6	40.5	[301]
52	2011	Express Scripts	Medco Health Solutions	29.1	40.7	[302]
53	2015	ACE Ltd	Chubb Corporation	28.3	37.5	[303]
54	2016	Enbridge	Spectra Energy	28.0	36.7	[304]
55	2019	BB&T	SunTrust Banks	28.0	34.4	[305]
56	2014	Reynolds American	Lorillard Tobacco Company	27.4	36.4	[306]
57	2016	Agrium	Potash Corp of Saskatchewan Inc	27.0	35.4	[307]
58	2019	London Stock Exchange Group	Refinitiv	27.0	33.2	[308]
59	2016	Microsoft	LinkedIn Corp	26.2	34.3	[309]
60	2011	Duke Energy	Progress Energy Inc	26.0	36.3	[310]
61	2019	Charles Schwab	TD Ameritrade	26.0	32	[311]
62	2014	Actavis	Forest Laboratories	25.0	33.2	[312][d]
63	2015	Enbridge Income Fund	Enbridge (Canadian liquids pipeline business & certain renewable energy assets)	25.0	33.2	[313]
64	2016	Abbott Laboratories	St Jude Medical	25.0 —30.5	32.8 —40	[314]
65	2019	Viacom	CBS Corporation	25.0	30.7	[315]
66	2019	Pfizer(Upjohn Off-Patent Medicine Division)	Mylan	25.0	30.7	[316]
67	2017	Unibail-Rodamco SE	Westfield Corporation	24.7	31.7	[317]
68	2013	Michael Dell Silver Lake Partners	Dell	24.4	32.9	[318][319]
69	2010	CenturyLink	Qwest Corporation	24.0	34.6	[320]
70	2012	Ministry of Economy	Bankia	24.0	32.9	[321][c]
71	2015	VimpelCom(Italian Assets)	CK Hutchison Holdings(Italian Assets)	24.0	31.8	[322][a]
72	2016	CenturyLink	Level 3 Communications	24.0	31.4	[323]
73	2017	Becton, Dickinson and Company	C. R. Bard	24.0	30.8	[324]
74	2018	Dell	VMware	23.9	29.9	[325][326]
75	2013	Liberty Global	Virgin Media	23.3	31.5	[327][328][d]
76	2017	Visa Inc.	Visa Europe	23.3	29.9	[329]
77	2013	Berkshire Hathaway 3G Capital	Heinz	23.0	31	[330]
78	2014	Numericable	SFR	23.0	30.5	[331][332]
79	2017	Vodafone Group(Indian Operations)	Idea Cellular	23.0	29.5	[333][a]
80	2018	Marathon Petroleum Corp	Andeavor	23.0 —35.6	28.8 —44.6	[334]
81	2012	Nippon Steel	Sumitomo Metal Industries	22.45	30.7	[335]
82	2014	Facebook, Inc	WhatsApp Inc.	22.0	29.2	[336]
83	2018	Atlantia Grupo ACS	Abertis	22.0	27.5	[337]
84	2019	Fiserv	First Data	22.0	27.1	[338]
85	2018	Vodafone Group	Liberty Global(Germany & Eastern Europe Ops)	21.8	27.3	[339]
86	2012	Softbank Group	Sprint Corporation	21.6	29.6	[340][341]
87	2010	VimpelCom	Weather Investments	21.5	31	[342]
88	2019	Global Payments	TSYS	21.5	26.4	[343]
89	2019	Danaher Corporation	GE(Biopharma Division)	21.4	26.3	[344]
90	2011	Johnson & Johnson	Synthes	21.3	29.8	[345]
91	2010	América Móvil	Telmex	21.0	30.3	[346]
92	2011	Kinder Morgan	El Paso Corporation	21.0	29.4	[347]
93	2015	MPLX	MarkWest Energy	21.0	27.9	[348]
94	2015	AbbVie	Pharmacyclics	21.0	27.9	[349]
95	2018	Keurig Green Mountain	Dr Pepper Snapple Group	21.0	26.3	[350]
96	2011	Sanofi	Genzyme	20.1	28.1	[351]
97	2012	AB InBev	Grupo Modelo	20.1	27.5	[352]
98	2016	Energy Transfer Partners	Sunoco Logistics Partners	20.0	26.2	[353]
99	2016	SACAM Mutualisation	Crédit Agricole(39 Regional Operators)	20.0	26.2	[354]
100	2018	The Blackstone Group	Thomson Reuters(Financial & Risk Unit)	20.0	25	[355][a]

Top M&A deals worldwide by value ($20 billion or larger) from 2020 to 2029:

Rank	Year	Purchaser	Purchased	Transaction value (in billions USD)(with debt)	Inflation adjusted (in billions USD)(with debt)	Ref
1	2026	SpaceX	xAI	250.0	250	[356]
2 †	2025	Union Pacific Railroad	Norfolk Southern Railway	85.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[357]
3	2020	Unilever plc	Unilever N.V.	81.0	98.4	[358][b]
4	2021	BHP Group Limited	BHP Group plc	80.7	93.6	[359][b]
5 †	2025	Netflix, Inc.	Warner Bros. Discovery (TV, film studios and streaming division)	72.0 —82.7	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US". —Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[360]
6	2021	Royal Dutch Shell plc	Royal Dutch Shell N.V.	71.5	83	[361][b]
7	2022	Microsoft	Activision Blizzard	68.7	73.8	[362][363]
8	2022	Broadcom Inc.	VMware	61.0 —69.0	65.5 —74.1	[364]
9	2022	HDFC Bank	Housing Development Finance Corporation	60.0	64.5	[365]
10 †	2025	OMV(Borealis 75% stake) ADNOC(Borealis 25% stake)	ADNOC(Borouge 54% stake) Borealis(Borouge 36% stake)	60.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[366][a]
11	2023	ExxonMobil	Pioneer Natural Resources	59.5 —64.5	61.4 —66.6	[367]
12 †	2026	Devon Energy	Coterra	58.0	58	[368]
13	2022	Edizione Blackstone Inc.	Atlantia	56.32	60.5	[369]
14 †	2025	Public Investment Fund Silver Lake Affinity Partners	Electronic Arts	55.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[370]
15	2023	Chevron Corporation	Hess Corporation	53.0 —60.0	54.7 —61.9	[371]
16 †	2025	Anglo American plc	Teck Resources	53.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[372]
17 †	2025	Kimberly-Clark	Kenvue	48.7	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[373]
18	2020	S&P Global	IHS Markit	44.0	53.5	[374]
19	2022	Elon Musk	Twitter, Inc.	44.0	47.3	[375][376]
20	2021	Discovery, Inc.	AT&T(WarnerMedia)	43.0	49.9	[377][378]
21	2023	Pfizer	Seagen	43.0	44.4	[379]
22	2020	Nippon Telegraph and Telephone	NTT Docomo	40.0	48.6	[380]
23 †	2025	AI Infrastructure Partnership Microsoft Nvidia BlackRock BlackRock (Global Infrastructure Partners) xAI MGX Fund Management Limited Temasek	Macquarie Group( Aligned Data Centers)	40.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[381]
24	2020	AstraZeneca	Alexion Pharmaceuticals	39.0	47.4	[382]
25	2020	Liberty Global(Virgin Media)	Telefónica(O2)	38.0	46.2	[383][384][a]
26	2024	Capital One	Discover Financial	35.3	35.3	[385]
27	2020	Advanced Micro Devices	Xilinx	35.0	42.5	[386]
28	2024	Synopsys	Ansys	35.0	35	[387]
29	2021	Blackstone Inc The Carlyle Group Hellman & Friedman	Medline Industries	34.0	39.5	[388]
30	2023	Bunge Limited	Viterra	34.0	35.1	[389]
31	2025	xAI	X Corp.	33.0 —45.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US". —Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[390]
32 †	2025	Toyota Motor Corporation	Toyota Industries	33.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[391]
33 †	2025	Alphabet Inc.	Wiz, Inc.	32.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[392]
34	2021	Canadian Pacific Railway	Kansas City Southern	31.0	36	[393]
35	2021	AerCap	General Electric(GECAS)	30.0	34.8	[394]
36	2024	Mars Inc.	Kellanova	30.0 —35.9	30 —35.9	[395]
37	2021	Square, Inc.	Afterpay	29.0	33.7	[396]
38	2021	Oracle Corporation	Cerner Corporation	28.3	32.8	[397]
39	2023	Cisco	Splunk	28.0	28.9	[398]
40	2022	Amgen	Horizon Therapeutics	27.8	29.9	[399]
41	2020	Salesforce.com	Slack Technologies	27.7	33.7	[400]
42	2022	Prologis	Duke Realty	26.0	27.9	[401]
43	2024	Diamondback Energy	Endeavor Energy Resources	26.0	26	[402]
44	2025	Palo Alto Networks	CyberArk	25.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[403]
45	2025	Global Payments	GTCR(Worldpay 55% stake) FIS(Worldpay 45% stake)	24.25	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[404]
46 †	2025	AT&T	EchoStar (Various Wireless Spectrum Licenses)	23.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[405]
47	2021	Vonovia	Deutsche Wohnen	22.7	26.3	[406]
48	2020	Huntington Bancshares	TCF Financial Corporation	22.0	26.7	[407]
49 †	2025	Charter Communications	Cox Enterprises(Cox Communications)	21.9 —34.5	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US". —Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[408]
50	2022	Orange S.A.(Orange España)	Grupo MásMóvil	21.3	22.9	[409][a]
51	2020	Analog Devices	Maxim Integrated	21.0	25.5	[410]
52	2020	Seven & i Holdings	Marathon Petroleum (Speedway LLC)	21.0	25.5	[411]
53	2020	Gilead Sciences	Immunomedics	21.0	25.5	[412]
54	2022	DSM	Firmenich	21.0	22.6	[413]
55	2023	Endeavor Group(Zuffa)	WWE	21.0	21.7	[414]
56 †	2025	Abbott Laboratories	Exact Sciences Corp.	21.0	Error when using{{Inflation}}:|start_year=2025 (parameter 3) is greater than the latest available year (2024) in index "US".	[415]
57	2021	Rogers Communications	Shaw Communications	20.8	24.1	[416]
58	2021	Roche	Novartis (Entire 1/3 voting stake inRoche)	20.7	24	[417]
59	2020	Advent International Cinven RAG-Stiftung	ThyssenKrupp(Elevator Division)	20.4	24.8	[418]
60	2023	KKR	TIM Group(Fixed Line Network)	20.0	20.6	[419]