List of largest mergers and acquisitions
The following tables list the largest mergers and acquisitions in each decade. Transaction values are given in the US dollar value for the year of the merger, adjusted for inflation. As of July 2018[update] the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch PLC at $202 billion ($369 billion adjusted for inflation). Pfizer appears in these lists the most times with three entries, for a combined transaction value of $240 billion.
Free market enterprises
1870s
Top M&A deals worldwide by value from 1870 to 1879:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1879 | ![]() |
![]() |
0.001 | 0.024 |
1900s
Top M&A deals worldwide by value from 1900 to 1909:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1901 | ![]() |
![]() |
0.492 | 18 |
2 | 1900 | ![]() |
![]() |
0.001 | 0.026 |
1940s
Top M&A deals worldwide by value from 1940 to 1949:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1948 | ![]() |
![]() |
0.014 | 0.140 |
2 | 1947 | ![]() |
![]() |
0.013 | 0.146 |
3 | 1948 | ![]() |
![]() |
0.013 | 0.130 |
1950s
Top M&A deals worldwide by value from 1950 to 1959:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1956 | ![]() |
![]() |
0.008 | 0.661 |
2 | 1953 | ![]() |
![]() |
0.007 | 0.628 |
3 | 1954 | ![]() |
![]() |
0.004 | 0.348 |
4 | 1956 | ![]() |
![]() |
0.004 | 0.333 |
5 | 1953 | ![]() |
![]() |
0.003 | 0.307 |
6 | 1957 | ![]() |
![]() |
0.003 | 0.223 |
7 | 1959 | ![]() |
![]() |
0.002 | 0.156 |
8 | 1957 | ![]() |
![]() |
0.002 | 0.140 |
9 | 1958 | ![]() |
![]() |
0.002 | 0.129 |
10 | 1955 | ![]() |
![]() |
0.001 | 0.131 |
1960s
Top M&A deals worldwide by value from 1960 to 1969:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1969 | ![]() |
![]() |
0.910 | 8 |
2 | 1968 | ![]() |
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0.840 | 7 |
3 | 1966 | ![]() |
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0.535 | 5 |
4 | 1968 | ![]() |
![]() |
0.475 | 4 |
5 | 1968 | ![]() |
![]() |
0.483 | 4 |
6 | 1968 | ![]() |
![]() |
0.450 | 4 |
7 | 1968 | ![]() |
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0.425 | 4 |
8 | 1968 | ![]() |
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0.421 | 4 |
9 | 1968 | ![]() |
![]() |
0.404 | 4 |
10 | 1968 | ![]() |
![]() |
0.300 | 3 |
11 | 1968 | ![]() |
![]() |
0.300 | 3 |
1970s
Top M&A deals worldwide by value from 1970 to 1979:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2017 USD) |
---|---|---|---|---|---|
1 | 1977 | ![]() |
![]() |
0.784 | 4 |
2 | 1978 | ![]() |
![]() |
0.585 | 3 |
3 | 1977 | ![]() |
![]() |
0.567 | 3 |
4 | 1978 | ![]() |
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0.520 | 2 |
5 | 1972 | ![]() |
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0.514 | 4 |
6 | 1978 | ![]() |
![]() |
0.490 | 2 |
7 | 1974 | ![]() |
![]() |
0.486 | 3 |
8 | 1978 | ![]() ![]() |
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0.485 | 2 |
9 | 1974 | ![]() |
![]() |
0.480 | 3 |
10 | 1970 | ![]() |
![]() |
0.413 | 3 |
1980s
Top M&A deals worldwide by value from 1980 to 1989:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions 2018 USD) |
---|---|---|---|---|---|
1 | 1989 | ![]() |
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31 | 76 |
2 | 1984 | ![]() |
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13.2 | 39 |
3 | 1988 | ![]() |
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13.1 | 34 |
4 | 1987 | ![]() |
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7.8 | 21 |
5 | 1981 | ![]() |
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7.3 | 24 |
6 | 1986 | ![]() |
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6.2 | 16 |
7 | 1984 | ![]() |
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5.7 | 17 |
8 | 1985 | ![]() |
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4.9 | 14 |
9 | 1986 | ![]() |
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4.8 | 13 |
10 | 1986 | ![]() |
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4.3 | 12 |
11 | 1982 | ![]() |
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4 | 13 |
1990s
Top 10 M&A deals worldwide by value from 1990 to 1999:[10]
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
Inflation adjusted (in billions 2016 USD) |
---|---|---|---|---|---|
1 | 1999 | ![]() |
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202 | 369 |
2 | 1999 | ![]() |
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111.8 | 204 |
3 | 1998 | ![]() |
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77.2 | 144 |
4 | 1998 | ![]() |
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73 | 136 |
5 | 1999 | ![]() |
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63 | 115 |
6 | 1999 | ![]() |
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60 | 110 |
7 | 1998 | ![]() |
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53.36 | 100 |
8 | 1998 | ![]() |
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53 | 99 |
9 | 1999 | ![]() |
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48 | 88 |
10 | 1997 | ![]() |
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42 | 80 |
2000s
Top 10 M&A deals worldwide by value from 2000 to 2010:[10]
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
Inflation adjusted (in billions 2016 USD) |
---|---|---|---|---|---|
1 | 2000 | ![]() |
![]() |
165 | 291 |
2 | 2007 | ![]() |
![]() |
98 | 144 |
3 | 2000 | ![]() |
![]() |
76 | 134 |
4 | 2004 | ![]() ![]() |
![]() ![]() |
75 | 120 |
5 | 2006 | ![]() |
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73 | 110 |
6 | 2001 | ![]() |
![]() |
72 | 124 |
7 | 2009 | ![]() |
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68 | 97 |
8 | 2002 | ![]() |
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60 | 101 |
9 | 2004 | ![]() |
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59 | 95 |
10 | 2008 | ![]() |
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52 | 74 |
2010s
Top M&A deals worldwide by value (larger than $20 billion) from 2011 to 2020:
State owned enterprises
Rank | Year | Purchaser | Purchased | Total asset value (billions USD) |
Inflation adjusted (billions USD) |
Note |
---|---|---|---|---|---|---|
1 | 2017 | ![]() |
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278 | 346 | In August 2017, SASAC announced that China Guodian Corporation (one of China's largest coal-fired power generators) and Shenhua Group (China’s biggest coal miner) would be jointly restructured, with Shenhua Group becoming China Energy Investment Corporation and absorbing China Guodian Corporation to become the largest power company in the world by installed capacity.[62][63] |
2 | 2015 | ![]() |
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245.6 | 316 | In December 2016, China continued its consolidation drive, focussing on their mining sector where China Minmetals Corp took over equipment maker China Metallurgical Group Corp. Minmetals was China’s biggest steel and base metals trader with revenue of more than $50 billion last year, whilst China Metallurgical Group reported revenues of more than $33 billion.[64][65] |
3 | 2017 | ![]() |
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213 | 265 | In January 2017, the Chinese government confirmed the merger of China National Cotton Reserves Corp and Sinograin as part of their drive to reduce the number of State Owned Enterprises to a target of 100.[66] |
4 | 2018 | ![]() |
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120.0 | 146 | Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion.[67] The merger would create the largest entity in the industrial chemicals industry, overtaking BASF. [68][69][70][71] |
5 | 2015 | ![]() |
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112.6 | 145 | In June 2015 the Chinese cabinet approved plans to merge state owned China Power Investment (CPIC) with State Nuclear Power Technology increasing the exports of nuclear technology from the country, creating the new entity China Power New Energy Development Company Limited, with assets of more than $112.6 billion) and annual revenues of more than $32.6 billion.[72][73] |
6 | 2017 | ![]() |
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99 | 120 | Merger of China’s second largest nuclear power producer, and their top nuclear power plant builder.[74] |
Largest ever deals which have failed to complete
This lists catalogues M&A (above $20 billion in transaction value) deals which were confirmed, but for a number of reasons, failed to complete.
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
Inflation adjusted value | Note |
---|---|---|---|---|---|---|
1 | 2015 | ![]() |
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160 | 206 | The deal fell through over changes made to tax inversion legislation by the US Government.[75] |
2 | 2008 | ![]() ![]() |
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148 | 209 | As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.[76][75] |
3 | 2017 | ![]() |
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143 | 178 | Kraft's offer was an 18% premium to Unilever's closing share price the day before the announcement, however Unilever Executives claimed the deal undervalued the company[77] as well as job-cut implications and regulator approval issues.[78] The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.[79] |
4 | 1999 | ![]() |
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129 | 236 | The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.[75][80][81] |
5 | 2014 | ![]() |
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123 | 158 | Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.[75] |
6 | 2018 | ![]() |
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121 | 147 | Qualcomm claimed that Broadcom had undervalued the business but did propose to meet Broadcom officials, with the initial offer of $121 billion ($140 billion with debt).[82][83] On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[84] |
7 | 2018 | ![]() |
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117 | 142 | On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[84] The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.[85] |
8 | 1999 | ![]() |
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111 | 203 | The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.[75] |
9 | 2014 | ![]() |
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106 | 137 | AstraZeneca claimed the deal undervalued the company.[86] |
10 | 2018 | ![]() |
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103 | 125 | $130 billion with assumed debt ($103 billion without), Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares. Qualcomm rejected Broadcom's $103 billion takeover bid, saying the offer “dramatically” undervalued the U.S. company.[87][88] |
11 | 2014 | ![]() |
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99 | 127 | AstraZeneca claimed the deal undervalued the company.[89] |
12 | 2016 | ![]() |
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90 | 114 | Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.[90][91] |
13 | 1999 | ![]() |
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82.4 | 151 | Pfizer made a hostile bid, just after the announcement of a $72 billion deal with Wyeth, the eventual purchase price would be in excess of $90 billion.[92][93][94] |
14 | 2014 | ![]() |
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80 | 103 | 21st Century Fox abandoned its takeover Time Warner Inc., due to the unwillingness of the Time Warner Board to engage with the Fox Executives. This also caused a sharp dip in Fox's stock price which made a deal unattractive to Fox shareholders.[95][96] |
15 | 1999 | ![]() |
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72 | 132 | Wyeth confirmed it has agreed a $72 billion deal with Warner–Lambert, causing Pfizer to make a hostile bid, just after the announcement.[92][93][94] |
16 | 2004 | ![]() |
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66 | 106 | Comcast Executives abandoned the deal to buy Walt Disney after both investors and Disney Executives failed to agree on the acquisition.[97] |
17 | 1999 | ![]() |
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65 | 119 | The two companies discussed a potential merger, uniting two of the largest pharmaceutical companies. This was eventually thwarted by Pfizer, in order to maintain control of the blockbuster drug - Lipitor - with their $111.8 billion offer.[98][99] |
18 | 2018 | ![]() |
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65 | 79 | Main Article: Proposed acquisition of 21st Century Fox |
19 | 2018 | ![]() |
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62.5 | 76 | Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[100] |
20 | 2018 | ![]() |
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62.1 | 75 | Fourth bid with enhanced cash component, super-ceded by a fifth bid on Apri 24.[101] |
21 | 2018 | ![]() |
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61 | 74 | Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[100] |
22 | 2018 | ![]() |
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58.2 | 71 | First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalue the Company, its growth prospects as well as pipeline.[100] |
23 | 2014 | ![]() |
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54 | 70 | The deal fell through over changes made to tax inversion legislation by the US Government.[102] |
24 | 2017 | ![]() |
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52.4 | 65 | Main Article: Proposed acquisition of 21st Century Fox |
25 | 2015 | ![]() |
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46.5 | 60 | Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[103] Subsequently, Bayer offered to purchase Monsanto, with ChemChina offering to acquire Syngenta. |
26 | 2015 | ![]() |
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47 | 60 | The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market.[104] |
27 | 2012 | ![]() |
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45 | 60 | Lack of investor support, coupled with opposition from the UK Government, German Government and the French Government (which also has a direct holding in EADS). |
28 | 2014 | ![]() |
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45.2 | 58 | Main Article: Attempted purchase of Time Warner Cable by Comcast |
29 | 2016 | ![]() |
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44 | 56 | Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors.[105] In 2018, China decline approve of the merger, leading to its cancelation on July 26, 2018.[106] |
30 | 2001 | ![]() |
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42 | 72 | The EU Competition commission recommended that the commission reject GE-Honeywell, the commission argued that the merger would reduce competition - specifically within the aerospace industry - which could end up generating higher prices for consumers.[107] |
31 | 2001 | ![]() |
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40 | 71 | United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.[108][109] |
32 | 2015 | ![]() |
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40 | 51 | In April, Teva offered to acquire Mylan for $40 billion,[110] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[111] Teva's offer for Mylan is contingent on Mylan abandoning its acquisition of Perrigo.[112] Mylan stated in June 2015 that Teva’s disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. |
33 | 2011 | ![]() |
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39 | 53 | On August 31, 2011, the Antitrust Division of the United States Department of Justice formally announced that it would seek to block the takeover, and filed a lawsuit to such effect in federal court.[113] |
34 | 2016 | ![]() |
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38 | 48 | The transaction was terminated after facing opposition from U.S. and European antitrust regulators.[114] |
35 | 2015 | ![]() |
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37 | 48 | The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market.[104] |
36 | 2014 | ![]() |
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35 | 45 | Proposed merger as Publicis Omnicom Group. Omnicom wanted their people to occupy the CEO, CFO and general counsel jobs. Uncertainty over the deal lead to a drop in revenue of $1.5 billion in the period.[115] |
37 | 2018 | ![]() |
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34.0 | 41 | Comcast offered £17.28 per share, exceeding Fox's offer of £15.67 per share, in a blind auction set up by the UK's Takeover Panel.[46][47] |
38 | 2018 | ![]() |
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32.5 | 39 | Fox raised their offer $32.5 billion for Sky. |
39 | 2018 | ![]() |
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31 | 38 | Comcast offered $31 billion for Sky plc.[116][117][118][119] |
40 | 2002 | ![]() |
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29 | 49 | US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.[120] |
41 | 2017 | ![]() |
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29 | 36 | Rejected as Rockwell believed the offer still undervalued the company.[121] |
42 | 2017 | ![]() |
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28.8 | 36 | Akzo again rejected PPGs bid, citing the deal still undervalues the company, as well as potentially facing antitrust risks, and not addressing other concerns such as "cultural differences" |
43 | 2017 | ![]() |
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27.6 | 34 | Rejected as Rockwell believed the offer undervalued the company. The $27.6 billion was made up of $107.50 per share in cash and the balance being paid in 225 million shares of Emerson stock.[122][123][124] |
44 | 2015 | ![]() |
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26 | 33 | In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through.[125] |
45 | 2016 | ![]() |
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26 | 33 | The merger was prohibited on competition grounds by the EU Commission.[126][127][128] |
46 | 2017 | ![]() |
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26 | 32 | Akzo rejected the unsolicited offer, claiming the revised offer was still too low, Akzo claimed that key stakeholder issues as well as uncertainties and risks that had already been raised in response to earlier offers had not been answered proposal.[129] |
47 | 2004 | ![]() |
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25.4 | 41 | Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved later approved on April 27, 2005 by Guidant shareholders. However on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However they later re-negotiated a lower price of $21.5 billion. |
48 | 2006 | ![]() |
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25.0 | 38 | A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer. |
49 | 2005 | ![]() |
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24.6 | 38 | With the lower re-negotiated a lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share). |
50 | 2006 | ![]() |
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24.2 | 37 | After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion. |
51 | 2017 | ![]() |
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24 | 30 | Akzo rejected the unsolicited offer, claiming the revised offer was still too low |
52 | 2006 | ![]() |
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23.2 | 35 | After the re-negotiated a lower price of $21.5 billion was trumped by Boston Scientifics offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion. |
53 | 2017 | ![]() |
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20 | 25 | After months of pressure from activist investors, the companies announced they would abandon their merger plans, with investors citing a reduction in shareholder value as the cause.[130] |
See also
- List of largest companies by revenue
- List of companies by employees
- List of companies by profit and loss
- List of public corporations by market capitalization
- List of largest pharmaceutical mergers and acquisitions
- List of largest corporate spin-offs
Notes
- ^ Verizon purchased the 45% stake in Verizon Wireless owned by Vodafone for $130 billion.[79] The deal closed on February 21, 2014, becoming the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless
- ^ Largest acquisition in brewing sector history
- ^ 51/49% merger with Kraft shareholders receiving $16.50 special dividend
- ^ Confirmed not competed
- ^ Deal announced, acquisition not competed
- ^ $49.4 billion for 57.8%, giving a total value of $84.8 billion
- ^ $67.1 billion with assumed debt
- ^ 40.5 billion = $33.75 billion in cash + $6.75 billion worth of shares
- ^ Second offer made
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suggested) (help)CS1 maint: archived copy as title (link) - ^ "Archived copy". Archived from the original on 2018-03-13. Retrieved 2018-03-13.
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