- M&A News
M&A News: Global M&A Deals Week of December 15 to 21, 2025
- IMAA
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The Institute for Mergers, Acquisitions and Alliances (IMAA) provides a detailed weekly roundup of mergers and acquisitions news, highlighting the most significant global M&A deals. This essential update offers a snapshot of the latest movements and trends within the M&A market, showcasing the top transactions that stand out in the corporate world. Through this coverage, IMAA aims to furnish M&A professionals and enthusiasts alike with a comprehensive overview of the week’s M&A activities, helping them stay informed about the evolving landscape of global mergers and acquisitions.
During the period from December 15 to December 21, the global mergers and acquisitions market recorded 854 announced transactions with a combined value of USD 81.33 billion. Of these, 30 deals were valued above USD 500 million, accounting for USD 61.11 billion, or approximately 75% of the total weekly deal value.
The week’s most notable transaction was the USD 8.4 billion take-private acquisition of Clearwater Analytics by a consortium led by Permira and Warburg Pincus. Clearwater operates a cloud-native technology platform that supports investment management across global public and private markets. Its single-instance, multi-tenant architecture provides near-real-time access to investment data and analytics across the investment lifecycle, addressing inefficiencies associated with fragmented legacy systems. The transaction is expected to provide greater flexibility for long-term investment in platform integration, analytics capabilities, alternative asset support, and AI-driven development without the short-term pressures of public markets.
On a week-on-week basis, deal volume increased by 24%, rising from 689 to 854 transactions. Aggregate deal value also rose by 30%, from USD 62.65 billion to USD 81.33 billion.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of December 15 to 21, 2025 in detail:
Deal No. 1: Permira Advisers Ltd.; Warburg Pincus LLC; Temasek Holdings (Private) Limited to Acquire Clearwater Analytics Holdings, Inc. for USD 8.40 Billion
Deal No. 2: Trump Media & Technology Group Corp. to Acquire TAE Technologies, Inc. for USD 6.00 Billion
Deal No. 3: Cencora, Inc. to Acquire OneOncology, LLC for USD 5.00 Billion
Deal No. 4: BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc. for USD 4.80 Billion
Deal No. 5: WSP Global Inc. to Acquire TRC Companies, Inc. for USD 3.30 Billion
Deal No. 1:
Permira Advisers Ltd.; Warburg Pincus LLC; Temasek Holdings (Private) Limited to Acquire Clearwater Analytics Holdings, Inc. for USD 8.40 Billion
An investor group led by Permira and Warburg Pincus is acquiring Clearwater Analytics in an all-cash transaction valued at USD 8.4 billion. The consortium also includes Temasek and has strong backing from Francisco Partners.
Clearwater Analytics delivers cloud-native investment accounting, reporting, and analytics solutions to insurers, asset managers, and institutional investors. Its platform consolidates and reconciles complex, multi-asset-class investment data, enabling clients to automate accounting processes, enhance portfolio oversight, strengthen risk management, and meet regulatory reporting requirements through a unified system.
The acquisition provides Clearwater with a strong foundation for its next phase of expansion. Leveraging deep financial technology experience, Permira and Warburg Pincus aim to support the company amid a market environment increasingly shaped by AI, data-driven decision-making, and automation.
The transaction is expected to close in the first half of 2026. PJT Partners is advising Clearwater, while Goldman Sachs & Co. LLC is advising the investor consortium.
Deal No. 2:
Trump Media & Technology Group Corp. to Acquire TAE Technologies, Inc. for USD 6.00 Billion
Trump Media & Technology Group is merging with TAE Technologies in a USD 6 billion all-stock transaction, aligning TMTG’s access to capital with TAE’s advanced fusion technology to address the rising energy demands driven by AI infrastructure.
TAE Technologies is a US-based fusion energy company working to develop carbon-free, commercially viable nuclear fusion. Its approach uses advanced plasma physics and hydrogen–boron fuel to produce energy with minimal radioactive byproducts. After more than 25 years of R&D, TAE has made meaningful progress in reducing the size, complexity, and cost of fusion systems.
Beyond its core fusion program, TAE operates two partially owned subsidiaries. TAE Power Solutions develops high-performance energy storage and power management systems for AI data centers, industrial applications, and electric mobility. TAE Life Sciences focuses on a targeted radiotherapy platform designed for cancer treatment. The company employs more than 400 people, including 62 PhD-level specialists, and holds over 1,600 issued patents.
The merger aims to accelerate the development of fusion power for next-generation computing. The combined company plans to begin constructing a 50-megawatt fusion facility next year, with future plants envisioned to produce 350 to 500 megawatts each. Initial power generation is targeted for 2031.
The deal is expected to close in mid-2026, with shareholders of each company owning approximately 50% of the combined group. Yorkville Securities is acting as lead financial and M&A advisor to Trump Media, with Clear Street as financial advisor, while Barclays is advising TAE Technologies.
Deal No. 3:
Cencora, Inc. to Acquire OneOncology, LLC for USD 5.00 Billion
Cencora has agreed to acquire a majority of the outstanding equity interests it does not already own in OneOncology from TPG, valuing the transaction at approximately USD 5 billion, including debt. OneOncology operates as a physician-led national platform that supports independent oncology-focused medical specialty practices.
OneOncology partners with community oncology groups across the US, providing clinical, operational, and management support. Its platform enables practices to adopt advanced technologies, participate in clinical research, navigate value-based care arrangements, and strengthen practice operations, allowing physicians to maintain independence while enhancing care delivery.
The transaction reinforces Cencora’s pharmaceutical-focused strategy and supports its growth priorities by expanding its specialty solutions through OneOncology’s MSO and clinical capabilities, deepening collaboration with established oncology platforms, and improving patient access to complex therapies.
Following completion, OneOncology’s affiliated practices will retain a minority ownership stake. The transaction is expected to close by the end of Cencora’s fiscal second quarter of 2026. Citi is acting as lead financial advisor to Cencora, with J.P. Morgan Securities LLC also serving as financial advisor.
Deal No. 4:
BioMarin Pharmaceutical Inc. to Acquire Amicus Therapeutics, Inc. for USD 4.80 Billion
BioMarin is set to acquire rare disease drugmaker Amicus Therapeutics for USD 4.8 billion in cash, marking the largest transaction in BioMarin’s history. The deal is intended to broaden BioMarin’s presence in the rare disease market and support the company’s long-term growth outlook through 2030 and beyond.
Amicus Therapeutics develops and commercializes therapies for a range of rare genetic conditions. Its programs focus on correcting fundamental disease drivers such as protein misfolding and enzyme deficiencies through chaperone-based treatments and gene-directed approaches aimed at improving long-term patient outcomes.
The acquisition enhances BioMarin’s commercial portfolio with the addition of two marketed therapies for lysosomal storage disorders: Galafold (migalastat), an oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) paired with Opfolda (miglustat) for Pompe disease. Amicus also holds U.S. rights to DMX-200, an investigational small molecule in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a severe and progressive kidney disorder.
With BioMarin’s global infrastructure and financial scale, the transaction is expected to enhance the reach and accessibility of Amicus’ therapies across international markets.
The transaction is expected to close in the second quarter of 2026. Morgan Stanley & Co. LLC is serving as lead financial advisor to BioMarin, with J.P. Morgan Securities LLC also advising. Centerview Partners LLC and Goldman Sachs & Co. LLC are advising Amicus.
Deal No. 5:
WSP Global Inc. to Acquire TRC Companies, Inc. for USD 3.30 Billion
WSP Global is acquiring TRC Companies in an all-cash transaction valued at USD 3.3 billion. The acquisition strengthens WSP’s presence in the power and energy market and expands its capabilities across utility-focused infrastructure and advisory services.
TRC Companies provides engineering, consulting, and advisory services across power and energy, utilities, environmental solutions, and program management. With more than five decades of operating history, the firm supports complex infrastructure projects and maintains long-standing relationships with major utility clients across the United States.
The transaction broadens WSP’s exposure to attractive end markets, deepens client engagement, and enhances service delivery across the full project lifecycle. TRC’s advisory and program management expertise complements WSP’s technical engineering strengths, creating opportunities across power engineering, environmental services, and strategic consulting. Following the acquisition, WSP’s US workforce is expected to reach approximately 27,000 employees, representing about 34% of its US revenue.
The transaction is expected to close in the first quarter of 2026. J.P. Morgan and CIBC Capital Markets are acting as financial advisors to WSP, while Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey are advising TRC Companies.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of December 15 to 21, 2025. For continuous and detailed insights into the evolving landscape of M&A news, we invite you to follow the Institute for Mergers, Acquisitions, and Alliances (IMAA).
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