- M&A News
M&A News: Global M&A Deals Week of December 1 to 7, 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.
The global mergers and acquisitions (M&A) market entered the final month of the year with strong momentum, recording 708 announced deals totaling USD 121.11 billion from December 1 to December 7. Twenty-six transactions were valued above USD 500 million, contributing USD 106.94 billion and representing 88% of the week’s total deal value.
The highlight deal of the week is Netflix’s USD 72 billion acquisition of Warner Bros., home to major franchises including Harry Potter, Game of Thrones and The Sopranos. The transaction brings together Netflix’s global streaming platform with Warner Bros.’ film and television studios, along with HBO and HBO Max, materially expanding the depth and range of premium content available to Netflix. Warner Bros. has one of the industry’s largest entertainment libraries and operates a global production and distribution footprint spanning films, scripted series, animation and premium cable networks, giving Netflix access to a significantly broader intellectual property base. The deal followed a competitive bidding process involving Paramount and Comcast and comes as Warner prepares to separate from its cable network portfolio under Discovery Global.
Week-on-week figures indicate a noticeable uptick in market activity, with deal volume rising 36% from 521 to 708. Total deal value also increased sharply, climbing 159% from USD 46.68 billion to USD 121.11 billion, largely driven by this week’s headline transaction.
Top 5 M&A Deals for the Week
Here are the top 5 M&A Deals for the week of December 1 to 7, 2025 in detail:
Deal No. 1: Netflix, Inc. to Acquire Warner Bros. Discovery, Inc. for USD 72.00 Billion
Deal No. 2: ITT Industries Holdings, Inc. to Acquire SPX FLOW, Inc. for USD 4.78 Billion
Deal No. 3: Marvell Technology, Inc. to Acquire Celestial AI Inc. for USD 3.25 Billion
Deal No. 4: Asurion, LLC to Acquire Domestic & General Services Limited USD 2.74 Billion
Deal No. 5: CVC Capital Partners plc to Acquire Smiths Detection Group Limited for USD 2.65 Billion
Deal No. 1:
Netflix, Inc. to Acquire Warner Bros. Discovery, Inc. for USD 72.00 Billion
Streaming giant Netflix announced a landmark USD 72 billion cash-and-stock agreement to acquire Warner Bros., marking one of the most significant transactions in the entertainment industry.
Over the years, Warner Bros. has grown into a major global media player, building a diverse catalog of films, television series, and animated content. Its portfolio includes widely recognized franchises such as DC, Harry Potter, and Game of Thrones.
The transaction covers Warner Bros’ film and television studios, as well as premium assets such as HBO and the HBO Max streaming platform. HBO Max, together with Discovery+, reaches an estimated 128 million subscribers globally. This combined footprint gives Netflix an opportunity to access a substantial audience base and integrate high-value content into its ecosystem.
For Netflix, the deal significantly strengthens its production infrastructure and increases its U.S. studio capacity, supporting long-term growth in original content creation. Bringing in Warner Bros’ vast library, together with HBO’s premium programming, broadens the depth and range of titles available to subscribers. This strategic expansion enhances Netflix’s ability to diversify its offerings and deliver a richer viewing experience across global markets.
The agreement follows a competitive bidding process that included Comcast and Paramount Global, both of which submitted updated proposals in the final stages. The transaction is expected to be completed within 12 to 18 months, pending regulatory review. Moelis & Company LLC and Wells Fargo are advising Netflix, while Allen & Company, J.P. Morgan, and Evercore are advising Warner Bros. Discovery.
Deal No. 2:
ITT Industries Holdings, Inc. to Acquire SPX FLOW, Inc. for USD 4.78 Billion
ITT Inc. has agreed to acquire industrial equipment manufacturer SPX FLOW for USD 4.78 billion, a move that broadens ITT’s footprint in highly engineered components and complementary flow-technology solutions.
SPX FLOW develops and supplies advanced equipment used in essential processing applications across the food and beverage, pharmaceutical, water, and industrial sectors. Its offerings span mixing, separation, flow control, and heat-transfer technologies—capabilities that help manufacturers enhance operational efficiency and improve product quality. The company maintains operations in more than 25 countries and serves customers in over 140 markets, reflecting its global footprint.
Once the deal is completed, SPX FLOW will become part of ITT’s Industrial Process (IP) segment, which provides centrifugal and twin-screw pumps, engineered valves, and related process solutions. Integrating SPX FLOW adds complementary technologies, strengthens ITT’s ability to address complex customer requirements, and expands its presence in sectors influenced by long-term growth drivers, including industrial processing, chemicals, energy, mining, nutrition, health, and personal care. SPX FLOW’s recognized brands, deep technical capabilities, and robust aftermarket services further enhance the combined offering.
The transaction is expected to close by the end of the first quarter of 2026. Goldman Sachs & Co. LLC and UBS Investment Bank are advising ITT on the acquisition.
Deal No. 3:
Marvell Technology, Inc. to Acquire Celestial AI Inc. for USD 3.25 Billion
Marvell Technology is acquiring optical-interconnect innovator Celestial AI in a transaction valued at USD 3.25 billion, advancing Marvell’s strategy to strengthen connectivity solutions for next-generation AI and cloud data-center infrastructure.
Celestial AI develops optical interconnect technology that enhances the speed, efficiency, and scalability of advanced computing systems. Its core innovation, the Photonic Fabric platform, enables scale-up architectures by allowing large AI clusters to communicate both within and across racks through high-bandwidth, low-latency, and energy-efficient optical links. This technology reduces power consumption while supporting the growing data-movement demands of modern AI workloads.
As AI accelerates the transformation of data-center design, system architectures are expanding from single-rack configurations to multi-rack deployments connecting hundreds of accelerators through seamless, high-performance fabrics. Celestial AI is working closely with hyperscale customers and ecosystem partners preparing to incorporate its Photonic Fabric chiplets into next-generation systems. Based on this momentum, Marvell expects these chiplets to be co-packaged with custom XPUs and scale-up switches, enabling the first large-scale commercial rollout of optical interconnects for scale-up computing.
The acquisition strengthens Marvell’s position in this emerging market and extends its technology portfolio into a new semiconductor segment centered on optical connectivity. It expands the company’s addressable market, enhances its leadership in high-performance interconnect solutions, and accelerates development of a unified connectivity platform for AI and cloud customers.
Marvell anticipates meaningful revenue from Celestial AI starting in the second half of fiscal 2028, projecting an annualized run rate of USD 500 million by the fourth quarter of fiscal 2028 and USD 1 billion by the fourth quarter of fiscal 2029.
The transaction is expected to close in the first quarter of 2026, with Citi serving as Marvell’s exclusive financial advisor.
Deal No. 4:
Asurion, LLC to Acquire Domestic & General Services Limited USD 2.74 Billion
US-based Asurion will acquire Domestic & General, a leading appliance care provider across the UK and Europe, in a transaction valued at GBP 2.1 billion (USD 2.74 billion), forming one of the world’s most comprehensive providers of protection services for appliances and connected devices.
Domestic & General offers warranty, repair, replacement, and maintenance services for household appliances and consumer electronics. The company supports its 6.8 million subscribers through a network of roughly 25,000 independent repair engineers and long-standing partnerships with major brands and retailers, including Whirlpool, Sky, Hoover-Candy, and John Lewis.
By combining Asurion’s global scale and technology-driven service capabilities with Domestic & General’s strong appliance care platform, the merged entity is positioned to address the increasing convergence of home technology and appliances. Asurion will further strengthen its presence in the USD 154 billion connected home devices market, enhancing its ability to deliver integrated protection solutions.
The acquisition also supports Asurion’s broader vision of becoming the “CTO of the home,” offering seamless, intelligent support across all connected devices and appliances to make technology more reliable, efficient, and sustainable for millions of households.
For Domestic & General, joining Asurion provides access to advanced digital tools, global service infrastructure, and innovations such as predictive diagnostics, intelligent logistics, and AI-enabled service models—capabilities that will accelerate its growth trajectory.
The transaction is expected to close in mid-2026. Upon completion, Domestic & General will continue to operate under its own brand as a distinct business unit within Asurion. Goldman Sachs & Co. LLC is serving as Asurion’s lead financial advisor.
Deal No. 5:
CVC Capital Partners plc to Acquire Smiths Detection Group Limited for USD 2.65 Billion
Smiths Group is divesting its Smiths Detection unit to CVC Capital Partners for GBP 2 billion (USD 2.65 billion). The business is widely recognized for its airport baggage screening systems and explosive detection technologies.
Smiths Detection develops advanced security solutions that identify explosives, weapons, hazardous substances and contraband. The company holds a leading position in aviation security, supplying screening and digital detection tools to 47 of the world’s 50 largest airports. It employs 3,400 people globally, including more than 1,100 field service engineers and over 500 research and development specialists, and operates across Europe, the United States and Asia. Beyond aviation, its technologies support urban security, border and port protection and defense applications requiring chemical threat identification.
CVC will acquire the business through its Capital Partners IX fund. Smiths Detection’s established market presence and strong technology base provide a solid platform for future expansion. CVC intends to accelerate the unit’s development by investing in innovation, engineering capabilities and enhanced aftermarket services.
The transaction is expected to close in the second half of 2026. Barclays advised CVC, while Goldman Sachs and J.P. Morgan served as joint financial advisers to Smiths Group.
This concludes our M&A news coverage of the top global mergers and acquisitions deals for the week of December 1 to 7, 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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