Global M&A Snapshot: Blackstone, OpenAI, AT&T, Sanmina, and Honeywell Lead Late-May 2025 Deal Surge

Between May 19 and 25, 2025, global M&A activity totaled USD 45.5 billion across 636 deals, down 52% from the prior week. Major transactions included Blackstone’s USD 11.5 billion purchase of TXNM Energy, OpenAI’s USD 6.5 billion acquisition of io Products, and AT&T’s USD 5.75 billion deal for Lumen’s fiber unit, reflecting continued investment in energy, AI, and connectivity.

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*Source: https://imaa-institute.org/m-and-a-news/weekly-m-and-a-news-may-19-to-25-2025/

Between May 19 and 25, 2025, the global mergers and acquisitions market recorded 636 announced deals worth USD 45.5 billion, according to the Institute for Mergers, Acquisitions and Alliances (IMAA). Although the total value dropped by about 52% from the previous week, several large transactions dominated activity and accounted for nearly 78% of all deal value. The biggest was Blackstone’s USD 11.5 billion purchase of TXNM Energy, the parent of utilities PNM and TNMP in New Mexico and Texas. Blackstone plans to provide long-term capital for grid upgrades and clean-energy projects, aiming to strengthen local infrastructure while supporting energy transition goals.

Other major deals showed how technology and industry leaders are repositioning for the future. OpenAI agreed to buy io Products—the hardware firm founded by Apple designer Jony Ive—for USD 6.5 billion, its largest acquisition to date. AT&T will acquire Lumen Technologies’ fiber-internet business for USD 5.75 billion to reach millions of new homes and businesses. Sanmina Corporation plans to purchase AMD’s ZT Systems data-center manufacturing unit for USD 3 billion, which will strengthen its presence in cloud and AI infrastructure. Honeywell will pay USD 2.4 billion for Johnson Matthey’s Catalyst Technologies division, a move that adds new capabilities in sustainable fuels, blue hydrogen, and low-carbon chemical production.

Together, these deals show how top global companies are reshaping their portfolios to secure growth and leadership in the next wave of energy, connectivity, and innovation.