Netflix and Warner Bros., Kyivstar and Uklon: What were the most high-profile deals in 2025?
Despite the difficult geopolitical and economic conditions in the world, 2025 became a year of a new wave of mega-deals after a relative decline in previous years. Thus, the global volume of M&A deals for the first nine months of this year grew by more than $3.1 trillion, which is 35% more than last year. A significant portion of these were transactions worth over $10 billion. The main reasons cited are the rapid development of AI, cloud technologies, and the continued growth of the multimedia market.
The Ukrainian market also showed moderate growth in the first nine months of 2025. According to KPMG, 45 deals with a total announced value of $806 million were recorded in the first nine months, which is 8% more than in the previous year.
AIN recalls the largest acquisitions in the world and Ukraine this year. Some of these deals are still pending regulatory approval, while others have already been officially closed.
The most important M&A deals in the world in 2025
Netflix acquires Warner Bros. Discovery
Deal value: $82.7 billion.
Sector: Gaming and media.
Deal status: Pending approval.
Earlier in December, Netflix officially announced that it plans to buy Warner Bros. for approximately $82.7 billion. The boards of directors of Netflix and WBD unanimously approved the deal.
The deal has also been the subject of market controversy, as Netflix is competing for the deal with Paramount Skydance. Paramount’s offer to acquire the company is as high as $108 billion, but WBD still plans to give preference to Netflix. The deal is now awaiting finalization and regulatory approval.
Union Pacific merges with Norfolk Southern
Deal value: $85 billion.
Sector: Infrastructure.
Deal status: Awaiting approval.
The merger agreement between two American railways, Union Pacific Corporation and Norfolk Southern Corporation, will create the first single-track railway in the country and connect the Atlantic and Pacific coasts. The deal was announced on July 29, 2025, but is still awaiting approval from US regulators.
Electronic Arts is organizing a share buyout
Deal value: $55 billion.
Sector: Gaming and media.
Status of the deal: Awaiting approval.
The Electronic Arts Leveraged Buyout (LBO) is one of the largest deals in the gaming and media industries in 2025. After a record $55 billion leveraged buyout, Electronic Arts, known for its Battlefield, The Sims, and FIFA game series, will once again become privately owned.
However, the deal has been criticized at the state level. In particular, some US senators have spoken out against the buyout because Saudi Arabia is involved in the financing. Politicians warn that the transaction could pose a threat to national security and give a foreign country access to sensitive personal data of Americans.
Google acquires Wiz
Deal value: $32 billion.
Sector: Cloud technology and AI.
Status of the deal: Awaiting approval.
In March 2025, Google announced the acquisition of cybersecurity company Wiz for $32 billion — this deal will be the search giant’s largest purchase in history. The company says that the deal is an investment in two things: improving cloud security and the ability to use multi-cloud solutions. Once the deal is complete, Wiz will join Google Cloud. The deal is still awaiting regulatory approval.
IBM acquires Confluent
Deal value: over $11 billion.
Sector: Cloud technology and AI.
Status of the deal: Awaiting approval.
International technology corporation IBM is acquiring Confluent, which develops technologies for real-time data processing. The deal is being called a strategic move to strengthen its position in data analytics and cloud solutions. This would allow IBM to create new business opportunities by improving the efficiency and scalability of solutions for customers around the world.
Largest deals in Ukraine in 2025
MHP acquired 92% of Uvesa shares
Deal value: over $290 million.
Sector: Agrotechnology.
Deal status: Completed.
International agro-industrial company MHP has successfully completed the acquisition of 92% of the share capital of Grupo UVESA, one of Spain’s leading poultry and pork producers. The share purchase agreement was signed in March 2025 and has already been approved by the antitrust authorities of Ukraine, Spain, Saudi Arabia, Serbia, Montenegro, Kosovo, and the European Commission.
This deal is the largest for Ukrainian business this year. It significantly strengthens MHP’s international presence, expanding its opportunities in the European market and increasing its competitiveness in the global agricultural sector.
Kyivstar acquired the taxi and delivery service Uklon
The deal value is approximately $155 million.
Sector: Telecommunications and digital services.
Deal status: Completed.
In April 2025, Kyivstar completed the acquisition of 97% of the corporate rights of Uklon, a leading Ukrainian IT company that develops an online platform for ordering cars. This was the largest deal on the Ukrainian domestic market since the start of the full-scale war.
The exact amount of the deal has not been disclosed, but experts agree that the cost is close to $155 million.
Following the acquisition, Kyivstar continues to expand its digital ecosystem, transforming itself from a mobile operator into a multiservice platform.
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