Meeting global climate and development goals will require a rapid and sustained scale-up of clean energy infrastructure investment in emerging markets and...

YouTube video by Kyiv Independent

Russia overnight on Dec. 26 launched drone attacks at Ukraine's sea port and energy infrastructure in Odesa and Mykolaiv oblasts, as well as railway infrastructure in Volyn Oblast, authorities reporte...

Russia overnight on Dec. 26 launched drone attacks at Ukraine's sea port and energy infrastructure in Odesa and Mykolaiv oblasts, as well as railway infrastructure in Volyn Oblast, authorities reporte...

Ukrainian military says ‘numerous explosions’ at Novoshakhtinsk refinery; Zelenskyy says ‘very good’ talks held with Trump envoys. What we know on day 1,402

Attack marks second consecutive night Russia targeted southern Ukrainian port city, damaging facilities and causing fires, authorities said on Friday.

Estonia's Ministry of Climate will contribute EUR 2 million to the Ukraine Energy Support Fund to help restore the country's energy infrastructure.

Russian forces once again targeted energy and port infrastructure in Odesa Oblast overnight into Friday, according to regional governor Oleh Kiper , the State Emergency Service and Deputy Prime…

## From streaming and cybersecurity to energy, banking and infrastructure, a resurgence in deal making signalled a new era of consolidation as companies bought scale, technology and future relevance. As we close the books on 2025, the global mergers and acquisitions landscape delivered a dramatic rebound from the relative lull of recent years. Dealmakers pursued scale, technology leadership and cross-border expansion with renewed vigour, pushing aggregate transaction value sharply higher and setting the stage for what many analysts believe could be a multi-year window of consolidation. Across sectors, the motivation was consistent: secure future relevance. From media and technology to energy, finance and infrastructure, companies used M&A to lock in capabilities that would be difficult or too slow to build organically. **Entertainment’s** most talked about potential transaction this year was **Netflix’s proposal to acquire Warner Bros**. Discovery’s core studio and streaming businesses, a deal valued at roughly $82.7 billion. If completed, the transaction would significantly alter the balance of power in global media. By combining Netflix’s global distribution scale with Warner’s iconic franchises, HBO platforms and production depth, the deal would reshape Hollywood’s competitive dynamics subject, of course, to regulatory clearance. In tech infrastructure, **IBM agreed to buy Confluent for $11 billion** , reinforcing its strategy around real-time data and hybrid cloud platforms key assets in the age of AI-driven digital transformation. Control over data pipelines and analytics infrastructure has emerged as a critical competitive differentiator, and IBM’s move reflected that shift. **Big Tech** also continued to consolidate defensive capabilities. **Google’s $32 billion acquisition** of cloud security firm Wiz stood out as one of the largest technology deals of the year, significantly strengthening Alphabet’s cybersecurity posture as competition intensifies with AWS and Microsoft Azure. Elsewhere in enterprise software, **Qualtrics** acquired**Forsta** for approximately $6.75 billion, expanding its experience management platform with deeper healthcare and analytics capabilities, while private equity firm Turn/River Capital took SolarWinds private in a $4.4 billion deal, underscoring sustained investor interest in mission-critical enterprise software. **Cybersecurity** remained one of the most active M&A segments of 2025, reflecting accelerating demand for secure digital ecosystems. The headline transaction was ServiceNow’s**$7.75 billion acquisition of Armis** , aimed at expanding security coverage across connected devices, cloud infrastructure and AI-enabled environments. Beyond the marquee deals, the sector saw a steady flow of mid-sized acquisitions across identity and access management, endpoint security, SASE platforms and AI-driven threat detection. More than 40 cybersecurity transactions were recorded during the year, including consolidation involving firms linked to Jamf and Twilio. Together, these deals highlighted a clear shift: enterprises are prioritising integrated, end-to-end cyber resilience over fragmented point solutions as digital complexity grows. **Energy and resources,** the dealmaking was shaped as much by divestments as by acquisitions. **BP’s sale of a 65% stake in its $10 billion Castrol lubricants** business exemplified a broader trend of portfolio reshaping, as legacy energy players freed up capital, reduced debt and refocused on core priorities amid the energy transition. At the same time, scale remained central to infrastructure driven transactions. In rail logistics, the proposed **$85 billion merger between Union Pacific and Norfolk Southern** aimed to create a single coast-to-coast freight network across the United States. The strategic rationale was operational efficiency streamlining freight movement while strengthening rail’s competitiveness against road and maritime transport. **Power** and energy infrastructure also saw landmark deals. **Constellation Energy’s $16.4 billion acquisition of Calpine** created one of the largest diversified power producers in the U.S. Alphabet made a strategic move into physical infrastructure with its $4.75 billion acquisition of Intersect, supporting energy-intensive data centre operations tied to AI growth, while Talen Energy expanded its generation footprint through $3.5 billion in power plant acquisitions. The **financial advisory** industry itself was not immune to consolidation. Boutique investment bank **Robey Warshaw was acquired by Evercore,** expanding the latter’s European footprint and reflecting a broader trend of large advisory firms absorbing specialist players to deepen sector expertise and geographic reach. Global investors increased exposure to high growth markets, particularly in Asia, through a mix of strategic stakes and private equity investments. Asset management also saw consolidation, highlighted by activist-led firm **Trian’s $7.4 billion takeover** of Janus Henderson, signalling continued pressure for scale and efficiency in a competitive investment landscape. **India** emerged as one of the dynamic M&A markets of 2025. In media and entertainment, the merger of **Disney+ Hotstar and JioCinema** to form JioHotstar created a dominant digital streaming platform, reshaping competition for content, sports rights and advertising in one of the world’s fastest-growing markets. The energy transition story was equally prominent. **ONGC-NTPC** Green Energy’s $2.3 billion acquisition of Ayana Renewable Power marked a significant step toward scaling clean energy capacity and underscored the growing size and seriousness of renewable deals in India. Financial services attracted substantial foreign interest. MUFG Bank moved to acquire a **20% stake in Shriram Finance** , while **Emirates NBD took a controlling 60% stake in RBL Bank**. These transactions, alongside other private equity investments in banks and non-bank financial companies, reflected deepening global confidence in India’s financial ecosystem. Industrial consolidation also continued, with **Torrent Pharma** acquiring a stake in JB Chemicals. Beyond headline sectors, consolidation continued steadily across**industrials, consumer services and healthcare.** James Hardie’s $8.75 billion acquisition of AZEK created a scaled platform in building products, while **BlackRock and Apollo’s $5.6 billion** acquisition of GFL Environmental highlighted private equity’s interest in environmental services. In consumer services, Blackstone Infrastructure’s $5.65 billion acquisition of Safe Harbor Marinas reflected a preference for stable, cash-generating lifestyle assets. Healthcare M&A remained selective but purposeful. **Bain Capital’s $2.6 billion** acquisition of Health Edge underscored growing demand for AI-enabled technology platforms serving insurers and healthcare administrators, alongside a series of smaller digital health and services-focused transactions. Three themes consistently shaped transactions throughout the year. First, technology particularly AI, data and cloud infrastructure sat at the centre of strategic decision-making. Second, regulatory scrutiny intensified, with large horizontal mergers in media, logistics and infrastructure facing closer examination and longer timelines. Third, capital flows increasingly favoured emerging markets, with Asia and India in particular drawing sustained global investor interest. With deal momentum restored in 2025 and balance sheets adjusting to a new interest rate environment, the outlook for M&A in 2026 remains robust. As priorities shift further toward AI integration, sustainability and supply-chain resilience, consolidation is likely to deepen rather than slow. #### Disclaimer: The views expressed in this article are those of the author/authors and do not necessarily reflect the views of ET Edge Insights, its management, or its members

## From streaming and cybersecurity to energy, banking and infrastructure, a resurgence in deal making signalled a new era of consolidation as companies bought scale, technology and future relevance. As we close the books on 2025, the global mergers and acquisitions landscape delivered a dramatic rebound from the relative lull of recent years. Dealmakers pursued scale, technology leadership and cross-border expansion with renewed vigour, pushing aggregate transaction value sharply higher and setting the stage for what many analysts believe could be a multi-year window of consolidation. Across sectors, the motivation was consistent: secure future relevance. From media and technology to energy, finance and infrastructure, companies used M&A to lock in capabilities that would be difficult or too slow to build organically. **Entertainment’s** most talked about potential transaction this year was **Netflix’s proposal to acquire Warner Bros**. Discovery’s core studio and streaming businesses, a deal valued at roughly $82.7 billion. If completed, the transaction would significantly alter the balance of power in global media. By combining Netflix’s global distribution scale with Warner’s iconic franchises, HBO platforms and production depth, the deal would reshape Hollywood’s competitive dynamics subject, of course, to regulatory clearance. In tech infrastructure, **IBM agreed to buy Confluent for $11 billion** , reinforcing its strategy around real-time data and hybrid cloud platforms key assets in the age of AI-driven digital transformation. Control over data pipelines and analytics infrastructure has emerged as a critical competitive differentiator, and IBM’s move reflected that shift. **Big Tech** also continued to consolidate defensive capabilities. **Google’s $32 billion acquisition** of cloud security firm Wiz stood out as one of the largest technology deals of the year, significantly strengthening Alphabet’s cybersecurity posture as competition intensifies with AWS and Microsoft Azure. Elsewhere in enterprise software, **Qualtrics** acquired**Forsta** for approximately $6.75 billion, expanding its experience management platform with deeper healthcare and analytics capabilities, while private equity firm Turn/River Capital took SolarWinds private in a $4.4 billion deal, underscoring sustained investor interest in mission-critical enterprise software. **Cybersecurity** remained one of the most active M&A segments of 2025, reflecting accelerating demand for secure digital ecosystems. The headline transaction was ServiceNow’s**$7.75 billion acquisition of Armis** , aimed at expanding security coverage across connected devices, cloud infrastructure and AI-enabled environments. Beyond the marquee deals, the sector saw a steady flow of mid-sized acquisitions across identity and access management, endpoint security, SASE platforms and AI-driven threat detection. More than 40 cybersecurity transactions were recorded during the year, including consolidation involving firms linked to Jamf and Twilio. Together, these deals highlighted a clear shift: enterprises are prioritising integrated, end-to-end cyber resilience over fragmented point solutions as digital complexity grows. **Energy and resources,** the dealmaking was shaped as much by divestments as by acquisitions. **BP’s sale of a 65% stake in its $10 billion Castrol lubricants** business exemplified a broader trend of portfolio reshaping, as legacy energy players freed up capital, reduced debt and refocused on core priorities amid the energy transition. At the same time, scale remained central to infrastructure driven transactions. In rail logistics, the proposed **$85 billion merger between Union Pacific and Norfolk Southern** aimed to create a single coast-to-coast freight network across the United States. The strategic rationale was operational efficiency streamlining freight movement while strengthening rail’s competitiveness against road and maritime transport. **Power** and energy infrastructure also saw landmark deals. **Constellation Energy’s $16.4 billion acquisition of Calpine** created one of the largest diversified power producers in the U.S. Alphabet made a strategic move into physical infrastructure with its $4.75 billion acquisition of Intersect, supporting energy-intensive data centre operations tied to AI growth, while Talen Energy expanded its generation footprint through $3.5 billion in power plant acquisitions. The **financial advisory** industry itself was not immune to consolidation. Boutique investment bank **Robey Warshaw was acquired by Evercore,** expanding the latter’s European footprint and reflecting a broader trend of large advisory firms absorbing specialist players to deepen sector expertise and geographic reach. Global investors increased exposure to high growth markets, particularly in Asia, through a mix of strategic stakes and private equity investments. Asset management also saw consolidation, highlighted by activist-led firm **Trian’s $7.4 billion takeover** of Janus Henderson, signalling continued pressure for scale and efficiency in a competitive investment landscape. **India** emerged as one of the dynamic M&A markets of 2025. In media and entertainment, the merger of **Disney+ Hotstar and JioCinema** to form JioHotstar created a dominant digital streaming platform, reshaping competition for content, sports rights and advertising in one of the world’s fastest-growing markets. The energy transition story was equally prominent. **ONGC-NTPC** Green Energy’s $2.3 billion acquisition of Ayana Renewable Power marked a significant step toward scaling clean energy capacity and underscored the growing size and seriousness of renewable deals in India. Financial services attracted substantial foreign interest. MUFG Bank moved to acquire a **20% stake in Shriram Finance** , while **Emirates NBD took a controlling 60% stake in RBL Bank**. These transactions, alongside other private equity investments in banks and non-bank financial companies, reflected deepening global confidence in India’s financial ecosystem. Industrial consolidation also continued, with **Torrent Pharma** acquiring a stake in JB Chemicals. Beyond headline sectors, consolidation continued steadily across**industrials, consumer services and healthcare.** James Hardie’s $8.75 billion acquisition of AZEK created a scaled platform in building products, while **BlackRock and Apollo’s $5.6 billion** acquisition of GFL Environmental highlighted private equity’s interest in environmental services. In consumer services, Blackstone Infrastructure’s $5.65 billion acquisition of Safe Harbor Marinas reflected a preference for stable, cash-generating lifestyle assets. Healthcare M&A remained selective but purposeful. **Bain Capital’s $2.6 billion** acquisition of Health Edge underscored growing demand for AI-enabled technology platforms serving insurers and healthcare administrators, alongside a series of smaller digital health and services-focused transactions. Three themes consistently shaped transactions throughout the year. First, technology particularly AI, data and cloud infrastructure sat at the centre of strategic decision-making. Second, regulatory scrutiny intensified, with large horizontal mergers in media, logistics and infrastructure facing closer examination and longer timelines. Third, capital flows increasingly favoured emerging markets, with Asia and India in particular drawing sustained global investor interest. With deal momentum restored in 2025 and balance sheets adjusting to a new interest rate environment, the outlook for M&A in 2026 remains robust. As priorities shift further toward AI integration, sustainability and supply-chain resilience, consolidation is likely to deepen rather than slow. #### Disclaimer: The views expressed in this article are those of the author/authors and do not necessarily reflect the views of ET Edge Insights, its management, or its members