The Largest Announced M&A Deals of 2023

In 2023, the mergers and acquisitions (M&A) landscape saw several significant deals across various industries, reflecting strategic growth transformations in a challenging economic environment. Below is an overview of some of the largest M&A deals announced during the year.

• Energy sector consolidation: Significant mergers in the energy sector, such as ExxonMobil acquiring Pioneer Natural Resources and Chevron acquiring Hess Corporation, indicating a trend towards industry consolidation.

• Pharmaceutical and tech sector expansion: Acquisitions like Pfizer’s purchase of Seagen and Cisco’s acquisition of Splunk highlight the expansion and strengthening of technological and pharmaceutical capabilities.

• Growth in telecommunications and electric vehicles: The acquisition of Telecom Italia’s Fixed Network by KKR and the merger between VinFast Auto and Black Spade Acquisition Co. reflect growth and transformation in the telecommunications and electric vehicle industries.

• Focus on diversification and digital darkets: The trend towards diversification and the increasing importance of the digital marketplace are evident in deals like Newmont Corp’s acquisition of Newcrest Mining and Aurella Bidco’s purchase of Adevinta.

Largest M&A Deals in 2023

1. ExxonMobil acquiring Pioneer Natural Resources: In October, ExxonMobil acquired Pioneer Natural Resources in an all-stock transaction valued at approximately $65 billion. This acquisition marked a significant move in the energy sector, with ExxonMobil increasing its fossil fuel production amidst growing concerns about climate change and the oil industry’s transition to cleaner energy sources.

2. Chevron Corporation acquiring Hess Corporation: Chevron acquired Hess Corporation for $60 billion, also in October. This deal added a major oil field in Guyana and shale properties in North Dakota to Chevron’s portfolio, enhancing its position in the energy sector.

3. Pfizer acquiring Seagen: In March, Pfizer acquired Seagen, a biotechnology company specializing in cancer medicines, for $42 billion. This acquisition was completed in December and is a part of Pfizer’s strategic expansion in the biotech sector.

4. Cisco acquiring Splunk: Cisco acquired Splunk, a leader in cybersecurity and observability, for $30 billion in September. This acquisition aimed to strengthen Cisco’s cybersecurity division and expand its capabilities in data monitoring and analysis.

5. KKR acquiring Telecom Italia’s Fixed Network: KKR pursued the acquisition of Telecom Italia’s fixed network. A $24 billion deal, enhancing KKR’s presence in the telecommunications sector, particularly in Europe.

6. Black Spade acquisition Co. and VinFast: In May, VinFast Auto, a Vietnamese electric automaker, merged with Black Spade Acquisition Co., a special purpose acquisition company (SPAC), in a deal valued at approximately $23 billion. This merger was completed in August, marking a significant step in the electric vehicle industry.

7. Echostar acquiring DISH Network: Echostar’s acquisition of DISH Network represented a major consolidation in the satellite television industry. This $22 billion acquisition aimed to strengthen Echostar’s market position and expand its customer base.

8. Newmont Corp acquiring Newcrest Mining: This $20 billion acquisition was part of Newmont Corporation’s strategic initiative to expand its global presence in the mining sector. By acquiring Newcrest Mining, Newmont Corporation aimed to leverage Newcrest's expertise and assets, particularly in the gold mining sector, and to enhance its operational efficiencies and global reach.

9. ONEOK acquiring Magellan Midstream Partners: ONEOK acquired Magellan Midstream Partners in May for $19 billion, creating a diversified North American midstream infrastructure company. The deal was completed in September.

10. Bunge acquiring Viterra: Bunge, a U.S. grains merchant, merged with Glencore-backed Viterra in an $18 billion deal in June, forming one of the largest global agriculture trading companies.

11. TBJH acquiring Toshiba: Toshiba, a diversified technology manufacturer, was acquired by a conglomerate including Japan Industrial Partners (JIP), Suzuki Motor Corp., and ROHM Co. Ltd. The deal was valued at approximately $16 billion and further expanded TBJH’s wide portfolio including businesses in industries ranging from nuclear power to microchip manufacturing​​.

12. ​​Extra Space Storage acquiring Life Storage: This acquisition represented a major move in the self-storage industry, with Extra Space Storage expanding its footprint by acquiring Life Storage. This $16 billion deal aligned with the industry trend of consolidation and aimed to enhance operational efficiencies and customer service.

13. Nippon Steel acquiring U.S. Steel: In December, Nippon Steel acquired U.S. Steel for approximately $15 billion, making the combined entity one of the top three steel-producing companies worldwide.

14. Aurella Bidco acquiring Adevinta: Aurella Bidco’s $15 billion acquisition of Adevinta, a global online classifieds specialist, was part of the trend where companies sought to expand their digital and online presence. This deal was indicative of the growing importance of the digital marketplace in various sectors.

From the energy sector’s consolidation, evidenced by ExxonMobil’s and Chevron’s significant acquisitions, to the expansion in the pharmaceutical and tech sectors through key deals like those of Pfizer and Cisco, the year was marked by transformative movements. The telecommunications and electric vehicle sectors also witnessed substantial growth, with KKR and VinFast Auto’s respective deals reflecting the industry’s adaptability and forward-thinking strategies.