Mergers and acquisitions are big business. Investment bankers can make hundreds of millions of dollars in fees. So can law firms that advise the parties on deal contracts. The Financial Times reports that these fees topped $100 billion this year.
This is not surprising considering that deals are often worth billions of dollars in value. At a total transaction value of over $100 billion, the largest M&A deal of the past 20 years was Verizon Communications and Vodafone (Cellco Partnership).
Many mergers and acquisitions fail to make the companies money. One Harvard Business Review study showed that 70% to 90% of M&A deals fail. They do not deliver on the promise that one plus one equals something better than two. (This is the largest company in every state.)
The mergers and acquisition business is decades old. Some of the largest oil companies in the world were built via M&A deals. So were some conglomerates. America’s largest car company, GM, partly grew through the purchase of many other car companies.
The Federal Trade Commission reviews over 1,000 merger filings per year to ensure the proposed merger will not significantly reduce competition or that the resulting company will not be a monopoly. Many of these filings go unnoticed, but each year, a number of deals are worth incredibly large sums of money and create headlines. There have been over 100 mergers with a total transaction value of more than $20 billion since 2000.
To determine the largest M&A deal of the past 20 years, 24/7 Wall St. reviewed data from the 2021 FactSet Mergerstat Review, published April 2021 by Business Valuation Resources. Mergers and acquisitions were ranked based on the total announced sale price. Data on the announcement year also came from Mergerstat.
The largest mergers have taken place in a number of different industries: tech, pharmaceutical, telecom, energy, entertainment, and more. The resulting companies of several of the mergers and acquisitions on the list became some of the largest, best-known and most financially successful businesses in the world. (These are the 50 best companies to work for.)
The largest M&A deal of the past 20 years was announced in 2013. The deal between Verizon Communications and Vodafone (Cellco Partnership) had a total transaction value of $128.7 billion. Three other deals since 2000 topped $100 billion in total value: the deal between AT&T and BellSouth, the AT&T and Time Warner deal, and the infamous America Online and Time Warner deal.
Click here to see the 100 largest mergers of the last 20 years
100. Private Group and Kinder Morgan, Inc.
> Total transaction value: $21.4 billion
> Transaction announced: 2006
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99. The Charles Schwab Corp. and TD Ameritrade Holding Corp.
> Total transaction value: $21.7 billion
> Transaction announced: 2019
98. Johnson & Johnson and Synthes, Inc.
> Total transaction value: $21.8 billion
> Transaction announced: 2011
97. Facebook, Inc. and WhatsApp, Inc.
> Total transaction value: $21.9 billion
> Transaction announced: 2014
96. Enterprise Products Partners LP and EPCO, Inc. (Enterprise GP Holdings LP)
> Total transaction value: $22.2 billion
> Transaction announced: 2010
95. American International Group, Inc. and American General Corp.
> Total transaction value: $22.4 billion
> Transaction announced: 2001
94. Harris Corp. and L-3 Communications – Combat Propulsion Systems
> Total transaction value: $22.4 billion
> Transaction announced: 2018
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93. SBC Communications, Inc. and AT&T Corp.
> Total transaction value: $22.5 billion
> Transaction announced: 2005
92. Kraft Foods, Inc. and Cadbury Plc.
> Total transaction value: $22.5 billion
> Transaction announced: 2009
91. Mars, Inc. and Wm. Wrigley Jr. Co.
> Total transaction value: $22.6 billion
> Transaction announced: 2008
90. Freeport-McMoRan Copper & Gold, Inc. and Phelps Dodge Corp.
> Total transaction value: $22.9 billion
> Transaction announced: 2016
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89. Liberty Global, Inc. and Virgin Media, Inc.
> Total transaction value: $23.1 billion
> Transaction announced: 2013
88. Sanofi-Aventis SA and Genzyme Corp.
> Total transaction value: $23.5 billion
> Transaction announced: 2010
87. CVS Corp. and Caremark Rx, Inc.
> Total transaction value: $23.8 billion
> Transaction announced: 2006
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86. Wachovia Corp. and Golden West Financial Corp.
> Total transaction value: $23.9 billion
> Transaction announced: 2006
85. CenturyLink, Inc. and Qwest Communications International, Inc.
> Total transaction value: $23.9 billion
> Transaction announced: 2010
84. Microsoft Corp. and LinkedIn Corp.
> Total transaction value: $24.5 billion
> Transaction announced: 2016
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83. Phillips Petroleum Co. and Conoco, Inc.
> Total transaction value: $24.6 billion
> Transaction announced: 2001
82. Becton, Dickinson & Co. and C. R. Bard, Inc.
> Total transaction value: $24.9 billion
> Transaction announced: 2017
81. Transocean, Inc. and GlobalSantaFe Corp.
> Total transaction value: $25.0 billion
> Transaction announced: 2007
80. Actavis Plc and Forest Laboratories, Inc
> Total transaction value: $25.4 billion
> Transaction announced: 2014
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79. Blackstone Real Estate Advisors and Hilton Hotels Corp.
> Total transaction value: $25.6 billion
> Transaction announced: 2007
78. Boston Scientific Corp. and Guidant Corp.
> Total transaction value: $25.8 billion
> Transaction announced: 2005
77. Private Group and Clear Channel Communications, Inc.
> Total transaction value: $25.9 billion
> Transaction announced: 2006
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76. salesforce.com, inc. and Slack Technologies, Inc.
> Total transaction value: $26.0 billion
> Transaction announced: 2020
75. Eldorado Resorts, Inc. and Caesars Entertainment Corp.
> Total transaction value: $26.2 billion
> Transaction announced: 2019
74. Private Group and Alltel Corp.
> Total transaction value: $26.8 billion
> Transaction announced: 2007
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73. Kohlberg Kravis Roberts & Co. LP and First Data Corp.
> Total transaction value: $27.0 billion
> Transaction announced: 2007
72. Keurig Green Mountain, Inc. and Dr Pepper Snapple Group, Inc.
> Total transaction value: $27.0 billion
> Transaction announced: 2018
71. Private Group and H.J. Heinz Co.
> Total transaction value: $27.2 billion
> Transaction announced: 2013
70. Global Payments, Inc. and Total System Services LLC
> Total transaction value: $27.8 billion
> Transaction announced: 2019
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69. Brookfield Property Partners LP and GGP, Inc.
> Total transaction value: $28.0 billion
> Transaction announced: 2017
68. Reynolds American, Inc. and Lorillard, Inc.
> Total transaction value: $28.4 billion
> Transaction announced: 2014
67. Johnson & Johnson and Actelion Ltd.
> Total transaction value: $28.5 billion
> Transaction announced: 2016
66. Express Scripts, Inc. and Medco Health Solutions, Inc.
> Total transaction value: $28.5 billion
> Transaction announced: 2011
65. CenturyLink, Inc. and Level 3 Communications, Inc.
> Total transaction value: $28.8 billion
> Transaction announced: 2016
64. Abbott Laboratories and St. Jude Medical LLC
> Total transaction value: $28.8 billion
> Transaction announced: 2016
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63. ACE Limited and The Chubb Corp.
> Total transaction value: $29.3 billion
> Transaction announced: 2015
62. Duke Energy Corp. and Progress Energy, Inc.
> Total transaction value: $30.0 billion
> Transaction announced: 2011
61. United Technologies Corp. and Rockwell Collins, Inc.
> Total transaction value: $30.5 billion
> Transaction announced: 2017
60. BB&T Corp. and SunTrust Banks, Inc.
> Total transaction value: $30.8 billion
> Transaction announced: 2019
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59. Marathon Petroleum Corp. and Andeavor LLC
> Total transaction value: $31.0 billion
> Transaction announced: 2018
58. Private Group and HCA, Inc.
> Total transaction value: $31.8 billion
> Transaction announced: 2006
57. Shire Plc and Baxalta, Inc.
> Total transaction value: $32.2 billion
> Transaction announced: 2015
56. International Business Machines Corp. and Red Hat, Inc.
> Total transaction value: $32.6 billion
> Transaction announced: 2018
55. Avago Technologies Ltd. and Broadcom Corp.
> Total transaction value: $33.5 billion
> Transaction announced: 2015
54. Advanced Micro Devices, Inc. and Xilinx, Inc.
> Total transaction value: $33.8 billion
> Transaction announced: 2020
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53. Exxon Mobil Corp. and XTO Energy, Inc.
> Total transaction value: $34.1 billion
> Transaction announced: 2009
52. Tyco International Plc and Johnson Controls, Inc.
> Total transaction value: $34.3 billion
> Transaction announced: 2016
51. Bank of America Corp. and MBNA Corp.
> Total transaction value: $34.5 billion
> Transaction announced: 2005
50. Berkshire Hathaway, Inc. and Precision Castparts Corp.
> Total transaction value: $34.6 billion
> Transaction announced: 2015
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49. Blackstone Real Estate Advisors and Equity Office Properties Trust
> Total transaction value: $34.6 billion
> Transaction announced: 2006
48. General Electric Co. and Baker Hughes, Inc.
> Total transaction value: $35.2 billion
> Transaction announced: 2016
47. Berkshire Hathaway, Inc. and Burlington Northern Santa Fe Corp.
> Total transaction value: $36.0 billion
> Transaction announced: 2009
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46. ConocoPhillips and Burlington Resources, Inc.
> Total transaction value: $36.0 billion
> Transaction announced: 2005
45. Kinder Morgan, Inc. and Sirius Holdings Merger Corp.
> Total transaction value: $36.4 billion
> Transaction announced: 2011
44. NVIDIA Corp. and SoftBank Group Corp. (Arm Ltd. United Kingdom)
> Total transaction value: $38.6 billion
> Transaction announced: 2020
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43. AstraZeneca Plc and Alexion Pharmaceuticals, Inc.
> Total transaction value: $38.8 billion
> Transaction announced: 2020
42. Enbridge, Inc. and Spectra Energy Corp.
> Total transaction value: $43.4 billion
> Transaction announced: 2016
41. S&P Global, Inc. and IHS Markit Ltd.
> Total transaction value: $43.6 billion
> Transaction announced: 2020
40. Roche Holding AG and Genentech, Inc.
> Total transaction value: $44.3 billion
> Transaction announced: 2008
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39. Private Group and TXU Corp.
> Total transaction value: $44.5 billion
> Transaction announced: 2007
38. Sprint Corp. and Nextel Communications, Inc.
> Total transaction value: $46.0 billion
> Transaction announced: 2004
37. Comcast Corp. and Sky Plc
> Total transaction value: $46.1 billion
> Transaction announced: 2018
36. Fiserv, Inc. and First Data Corp.
> Total transaction value: $46.4 billion
> Transaction announced: 2019
35. Cingular Wireless LLC and AT&T Wireless Services, Inc.
> Total transaction value: $47.0 billion
> Transaction announced: 2004
34. Bank of America Corp. and FleetBoston Financial Corp.
> Total transaction value: $48.1 billion
> Transaction announced: 2003
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33. Fidelity National Information Services, Inc. and Worldpay, Inc.
> Total transaction value: $49.8 billion
> Transaction announced: 2019
32. Sunoco Logistics Partners LP and Energy Transfer Partners LP
> Total transaction value: $50.0 billion
> Transaction announced: 2016
31. Kinder Morgan, Inc. and Kinder Morgan Energy Partners LP
> Total transaction value: $50.3 billion
> Transaction announced: 2014
30. Praxair, Inc. and Linde AG
> Total transaction value: $51.9 billion
> Transaction announced: 2016
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29. Occidental Petroleum Corp. and Anadarko Petroleum Corp.
> Total transaction value: $52.3 billion
> Transaction announced: 2019
28. Merck & Co., Inc. and Schering-Plough Corp.
> Total transaction value: $53.7 billion
> Transaction announced: 2009
27. Comcast Corp. and AT&T Corp. (AT&T Broadband & Internet Services)
> Total transaction value: $56.9 billion
> Transaction announced: 2001
26. JPMorgan Chase & Co. and Bank One Corp.
> Total transaction value: $57.6 billion
> Transaction announced: 2004
25. InBev SA and Anheuser-Busch Cos., Inc.
> Total transaction value: $59.7 billion
> Transaction announced: 2008
24. United Technologies Corp. and Raytheon Co.
> Total transaction value: $59.7 billion
> Transaction announced: 2019
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23. Medtronic, Inc. and Covidien Plc
> Total transaction value: $60.0 billion
> Transaction announced: 2014
22. Procter & Gamble Co. and Gillette Co.
> Total transaction value: $60.2 billion
> Transaction announced: 2005
21. Energy Transfer Equity LP and Energy Transfer Partners LP
> Total transaction value: $60.5 billion
> Transaction announced: 2018
20. Pfizer Inc. and Pharmacia Corp.
> Total transaction value: $60.5 billion
> Transaction announced: 2002
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19. T-Mobile US, Inc. and SoftBank Group Corp. (Spring Corp.)
> Total transaction value: $63.9 billion
> Transaction announced: 2018
18. Pfizer Inc. and Wyeth Corp.
> Total transaction value: $64.1 billion
> Transaction announced: 2009
17. Bayer AG and Monsanto Co.
> Total transaction value: $64.5 billion
> Transaction announced: 2016
16. AT&T, Inc. and DIRECTV
> Total transaction value: $64.5 billion
> Transaction announced: 2014
15. Private Group and EMC Corp.
> Total transaction value: $64.7 billion
> Transaction announced: 2015
14. British American Tobacco plc and Reynolds American, Inc.
> Total transaction value: $66.1 billion
> Transaction announced: 2016
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13. Cigna Holding Co. and Express Scripts Holding Co.
> Total transaction value: $67.7 billion
> Transaction announced: 2018
12. H.J. Heinz Co. and Kraft Foods Group, Inc.
> Total transaction value: $70.7 billion
> Transaction announced: 2015
11. Actavis Plc and Allergan, Inc.
> Total transaction value: $72.8 billion
> Transaction announced: 2014
10. CVS Health Corp. and Aetna, Inc.
> Total transaction value: $73.5 billion
> Transaction announced: 2017
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9. The Dow Chemical Co. and E.I. du Pont de Nemours & Co.
> Total transaction value: $78.6 billion
> Transaction announced: 2015
8. The Walt Disney Co. and Twenty-First Century Fox, Inc.
> Total transaction value: $82.4 billion
> Transaction announced: 2017
7. Charter Communications, Inc. and Time Warner Cable, Inc.
> Total transaction value: $85.8 billion
> Transaction announced: 2015
6. AbbVie, Inc. and Allergan Plc
> Total transaction value: $87.4 billion
> Transaction announced: 2019
5. Bristol Myers Squibb Co. and Celgene Corp.
> Total transaction value: $96.4 billion
> Transaction announced: 2019
4. America Online, Inc. and Time Warner, Inc.
> Total transaction value: $100.3 billion
> Transaction announced: 2000
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3. AT&T, Inc. and Time Warner, Inc.
> Total transaction value: $100.4 billion
> Transaction announced: 2016
2. AT&T, Inc. and BellSouth Corp.
> Total transaction value: $102.2 billion
> Transaction announced: 2006
1. Verizon Communications Inc and Vodafone Group Plc (Cellco Partnership Inc.)
> Total transaction value: $128.7 billion
> Transaction announced: 2013
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