The Largest Mergers of the Last 20 Years

Special Report

Published: April 8, 2022 4:00 pm

In order to grow and expand, companies often acquire other businesses or agree to merge operations and form a new company. These mergers can help companies operate more efficiently and increase the value of the company to the benefit of shareholders. Larger companies often acquire smaller companies to gain access to new products or intellectual property.

The Federal Trade Commission reviews over 1,000 merger filings per year to ensure the 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 — with some exceeding the $100 billion mark.

To determine the 100 largest mergers and acquisitions of the last 20 years, 24/7 Wall St. reviewed data from the 2021 FactSet Mergerstat Review, published April 2021 by Business Valuation Resources, LLC. Mergers and acquisitions are 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. Following the mergers and acquisitions, the resulting companies became some of the largest, best-known, and most financially successful businesses in the world. These are the 50 most valuable brands in the world.

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

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96. Enterprise Products Partners LP and EPCO, Inc. (Enterprise GP Holdings LP)
> Total transaction value: $22.2 billion
> Transaction announced: 2010

AIG Headquarters (CC0 1.0) by Marc Bryan-Brown

95. American International Group, Inc. and American General Corp.
> Total transaction value: $22.4 billion
> Transaction announced: 2001

L-3 Communications Tactical Te... by Dennis van Zuijlekom

L-3 Communications Tactical Te... (CC BY-SA 2.0) by Dennis van Zuijlekom

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

Freeport-McMoRan, Phoenix by Tony Webster

Freeport-McMoRan, Phoenix (CC BY 2.0) by Tony Webster

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

Bard logo (CC0 1.0) by C. R. Bard

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

Actavis by Ju00f3hann Heiu00f0ar u00c1rnason

Actavis (CC BY-SA 3.0) by Ju00f3hann Heiu00f0ar u00c1rnason

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

Bostonscientificlogo by Boston Scientific website

Bostonscientificlogo (Public Domain) by Boston Scientific website

78. Boston Scientific Corp. and Guidant Corp.
> Total transaction value: $25.8 billion
> Transaction announced: 2005

Clear Channel Communications, ... by Jay Kogami

Clear Channel Communications, ... (CC BY 2.0) by Jay Kogami

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

Eldorado Resort Casino by Thank You (21 Millions+) views

Eldorado Resort Casino (CC BY 2.0) by Thank You (21 Millions+) views

75. Eldorado Resorts, Inc. and Caesars Entertainment Corp.
> Total transaction value: $26.2 billion
> Transaction announced: 2019

Alltel Car (CC BY 2.0) by Shawn Rossi

74. Private Group and Alltel Corp.
> Total transaction value: $26.8 billion
> Transaction announced: 2007

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30 Hudson Yards(StreetView) by Greaper37

30 Hudson Yards(StreetView) (CC BY-SA 4.0) by Greaper37

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

2008-05-24 Pittsburgh 014 Penn St, 13th St, Heinz Building (2669437590) by Allie_Caulfield

2008-05-24 Pittsburgh 014 Penn St, 13th St, Heinz Building (2669437590) (CC BY 2.0) by Allie_Caulfield

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

Reynolds American (CC BY-SA 3.0) by Alexisrael

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

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Express Scripts (CC BY 2.0) by Paul Sableman

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

2019 HCA logo (CC0 1.0) by HCA Healthcare

58. Private Group and HCA, Inc.
> Total transaction value: $31.8 billion
> Transaction announced: 2006

Medals (CC BY 2.0) by Andy Blackledge

57. Shire Plc and Baxalta, Inc.
> Total transaction value: $32.2 billion
> Transaction announced: 2015

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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

Johnson Controls - Installer V... by Tony Webster

Johnson Controls - Installer V... (CC BY-SA 2.0) by Tony Webster

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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Dallas Energy Plaza (CC BY 3.0) by Andreas Praefcke

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

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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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Worldpay FIS logo (CC0 1.0) by Worldpay, Inc.

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

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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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Medtronic Offices (CC BY 2.0) by Tony Webster

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

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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

Heinz (CC BY 2.0) by Mike Mozart

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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DowMidland (CC0 1.0) by Mgru0113@su014fn

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

Time Warner Cable (CC BY 2.0) by Mike Mozart

7. Charter Communications, Inc. and Time Warner Cable, Inc.
> Total transaction value: $85.8 billion
> Transaction announced: 2015

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6. AbbVie, Inc. and Allergan Plc
> Total transaction value: $87.4 billion
> Transaction announced: 2019

Bristol-Myers Squibb (CC BY-SA 2.0) by A 4

5. Bristol Myers Squibb Co. and Celgene Corp.
> Total transaction value: $96.4 billion
> Transaction announced: 2019

Time Warner Cable Truck (CC BY 2.0) by Mike Mozart

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