The global M&A landscape is buzzing with significant deals across energy, finance, consumer brands, gaming, and artificial intelligence. Below, we highlight the top 5 major Mergers & Acquisitions (M&A) announced across various industries from May 19th to May 24th, 2025. The data is curated from the Intellizence mergers & acquisitions Dataset.
Acquiring Company – Blackstone Infrastructure
Acquired Company – TXNM Energy
Deal Amount – $11.5 Billion
Blackstone Infrastructure will acquire TXNM Energy for a total enterprise value of $11.5 billion, including net debt and preferred stock. TXNM Energy, through its subsidiaries PNM and TNMP, is focused on meeting the critical electricity infrastructure needs of its customers. PNM is supporting the evolution of its generation portfolio to meet New Mexico’s clean energy goals and is identifying opportunities to achieve the energy transition in a cost-effective manner for customers. TNMP has consistently increased its annual capital investments to meet sustained nation-leading growth levels in its Texas service territory. This transaction provides significant long-term capital to support these goals.
Acquiring Company – OpenAI
Acquired Company – io Products
Deal Amount – $6.5 Billion
OpenAI announced its largest acquisition, the $6.5 billion all-stock purchase of io Products, a hardware startup spun from LoveForm and led by Jony Ive and several former Apple employees. This $6.5 billion acquihire was founded and in stealth mode for just one year. In Q4 of 2024, OpenAI’s venture fund acquired a 23% minority stake in io Products through a strategic partnership agreement, along with Laurene Powell Jobs’s Emerson Collective, Sutter Hill Ventures, Thrive Capital, Maverick Ventures, and SV Angel.
Acquiring Company – AT&T
Acquired Company – Lumen’s Mass Markets fiber business
Deal Amount – $5.75 Billion
AT&T will acquire all of Lumen’s Mass Market fiber internet connectivity business in a $5.75 billion deal expected to close in the first half of 2026. The acquisition will expand investment in critical U.S. connectivity infrastructure, create new middle-class jobs, and accelerate high-speed fiber internet access to millions of Americans.
Acquiring Company – Sanmina
Acquired Company – AMD (ZT Systems’ server manufacturing)
Deal Amount – $3 Billion
AMD will sell the server-manufacturing business of recently acquired ZT Systems to Sanmina in a $3 billion deal. The deal will make the U.S.-based contract manufacturer its partner for building AI hardware as the chip designer works to onshore supply chains. The acquisition highlights AMD’s efforts to produce more chips on American soil amid global trade tensions and U.S. President Donald Trump’s efforts to expand domestic semiconductor manufacturing.
Acquiring Company – Vistra Corp.
Acquired Company – Lotus Infrastructure Partners (NG Facility)
Deal Amount – $1.9 Billion
Vistra Corp. will acquire seven modern natural gas generation facilities, totaling approximately 2,600 MW of capacity, from Lotus Infrastructure Partners for $1.9 billion. The acquisition includes five combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, New England, New York, and California, further geographically diversifying Vistra’s natural gas fleet.
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