This dynamic is driven by the search for optimal capital allocation, and could stimulate demergers and mergers. Private equity funds, which have built up cash reserves, are also ready to invest. They are seeking to optimize their portfolios by focusing on assets that can be monetized in the short term, which could speed up transactions. In addition, the rise of artificial intelligence (AI) in technology sectors could catalyze strategic mergers and acquisitions. Technology companies, in particular, could look to strengthen their AI capabilities through acquisitions. In 2024, although M&A activity was uneven, there were signs of recovery. Total deal value was up 10% on the previous year, reaching $1.6 trillion. However, the number of mega-deals declined, indicating continued caution in the market. 2025 could be a dynamic year for the M&A market, underpinned by more favorable economic conditions, increased management confidence and strategic opportunities in key sectors.

Over the course of three articles, we'll be detailing 15 M&A deals that have a relatively high chance of coming to fruition in 2025.

Here are the top 5 possible M&A deals in 2025:

Expedia by Uber

Expedia Group could be a strategic acquisition target for Uber Technologies in 2025. Uber, primarily known for its transportation and delivery services, is looking to diversify its activities. The acquisition of Expedia, a leader in the online travel agency sector, would enable Uber to expand into the travel and tourism sector, strengthening its presence in consumer services. Uber and Expedia's technology platforms could benefit from significant synergies. Uber could integrate Expedia's travel booking services into its app, offering a unified user experience for transportation and accommodation. This could also enable Uber to offer bundled deals, combining transport and accommodation, which could attract more customers. Uber CEO Dara Khosrowshahi is a former Expedia CEO and currently sits on Expedia's board of directors. His in-depth knowledge of the company and the industry could facilitate post-acquisition integration and maximize the strategic benefits of the transaction. Expedia has shown solid growth, with increasing revenue and profit forecasts for the coming years. In 2023, Expedia achieved sales of 12.839 billion USD, with growth expected to reach 14.675 billion USD in 2025. This growth trajectory could make Expedia attractive to Uber, which is looking to invest in companies with high growth potential. Expedia has a strong international presence, with 36.54% of its sales coming from countries outside the US. This presence could help Uber strengthen its position in international markets, particularly in the travel sector, where demand is growing. Expedia has a current market capitalization of 23.026 billion USD, which could be a feasible acquisition for Uber, especially considering Uber's ability to raise funds. Moreover, with a free float of 40.748%, there could be enough shares available to facilitate an acquisition.

Saxo by Swissquote or Interactive Brokers

Saxo Bank, a Danish financial institution specializing in online trading and investment services, could be an attractive acquisition target for Swissquote or Interactive Brokers in 2025. Saxo Bank offers a diversified range of financial products, including currency, equity, bond and derivatives trading. For Swissquote, which already has a strong presence in crypto-currency trading and online banking, the acquisition of Saxo Bank could broaden its product portfolio and strengthen its position in the European market. Similarly, Interactive Brokers, which recently enhanced its Advisor portal with advanced tools, could benefit from the integration of Saxo Bank's technologies and services to enrich its offering. Swissquote is well established in Switzerland and Europe, while Saxo Bank has a global presence, including Asia and the Middle East. An acquisition would give Swissquote access to new markets and broaden its customer base. Interactive Brokers, with its customer base mainly in the USA, could also benefit from Saxo Bank's international presence to diversify its customer base. The online financial services sector is undergoing significant consolidation, with players seeking to increase their market share and achieve economies of scale. The acquisition of Saxo Bank by Swissquote or Interactive Brokers could offer significant operational synergies, particularly in technology, risk management and regulatory compliance. Saxo Bank is renowned for its advanced trading platforms and innovative technological solutions. For Swissquote, which invests in artificial intelligence and trading technologies, the acquisition of Saxo Bank could accelerate the development of new functionalities and enhance the user experience. Interactive Brokers, which recently integrated AI tools into its portal, could also benefit from Saxo Bank's technological expertise. Swissquote already has a strong exposure to crypto-currencies, and the acquisition of Saxo Bank could strengthen this position by integrating Saxo's crypto-currency trading capabilities. Interactive Brokers, which is looking to expand its services in this area, could also see Saxo Bank as a strategic growth opportunity.

Anthropic by Amazon

Anthropic, a start-up specializing in artificial intelligence, could be acquired by Amazon by 2025 for several reasons. Amazon has already invested $8 billion in Anthropic, making it a major financial partner. This financial commitment demonstrates Amazon's strategic interest in Anthropic's technologies, particularly in the field of generative AI. By increasing its stake, Amazon could seek to secure more direct control over Anthropic's innovations. Anthropic already uses AWS's Trainium and Inferentia chips for training and inference of its AI models. This close technological integration could facilitate a transition to a full acquisition, enabling Amazon to strengthen its cloud offering with advanced AI technologies. As Anthropic's main cloud provider, AWS would benefit directly from the acquisition. This would strengthen AWS's position in the cloud market by integrating cutting-edge AI capabilities, which is crucial for attracting new customers and maintaining its competitiveness against rivals such as Google Cloud and Microsoft Azure. With competitors such as OpenAI and Google investing heavily in AI, Amazon could see the acquisition of Anthropic as a necessity to remain competitive in the AI sector. Owning Anthropic would give Amazon control over a key technology that already powers products like Alexa. While regulators keep a close eye on partnerships in the AI sector, the acquisition could be structured to address antitrust concerns, especially if Amazon maintains a degree of autonomy for Anthropic.

The Hershey by Mondelez

The idea of The Hershey Company being acquired by Mondelez International in 2025 could be driven by several factors. Mondelez, with its iconic brands such as Oreo and Cadbury, could benefit from an acquisition of Hershey to strengthen its position in the North American confectionery market. Hershey has a significant market share in the United States, accounting for 87.35% of sales. This acquisition will enable Mondelez to increase its presence in this key region. Hershey specializes in chocolate-based products and confectionery, while Mondelez has a diversified range including cookies and snacks. The integration of the product portfolios could offer opportunities for cross-selling and diversification of offerings, responding to growing demand for a variety of products. Although Hershey has experienced sales growth, its future growth prospects appear limited according to analysts. An acquisition by Mondelez could revitalize Hershey 's growth through increased investment and access to new international markets where Mondelez is already well established. The merger of the two companies would create a food giant with combined sales approaching $50 billion. This would offer significant economies of scale, reducing production costs and increasing bargaining power with suppliers. The confectionery sector is facing increasing pressure from rising raw material costs, particularly cocoa, and fluctuating demand. Consolidation could be a strategic response to build resilience in the face of these economic challenges. Mondelez CEO Dirk Van de Put has demonstrated an ability to integrate family businesses, which could facilitate the integration of Hershey. In addition, Mondelez's recent acquisitions, although smaller, demonstrate a strategy of expansion through external growth.

Warner Bros by Comcast

Warner Bros.Discovery could be an acquisition target for Comcast in 2025 for several strategic reasons. Comcast and Warner Bros. Discovery have recently strengthened their relationship through multi-year distribution agreements. These agreements enable Comcast to distribute a broad portfolio of Warner Bros. Discovery content on its Xfinity and Sky platforms. This close collaboration could facilitate further integration, making an acquisition more logical and operationally viable. The media sector is undergoing a wave of consolidation, driven by structural and cyclical challenges. Expected regulatory changes could also encourage mergers and acquisitions. In this context, an acquisition of Warner Bros. Discovery by Comcast could be a strategic response to strengthen their position against competitors such as Netflix and Disney+. WBD is facing financial difficulties, including high net debt of USD 39.9 billion and declining revenues. The company has also lost important broadcasting rights, such as those to the NBA, which has affected its stock market valuation. An acquisition by Comcast could offer WBD financial stability and support in restructuring its operations. Comcast could benefit from significant synergies by integrating Warner Bros. Discovery. This includes access to a vast catalog of content and the possibility of strengthening its streaming offerings. In addition, the integration of technological infrastructures and distribution networks could generate economies of scale. Warner Bros. Discovery recently restructured its divisions to focus on streaming and studios. With over 110 million subscribers to its streaming services, the company represents a growth opportunity for Comcast, which could capitalize on this subscriber base to strengthen its own streaming offering.