Key Takeaways
- • Private equity megadeals (transactions valued at $5 billion or more) reached a record combined value of $311.08 billion across 22 deals announced in 2025, according to S&P Global Market Intelligence.
- • The $55.2 billion acquisition of Electronic Arts Inc. by a consortium backed by Silver Lake Technology Management, Public Investment Fund and A Fin Management was the largest private equity deal of the year.
- • Sycamore Partners' $41.8 billion acquisition of Walgreens Boots Alliance was the second-largest private equity megadeal of 2025, and five of the ten largest were take-privates.
- • The ten largest private equity funds to close in 2025 raised $161.90 billion, roughly one-third of the $480.29 billion raised by all private equity funds globally.
- • Seventeen of the 22 megadeals targeted US or Canadian assets, up from eight in 2024, while deal counts declined year-over-year in Europe and Asia-Pacific.
Summary
Private equity megadeals set a record for transaction value in 2025, with 22 acquisitions valued at $5 billion or more announced during the year totaling $311.08 billion, according to S&P Global Market Intelligence. The largest was the $55.2 billion acquisition of video game developer Electronic Arts Inc., backed by Silver Lake Technology Management LLC, the Public Investment Fund and A Fin Management LLC. The second-largest was Sycamore Partners Management LP's $41.8 billion acquisition of Walgreens Boots Alliance Inc. from Alliance Sante Participations SA.
HarbourVest Partners managing director Scott Voss said the trends driving larger buyouts are strong enough that current records are unlikely to last, adding that he expects multiple $50 billion buyouts. KPMG's US private equity sector leader Don Zambarano cited capital concentration in the largest funds as a structural change supporting bigger deals. The ten largest private equity funds to close in 2025 gathered $161.90 billion in commitments, about one-third of the $480.29 billion raised globally. Institutional limited partners are consolidating relationships with large alternative managers that offer multiple strategies, including private credit, growth and infrastructure, along with low-fee co-investment opportunities. Scott Nuttall, co-CEO of KKR & Co. Inc., said on the firm's second-quarter 2025 earnings call that institutions "want to do more with fewer partners."
Global private equity dry powder entered 2025 above $2 trillion, just below an all-time high, which Zambarano said supports rising tailwinds for take-private transactions. Five of the ten largest private equity megadeals were take-privates. Sovereign wealth funds invested alongside private equity sponsors in five of the ten largest deals. Seventeen of the 22 megadeals targeted US or Canadian companies, up from eight in 2024, while transaction counts fell year-over-year in Europe and Asia-Pacific. Technology, media and telecommunications has produced the most private equity megadeals every year since at least 2020, according to S&P Global Market Intelligence data.
HarbourVest Partners managing director Scott Voss said the trends driving larger buyouts are strong enough that current records are unlikely to last, adding that he expects multiple $50 billion buyouts. KPMG's US private equity sector leader Don Zambarano cited capital concentration in the largest funds as a structural change supporting bigger deals. The ten largest private equity funds to close in 2025 gathered $161.90 billion in commitments, about one-third of the $480.29 billion raised globally. Institutional limited partners are consolidating relationships with large alternative managers that offer multiple strategies, including private credit, growth and infrastructure, along with low-fee co-investment opportunities. Scott Nuttall, co-CEO of KKR & Co. Inc., said on the firm's second-quarter 2025 earnings call that institutions "want to do more with fewer partners."
Global private equity dry powder entered 2025 above $2 trillion, just below an all-time high, which Zambarano said supports rising tailwinds for take-private transactions. Five of the ten largest private equity megadeals were take-privates. Sovereign wealth funds invested alongside private equity sponsors in five of the ten largest deals. Seventeen of the 22 megadeals targeted US or Canadian companies, up from eight in 2024, while transaction counts fell year-over-year in Europe and Asia-Pacific. Technology, media and telecommunications has produced the most private equity megadeals every year since at least 2020, according to S&P Global Market Intelligence data.
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