M&A transactions in July included largest deal of 2025

M&A deals announced worldwide in July included a rail merger, which is the largest transaction in the past 12 months based on transaction value.

Union Pacific Corp. and Norfolk Southern Corp. announced July 29 a plan to create America's first transcontinental railroad. The deal has a transaction value of $88.26 billion, according to S&P Global Market Intelligence data.

The transaction is projected to close in early 2027. According to the companies' investor presentation, Union Pacific is purchasing Norfolk Southern for an implied value of $320 per share, or 72% stock and 28% cash, funded through available cash and new debt.

The deal aims to enhance supply chain logistics and operational efficiency by providing seamless single-line service across the US, Union Pacific CFO Jennifer Hamann said during an M&A call on July 29.

Three other deals of more than $10 billion in transaction value were announced in July in the industrials, healthcare and technology sectors.

The second-largest M&A announcement in July involved Palo Alto Networks Inc.'s planned $24.26 billion acquisition of CyberArk Software Ltd. The two companies specialize in cybersecurity firewalls. The deal aims to solidify the combined entity's leadership across all major cybersecurity categories, including network security, security operations and cloud security, according to an investor presentation on the merger.

Palo Alto Networks is paying $45 per CyberArk share in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share, representing a 26% premium on CyberArk's share price, Palo Alto Networks CFO Dipak Golechha said during an M&A call on July 30. The deal is the ninth-largest transaction in the past 12 months.

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In a second industrials deal, Baker Hughes Co. announced plans to acquire Chart Industries Inc. The deal, announced July 29, has a transaction value of $13.15 billion. The all-cash transaction will offer $210 per Chart Industries share, according to an investor presentation.

Baker Hughes Chairman and CEO Lorenzo Simonelli said July 29 during an M&A deal call that the combined company would be a leading energy and industrial solutions provider.

The fourth-largest M&A deal in July was announced on July 9, with pharmaceutical company Merck & Co. Inc. revealing plans to acquire Verona Pharma PLC for a transaction value of $10.57 billion. Merck & Co. will purchase all outstanding shares of London-based Verona Pharma for $107 per American depositary share, which is a US dollar-denominated equity share of a foreign-based company.

Verona Pharma's business development will complement Merck & Co.'s cardio-pulmonary portfolio, according to an investor presentation. The target manufactures an inhalable drug called Ohtuvayre to treat chronic obstructive pulmonary disease.

"The acquisition of Verona is consistent with the business development strategy we've communicated and is based on the compelling science behind Ohtuvayre," Merck & Co. Chairman and CEO Robert Davis said during the company's M&A deal call on July 9.