Big March deals push total outsize transaction value to multiyear high in Q1

There were 11 M&A deals worldwide with transaction values exceeding $10 billion in the first quarter. The period's total transaction value of $305.33 billion was the highest since the second quarter of 2019.

In March, there were four $10 billion-plus deals announced with a combined transaction value of $98.77 billion. Two of those deals ranked among the largest announced in the last 12 months, according to S&P Global Market Intelligence data.

In the largest deal of the month, an investor group on March 2 announced its plan to purchase Virginia-based power company AES Corp. The sale has a deal value of $10.82 billion and a transaction value of $48.08 billion, which includes the deal value plus the value of assumed current liabilities. Based on the transaction value, it ranks as the fifth-largest deal announced in the past 12 months.

The investor group purchasing the power company includes BlackRock Inc. subsidiary Global Infrastructure Management LLC, which was also a buyer in the $40 billion acquisition of Aligned Data Centers LLC, announced in October 2025. The takeover addresses a growing need for power driven by AI.

This feature classifies M&A deals with transaction values of more than $10 billion by their definitive agreement date. It excludes deal announcements or announced bids that have not reached a definitive agreement. Installments of this feature before March 2026 included all announced bids.

Zurich-based insurance company Zurich Insurance Group AG on March 2 announced a definitive agreement to acquire London-based insurer Beazley PLC after two failed attempts. That deal has a transaction value of $10.84 billion.

Zurich Insurance Group sent Beazley its first offer Jan. 4, then followed up Jan. 19 and again on Feb. 4. Beazley's management rejected initial bids for undervaluing the company, according to a bid announcement. The final offer gives Beazley's shareholders 1,310 pence in cash per Beazley share and a dividend of 25 pence per Beazley share.

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In the US life insurance sector, Houston-based Corebridge Financial Inc. said March 26 that it plans to acquire New York City-based Equitable Holdings Inc. in a deal with a transaction value of $10.77 billion. The merger will fold Equitable's specialty finance business into Corebridge's larger retirement and insurance business and create a top US life insurance group, according to Market Intelligence data.

In another Texas-based deal, Houston-based Sysco Corp. said March 30 that it plans to acquire Whitestone, New York-based Jetro Cash & Carry LLC, the parent company of Restaurant Depot LLC. The food distribution deal has a transaction value of $29.08 billion.

Sysco and Jetro Cash & Carry have complementary products and can streamline supplier pricing to improve combined profitability, Sysco Chairman and CEO Kevin Hourican said during an M&A call with analysts.