Recent M&A Deals: Strategic Moves Across Tech, Finance, and Healthcare

The M&A scene in Canada is growing. Although the deal volume decreased, the total value of deals in 2024 reached $51.4 billion, which is still higher than the previous year. The technology sector, energy transition, and financial services are considered especially busy.

Even so, important difficulties remain — current geopolitical tensions in U.S. trade policies and tariff policy challenges, Canada has put stricter rules in place for foreign takeovers, requiring regulatory approval. While AI makes deal processes easier, it also adds problems during the due diligence and integration phases. The M&A scene for Q2 2025 is considered optimistic due to the ongoing dynamic movements of strategy, technology, and regulations in the market.

Both buy-side vs sell-side M&A transactions are picking up again. Firms and private equity groups are searching for business acquisitions to improve financial stability, strengthen their combined capabilities, and expand their revenue opportunities.

This article will focus on the recent mergers and acquisitions in 2025, with the emphasis on M&A finance, tech, and healthcare. 

M&A Market Overview

By Q2 2025, the global and Canadian M&A markets began to recover. Since the post-2021 period, deal-making has improved again, thanks to improved market stability and renewed investor belief. 

Organizations are achieving growth by making strategic investments in key industries such as technology, energy, and private equity, reflecting a focused growth strategy. It indicates that companies are now focusing on innovation, growth strategy, mergers, and preparing for future competition. 

Sector Breakdown

In 2025, M&A transactions will be driven by unique developments in each industry, and companies will change their strategies accordingly. Although some sectors merge to increase in size and efficiency, others spend to keep up with changes in technology and rules. These are the sectors that are shaping the current level of deal activity.

Technology

Technology is still the leading area for M&A activity. Firms seek access to AI systems, reliable digital infrastructure, cloud solutions, cloud computing, and data centers to enhance their operations. Digital infrastructure is gaining momentum in many industries, and companies are increasingly relying on cloud services, enterprise software, and digital platforms, particularly an M&A data room.

Healthcare

Deals in healthcare M&A are picking up, but not as numerous as before. The companies are mainly interested in value creation in pharma, medtech, and digital health. Companies are now using targeted acquisitions aimed at long-term growth rather than huge mergers to meet challenges from an aging population, the need for personalized medicine, and budget constraints.

Industrials

The industrial sector is changing its approach to focus more on taking over sustainable companies. Firms focus on energy transition, clean energy solutions, and strengthening supply chains. Though the number of deals is off its highest rate, major transactions in engineering, energy, and logistics are pointing the sector in a new direction.

Financial Services

Modernization pressure and digital transformation are causing a fast increase in M&A deals in financial services. Leading firms adopt a business model that improves financial stability, often via strategic moves such as acquisitions requiring regulatory approval. Traditional companies are forming greater alliances, especially where regulations or finances are squeezing the market.

Mergers and Acquisitions Toronto Insight

There has been significant M&A activity in Canada, with 1,068 deals in the second half of 2024. Many significant deals happened in the technology sector, as shown by the 273 software and technology services agreements in 2024. More M&A activity is expected from middle market transactions and portfolio companies. Federal trade commission scrutiny remains a factor.

It is predicted that more M&A activity in Canada will come from mid-market transactions and private equity exits. Federal support and challenges for critical minerals and energy transition areas usually lead to interest from international and domestic investors.

Most Recent M&A Deal

In May 2025, Definity Financial Corp. announced a deal to buy Travelers Canada for around $3.3 billion. 

This decision has made Definity the fourth-largest property and casualty (P&C) insurer in Canada, giving it a much stronger presence in the market. Definity’s acquisition of Travelers Canada was an all-stock deal that will improve financial stability and combined capabilities in the P&C insurance market. Rowan Saunders, Definity’s CEO, pointed out that the merger helps insurers maintain their position in the industry and enables investments in cutting-edge solutions.

Biggest Examples of Mergers and Acquisitions (2024–2025 YTD)

Many sectors have seen important mergers and acquisitions from 2024 to mid-2025. They point to major adjustments in strategy, new technological breakthroughs, and the joining of major companies. These are some of the main transactions:

1. ExxonMobil and Pioneer Natural Resources ($64.5 Billion)

ExxonMobil acquired Pioneer Natural Resources in May 2024 using only shares, and this move made the company twice as large in the Permian Basin. The deal strengthens ExxonMobil’s status as a leading oil producer, and the expected synergies are forecast to surpass $3 billion each year. The M&A business model is meant to add downstream assets and help ExxonMobil cut its drilling costs and increase its production capacity.

2. Mars Corp. and Kellanova ($35.9 Billion)

Mars revealed it was acquiring Kellanova, which makes Pringles and Cheez-It, in August 2024. Because of this deal, Mars will be able to offer different snacks by connecting its sweets with those made by Kellanova. The deal is expected to close in 2025, as long as it is approved by the relevant authorities.

3. Synopsys and Ansys ($35 Billion)

Synopsys announced in January 2024 that it was planning to buy Ansys to become a top name in silicon-to-systems design. Through the merger, the companies joined Synopsys’ chip design technology with Ansys’ skills in electronic systems assessment to help manage issues in AI, the rise in different types of silicon, and software-defined systems.

4. Capital One and Discover Financial Services ($35.3 Billion)

Capital One purchased Discover Financial Services through an all-stock deal, and the transaction is expected to be completed in early 2025. As a result of this M&A business model, the merged entity would be the biggest credit card lender in the U.S., giving it access to economies of scale and additional abilities in the world of investments.

5. Novo Holdings and Catalent ($16.5 Billion)

On December 31, 2024, Novo Holdings, a parent company of Novo Nordisk, acquired Catalent. With Novo Holdings making this acquisition, the combined company will be able to improve financial stability and produce more of its hit weight-loss drug, Wegovy.

These recent acquisitions demonstrate that companies often make a strategic move to gain access to new markets and acquire other firms for better technology and long-term growth.

Upcoming Mergers and Acquisitions in 2025

As the year progresses, several large mergers and acquisitions are soon to affect Canadian businesses. Here are the main deals to expect.

1. Sunoco’s and Parkland Corporation

In May 2025, the U.S.-based company Sunoco announced it was buying Parkland Corporation, a Canadian fuel distributor, for US$9.1 billion. The two companies will form SUNCorp LLC as a listed company, giving it the title of the biggest U.S.-based, privately owned fuel distributor in the Americas. The transaction is scheduled to finish in the second half of 2025, subject to getting approvals from relevant bodies. Sunoco’s strategic move to buy Parkland aims to expand into new markets, pending regulatory approval, amid robust valuations.

2. Whitecap Resources and Veren Inc. Merger

In March 2025, Canadian oil and gas company Whitecap Resources made a strategic move to buy Veren Inc. using stocks, valued at CAD 15 billion. It is scheduled that the merger will be finished before May 30, 2025, with the company becoming Canada’s biggest light oil producer. Having a variety of assets, the two companies will be well set for continued production improvement.

The following mergers and acquisitions examples being announced now point to the continuous merging and restructuring happening in various Canadian industries. Carefully following mergers and acquisitions news is important for industry insiders, as they greatly affect the market and provide a competitive edge in 2025.

When M&A activity increases, better post-acquisition integration is needed. Firms that harmonize systems, culture, and operations at the beginning of integration often achieve financial stability and hit their long-term growth. This is vital for cross-industries and international deals in various sectors because the problems related to rules, technology, and people increase in complexity.

Sector Spotlights: What’s Driving the M&A Market?

With increased deal activity in major sectors, it’s easy to see that specific industry tendencies determine the current state of M&A. Every industry has its own set of technological, regulatory, and consumer shifts that lead to new situations and challenges. Let’s examine some of the elements behind mergers and acquisitions in tech, finance, and healthcare.

Tech M&A Trends

Advances in AI, cloud systems, and safety are pushing technology to play an even bigger role in driving M&A deals. Private equity firms and strategic buyers acquire companies with advanced and data-driven products, and prepare their businesses for the future. Mainly, as SaaS providers and AI companies merge, the field is evolving rapidly.

Healthcare M&A

In healthcare, companies actively buy and sell businesses to extend their services, support better patient results, and keep up with new regulations. Recently, digital health, biotech, and value-based care have seen the most interest. Because of rising health costs and more seniors, a fusion of providers, payers, and technology companies is being encouraged.

Industrial M&A

Because of worldwide supply chain adjustments and the need for automation and sustainability, companies in the industrial sector are seeing more M&A activity. Firms are interested in modern manufacturing, eco-friendly approaches, and tech for manufacturers to improve their work and meet their ESG requirements. Cross-border transactions are increasing, since companies want to expand their production areas and lower their exposure to international risks.

Financial Services

The rapid growth of fintech, new laws, and what consumers want greatly impact financial M&A services. To keep up, major companies are acquiring young digital firms to adapt and match modern standards. At the same time, groups of asset managers, insurers, and regional banks keep merging to ensure they operate efficiently and productively, especially with interest rates on the rise.

Conclusion: What to Expect in the Second Half of 2025

In the middle of 2025, investors are still feeling optimistic. As interest rates become more predictable and the economy becomes clearer, dealmakers focus again on strategic acquisitions for growth. With the largest amount of available funds ever, private equity firms need to reinvest, and companies generally should make better and faster use of what they have to invest.

There is likely to be vigorous M&A activity in Canada, mainly in the energy, technology, and middle-market sectors. Even though regulatory oversight is still present, dealmakers adjust by doing more focused checks and making careful plans.

One of the main contributors to this renewed upswing is technology, especially with the rising use of virtual data rooms. Secure tools in dealmaking now increase efficiency by sharing important documents quickly, making things more transparent, and reducing obstacles in due diligence. Firms that effectively use virtual data rooms and digital cloud infrastructure tools at every stage of the M&A lifecycle gain a competitive edge and achieve long-term value creation through strategic investments.

The second half of 2025 is expected to bring better M&A, based on companies being more selective, using digital tools, and feeling more confident in various industries.

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