An acquisition is like a fingerprint—unique and complex, leaving a lasting impression on the corporate landscape. While all acquisitions share certain commonalities, each tells a distinct story of strategy, ambition, and transformation.
In this blog, we’ll explore 17 transformative acquisition examples and dive into the strategies, challenges, and successes that define them. From the motivations driving these deals to the outcomes that reshaped industries, we’ll uncover the key takeaways that can guide your approach to mergers and acquisitions.
What is an Acquisition?
An acquisition occurs when one company buys another business or its assets. Like buying a car, you’d purchase the whole vehicle, transferring the title into your possession, or just the parts to fix another vehicle. In a business context, the “car” and its “parts” may represent new technologies, market share value, or acquiring the “dealership” to eliminate competition.
17 Groundbreaking Acquisitions
Showcasing both successful deals and those that faced significant hurdles:
Let's see each of them in detail now.
Exxon and Pioneer Natural Resources - Acquisition to Dominate U.S. Shale
ExxonMobil’s 2023 acquisition of Pioneer Natural Resources, valued at $59.5 billion in an all-stock transaction, was the largest U.S. energy deal in 20 years and made ExxonMobil the Permian Basin’s largest producer, the U.S.’s most productive oil field.
Challenges: Regulatory scrutiny emerged over concerns ExxonMobil’s Permian dominance would curb competition and affect energy pricing. Integration difficulties also surfaced, with ExxonMobil needing to reconcile Pioneer’s smaller, agile operating structure with its own global-scale, process-heavy system.
Impact on the Landscape: The move almost doubled ExxonMobil’s Permian Basin footprint and put it in control of an estimated 16 billion barrels of recoverable oil equivalent. The deal was a definitive bet on U.S. shale as a lynchpin of the global energy supply despite calls to phase out fossil fuels and transition to renewables.
Key Takeaways: Gaining strategic scale in key geographies offers long-term resilience but requires sensitivity to regulators and mounting ESG headwinds. ExxonMobil’s acquisition reaffirmed shale’s continued role in global energy strategies.
Microsoft and Activision Blizzard - Acquisition to Dominate Gaming and the Metaverse
In 2022, Microsoft announced its plan to acquire Activision Blizzard for $68.7 billion, aiming to expand its market share in the gaming industry and leverage Activision's iconic franchises, including Call of Duty.
After a 21-month regulatory saga, Microsoft finalized the deal in October 2023. The acquisition faced significant scrutiny from various regulatory bodies, including the UK’s Competition and Markets Authority, which initially blocked the deal. Microsoft addressed these concerns by agreeing to sell Activision Blizzard’s cloud gaming rights to Ubisoft, ultimately securing approval.
Challenges: The deal faced regulatory scrutiny over market consolidation and internal issues at Activision. Microsoft addressed these during due diligence and effectively managed the integration process.
Impact on the Landscape: This acquisition boosted Microsoft's gaming portfolio, accelerating its Game Pass service and expanding its presence in the metaverse.
Key Takeaways: Navigating regulatory hurdles and making strategic adjustments were crucial for completing the acquisition, positioning Microsoft as a dominant player in the gaming industry.
Adobe and Figma - Acquisition to Enhance Design Collaboration
In 2023, Adobe planned to acquire Figma for $20 billion to boost its market share in design software. However, the deal fell due to regulatory hurdles from the European Commission and the UK Competition and Markets Authority. Both companies agreed there was no clear path to approval.
Challenges: Regulatory approval issues led to the termination.
Impact on the Landscape: Adobe couldn’t integrate Figma’s tools.
Key Takeaways: Regulatory barriers can disrupt even promising acquisitions.
Amazon and MGM Studios - Acquisition to Dominate the Streaming Space
In 2022, Amazon acquired MGM Studios for $8.45 billion to enhance its Prime Video streaming service and expand its customer base by adding MGM's extensive content library.
Challenges: The deal faced regulatory reviews over market consolidation. Amazon had to integrate MGM’s vast library while maintaining its brand identity.
Impact on the Landscape: The acquisition strengthened Amazon’s content library, giving it a competitive edge in the streaming wars.
Key Takeaways: By acquiring MGM Studios, Amazon significantly strengthened its streaming service, enhanced its content offerings to better compete with other streaming giants, and successfully navigated regulatory concerns to integrate MGM’s vast library while maintaining its brand identity.
Elon Musk and Twitter - Acquisition to Transform the Platform
In 2022, Elon Musk acquired Twitter for $44 billion, aiming to transform the social media platform and promote free speech, thereby increasing its valuation.
Challenges: The acquisition process was turbulent, marked by legal battles and concerns over policy changes.
Impact on the Landscape: Musk’s acquisition led to significant shifts in Twitter’s operations and policies, impacting user engagement.
Key Takeaways: Musk’s vision drove the acquisition, leading to significant operational shifts that impacted user engagement. His focus on free speech led to policy reforms following the acquisition.
AMD and Xilinx - Acquisition to Boost Adaptive Computing
In 2022, AMD acquired Xilinx for $35 billion to enhance its adaptive computing technology portfolio and strengthen its market share in the semiconductor industry.
Challenges: Integrating Xilinx’s technology with AMD’s products required significant coordination.
Impact on the Landscape: The acquisition positioned AMD as a leader in adaptive computing, pushing innovation forward.
Key Takeaways: Combining AMD's and Xilinx's technologies boosted product offerings, solidified AMD’s leadership in adaptive computing, and fueled innovation through heightened competition.
Oracle and Cerner - Acquisition to Enter Healthcare IT
In 2022, Oracle purchased Cerner for $28.3 billion to expand its presence in the healthcare IT market. Oracle integrated Cerner’s solutions with its cloud infrastructure.
Challenges: Integrating healthcare IT with cloud infrastructure posed challenges, including maintaining Cerner’s client relationships.
Impact on the Landscape: This acquisition allowed Oracle to offer comprehensive healthcare IT solutions, pushing digital transformation in healthcare.
Key Takeaways: Oracle’s entry into healthcare IT expanded its offerings, successfully integrating healthcare and cloud systems. It also accelerated digital transformation in the healthcare sector.
Salesforce and Slack - Acquisition to Rival Microsoft Teams
In 2021, Salesforce acquired Slack for $27.7 billion to enhance its enterprise communication tools and compete with Microsoft Teams, targeting large companies.
Challenges: Integrating Slack with Salesforce’s services posed technical challenges and required convincing users to adopt Slack.
Impact on the Landscape: This acquisition strengthened Salesforce’s position in the enterprise communication market.
Key Takeaways: Combining Slack with Salesforce enhanced communication, intensified competition with Microsoft Teams, and required overcoming significant technical integration challenges.
Google and Fitbit - Acquisition to Expand into Wearable Tech
In 2021, Google acquired Fitbit for $2.1 billion to enter the wearable technology market and expand its health and fitness data capabilities.
Challenges: The acquisition faced regulatory scrutiny over privacy concerns and the integration of Fitbit’s supply chain with Google’s operations.
Impact on the Landscape: Google’s entry into wearable tech allowed it to compete with Apple and Samsung.
Key Takeaways: This acquisition marked Google’s significant entry into wearable tech, addressed critical privacy concerns, and enabled advancements in health data analytics by integrating Fitbit's capabilities with Google's operations.
Nvidia and Arm - Acquisition to Lead in Semiconductor Tech
In 2020, Nvidia announced its intention to acquire Arm for $40 billion, aiming to access leading semiconductor technology and expand its influence in AI and computing markets, with the goal of achieving economies of scale.
Challenges: The deal was terminated in 2022 due to significant regulatory challenges from multiple regulatory bodies, including the FTC in the U.S., the UK government, and the European Union. These regulators were concerned that the acquisition would give Nvidia too much control over the microchip market, ultimately preventing the deal from proceeding.
Impact on the Landscape: The failure of the acquisition meant Nvidia could not integrate Arm's technology, which would have positioned it at the forefront of semiconductor innovation.
Key Takeaways: The attempted acquisition highlighted the potential for technological synergy between Nvidia and Arm. However, significant regulatory barriers and monopolistic concerns ultimately led to the deal's collapse, underscoring the importance of navigating regulatory approvals in major tech mergers.
Meta and Kustomer – From $1B Acquisition to AI-Driven Spin-Off
In 2020, Meta (at the time Facebook) acquired Kustomer, a small but fast-growing startup in the CRM space for ~$1 billion. The vision was to integrate customer service at the core of WhatsApp, Messenger, and Instagram.
Challenges: Meta acquired Kustomer at the peak of the “omnichannel CRM” hype, but integration struggled. Meta’s 2023 “Year of Efficiency” led to aggressive cost cutting and a refocus on core platforms, leaving Kustomer without a home. Meta spun it out, reducing its valuation from $1B to ~$250M, while retaining a minority stake.
Impact on the Landscape: As a standalone entity (K2), Kustomer re-entered the scene under fresh management and purpose. Seed and prior investors backed it with a new $60 million Series A, and in August 2025, Kustomer raised another $30 million Series B, both aimed at turning it into an AI-first CRM platform. CEO Brad Birnbaum made the case: the split gave Kustomer the clarity and freedom to build, rather than being boxed inside a broader enterprise agenda. Investors framed the spin-out as a rebirth, with 2024–2025 AI tech powering every layer, from data foundation to agentic logic.
Key Takeaways: Meta’s decision to spin out Kustomer neither wrecked the startup nor Meta’s strategy. Instead, it created a sharper, more autonomous CRM business designed for today’s AI-driven world, while allowing Meta to stay lean and focused.
IBM and Red Hat - Acquisition to Strengthen Cloud Services
In 2019, IBM bought Red Hat for $34 billion to strengthen its cloud computing services and enhance its open-source software capabilities.
Challenges: Integrating Red Hat’s open-source culture with IBM’s corporate environment posed difficulties.
Impact on the Landscape: This acquisition allowed IBM to offer more robust cloud services, increasing its market share.
Key Takeaways: The acquisition enhanced IBM’s cloud computing services, required the successful integration of Red Hat’s open-source culture with IBM’s corporate environment, and ultimately increased IBM’s market share in the cloud sector.
Disney and 21st Century Fox - Acquisition to Strengthen Content and Streaming
Disney’s 2018 acquisition of 21st Century Fox for $71.3 billion was one of the largest media transactions ever. This deal included film and TV studios, cable networks, and international holdings. It significantly expanded Disney’s content library and global footprint.
Challenge: The transaction required regulatory approval, and it faced significant antitrust scrutiny. Fox’s regional sports networks were a particular focus, leading Disney to divest those to satisfy regulators. Integrating tens of thousands of employees and thousands of overlapping divisions was a monumental operational undertaking. Cultural differences between legacy Fox and Disney units also posed challenges to a smooth integration.
Impact on the Landscape: The deal fundamentally transformed Disney, making it a content colossus with holdings like X-Men, Avatar, and The Simpsons. Most significantly, it positioned Disney to compete with Netflix and Amazon in the streaming wars. Assets acquired from Fox have been pivotal in the launch and growth of Disney+, which exceeded subscriber expectations in its first year, hitting tens of millions of subscribers.
Key Takeaways: Content scale is key in the age of streaming. Disney’s ability to consolidate Fox’s assets not only expanded its IP portfolio but also gave it the muscle to launch one of the most successful streaming services to date.
Microsoft and LinkedIn - Acquisition to Expand into Professional Networks
Microsoft’s $26.2 billion all-cash deal to acquire LinkedIn in 2016 was the software giant’s largest ever at the time. The goal was to combine the world’s largest professional network with Microsoft’s productivity and cloud offerings to create new synergies between Office 365, Dynamics, and LinkedIn’s massive installed base.
Challenges: Microsoft had to show that it could integrate a consumer-facing platform without repeating the missteps of its previous, ill-fated acquisitions such as Nokia. LinkedIn also needed to operate independently enough to retain its users’ trust, while still embracing Microsoft’s larger enterprise strategy.
Impact on the Landscape: Microsoft gained access to LinkedIn’s 433 million members (now over 1.1 billion), which has since been used to power growth across advertising, recruiting tools, and learning platforms. The deal also allowed Microsoft to expand its lead in enterprise software by embedding LinkedIn data into its Outlook, Teams, and Dynamics products, fortifying its competitive position versus rivals like Salesforce.
Key Takeaways: Acquiring a platform with strong network effects can be a powerful way to extend an existing ecosystem well beyond your core products. Microsoft’s success with LinkedIn demonstrated the value of maintaining autonomy while strategically layering in synergies.
AB InBev and SABMiller - Acquisition to Consolidate Global Brewing
AB InBev acquired SABMiller in 2016 for more than $107 billion, merging two brewing behemoths with portfolios including Budweiser, Stella Artois, Corona, Peroni, and Miller. The deal solidified AB InBev’s status as the largest beer company in the world by a significant margin.
Challenges: Regulatory and antitrust pressures were heavy across numerous jurisdictions. AB InBev was forced to divest significant portions of the business, including the sale of SABMiller’s stake in MillerCoors to Molson Coors in order to avoid U.S. market dominance. Integration was another challenge given the combined scale, with tens of thousands of employees and overlapping operations on nearly every continent.
Impact on the Landscape: The acquisition furthered AB InBev’s position as the world’s preeminent brewer, accounting for approximately a third of all beer production globally. The deal also continued a trend of consolidation in the industry, placing pressure on smaller brewers and fueling the rise of craft beer as an alternative to “big beer.” It also saddled the company with significant long-term debt, requiring ongoing financial discipline and operational streamlining.
Key Takeaways: Acquisitions on a global scale can further secure a company’s position as a market leader, but with significant tradeoffs in required divestitures and debt. The AB InBev-SABMiller merger illustrates how regulatory concessions and financial discipline are critical to capitalizing on megadeals.
Facebook and Instagram - Acquisition to Secure Social Media Dominance
Facebook acquired Instagram in 2012 for $1 billion in cash and stock. Instagram was a photo-sharing application with just 13 employees and a quickly growing user base. Facebook acted swiftly to finalize the acquisition, recognizing both the threat Instagram posed and the broader shift to mobile and visual-first social media.
Challenges: The key challenge was the cost. Many outside observers thought Facebook was paying too much for a small startup that had no revenue model and was not yet profitable. Another internal challenge was ensuring Instagram could scale without being overwhelmed by Facebook’s larger infrastructure and bureaucratic processes.
Impact on the Landscape: The move turned out to be transformational. Instagram became one of the world’s most popular social media platforms, with over $2 billion active users by 2025. It also became central to Facebook’s advertising revenue and has introduced key features like Stories and Reels to remain competitive with other platforms like Snapchat and TikTok. The acquisition has helped Meta (Facebook’s parent company) stay ahead of the curve in the social media space.
Key Takeaways: Recognizing and acting on potential threats early can reshape the future of a business. Preserving Instagram’s brand and allowing it to operate with a degree of independence helped Facebook make a potential competitor into one of its most valuable assets.
Disney and Pixar - Acquisition to Revitalize Creativity and Growth
In 2006, Disney acquired Pixar for $7.4 billion in an all-stock transaction. The acquisition had followed years of fractious negotiations between the two companies. While they had a long and successful partnership, producing films such as Toy Story and Finding Nemo, relations soured. At the same time, Disney’s own animation studio was in disarray, with recent films flopping at the box office, showing a need for a new creative vision.
Challenges: One of the biggest risks was repairing the relationship between Pixar’s management (led by Steve Jobs as CEO and largest shareholder, John Lasseter as Chief Executive Officer, and Ed Catmull as President) and Disney. A second risk was culture shock. Pixar’s culture was based on creative autonomy, while Disney had traditionally been a tightly controlled corporation.
Impact on the Landscape: The acquisition brought renewed life to Disney’s animation business. Pixar’s executives, particularly John Lasseter and Ed Catmull, were placed in charge of Disney Animation, resulting in a string of hits, including Frozen and Zootopia. This also laid the groundwork for Disney’s subsequent successful deals, including those with Marvel, Lucasfilm, and 21st Century Fox, to become a dominant player in the media industry.
Key Takeaways: The importance of respecting creative culture. By ceding control to Pixar’s executives instead of subsuming them, Disney was able to turn a culture clash into the foundation of its renaissance and future growth.
BONUS: 6 Landmark Corporate Acquisitions That Reshaped Industries
We’ve examined various types of acquisitions, but now let’s discuss the deals that were so massive that they aimed to reshape the entire industry. These multibillion-dollar transactions often grabbed headlines and attracted the scrutiny of regulators worried about the acquiring companies having too much power. Here are six of the largest acquisition deals ever, each a landmark in the world of mergers and acquisitions.
1. Vodafone and Mannesmann AG - The Biggest Acquisition of All Time
In 2000, Vodafone made history by acquiring Mannesmann AG for $200 billion, marking the largest hostile takeover ever. This M&A transaction turned Vodafone into the world’s largest mobile phone operator, a position it still holds in many European markets today. The deal faced intense negotiation and regulatory scrutiny, demonstrating Vodafone's ambition to dominate the telecom sector and reshape the mobile communications landscape.
2. Heinz and Kraft Foods - The Biggest Consumer Goods Deal of All Time
The 2015 merger of Heinz and Kraft Foods created a $100 billion consumer goods conglomerate. Positioned as a merger of equals, this deal aimed at diversification and expanding product lines in the highly consolidated food industry, including giants like P&G and Mars. Post-merger, the company faced challenges such as slumping sales, shareholder lawsuits, and accounting issues, highlighting the complexities of integrating two significant companies.
3. China Guodian and Shenhua Group - The Largest Deal Involving a State-Owned Enterprise
In 2017, China merged its state-owned enterprises, China Guodian Corporation and Shenhua Group, forming a $300 billion conglomerate and the largest coal producer globally. Unlike in America, where government intervention in M&A is rare, China orchestrates such moves to streamline industries. This strategic merger faced challenges typical of large organizations but aimed to strengthen China’s energy sector.
4. Philip Morris and Altria - The Largest Deal Which Failed to Close
In 2019, Philip Morris and Altria nearly completed a $202 billion merger, which would have been among the largest M&A deals ever. The merger aimed to consolidate market power and diversify product lines, including stakes in vaping products. The deal fell through due to investor concerns over liabilities related to vaping and regulatory scrutiny, highlighting the uncertainties in M&A transactions, especially in regulated industries.
5. Exxon and Mobil - The Deal That Created the Largest Company in the World
The 1999 merger of Exxon and Mobil for $80 billion created the largest company in the world by market cap. This M&A transaction aimed to achieve economies of scale and better respond to crude oil price fluctuations. ExxonMobil emerged as a dominant force in the oil industry, benefiting from enhanced operational efficiencies and a stronger market position, showcasing how merging companies can navigate antitrust regulations.
6. Rosneft and TNK-BP - The Largest Ever Emerging Market Acquisition
In 2013, Russian oil giant Rosneft acquired TNK-BP for $55 billion, marking the largest acquisition in emerging markets. This deal turned Rosneft into a national champion in Russia’s oil and gas sector, significantly boosting its market share and operational capabilities. The acquisition was part of Russia's strategy to consolidate its energy resources and enhance its global competitiveness. Managing the target company's assets and international stakeholders were key challenges, underscoring the potential of emerging market companies in significant M&A transactions.
These historic acquisitions underscore the ambition and scale of the acquiring companies, as well as the complex challenges they faced in reshaping their respective industries.
Frequently Asked Questions
What are the main reasons companies pursue acquisitions?
Companies acquire others to expand market share, access new customers, gain technologies or expertise, diversify products and services, achieve economies of scale, or eliminate competition.
What are the biggest risks and challenges of an acquisition?
Acquisitions often face integration issues, cultural clashes, overpayment, regulatory hurdles, and operational disruption. Poor planning or unrealistic synergies can turn expected benefits into long-term liabilities.
Why did some high-profile acquisitions fail or get terminated?
Failures usually stem from misaligned goals, cultural incompatibility, regulatory pushback, or financial strain. In some cases, market shifts made the acquisition strategy obsolete before it delivered value.
Can an acquisition be considered successful even if the company is later spun out?
Yes. Even if spun out, the acquisition may have delivered value by providing temporary capabilities, market access, or strategic advantage. A spin-off can reflect changing priorities, not necessarily failure.
What is a hostile takeover?
A hostile takeover occurs when one company acquires another without the target’s management or board approval, typically by directly approaching shareholders or using aggressive tactics to gain control.
Conclusion
These notable acquisitions and deals highlight vastly different strategies and outcomes, demonstrating the complexities and ambitions behind significant M&A transactions. They can involve companies in the same industry or completely unrelated fields, from local to international deals. Still, despite their differences, all these acquisitions share a common goal: corporate growth.
Acquisitions are vital for companies seeking to expand, innovate, and remain competitive, but they also present significant challenges. This is where the DealRoom M&A Platform becomes essential. It streamlines the entire M&A process, from due diligence to integration, enhancing efficiency and reducing risks. In the high-stakes world of mergers and acquisitions, DealRoom’s platform is crucial for achieving strategic goals and navigating complex deals successfully.
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