Q3 2025 | California M&A Insights
The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.
This Quarter - National Transaction Value ($bn) and Transaction Count
Targets in California
California - Transaction Value and Count
California — Business Sale Overview
California’s M&A market in Q3 2025 posted 326 announced transactions totaling about $131 billion in disclosed value, marking a decisive rebound in deal flow and pricing across the state. Activity was broad-based but skewed toward larger strategic and sponsor-backed platforms, reflecting steadier financing conditions and improving earnings visibility.
Technology led the quarter. The standout was Electronic Arts Inc. and its take-private by an investor group (including sovereign and private-equity participants) for $55.18 billion. In software, an investor group led by EQT/CPP acquired Governmentjobs.com, Inc. for $3.00 billion, while affiliates of Centerbridge agreed to acquire MeridianLink, Inc. for $2.15 billion. Hardware also featured with Zebra Technologies’ purchase of Elo Touch Solutions, Inc. for $1.30 billion. Healthcare saw continued momentum, including Roche’s acquisition of 89bio, Inc. for $2.52 billion, Alcon’s purchase of STAAR Surgical Company for $1.29 billion, and Strive, Inc.’s agreement to acquire Semler Scientific, Inc. for $1.53 billion.
Industrials and energy/infrastructure were another engine of value. An investor consortium (Sumitomo/Apollo-advised funds) agreed to acquire Air Lease Corporation for $28.21 billion, while affiliates of KKR and CPP Investments moved on Sempra Infrastructure Partners, LP for $19.49 billion. Building products and distribution saw Lowe’s agree to buy Foundation Building Materials, Inc. for $8.80 billion. Overall, the mix of mega-cap take-privates, sector consolidations, and sponsor-backed platform deals underscores California’s depth of strategic buyers and institutional capital—setting a firm tone heading into Q4 2025.
California — Strategic vs. Sponsor-led Activity
California — X / Y Plot By Sector
California — M&A Segmentation
California — Sector Breakdown
Second Level Primary Industry Breakdown
M&A Segmentation — Glossary:
M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.
M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.
M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.
M&A – Spinoff or Splitoff: The divestiture of a business unit into a separate entity or distribution of subsidiary shares to shareholders.
Deal Terms — Glossary:
Transaction Value: Represents the total consideration paid for a transaction, including net debt only if assumed, capturing the full financial scope of the deal.
Deal Value: Focuses solely on the consideration paid for the equity acquired, excluding net debt, to reflect the cost of ownership.
Implied Enterprise Value: Provides a standardized measure of the target’s total entity value, incorporating 100% of the enterprise including net debt, for consistent comparison with metrics like LTM EBITDA and Revenue.
Implied Equity Value: Isolates the equity portion, representing 100% of the target’s equity value, enabling a clear equity-to-equity comparison across transactions.
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