Q3 2025 | Florida 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 Florida
Florida - Transaction Value and Count by Month
Florida M&A Overview — Business Sale Activity for M&A Targets
In the third quarter of 2025, Florida-based companies were the target of 157 mergers and acquisitions with a combined disclosed value of roughly $15.1 billion. Deal activity remained broad and diverse, spanning utilities, insurance, financial services, healthcare, consumer retail, technology, and real estate. The majority of transactions reflected the state’s middle-market depth, though several large headline deals defined the quarter’s capital flow and valuation tone.
Leading transactions included Brookfield Corporation’s $6.0 billion acquisition of Duke Energy Florida, Patrick Zalupski’s $1.7 billion purchase of the Tampa Bay Rays Baseball Ltd., and DB Insurance Co.’s $1.65 billion acquisition of The Fortegra Group Inc. Other notable deals included ACR Ocean Resources’ $1.6 billion acquisition of The ODP Corporation, CoinShares International’s $1.25 billion purchase of Vine Hill Capital Investment Corp., and ArchiMed SAS’s $739 million acquisition of ZimVie Inc. Additional transactions from Machinify ($667 million for Performant Healthcare), Western Union ($515 million for International Money Express), and several large real-estate and hospitality investments brought total estimated activity above $15 billion for the quarter.
Sector participation reflected Florida’s dual identity as both a financial-services consolidator and a technology-enabled growth hub. Insurance brokerage, asset management, and fintech transactions continued to dominate deal count, while energy, utilities, and industrial deals accounted for the majority of disclosed value. Healthcare, real estate, and consumer services rounded out the quarter, supported by steady private-equity interest and strong cross-border activity.
With 44 private-equity-backed transactions, Q3 2025 underscored Florida’s appeal as a launchpad for both U.S. and international investors. The state’s demographic growth, pro-business environment, and expanding financial-services infrastructure continued to drive inbound acquisition interest. As a result, Florida remains one of the nation’s most dynamic M&A ecosystems—balancing institutional capital, entrepreneurial succession, and middle-market innovation.
Florida — Strategic vs. Sponsor-led Activity
Florida — X / Y Plot By Sector
Florida — M&A Segmentation
Florida — 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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