When companies become very large and can't grow through small improvements, they often seek outside opportunities instead of focusing on their internal operations.
This is especially true in high finance, where mergers and acquisitions play a significant role.
Mergers and acquisitions are ways for companies to grow, widen their product range, or become more competitive.
However, not every merger or acquisition is successful, and many big deals have ended in failure.
As a venture capital firm, Konvoy has witnessed many acquisitions in recent years, so we decided to create this list for anyone interested.
In this article, we will look at some of the best acquisition examples.
If you’re an angel investor, part of a hedge fund, or just really into this industry, this list will give you a good sense of the most game-changing acquisitions in modern history.
These deals didn’t just make headlines; they ended up changing the global economy.
Note that this list is presented without any specific order.
In just over 20 years, this deal has become a classic example of how not to handle mergers and acquisitions, so we highlight it as a case where mistakes were made.
At $182 billion—equivalent to about $340 billion today—this deal was seen as a joining of a traditional media giant with the digital future.
But why did it fail?
The company cultures clashed, the dot-com bubble burst, and shareholder value disappeared.
This situation proves that even the biggest mergers can’t guarantee success without a solid plan.
Now, let's take a look at a solid example of when everything clicks—the right strategy, a good market vibe, and perfect timing.
Microsoft's purchase of Activision Blizzard is its biggest investment in gaming and the metaverse.
This deal, worth $75.4 billion (or $79.51 billion adjusted), is about more than just gaming consoles.
It positions Microsoft to compete not only with Sony and Nintendo, but also with Netflix, Apple, and new companies in virtual reality.
From indie to AAA titles, this acquisition really highlights how, in today’s digital age, games, characters, and communities have become valuable and great opportunities for investment.
Vodafone's takeover of Mannesmann is the largest merger and acquisition in history when adjusted for inflation, totaling about $389.42 billion today.
This bold move quickly made Vodafone the world's biggest mobile telecommunications company.
Unlike the AOL-Time Warner merger, which failed, Vodafone's acquisition showed that a well-planned cross-border merger can lead to success, even with some initial concerns and regulatory challenges.
History has a way of repeating itself, often with a twist.
Vodafone sold its 45% share in Verizon Wireless back to Verizon Communications for $130 billion (which is about $178.11 billion today).
This was one of the largest cash deals ever made.
For Verizon, this sale meant they gained full control of their wireless division, ending a difficult 10-year partnership with Vodafone.
On the other hand, Vodafone's value dropped to $100 billion, causing them to fall from being the second-largest phone company in the world to the fourth largest.
For many months, there were rumors, but in December 2017, The Walt Disney Company bought 21st Century Fox.
Disney's $52.4 billion purchase of 21st Century Fox (now worth $68.08 billion) gave it control over popular franchises like X-Men, Avatar, and much of Hulu.
Just like video games, content is a key piece in today’s market.
But this move was about more than just getting more content—it was a major step to take over the direct-to-consumer entertainment market.
When Disney picked up Fox, they didn’t just get some great properties; they also boosted their game against streaming competitors like Netflix and Amazon Prime.
The oil industry experienced a major change when Exxon and Mobil merged at the end of the 1990s.
At that time, the merger was valued at $80 billion, which is about $153.62 billion today.
This union formed ExxonMobil, the largest publicly traded oil and gas company in the world.
In an industry with low profit margins, size matters.
By joining forces, the two companies aimed to cut costs and expand their global presence.
Some of the old players had two options: change with the times or go down with the ship.
But then you have Discovery, Inc. buying WarnerMedia from AT&T for $43 billion (or $48.25 billion if you adjust for inflation).
That’s a great example of a third option.
The goal? Compete with Netflix and Disney in a tough streaming battle.
By combining Discovery’s strengths in unscripted content with Warner’s rich history in scripted shows (like HBO, CNN, and Warner Bros.), they created a powerful media company.
The Heinz and Kraft merger, backed by 3G Capital and Berkshire Hathaway, was a major deal in consumer goods, valued at $100 billion (or $135 billion if adjusted).
This merger created the fifth-largest food and beverage company in the world.
The goal was to save money, streamline operations, and use strong brands to lead in supermarkets.
These 8 merger and acquisition examples show three key lessons: Timing matters, having a solid strategy matters, and adaptability ensures survival.
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