Huge takeovers agreed across railways, drugstores, film studios, video game makers and more, mean dealmakers’ roughly $4.5 trillion haul for 2025 is their second biggest on record.

Huge takeovers agreed across railways, drugstores, film studios, video game makers and more, mean dealmakers’ roughly $4.5 trillion haul for 2025 is their second biggest on record.

Dealmakers are heading into the final weeks of 2025 on a $100 billion cliffhanger.

Blackstone Inc. has agreed to acquire utility-parts maker MacLean Power Systems.

Antero Resources Corp. and its pipeline affiliate agreed to buy natural gas production and pipeline assets from privately held HG Energy II LLC for a combined $3.9 billion in cash, expanding its reserves of the fuel just as prices are rebounding.

Antero Resources Corp. is in advanced talks to acquire privately-held shale gas producer HG Energy, in a move that will expand the company’s natural gas reserves at a time when prices have been rebounding, according to people familiar with the matter.

ITT Inc. has agreed to acquire industrial equipment manufacturer SPX Flow Inc. from Lone Star Funds in a $4.775 billion cash and stock deal.

ITT Inc. is in advanced talks to buy SPX Flow Inc. in a transaction valuing the industrial equipment manufacturer at more than $4.5 billion, according to people familiar with the matter.

Blackstone Inc. is nearing an acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at more than $4 billion, according to people familiar with the matter.

Dominion Energy Inc. is in talks to buy the Northern Virginia Electric Cooperative in a move that would expand the utility giant’s reach in the heart of the global data center market, according to people with knowledge of the situation.