2025 was full of mergers and acquisitions activity from companies of all sizes in all sectors. There were many successful deals in the spotlight; however, not every transaction can be triumphant. Let’s take a look at some of the largest transactions from recent years to determine what made them successful or why they fell apart.
In April, Celsius Holdings Inc. purchased the health and wellness brand, Alani Nutrition for $1.8 billion. Celsius already owned an extensive energy drink line, but together they form a leading functional beverage portfolio with a focus on healthier, zero-sugar beverages. Their similar products and mission set up for a successful acquisition designed to drive market expansion, brand visibility, and accelerate growth.
Back in late 2022, Kroger agreed to purchase rival grocery store chain, Albertsons, for $24.6 billion. This merger would have created one of the largest grocery store chains in the United States and a distinct competitor against Amazon and its grocery subsidiaries, Amazon Fresh and Whole Foods Market. However, by early 2024, the Federal Trade Commission filed a lawsuit to block the merger on the grounds of antitrust violations. They argued the merger would raise prices, limit consumer choices, and harm workers. Kroger and Albertsons proposed divesting hundreds of stores to C&S Wholesale Grocers, but this didn’t alleviate the concerns of a monopoly. In December 2024, a U.S. district judge agreed with the FTC, and the acquisition was halted.
In late 2025, sporting goods retailer Dick’s Sporting Goods, Inc. announced its acquisition of Foot Locker, a footwear and apparel retailer. This acquisition was aimed at turning Dick’s Sporting Goods into a global leader in the sports retail industry. Combined, the two companies operate over 3,200 stores, not including e-commerce, across 20 countries. This broad expansion serves to increase their market share and reach a wider audience.
Medical device company Medtronic laid out plans to separate its patient monitoring and respirator business into a separate company. This was designed to usher in their Puritan Bennet brand ventilators, which had an intense demand during the height of the COVID-19 pandemic, and other devices like Medtronic’s connected bedside monitors, anesthesia hardware, and pulse oximetry sensors. However, due to declining interest, Medtronic cancelled its year-long plan to divest its technology businesses. Instead, Medtronic is reworking its organization as a whole and will merge its technology businesses into a single unit.
Shortly after Celsius’ acquisition of Alani Nu, PepsiCo acquired the prebiotic soda brand, poppi, for $1.95 billion. poppi is a fast-growing functional beverage brand born from the desire for a low-calorie, low-sugar soda that is gut-healthy. PepsiCo’s well-timed acquisition is part of its mission to modernize soda with a focus on wellness priorities.
Even the best laid plans can encounter deal-ending struggles along the way. Many factors go into mergers and acquisitions, so it’s important to go into your M&A journey as prepared as possible. Contact Stony Hill Advisors today to get in touch with an experienced mergers and acquisitions advisor. Let’s work together.