MENA's Biggest M&A Deals

MENA continued to solidify its role as a global financial powerhouse in 2024, with major mergers and acquisitions (M&As) shaping industries from chemicals to renewables and retail. Here's a closer look at five of the largest deals of 2024.

- MUHAMMAD ADDAM

• ADNOC's $13B acquisition of Covestro

XRG, formerly known as ADNOC International, a subsidiary of Abu Dhabi National Oil Company (ADNOC), the U.A.E.'s energy giant, made headlines in December 2024 with its successful takeover offer for German chemical company Covestro, for $13 billion. As a result of the deal, the company's enterprise value, including shares and debt, recorded $15.4 billion. Together with shares previously acquired, XRG's stake in Covestro will total 91.3% when the acquisition is finalized, which is expected in the second half of 2025, subject to customary closing conditions. The acquisition aligns with ADNOC's strategy to become a top-five global chemicals producer.

• Mubadala's $10.1B acquisition of Truist Insurance Holdings