2025 is shaping up to be one of the biggest M&A years in history, driven not by volume, but by scale.
Despite a volatile first half, global deal value has already surpassed $4.8 trillion, up 41% year-on-year, making this the second-largest M&A year on record, just behind the 2021 boom. Notably, there have been 70 mega-deals above $10 billion, with momentum accelerating sharply in Q4.
What’s driving the surge:
- Race for scale as companies reposition for AI-driven disruption
- Looser antitrust scrutiny in the U.S.
- Strong equity markets supporting higher valuation multiples
- Boards more willing to pursue transformational transactions
- Growing belief that only scaled platforms can fund AI investment
Key trends to watch into 2026:
- Even larger deals already in the pipeline, including potential $50–$100bn transactions
- Cross-border M&A rebounding strongly, especially U.S.–Europe and U.S.–Asia
- Corporate divestitures and spin-offs up ~30%, as firms reshape portfolios
- Private equity back in force, with global buyouts exceeding $1.1 trillion
- Japan emerging as one of the fastest-growing M&A markets globally
As one banker put it: “It feels like the start of a multi-year M&A run.”
For corporates, investors, and advisors alike, the message is clear:
This is no longer about opportunistic deals — it’s about building platforms that can compete at global scale.