Executive Summary/Highlights Global M&A volume for 2025 was US$4.6 trillion, 45% higher than 2024 (US$3.2 trillion). Fourth quarter 2025 was the busiest since Q4 2021 with $1.7 trillion in deals announced, including Netflix’s US$99 billion acquisition of Warner Bros. Discovery (also the largest deal of 2025), Kimberly-Clark’s US$51 billion acquisition of Kenvue Inc. and the … Continued
Executive Summary/Highlights M&A deal volume in H1 2025 was 30% higher than deal volume in H1 2024, driven by a strong second quarter. Several mega deals were announced in Q2 2025, including Charter Communications’ US$35 billion acquisition of Cox Communications, Global Payments’ US$24 billion acquisition of Worldpay and Nippon Telegraph & Telephone’s US$16 billion acquisition … Continued
Executive Summary/Highlights 2025 began with global dealmaking on track for another year of growth, with first-quarter global M&A volume of approximately US$885 billion, a 4% increase from the fourth quarter of 2024 and a 13% increase from the first quarter of 2024. Several mega deals were announced in Q1 2025, including Alphabet’s US$32 billion acquisition … Continued
Executive Summary/Highlights Global M&A volume in 2024 was US$3.2 trillion, higher than US$3.0 trillion in 2023, but well below the annual average of US$4.6 trillion over the prior 10-year period. Technology was the most active sector for M&A in 2024 (US$499 billion), followed by Energy & Power (US$477 billion) and Financials (US$453 billion). The largest … Continued
Executive Summary/Highlights Although global deal-making increased in Q3 2024 compared to Q2 2024, M&A volume for 2024 is on pace to be in line with 2023, the lowest year for M&A since 2009. Nevertheless, several mega deals were announced in Q3 2024, including Mars’ US$35 billion acquisition of Kellanova, Skydance Productions’ US$21 billion merger with … Continued
Executive Summary/Highlights Driven by a strong Q1, M&A deal volume in H1 2024 was 15% higher than deal volume in H1 2023. Global M&A volume was US$716 billion in Q2 2024, a 13% decrease from the robust first quarter of 2024 (US$820 billion) and in line with the second quarter of 2023 (US$737 billion). Several … Continued
Executive Summary/Highlights For the first time since 2021, global dealmaking is up year on year for the third consecutive quarter, with significant increases in volume attributable to U.S. M&A and mega deals. Global M&A volume was US$797 billion in Q1 2024, a 36% increase from Q1 2023 but an 11% decrease from Q4 2023. Global … Continued
Executive Summary/Highlights Global M&A volume in 2023 declined relative to 2022 and 2021, when it set a record. M&A activity in the second half of 2023, however, exceeded that of the second half of 2022. Global M&A volume in 2023 was US$2.9 trillion, down from US$3.6 trillion in 2022 and below the annual average of … Continued
Executive Summary/Highlights Despite signs of recovery in Q2 2023, global dealmaking slowed in Q3 2023, and annualized year-to-date M&A volume is now on pace to be the lowest total since 2003. Global M&A volume was US$655 billion in Q3 2023, a 16% decrease from Q2 2023 and an 11% decrease from Q3 2022. If the … Continued
Executive Summary/Highlights Global dealmaking is showing signs of recovery: although M&A volume in H1 2023 was lower than H1 2022, deal volume in Q2 2023 was the second highest of the last four quarters. Global M&A volume was US$753 billion in Q2 2023, a 31% increase from Q1 2023, but a 33% decrease from Q2 … Continued
