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 of Wiz and Constellation Energy’s US$27 billion acquisition of Calpine.
• Cross-border deals represented 31% of global M&A volume, compared to 26% in Q1 2024 and 33% on average over the last 10 first quarters.
• Large and mega deal volume increased significantly, accounting for 71% of global M&A volume this quarter, compared to 63% on average over the last 10 years.
• Japanese M&A volume reached US$31 billion in Q1 2025, an increase of 19% from the average over the prior 10 first quarters (US$26 billion). By contrast, North America, Europe and Asia-Pacific (excluding Japan) M&A volumes in Q1 2025 were each below the average of the prior 10 first quarters.
• M&A volume involving acquirers or targets in emerging economies increased in Q1 2025 to US$247 billion, almost double the Q1 2024 figure (US$128 billion) and up 10% from the average over the last 10 first quarters (US$226 billion)). Significant transactions included Abu Dhabi National Oil and OMV’s joint venture for $31 billion and the joint venture’s subsequent acquisition of NOVA Chemicals for US$13 billion.

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