Global M&A volume reached $4,6 trillion in 2025, marking a 49% increase compared to 2024. This result represents the highest annual total since 2021, according to data from the LSEG Deals Intelligence platform.
The growth is driven by a surge in megadeals valued at over $10 billion. While the total value of transactions has risen, the overall number of deals has trended downward, indicating a shift toward larger, high-value acquisitions.
In the third quarter of 2025, announced M&A volume reached approximately $1,1 trillion, a 13% increase from the second quarter. Year-to-date value through Q3 grew by roughly 33%.
The market has become bifurcated, with intense competition for premium assets at the top end, while mid-sized and smaller transactions face a quieter environment. This split has impacted investment banks, where advisory revenue depends on client size.
Stock market reactions to large acquisitions remain volatile, with target company shares often rising by 20% or more. However, the reliance on a small number of massive deals makes quarterly statistics sensitive to individual transaction failures.
