Global M&A Activity Surges to Second-Highest Year on Record in 2025

Global mergers and acquisitions (M&A) activity experienced a substantial increase in 2025, with deal values and volumes reaching some of the highest levels on record. This development was marked by a notable rise in large-scale transactions and strong participation across multiple regions.

According to published figures, worldwide M&A deal value climbed by approximately 36% in 2025 compared to the previous year. The total value of global M&A transactions reached about $4.8 trillion, making 2025 the second-highest year ever recorded for such activity.

The number of megadeals, defined as transactions exceeding $5 billion, grew significantly from 63 in 2024 to 111 in 2025. Among these, 70 deals were valued above $10 billion, with 22 of those announced in the final quarter of the year.

Regional data showed that the Americas, EMEA, and APAC all saw increases in deals over $500 million, with growth rates of 74%, 150%, and 300% respectively. In the United States, megadeal volume for transactions over $100 million rose by 111.5% year-over-year as of mid-February 2026, while total deal value increased by 127% over the same period.

What the numbers show

• Global M&A value in 2025 reached $4.8 trillion
• 70 transactions globally were valued above $10 billion in 2025
• US asset managers completed $38 billion in M&A transactions in 2025
• Private equity dry powder stood at $4.3 trillion by late 2025

US asset managers executed 378 deals in 2025, more than doubling the previous year's total and marking the highest number since 1980. The combined value of these transactions was $38 billion. However, pre-tax margins for US asset managers declined to 32% in 2025, down from 39% in 2021.

Across the United States, total deal volume (including private equity and corporate transactions) reached about 10,333 deals worth $1.6 trillion through November 30, 2025. More than 20% of the 74 megadeals over $5 billion in 2025 featured an artificial intelligence (AI) theme.

Looking at future trends, US deal volumes for transactions above $100 million were projected to grow by about 3% in 2026, after a 9% increase in 2025. The availability of $4.3 trillion in private equity dry powder at the end of 2025 was identified as a factor supporting ongoing deal activity.

Overall, the data from 2025 highlighted a period of heightened M&A activity, with increased deal values, a greater number of large transactions, and active participation from asset managers and private equity firms across global markets.

* This article is based on publicly available information at the time of writing.