Megadeal wave propels global M&A to near-record high in 2025

NEW YORK and LONDON, Dec. 17, 2025 /PRNewswire/ -- 2025 was a landmark year for Global M&A, defined by an unprecedented wave of megadeals as corporates and private equity firms placed bets on an evolving business world. According to the M&A Highlights FY25 report by Mergermarket, an ION service, global M&A activity surged to USD 4.81 trillion, the second-highest year on record.

Buyers made bold moves to position themselves for disruption across multiple industries, finding creative structures and financing partners to strike record-breaking transactions: from Paramount's USD 108 billion hostile offer for Warner Bros. becoming the largest ever all-cash offer for a listed corporate—to the landmark USD 57 billion Electronic Arts LBO.

Early in the year, investor confidence was tempered by volatility post- "Liberation Day", particularly in the small- and mid-cap segments. Momentum returned in the latter half of the year as deal-making pressures eased, and volatility fatigue set in, prompting buyers to strike before the tide turned.

The outlook for 2026 is guardedly positive. Market participants expect higher-quality assets to reenter the auction pipeline, potentially lifting deal flow. However, cracks in private credit could surface; regulatory approvals for key transactions remain pending, and valuations in AI continue to stretch expectations. While opportunities could emerge, the path ahead may be as uneven as 2025.

Key insights from the report

• Global trends and sector leaders: Global M&A surged 41 percent Y-o-Y, driven by a record 70 megadeals. Paramount's bid for Warner Bros. Discovery topped the charts, while nine of the top 10 deals featured US targets. North America accounted for 55 percent of global totals; APAC contributed 21 percent and EMEA 22 percent. Technology led the global M&A landscape with USD 1.08 trillion deal volume, up 66 percent Y-o-Y, while AI continued to reshape the M&A landscape.
• North America delivers blockbuster year: North American M&A soared to USD 2.65 trillion, its second-best year after 2021. October alone crossed USD 300 billion, powered by six megadeals, including the USD 40 billion acquisition of Aligned Data Centers. Cross-border activity rebounded amid easing trade tensions and regulatory openness. Technology dominated, led by AI investments such as Google's bid for Wiz and Meta's stake in Scale AI. Private equity sponsors were highly active, led by Electronic Arts' take-private.
• EMEA rebounds with strategic plays: EMEA M&A activity climbed 24 percent in 2025 to just over USD 1 trillion, with 20 percent of the value from the top 10 deals. Highlights included Palo Alto Networks' acquisition of CyberArk and Keurig Dr Pepper's purchase of JDE Peet's. Inbound flows surged 51 percent, driven by US investors, while outbound activity rose 43 percent, with Electronic Arts' take-private and Anglo American's Teck Resources deal among the largest. Technology and healthcare drove sector growth.
• APAC sets megadeal record: APAC deal volume reached USD 1 trillion in 2025, its third-highest year on-record and up 33 percent Y-o-Y. The region recorded an unprecedented 13 megadeals, including Toyota Fudosan's USD 33 billion acquisition of Toyota Industries. Domestic deals dominated, while inbound flows rose 2.1x. China led with over USD 391.9 billion, fueled by cheaper valuations, while Japan posted its second-highest outbound volume. India ranked third, marking a near 40 percent rise in volume from YTD24.
• Private equity resurges: The number of mega buyouts—deals valued at USD 10 billion-plus each—more than doubled to 13 in 2025 compared to six a year earlier. Exit activity is on the upswing, rising 43 percent to USD 633 billion in 2025, compared to USD 442 billion a year earlier. North America led the charge, with buyout volume soaring 69 percent and Asia, led by Japan, surged 19 percent.

Lucinda Guthrie, Head of Mergermarket, says, "2025 was a year of bold bets and record-breaking megadeals as corporates and private equity raced to secure scale, drive innovation and sharpen strategic focus. With the conditions that created the backlog of private equity exits easing, there are hopes for an upswing in mid-cap exit activity. Looking ahead, decisive moves to accelerate sector trends will be a strong theme for large-cap consolidation and portfolio reshaping in 2026."

To download the full report, click here.

**All data accurate as of 15 December 2025.

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About Mergermarket

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SOURCE ION