Megadeals fuel M&A surge to USD 3.39 trillion

NEW YORK and LONDON, Sept. 30, 2025 /PRNewswire/ -- A wave of blockbuster deals in transportation and technology triggered a 32 percent year-to-date (YTD) surge in M&A volume to USD 3.39 trillion despite deal count remaining close to all-time lows. The latest M&A Highlights 9M25 report by Mergermarket, an ION service, shows 49 megadeals totaling USD 986 billion—the highest recorded by Mergermarket.

The tariff shocks that rattled markets early in the year created a challenging market for small-and mid-cap transactions, meaning M&A has been dominated by mega-cap companies undertaking big-ticket deals. Momentum resumed as auctions heated up in August and September. Despite lingering uncertainty, the appetite for high-value transactions shows no sign of slowing down heading into the year-end.

Key insights from the report

• Global trends and sector leaders: Despite a drop in deal count, global M&A was fueled by blockbuster moves like Union Pacific's USD 88 billion takeover of Norfolk Southern, and Electronic Arts' USD 56.6 billion take-private by PIF, Silver Lake and Affinity Partners. North America was up by 35 percent compared to the same period last year, while APAC stole the spotlight with a 50 percent surge. EMEA lagged, inching up a modest 11 percent. Transportation and technology led M&A activity, signaling investor confidence in infrastructure, and innovation-led growth. AI was at the forefront, with major deals from Google, Meta, and Anthropic.
  
  
• North America M&A hits highs: North American M&A volume rose 35 percent year-on-year (Y-o-Y) in 9M25, the second-best year on record after 2021. Just 10 landmark deals accounted for 22 percent of the total, including the Norfolk deal in July, and Electronic Arts take-private in September. Domestic M&A neared 2021 highs, while Trump's "America First" push boosted inbound flows. Apple, NVIDIA, and Project Stargate pledged over USD 1.3 trillion in long-term US investments.
  
  
• EMEA gains momentum: EMEA deal volumes rose 11 percent in 9M25 Y-o-Y, with 20 percent generated from the top 10 deals. While the UK, France, and Spain slowed, M&A activity accelerated in the Nordic region and the Netherlands. Inbound M&A rose 52 percent Y-o-Y, and outbound M&A climbed 65 percent. 
  
  
• APAC M&A stays hot: M&A jumped 50 percent Y-o-Y, accounting for 23.7 percent of global volume. While 3Q25 saw no high-value transactions, activity remained brisk in China's energy and data infrastructure sectors. China Shenhua's restructuring dominated headlines. China regained its status as the world's second-largest market in terms of total deal value, driven by bank recapitalization, and real estate shifts. Australia remained strong on demand for key natural resources.

Lucinda Guthrie, Head of Mergermarket, says, "After 2024's elections, pro-growth agendas and tariff jitters redrew the M&A map. Smaller deals slowed; resilient sectors kept winning under lighter reviews. The US set the pace with megadeals and corporate streamlining, Europe welcomed new inflows, and China climbed back to second place. With pipelines buzzing through late 3Q25, dealmakers are moving fast to seal transactions while the window stays open."

To download the full report, click here.

**All data accurate as of 29 September 2025.

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About Mergermarket

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SOURCE ION