Europe M&A by the Numbers: Q2 2025

The European mergers and acquisitions market experienced mixed activity in Q2 2025, with both deal volumes and deal sizes showing a minor increase compared to the previous quarter. Transaction values dropped -38.8% on a year-over-year basis. Deal volume remained flat growing at a meager +0.57% with 3,514 deals from 3,494. The largest transaction of the quarter took place in the Swiss Financials sector with the acquisition of Baloise Holding AG by Helvetia Holding AG for $10.3bn. US buyer interest in UK assets continued to be a trend as four out of the top 10 deals of the quarter involved a US-based buyer acquiring a UK target.