Global M&A by the Numbers: Q2 2025

Following a strong finish to the first quarter, global M&A activity appeared to stagnate in April due to market turmoil arising from new trade policies implemented in the United States. The month-over-month rate of change for aggregate M&A values from March to April experienced the sharpest decline since January 2023. However, this decline was short-lived, as markets dismissed tariff-related risks, culminating in the third-highest quarterly deal values ($780B) recorded over the past four years. Contributing to this resurgence were 14 transactions exceeding $10B, including Toyota Motor's acquisition of one of its key suppliers, Toyota Industries Corp., for $44B. The United States accounted for $413B in aggregate deal value, representing 53% of global activity in Q2.