Europe M&A by the Numbers: Q3 2025

The European mergers and acquisitions market experienced mixed signals in Q3 2025, with deal sizes increasing, vs. deal volumes significantly dropped compared to the previous quarter. Transaction values remained flat and increased by a modest 0.18% year-over-year. Deal volume dropped to 3,275 deals from 3,900 compared to the prior quarter, equating to a -19% decrease in the number of deals announced. The largest transaction of the quarter occurred in the Dutch consumer staples sector, with the acquisition of JDE Peet’s N.V. by Keurig Dr. Pepper Inc. for $23.0 billion.

The Italian market had a very strong quarter, supported by growth in both deal values and volume (+27% and +47%). Meanwhile, France’s M&A landscape showed signs of strain amid ongoing political uncertainty. Deal values dropped sharply to $4.4 billion, down from $31.6 billion year-over-year (-86%). This downward trend mirrors broader financial market sentiment, with French government bond yields rising above those of Italy and Spain, underscoring the impact of political risk on investor appetite.