Global M&A by the Numbers: Q3 2025

On the surface, animal spirits returned to the M&A markets in the third quarter of 2025.  Total transaction values rose to $987 billion, +25% from the prior quarter and +35% from Q3 2024.  This jump was primarily driven by the return of large deals valued at over $ 10 billion.  The third quarter saw 15 deals exceeding $10 billion, led by Union Pacific’s acquisition of Norfolk Southern for $88.1 billion and the $55.2 billion take-private transaction of Electronic Arts by an investor group that includes Silver Lake, PIF, and A Fin Management.  However, under the surface, activity in the middle market has remained flat for the year, as smaller companies are more sensitive to the impacts of higher interest rates, tariffs, and other externalities.