Global M&A by the Numbers: Q4 2025

As 2025 drew to a close, global M&A deal volumes rose to the highest level over the past four years. Large deal activity was predominantly driven by the Communication Services, Industrials, and Information Technology sectors, as companies pursued significant initiatives to enhance scale, invest in artificial intelligence, and foster long-term innovation. This trend was exemplified by notable transactions such as the acquisition pursuit of Warner Brothers Discovery, Union Pacific’s $88B acquisition of Norfolk Southern, and Charter’s $36B purchase of Cox Communications. The global deal performance was driven in large part by large M&A transactions ($10B+). 2025 saw the most $10B+ since 2021, with $1.1T in total transaction value across 51 deals.