Research — Feb 22, 2026
How Larger Transactions Are Shaping M&A and Equity Trends
By Joe Mantone, Darragh Riordan, Brian Scheid, and Umer Khan
Article Highlights
- The total value of global IPOs has increased for three straight quarters, and 2025’s worldwide IPO proceeds reached $184.12 billion, up 46.6% from the prior year.
- Nearly 85% of the year-over-year increase in the total value of global M&A came from the US, which accounted for nine of the 10 largest transactions in 2025.
- Large fourth-quarter 2025 transactions from the healthcare sector boosted US totals in both equity issuance and M&A announcements.
Larger transactions drove the dealmaking recovery in 2025, with the trend especially evident in the fourth quarter.
During the period, the number of completed global equity transactions and M&A announcements fell quarter over quarter, while the total value of those deals increased from the third quarter of 2025. Although the recovery has been uneven, larger deals helped the total value of transactions in 2025 grow year over year for the second straight year.
For equity issuance, 2025 marked the third consecutive year of growth. However, the total value was still less than half the total in 2021, which was a peak year for equity and M&A transactions before the downturn began in 2022.
Compared to equity deals, the total value of M&A in 2025 was much closer to 2021 levels. Globally, the value of announced M&A deals reached $3.601 trillion, or 76.8% of the 2021 total. In the US, the 2025 total fell just shy of $2 trillion and was 82.5% of the US’s 2021 total. Asia-Pacific recorded $572.19 billion in announced M&A, or 75.7% of its 2021 total. Europe was further from 2021 levels, with $607.50 billion, or 59.4% of its 2021 total.
Still, the total value of M&A in each of those regions, the US, Asia-Pacific and Europe, rose for two consecutive years.
IPO activity showed a similar trend. The total value of global IPOs climbed for the second consecutive year in 2025. The number of IPOs also rose year over year to 1,477, but totals remained below 2021, with more than 1,600 IPOs.