Global M&A by the Numbers: Q1 2025

On the surface, M&A in Q1 of 2025 appeared to show building momentum to kick off the year. Announced deal values for the quarter reflect a +8% gain over Q4 2024 and a +15% gain over Q1 2024, with the United States accounting for 58% of global activity. March was the largest month in three years in terms of aggregate deal values at $340 B. However, Q1 deal counts declined sharply, down -19% from Q4, underscoring broad uncertainty for global M&A markets. February saw only 3,208 deals announced, which represented the fewest number of monthly deals announced over the past four years.