Q3 2025 Sees Record $1.26T in M&A Deals Despite Dip in Volume
The third quarter of 2025 witnessed a surge in global mergers and acquisitions, with a record-breaking $1.26 trillion in deals, up 40% year over year. Despite a dip in the number of deals, the quarter saw an increase in deal value and a rise in cross-border activity.
Union Pacific's acquisition of Norfolk Southern for $88.18 billion was the largest deal of the quarter. This quarter also saw a boom in cross-border dealmaking, which rose by 44% to $931 billion. Meanwhile, the average deal size increased to $141.4 million, up from $85.5 million in the same period last year. However, the number of deals signed decreased by 16% compared to last year, marking the worst third-quarter for deal volume in 20 years.
The quarter was marked by several mega deals, including Monday's $55 billion leveraged buyout of Electronic Arts. The IPO market also saw a revival, with big IPOs like StubHub's $800 million IPO and Klarna's $1.37 billion trading debut. In Europe, companies like Swiss Marketplace Group, Ottobock, and Noba Bank conducted IPOs, buoyed by investor enthusiasm following Klarna's successful IPO in the US. Hong Kong also saw a significant increase in IPOs, with companies raising a total of $23 billion so far in 2025.
The third quarter of 2025 demonstrated a mixed picture in the global mergers and acquisitions landscape. While deal value and cross-border activity increased, the number of deals signed decreased. The quarter was marked by several mega deals and a revival in the IPO market, signaling a continued appetite for risk among investors.
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