Global M&A activity up 10% in first nine months of 2025, study shows

Global mergers and acquisitions activity grew about 10% in the first nine months of 2025 compared with the same period in 2024, reaching roughly $1.94 trillion, according to a new report. North America contributed more than 60% of the volume, while Europe saw a decline. Tech, media & telecoms accounted for the largest share at $536 billion. Despite geopolitical and tariff risks, deal-makers are pressing ahead strategically, though the total remains about 40% below the record levels seen in 2021.