ANALYSIS: 2025 Was the Year That Reignited Global M&A

Jan. 16, 2026, 4:19 PM UTC

2025 was a comeback year for global transactions. The overall investment environment last year was redefined by a new US political landscape that reshaped international relationships and shifted global economic policies, and by the rapid evolution of AI and its adjacent industries.

2025 Sparks Deal Momentum

2025’s $4.76 trillion in global deal volume bested 2024’s $3.38 trillion overall volume, and was the highest since 2021, an outlier year for M&A activity that saw a record $5.29 trillion in deal volume. Deal volume for US target companies alone reached a staggering $2.6 trillion last year.

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