Global M&A Deals Increase to $1.9 Trillion in 9M-2025

The global M&A has regained momentum as the global deal value rose 10% to $1.9 trillion in the first nine months of this year compared with the corresponding period in 2024, Boston Consulting Group (BCG) said.

Releasing its 22^nd annual Global M&A Report on Tuesday, BCG said that this recovery was not yet being driven by broad global optimism, but predominantly by a select group of experienced dealmakers making disciplined, strategic bets amid continued market volatility.

The BCG’s M&A Sentiment Index, a forward-looking indicator of deal activity, has been increasingly positive across all sectors recently, with confidence highest in technology and energy, the report noted.

Jens Kengelbach , BCG’s global head of M&A and a co-author of the report, said that the global M&A recovery is real but uneven, with markedly different trajectories across regions and sectors.

“We are seeing an increase in deal preparation in the second half of 2025, and early signs that IPO pipelines are starting to move. Momentum is building,” Kengelbach said.

Wide Disparities

North America led all regions, accounting for 62% of global M&A activity and the deals involving targets in the Americas had a total value of $1.3 trillion, an increase of 26% versus the first nine months of 2024.

Europe saw mixed results as the value of European M&A totalled $375 billion, a 5% decline compared with last year. Deal value in Spain (-58%), the UK (-35%) and France (-29%) declined, while the Netherlands (+263%) and Switzerland (+109%) have experienced robust gains.

M&A deals in Asia Pacific fell 19% to a ten-year low of $284 billion. Bright spots in Singapore (+38%) and mainland China (+11%) could not counter downward trends in South Korea (-13%), India (-20%), and Hong Kong (-73%).

Africa, the Middle East, and Central Asia recorded a 6% increase in aggregate deal value, though activity remains below the 10-year average.

Across sectors, industrials rose 77% versus last year, led by transportation and infrastructure transactions. Technology, media, and telecommunications (10%), energy (20%), and health care (20%) also posted gains. Conversely, the materials (-16%) and consumer (-17%) sectors saw substantial declines in deal value.

“Large-scale transactions are returning, with 27 megadeals (valued over $10 billion) announced so far in 2025—up from 21 last year,” the report said.

Cross-Border Activity Slows

Once a hallmark of globalisation, cross-border M&A activity has shrunk to just 30% of global deal value, down from approximately 50% in 2007.

BCG’s analysis finds intra-regional deals are outperforming domestic ones, delivering a two-year relative total shareholder return (rTSR) of +1.2%, compared to -0.9% for domestic deals. Still, the picture varies across regions and sectors.

Experienced Acquirers Outperform

Across deal sizes, sectors, and regions, two-year rTSRs of M&A transactions drop during periods of uncertainty (median of -0.4%). Within this ambiguity, a pattern emerges: companies with deep, institutionalized M&A experience outperform.

In deals valued at more than $100 million, two-year rTSR is approximately 1.0% for experienced acquirers versus -7.5% for inexperienced acquirers.

In turbulent periods, simple strategies prove effective, including roll-ups, same-industry targets, and cross-border deals close to home​.

Daniel Friedman, BCG’s global leader of transactions and integrations, and a co-author of the report, said that uncertainty is often seen as the enemy of deal-making, but it doesn’t have to be. Savvy dealmakers stay focused on the long game, making bold, measured and disciplined bets that can unlock value even when markets are at their most volatile, he added.