2025 has been a monster year for dealmaking, trailing only 2021 in terms of dollar value, according to preliminary data from LSEG.
The big picture: Dealmakers were appropriately optimistic entering the year, due to falling interest rates, the rise of artificial intelligence, and decreased regulatory headwinds in the U.S.
By the numbers: Global M&A value was around $4.39 billion through Dec. 18, a 45% boost over 2024. The only richer year-to-date was 2021, at $5.48 trillion, while 2015 was the only other year to surpass $4 trillion in deal value.
- The number of deals, however, fell 7% to a nine-year low.
Zoom in: U.S. dealmaking followed a similar trend in 2025, with $2.23 trillion in M&A value for around 11,300 deals — up 54% and down 14% from 2024, respectively.
The bottom line: Expect the final figures to be a bit higher, thanks to recent deals like SoftBank agreeing to buy DigitalBridge for $4 billion, Stonepeak paying $6 billion for a majority stake in Castrol, and ServiceNow striking a $7.75 billion deal for Armis.
