Global M&A activity surges to decade-high values in Q3 2025

Global mergers and acquisitions (M&A) activity has reached its highest levels in a decade, with dealmakers posting remarkable results in the third quarter of 2025. According to new research from WTW’s Quarterly Deal Performance Monitor (QDPM), conducted in partnership with the M&A Research Centre at Bayes Business School, the total value of completed deals soared to $371 billion in Q3. This surpasses the combined value of the first half of the year, which stood at $334 billion, and marks the strongest third-quarter performance by deal value since 2015.

Resurgence in North America Drives Growth

Fueled by a resurgence in North American activity, where completed deals totaled $246 billion, the M&A market has shown significant recovery. North American deal values more than doubled compared to the $119 billion recorded during the same period in 2024. Notably, this region posted its first positive result after ten consecutive negative quarters, outperforming its regional index by +9.8 percentage points with 92 completed deals.

Meanwhile, global acquirers completed 191 deals worth over $100 million during the quarter, up from 169 in Q3 2024. This includes eight "mega deals" valued at over $10 billion, marking the highest number of such large transactions since late 2018. Additionally, 52 large transactions worth over $1 billion were completed globally, up from 43 a year earlier.

Regional Highlights: Asia-Pacific and Europe

The Asia-Pacific region led global performance during the quarter, with acquirers outperforming their regional index by +17.8 percentage points. A total of 46 deals were completed in the region, a notable increase from 18 in the same period in 2024. European buyers also reported strong results, outperforming their regional index by +11.6 percentage points with 47 completed deals.

Market Recovery Amid Uncertainty

Jana Mercereau, Head of Europe M&A Consulting at WTW, attributed the surge in activity to a fundamental shift in how dealmakers perceive risk. "After a turbulent start to the year, defined by aggressive tariff policies and geopolitical tensions, dealmakers have learned to normalize and move through uncertainty", she said. Mercereau also noted that factors such as pent-up demand, stock market highs, and steady interest rates have contributed to increased confidence in the M&A market.

WTW’s data highlights that companies completing deals worth over $100 million outperformed those not engaged in M&A by an impressive +11 percentage points during the quarter. Encouragingly, global deal performance for the first nine months of 2025 stands at +4.1 percentage points, putting the year on track to be the strongest since the post-pandemic M&A boom.

Mercereau added, "The recent surge in M&A activity suggests a recalibration in the market, supported by lower financing costs and greater confidence in growth prospects. At the same time, tariff volatility, geopolitical rifts, and regulatory hurdles still remain part of the equation for the months ahead."

The report indicates that despite these challenges, the M&A landscape continues to recover, signaling optimism for a strong finish to 2025.

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