Corporate dealmaking soared past $4T this year

Global dealmaking had a standout year in 2025, crossing $4 trillion for the first time since the 2021 boom. Around 68 deals were worth over $10 billion each, according to LSEG data.

The worldwide mergers and acquisitions jumped nearly 50% from last year to $4.5 trillion, making this the second-biggest year in over four decades.

Big deals drove the surge, reshaping industries such as media, transport, and manufacturing. 

Firms felt confident because markets remained strong, financing was easy to obtain, and US regulations became less stringent. These conditions encouraged companies to attempt bold, industry-changing tie-ups.

The deal rush lifted investment banking fees to about $135 billion, up 9% from 2024. The US led the activity, with $2.3 trillion in deals involving American companies, the highest share since 1998.

Although new tariffs briefly slowed activity early in the year, dealmaking quickly recovered. The year ended with two back-to-back quarters above $1 trillion, showing strong momentum, even as smaller deals declined and private equity activity remained cautious.

Several large late-year deals could push the final numbers higher.