The global market for mergers and acquisitions reached 4.5 trillion dollars (4,500 billion) in 2025, the highest level since 2021 and almost 50 percent more than a year earlier.
The increase is linked to rising equity markets and financing that remained relatively easy to obtain, according to data from LSE Group reported by the Financial Times.
In total, there were 68 transactions worth more than 10 billion dollars. The United States was once again the largest market, with deals totaling 2.3 trillion dollars.
Among the largest announced deals, the FT mentions, among others, the (planned) acquisition of Warner Bros. Discovery by Netflix (approximately 83 billion dollars) and the deal in the U.S. rail sector involving Union Pacific and Norfolk Southern (around 85 billion dollars). Private equity was also active, including a major transaction involving gaming company Electronic Arts (about 55 billion dollars).
For investment banks, the year turned out favorably: total advisory and transaction fees for investment bankers are estimated at 135 billion dollars, with more than half coming from the U.S. market.
