In Dealmaker’s Digest, read the top 10 latest developments in global transactions. We offer insights into M&A activity across industries and borders.

Key Takeaways

• M&A activity on the rise: Global M&A activity was up by all metrics in 2025, with deal value especially rising, continuing 2024’s momentum.
• Deals got bigger in 2025: The aggregate value of the top 10 deals and number of deals above $10 billion in the U.S. surged in 2025.
• U.S. M&A activity beat the global market in 2025: Aggregate U.S. deal value grew 49% in 2025 compared to 41% globally.
• December closed out the year on a high note: Month-over-month, both global M&A deal value and deal count were up to one of the highest monthly values in 2025.

Global M&A Activity Update

Monthly Deal Value Trends

Aggregate global monthly deal value¹ in December increased 7% from November to $516 billion², the second highest value seen since 2022. Deal value was also up 59% year-over-year.

Strategic buyer deal value held steady from November to December, up by just $4 billion (+1%). Year-over-year, strategic deal value was up 69%.

Financial, or sponsor, buyer deals led the moderate incline in December with a 19% increase month-over-month. Sponsor deal value was also up 42% year-over-year.

Monthly Deal Count Trends

Global deal count in December jumped 35% from November to over 2,700 transactions, the second highest monthly volume in 2025. Year-over-year, deal count was roughly steady (+4%).

Strategic buyer deal count also led the deal count increase, up 40% from November to December to the highest volume in 2025. Year-over-year, strategic buyer deal count was steady (-2%).

Sponsor deal count in December was up 28% month-over-month and 14% year-over-year. There were 100 more sponsor deals in December than the rolling 13-month average.

Monthly Active M&A Industries (U.S. Targets)

By Deal Count

• The software industry remained at the top for U.S. M&A activity by deal count in December, continuing its multi-year streak as the leading industry by volume.
• Services industries (financial and non-financial) also remained active, again rounding out the most active sectors in December by deal count and following relatively closely behind software.

   

By Deal Value

• The telecommunications industry⁴ topped the charts for U.S. M&A activity by deal value in December, driven by Netflix’s pending acquisition of Warner Bros highlighted below.
• The software industry took second place with only three deals above $5 billion.

Monthly Blockbuster Deals

Largest U.S. Strategic Deal

• Netflix has agreed to acquire Warner Brothers Discovery in a cash and stock transaction valued at approximately $82.7 billion.⁵

Largest U.S. Sponsor Deal

• A consortium of investors led by Permira & Warburg Pincus has agreed to acquire Clearwater Analytics Holdings in a take-private transaction valued at $8.4 billion.

Annual Global U.S. M&A Activity (Transactions $100m+)

• Global M&A activity further increased in 2025 across the board as dealmakers embraced larger and more ambitious transactions, despite persistent macroeconomic and political uncertainty.
• Aggregate value of transactions $100m+ continued to increase in 2025 compared with 2024, up 25% across all buyer types. The value of sponsor buyer deals increased 36% and strategic acquisition value was up 19% from 2024.
• The number of transactions valued at $100 million or greater saw a more moderate increase, up 7% in 2025 from 2024. Sponsor acquisitions led the rise, up 14% by count, while acquisitions by strategic buyers held steady (+3%).

Annual U.S. Crossborder Activity

• Inbound U.S. activity in 2025 jumped 35% by deal value from 2024 but was down slightly by deal count, declining 6%. The value of U.S. companies acquired by non-U.S. buyers in 2025 totaled just over $500 billion.
• Outbound activity in 2025 increased 23% by deal value from 2024 but was also down 8% by deal count. The value of non-U.S. companies acquired by U.S. buyers in 2025 totaled nearly $570 billion.
• Canada-based acquirers drove the most inbound transactions in 2025 followed closely by the UK, with Japan trailing in third. U.S. acquirers most frequently looked to targets in the UK during 2025 followed by Canada and Germany.

Selected Annual Highlights

Nearly 80 transactions exceeding $10 billion were announced globally during the year. Transformative deals were struck in a variety of sectors in the U.S., including those highlighted below.

2025 M&A Activity Recap⁷

A snapshot of 2025 metrics, and how they stack up against 2024.

1. _{Unless otherwise noted, charts compiled using Mergermarket data for December 2025 as of January 5, 2026. Aggregate deal values by dollar amount are calculated from the subset of deals with disclosed values.}
2. _{Deal value throughout publication excludes Paramount Skydance’s $108.4 billion unfriendly bid for Warner Brothers Discovery.}
3. _{Medical industry classification principally includes medical devices/technology/services, excluding biotech and pharmaceutical deals.}
4. _{Telecommunications: carriers industry classification includes television operators and telecommunications networks. Mergermarket includes Netflix’s pending acquisition of Warner Brothers Discovery (“WB”) in this classification.}
5. _{At time of writing, WB has rejected Paramount Skydance’s $108.4 billion unfriendly bid and Paramount Skydance has sued WB in Delaware Chancery Court for court-compelled disclosure.}
6. _{Deal value based on press releases.}
7. _{Excluding lapsed deals. Data as of 1/8/2026.}