A rush of big, bold mergers and acquisitions is lifting dealmakers in an otherwise slower-than-expected market for getting transactions off the ground.
Global deal values have topped $1 trillion in a third quarter for only the second time on record, according to data compiled by Bloomberg, thanks to transactions like Monday’s roughly $55 billion take-private of video game maker Electronic Arts Inc. by a consortium including Silver Lake Management. It means values are now up 27% at around $3 trillion for the year-to-date and on course for their best finish since 2021.
Bankers say the numbers exhibit a continuing release of pent-up demand for transformative M&A among corporate decision makers, who were stifled earlier this year as trade uncertainty emanating from the US roiled markets. But beyond headline-grabbing transactions, actual deal-flow has been flat — a sign that barriers linked to trade and geopolitics remain in place.
“Companies have wanted to be aggressive in M&A but the uncertainty and regulatory environment were real headwinds,” said Tom Miles, global co-head of M&A at Morgan Stanley. “With those factors improved, they are ready to act.”
M&A momentum accelerated throughout the traditionally quieter summer months, a period that brought the biggest tie-up of 2025 so far: Union Pacific Corp.’s agreement to acquire railroad operator Norfolk Southern Corp. for more than $80 billion including debt. There was also Anglo American Plc’s planned purchase of Canada’s Teck Resources Ltd. to create a more than $50 billion mining company.
