Wall Street expected U.S. mergers and acquisitions to roar back in 2025. The reality was something closer to fits and starts.
Following the re-election of President Donald Trump more than a year ago, executives and bankers prepared for a looser regulatory environment and a robust pipeline for mergers and acquisitions. Instead, they were met with tariff uncertainty, high interest rates and an unpredictable process for winning over the Trump administration and getting deal approval.
While the year saw high-profile megadeals inked — Union Pacific’s
proposed acquisition of Norfolk Southern
for $85 billion; Netflix’s
