If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As). This report analyzes the disruptive themes that have driven M&A activity in Q3 2025 across all sectors including materials, consumer, energy, financials, healthcare, industrials, technology, media & telecoms.
The global M&A market in Q3 2025 witnessed deals worth $842 billion, a growth of 38% compared to Q3 2024. The TMT sector led the M&A deal activity, with deals worth $249 billion recorded in Q3 2025. Most of the sectors saw a year-on-year fall in deal value in Q3 2025. Mega-deals (defined as any deal valued at more than $1 billion), recorded deal value worth $685 billion in Q3 2025 compared to $510 billion in Q3 2024.
The global M&A market in Q3 2025 witnessed deals worth $842 billion, a growth of 38% compared to Q3 2024. The TMT sector led the M&A deal activity, with deals worth $249 billion recorded in Q3 2025. Most of the sectors saw a year-on-year fall in deal value in Q3 2025. Mega-deals (defined as any deal valued at more than $1 billion), recorded deal value worth $685 billion in Q3 2025 compared to $510 billion in Q3 2024.
Scope
- This report provides an overview of merger and acquisition activity globally in Q3 2025 across all sectors. This report takes a close look at the top deals in all the sectors and identifies the themes driving each of these deals. This report also looks at the deals trend across North America, Europe, China, APAC Ex-China, South America, and Middle east and Africa.
Reasons to Buy
- Companies that invest in the right themes become success stories; those that miss the big themes end up as failures. If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As).
- This report lists the most notable deals across all sectors to make it easy for our clients to get a view of themes disrupting these sectors and prepare for the future.
Table of Contents
- Executive Summary
- Review of the Global M&A Market - Q3 2025
- Top M&A Deals by Sector - Q3 2025
- Top M&A Deals by Geography - Q3 2025
- Top Themes Driving M&A Activity - Q3 2025
- Further Reading
- Report Authors
- Appendix 1: Deal Selection Criteria
- Appendix 2: Thematic Research Methodology
- About Us
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Affinity Partners
- Public Investment Fund
- Silver Lake Management LLC
- Palo Alto Networks Inc
- AT&T Inc
- Space Exploration Technologies Corp
- Thoma Bravo LP
- Electronic Arts Inc
- CyberArk Software Ltd
- EchoStar
- Dayforce Inc
- Keurig Dr Pepper Inc
- Bunge Global SA
- Tata Motors Ltd
- Morixe Hermanos SACI
- F&F Holdings Co Ltd
- JDE Peet's NV
- Viterra Ltd
- Iveco Group NV
- Intertropico Colombiana SL
- Taylor Made Golf Company, Inc.
- Union Pacific
- Norfolk Southern
- Compass
- Anywhere Real Estate
- Sumitomo
- SMBC Aviation Capital
- Apollo Global Management
- Brookfield Asset Management
- Air Lease
- Project Aurora
- Spectris
- Air Liquide
- Macquarie Asia-Pacific Infrastructure Fund 2
- CPP Investments
- KKR
- Sempra Infrastructure Partners
- Baker Hughes
- Tango Merger
- Chart Industries
- Black Hills
- NorthWestern Energy Group
- Schneider Electric
- Schneider Electric India
- Temasek Holdings
- Brookfield Oaktree Holdings
- Duke Energy
- Waters Corp
- Augusta SpinCo and BD
- Merck
- Verona Pharma
- Genmab
- Merus
- Pfizer
- Metsera
- F. Hoffmann-La Roche
- 89bio
- Synovus Financial
- Pinnacle Financial Partners
- Athora Holding
- Pension Insurance
- The PNC Financial Services Group
- FirstBank Holding
- Santander
- TSB Banking Group
- Banco de Sabadell
- Sompo International Holdings
- Aspen Insurance Holdings
- Anglo American
- Teck Resources
- Lowe's Companies
- Foundation Building Materials
- Advent International
- Reckitt Benckiser Group
- Royal Gold
- Sandstorm Gold
- HNI
- Steelcase
- PetroChina
- Chongqing Xiangguosi Storage
- Liaohe Oilfield (Panjin) Gas Storage
- Xinjiang Oilfield Gas Storage
- China Overseas Development Group (CODG)
- Shanghai Hongrun Real Estate
- Shanghai Hongrun Hangzhou Travel Investment
- Shanghai Xin Dongan Enterprise Development
- Sino Biopharmaceutical
- LaNova Medicines
- Qatar Investment Authority (QIA)
- Kangji Medical Holdings
- Knight Bidco
- Shenyang Shengjing Finance Investment Group
- Shengjing Bank
- Blackstone
- Lactalis USA
- Fonterra Co-operative Group
- Gruyere Holdings
- Gold Road Resources
- TechnoPro Holdings
- Heineken
- Florida Ice and Farm (FIFCO)
- Iberdrola
- Neoenergia
- Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil (Previ)
- Brookfield Renewable Partners
- Qatar Investment Authority (QIA)
- Isagen
- Adecoagro and Asociacion de Cooperativas Argentinas
- Profertil
- Nutrien
- Totvs
- Linx Participacoes
- Linx
- Advent International
- Sapiens International
- Formula Systems
- Saudi Arabian Mining Company
- Ma'aden
- Alcoa
- Harel Insurance Investments and Financial Services
- Union Investments & Development
- Israel Credit Cards (CAL)
- Al Futtaim Retail
- Fawaz Abdulaziz Alhokair (Cenomi Retail)
- Intralot
- Bally’s International
- Flutter Entertainment
- FanDuel
- Boyd Gaming
- ZI Zenith
- u-blox Holding
- SEO Master Fund
- Simba Telecom
- M1
- Keppel Konnect
- Konnectivity
