Global M&A activity in Q3 gives dealmakers hope of a strong finish to 2025
Global mergers and acquisitions (M&A) performance surged in the third quarter of this year, with 2025 shaping up to surpass expectations, according to latest research from WTW.
In the third quarter of 2025, a total of 191 deals valued over $100 million were completed, up from 176 transactions in the previous quarter and 169 transactions in the same period last year.
The value of deals meanwhile soared to $371 billion, exceeding the combined value of the first two quarters of 2025 ($334 billion). Eight mega deals (valued over $10 billion) closed in the last three months, which according to WTW’s data is the highest quarterly figure since the final three months of 2018.
Large deals (valued over $1 billion) closed in the third quarter of 2025 reached 52, up from 43 in the third quarter of 2024.
Gabe Langerak, Head of M&A Consulting for the Central and Eastern Europe, Middle East, and Africa region at WTW, said: “After a turbulent start to the year, defined by aggressive tariff policies and geopolitical tensions, dealmakers have learned to normalise and move through uncertainty.”
“This fundamental shift in how buyers perceive risk – combined with pent-up demand, stock market highs and steady interest rates – has led to a surge in M&A activity that gives dealmakers hope of a strong finish to 2025.”
Notably, WTW’s research focuses on mid-sized and large M&A deals, excluding transactions valued at under $100 million from its dataset.
Deal performance
A key metric tracked in the research is share-price performance, which measures the value added by an acquisition. This is measured as a percentage change in share price from six months prior to the announcement date to the end of the quarter.
Following ten consecutive negative quarters, North American dealmakers achieved a dramatically improved performance in the third quarter, with their score +9.8 percentage points above their regional index with 92 deals in the third quarter of 2025.
The results of dealmakers in other regions are even more striking. Acquirers from Asia-Pacific continued their strong form by outperforming their regional index by +17.8 percentage points, with 46 deals completed in the last three months, compared to just 18 in the third quarter of 2024.
European buyers also outperformed their regional index by +11.6 percentage points, with 47 deals completed in the third quarter of 2025, up from the 42 deals completed in the same period last year. The UK mirrored the wider European trend with an equally robust performance.
From an industry perspective, WTW’s research found that all industries performed strongly during the third quarter of 2025, with the exception of consumer staples, energy & power, and healthcare.
Mercereau commented: “The recent surge in M&A activity suggests a recalibration in the market, supported by lower financing costs and greater confidence in growth prospects.”
“At the same time, tariff volatility, geopolitical rifts and regulatory hurdles still remain part of the equation for the months ahead. With more companies going for scale, integration planning that starts early in the due diligence phase will perhaps prove to be the toughest test for buyers looking to lock in gains and drive growth.”
