Global dealmaking has reached $2.6 trillion, marking the highest level for the first seven months of the year since the peak during the 2021 pandemic era. This surge is driven by a quest for growth in corporate boardrooms and the notable impact of increased AI activity, which has managed to overcome the uncertainty created by U.S. tariffs.
As of August 1, the number of transactions is 16 percent lower than at the same time last year, yet their value is 28 percent higher, according to Reuters, which cited data from U.K.-based financial services firm Dealogic. The report indicates that transactions will be bolstered by U.S. megadeals valued at over $10 billion.
Among these are Union Pacific Corp’s proposed $85 billion acquisition of smaller rival Norfolk Southern and OpenAI’s $40 billion funding round led by Softbank Group. This upsurge will provide relief to bankers who began the year anticipating that the administration of U.S. President Donald Trump would initiate a wave of consolidation.
However, his trade tariffs and geopolitical uncertainties caused companies to pause until renewed confidence within corporate boardrooms and the U.S. administration’s anti-trust agenda shifted the overall mood.
Shift from healthcare to tech sector in M&A
In comparison to August 2021, when investors rebounding from pandemic lockdowns drove the value of deals to $3.57 trillion, this year’s total is nearly $1 trillion, or 27 percent, lower. Nonetheless, dealmakers at JP Morgan Chase have expressed optimism, stating that more significant deals are on the horizon as executives adapt to ongoing volatility.
While the healthcare sector led M&A activity in the years following the pandemic, the computer and electronics industry has generated more takeover bids in the U.S. and the United Kingdom over the past two years, according to Dealogic.
Artificial intelligence is anticipated to further drive dealmaking. M&A activity has notably increased around data center usage, exemplified by Samsung’s $1.7 billion acquisition of Germany’s FlaktGroup, a specialist in data center cooling.
The U.S. has emerged as the largest market for M&A, accounting for over half of global activity. Meanwhile, Asia Pacific’s dealmaking has doubled compared to the same period last year, outpacing the EMEA region.
Read more: M&A in MENA hits $115.5 billion in H1 2025, up 149 percent YoY
Growth in high-value transactions
Similarly, According to PwC’s 2025 mid-year M&A industry trends report, global M&A volumes declined 9 percent in the first half of 2025 compared to the first half of 2024, but deal values increased by 15 percent, reflecting a clear shift towards larger deals. This report highlights that deals over $1 billion rose by 19 percent and those over $5 billion increased 16 percent year-over-year.
The Americas dominated global M&A with $908 billion deal value, representing 61 percent of the global total in H1 2025. Notably, domestic investments in the Americas grew, with 91 percent of capital staying within the region.
Asia Pacific buyers notably more than doubled their investments into the Americas, while EMEA buyers slightly decreased overall deal values but increased acquisitions in the Americas and Asia Pacific. Sectors leading megadeal activity include technology, banking and capital markets, and power and utilities (PwC).
