Despite elevated uncertainty casting a pall over business confidence and investment, the value of global merger and acquisition activity is up this year, according to new data from LSEG Data & Analytics.
Through the first nine months of 2025, global deal volume was down 7% to a five-year low, the firm reported. However, the value of that reduced deal activity was up 33% to US$3 trillion amid strong markets.
The rise in deal value was powered by so-called “mega deals” — transactions worth over US$10 billion. They reached a record level this year, with 45 deals representing US$915.6 billion in total value.
The tech sector led the way, with US$595.5 billion worth of deals so far this year, up 55% from the same period last year.
Transactions involving U.S.-based targets totalled US$1.4 trillion in the year to date, accounting for 47% of global deal activity, down from 50% in 2024.
While the value of U.S. dealmaking was up 25% this year, M&A in the Asia-Pacific region was up 41%, surpassing European M&A, which rose just 11%.
The rankings of M&A advisors remained unchanged, with Goldman Sachs Group Inc. leading the global league tables, followed by Morgan Stanley, JP Morgan, Citi and BofA Securities Inc.
RBC Capital Markets was the top-ranked Canadian firm, taking 14th place in the global rankings. BMO Capital Markets jumped to 17th place from 25th in last year’s league tables, and Scotiabank climbed from 39th to 21st.