Global M&A Surge in Q3 2025 Driven by North American and Mega Deals

Global mergers and acquisitions (M&A) activity experienced a significant upswing in the third quarter of 2025, signaling a robust market recovery. Dealmakers securing transactions valued over $100 million outperformed companies not involved in M&A by 11 percentage points, marking the highest quarterly performance since early 2021, according to WTW's Quarterly Deal Performance Monitor. This surge corresponds with an increase in deal value to $371 billion, the strongest third quarter showing since 2015, buoyed by a notable rise in North American transactions reaching $246 billion compared to $119 billion the previous year.

The quarter saw eight mega deals exceeding $10 billion each, the highest count since late 2018, and 52 large deals above $1 billion, surpassing the prior year's 43. The global count of deals over $100 million climbed to 191 from 169 year-over-year, underscoring heightened acquisition activity across regions. North America reversed a ten-quarter decline with nearly 100 deals, outperforming its regional index by close to 10 percentage points. Similarly, Asia-Pacific and European buyers demonstrated strong performance with more deals and substantial index outperformance.

Industry performance was broadly positive with exceptions including Consumer Staples, Energy and Power, and Healthcare sectors, which saw declines in deal performance. Despite ongoing challenges such as tariff volatility, geopolitical tensions, and regulatory complexities, M&A activity is supported by sustained interest rates and market optimism. Early integration planning during due diligence is emphasized as critical for capturing value and driving growth in these transactions.

WTW's expertise in M&A spans risk management, human capital, due diligence, and post-transaction integration, highlighting the multi-faceted approach necessary for transaction success. Their global presence across 140 countries enables comprehensive advisory services to enhance organizational resilience, workforce motivation, and strategic capital deployment. The positive trend in M&A underscores an evolving market perspective where buyers adapt to uncertainty with calibrated risk strategies and capital optimization.