2025年第三季度全球并购报告

ContentsOverview4Valuation metrics7Deal metrics9A word from Liberty GTS10European M&A12North American M&A14A word from RSM16Antitrust M&A update18Sector metrics22Industry metrics24B2B26B2C28Energy30Financial services32Healthcare34IT36Materials & resources38 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Marina LukatskyGlobal Head of Research, Credit andUS Private Equity Institutional Research Group Analysis Jinny Choi Senior Research Analyst, Private Equityjinny.choi@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Nicolas Moura, CFA, CAIASenior Research Analyst, EMEA Private Capitalnicolas.moura@pitchbook.com Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com DataCharlie FarberManager, Data Analysispbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana HansenPublished on October 29, 2025Clickherefor PitchBook’s report methodologies. Overview Jinny Choi Senior Research Analyst, Private Equity After one brief quarter of steady activity, global M&A forgedahead with greater fervor. Q3 activity increased by 25.6% inM&A value and 3.8% in deal count as buyers jumped back intothe market after momentum was disrupted earlier in the yearby macroeconomic headwinds. Q3 2025 marked the strongestactivity since Q4 2021, which was a record-breaking year for 2025 is shaping up to be an incredible year for global M&Adespite the backdrop of geopolitical volatility, stubborninflation, and a slowing global economy. Dealmakers have history. US President Donald Trump expressed support forthe deal, highlighting the reduced antitrust scrutiny underhis administration compared with that of the previous Biden rate cuts from European central banks are also easingfinancing pressures and boosting dealmaking appetite,especially in large transactions. While macro challengesremain, the global M&A market is positioned to carry its Cross-border M&A Cross-border M&A flows between North America and Europepresent a mixed picture. In terms of capital deployed, thebalance favors North America, with net capital inflow intoNorth American markets from European acquirers amountingto $22.6 billion through Q3 2025. This marks a break froma long period of net capital outflow from North Americanbuyers into European markets, a notable reversal given the A key driver in the impressive global M&A activity is the surgeof megadeals, or transactions of $1 billion or larger. Therehave been 435 megadeals through Q3 2025, accounting for1.5% of total M&A transactions. The share of megadeals isabove its previous five-year average of 1.1% as the rate ofgrowth in megadeals far outpaces that of smaller transactionsizes. Improved investor appetite, combined with the waveof consolidation to achieve competitive market positioning, the beginning of the year and reaching a peak of $1.19 inSeptember. At the same time, lower multiples in Europe havemade the region attractive to North American investors, even When examining cross-border M&A more broadly, NorthAmerican companies continue to attract more nondomesticcapital, already surpassing the M&A value generated bynondomestic investors in 2024. This growth is primarilydriven by larger deals, as the overall number of transactionshas slowed down and is expected to fall short of 2024 levelson an annualized basis. There have been 55 megadeals in Valuation metrics European valuation multiples continue to trade at a discountto those in the US, with the TTM median EBITDA multipleat 9.3x compared with 10.6x for the US. The median EBITDAmultiple for European M&A transactions announced or closed Valuations In Q3 2025, TTM deal multiples in North America and Europeticked up slightly to meet or exceed 2024 multiples. Themedian enterprise value (EV)/EBITDA multiple for M&A While M&A multiples are still 8% to 22% removed from2021’s all-time peak of 10.5x EBITDA and 2x revenue, therecent consistency indicates that the recovery in valuations iscomplete and stable. Valuation multiples are up from recenttroughs and are generally consistent with the 2017-2019average of 9.9x EBITDA and 1.5x revenue. While we hoped to We compare trading multiples on the S&P 500 with dealmultiples in the broader M&A market as a rough proxy forjudging whether public and private markets are movingapart or converging. It is also a good proxy for viewingvaluation trends between large and micro-cap companies.Approximately 95% of all M&A acquirees are private Deal metrics A WORD FROM LIBERTY GTSIn the face of more large limit losses, the representations & warranties market needs toreview the breadth of its coverage and pricing An active year for claims in the transactional liabilityinsurance market in 2024 has increased the focus of insurers Hilary WeissHead of AmericasLiberty GTS Hilary Weiss is Head of Americas, LibertyGTS. Hilary has extensive experience ofstructuring, underwriting and negotiating Although