2025年全球并购报告（英）

Contents Overview4 Institutional Research Group Jinny ChoiSenior Research Analyst,Private Equityjinny.choi@pitchbook.com Valuation metrics7 Deal metrics 9 Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com A word from Liberty GTS European M&A Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com North American M&A13 Antitrust M&A update Ben RiccioResearch Analyst, Healthcareben.riccio@pitchbook.com Sector metrics pbinstitutionalresearch@pitchbook.com Industry metrics Published on January 30, 2026 B2B B2C26 Energy28 Financial services Healthcare32 IT34 Materials & resources36 Overview Jinny Choi Senior Research Analyst, Private Equity Global M&A activity reached new heights in 2025, settingrecords in both M&A count and value and surpassing 2021 asthe most active year of M&A. Including estimates for late-reporting and nondisclosed deals, there were 50,810 dealstotaling nearly $5 trillion in what was a stronger-than-expectedyear despite disruptions by macroeconomic headwinds at thebeginning. While market participants were optimistic goinginto 2025, the pace at which M&A activity forged ahead wassurprising: M&A count exceeded 50,000 deals for the firsttime, and M&A value was less than 125 basis points away fromcrossing the $5 trillion mark for the first time as well. M&Acount increased 12.4% YoY while deal value was up by 37%.After one quarter of flat activity in Q2, global M&A regainedmomentum, and Q3 and Q4 M&A value set records. 2025ended on a high note, with Q4 estimated to be the strongestquarter ever in both deal count and value. A key driver of the impressive growth in global M&A activitywas the surge in megadeals, or transactions of $1 billion ormore. There were 617 megadeals in 2025, accounting for 1.5%of total M&A transactions. The growth rate of megadeals faroutpaced that of smaller transaction sizes, growing 28% in count YoY while smaller transaction sizes declined YoY orincreased by single digits. Not only were there more megadealsin 2025, but those deals also got larger, with M&A valuefrom megadeals increasing 62.3% YoY. Megadeals drove awhopping $2.6 trillion in value in 2025, accounting for 56.6%of total global M&A value for the year. Dealmakers pursuedscale, strategic realignment, and innovation through M&A,and multiple interest rate cuts by the US Federal Reserve andEuropean central banks helped support both the financing andrisk appetite needed for large acquisition targets. Cross-border M&A flows between North America and Europewere mixed in 2025. In terms of capital deployed, the balancefavored North America, with net capital inflow into NorthAmerican markets from European acquirers totaling $61.4billion. This marked a break from an eight-year streak of netcapital outflow from North American buyers into Europeanmarkets, a notable reversal given the tariff volatility causedby the US in 2025. In terms of the number of transactions,European targets still secured more North American buyersthan North American companies attracted European buyers.There were 405 more deals by North American buyers inEurope than European buyers in North America, which iscomparable to the average of 450 more deals in the past fiveyears. European buyers made larger investments in NorthAmerican markets this year, while North American buyerscontinued to pursue more transactions in Europe. Europeanbuyers were willing to pay high prices for growth-oriented orinnovative areas such as pharmaceuticals and drug discovery,with the healthcare sector accounting for five of the top 10 Heading into 2026, the global M&A market is poised tocontinue its momentum thanks to ample public and privatecapital, easing borrowing costs, booming growth opportunitiesin AI and adjacent tech and infrastructure, and continuedmarket confidence. While macro challenges such as slowedeconomic growth and tariff uncertainty linger, the M&A activityroaring through the volatility in 2025 is a sign that it takes a lotmore to knock the M&A market off its feet. largest North American companies acquired by Europeanbuyers. This discrepancy between M&A deal size and volumewas partly supported by the euro strengthening against thedollar—starting near parity at the beginning of 2025 andreaching a peak of $1.19 in September before settling at $1.17in December. At the same time, lower multiples in Europe havemade the region attractive to North American investors, evenwithout the advantage of a stronger currency, driving M&Aactivity into the region. When examining cross-border M&A more broadly, NorthAmerican companies attracted more nondomestic capitalthanks to larger deal sizes. Cross-border M&A value increaseda whopping 61.8% YoY while count declined by 3.5%. 82megadeals in North America had nondomestic investorinvolvement, totaling $440.7 billion, led by London-based AngloAmerican’s $70 billion acquisition of mining and developmentcompany Teck Resources. Although the n