Dealmaking surged over the summer months, with announced global transactions topping $1.05tn since June – a 30% increase on last year and the strongest summer tally since the 2021 post-pandemic boom, according to Bloomberg data.
The pick-up has been fuelled by a string of mega-deals, including Union Pacific’s $80bn takeover of Norfolk Southern – the year’s largest announced transaction – as well as Palo Alto Networks’ planned $25bn acquisition of CyberArk Software. Private equity has also been active, with Thoma Bravo agreeing a $12.3bn take-private of HR software provider Dayforce, one of the biggest buyouts of 2025 to date.
August alone accounted for nearly $300bn in new deals, including CommScope’s $10.5bn unit sale to Amphenol, Keurig Dr Pepper’s €15.7bn ($18.2bn) purchase of JDE Peet’s, AT&T’s $23bn spectrum acquisition from EchoStar, and Sompo Holdings’ $3.5bn takeover of Aspen Insurance.
Despite a flat number of transactions compared with last year, headline deal values for 2025 have already reached $2.7tn – up more than 25% year-on-year. If momentum continues, the third quarter could deliver only the second-ever $1tn haul for that period.
