M&A Outlook: Expectations Are High Again (Boston Consulting Group)

Summary

• Global M&A value reached $3.0 trillion in 2025, an increase of 31% compared with the previous year.§2
• Aggregate deal value in the second half of 2025 was 40% higher than in the first half.§2
• There were approximately 33,000 majority M&A deals in 2025, compared with approximately 33,800 in 2024.§2
• Large deals valued at or above $500 million numbered approximately 900 in 2025, more than 100 above 2024.§2
• Europe's sentiment index rose to 96 in December 2025, the Americas to 91, while Asia-Pacific stands at 30.§3

Key insights

1. The 2025 rebound was driven primarily by larger transactions rather than a broad-based increase in dealmaking.§2
2. North America was the most active region for acquisitions by deal value, and TMT led among industries.§2
3. Financial services subsectors including banking, payments, asset management and insurance are poised for further consolidation in 2026.§4
4. Dealmakers face antitrust scrutiny and regulatory complexity that can extend deal timelines.§5
5. Companies with strong megadeal capabilities consistently outperform peers and mitigate downside risks.§5
6. Technology and financial services sector sentiment is above long-term averages.§1