Mergers and Acquisitions

Preliminary LSEG data show global mergers and acquisitions reached about $4.39 trillion in value through Dec. 18, 2025, the third time ever dealmaking has topped $4 trillion, even as the number of deals fell to a nine‑year low. The U.S. mirrored the pattern with $2.23 trillion of transactions across roughly 11,300 deals, up 54% in value but down 14% in count from 2024, amid falling interest rates, strong AI‑driven activity and lighter U.S. regulatory headwinds. Recent transactions, including SoftBank’s $4 billion purchase of DigitalBridge, Stonepeak’s $6 billion Castrol stake buy and ServiceNow’s $7.75 billion Armis deal, are expected to push final totals slightly higher.