Overview
- Global deal value reached $4.5 trillion in 2025, with a record 68 transactions of at least $10 billion even as total deal count fell 7% to the lowest since 2016.
- Deals involving U.S. targets totaled $2.3 trillion, the largest share since 1998, and generated more than half of an estimated $135 billion in investment banking fees, up 9%.
- Activity briefly paused after April tariffs but rebounded with back-to-back quarters over $1 trillion in the second half.
- Dealmakers cited looser U.S. oversight for greater willingness to assume regulatory risk on transformative transactions.
- Private equity reached $889 billion, highlighted by a $55 billion Electronic Arts take‑private led by Saudi Arabia’s Public Investment Fund with support from Silver Lake and Jared Kushner’s firm.