Strongest quarterly deal performance since Q1 2021
Global mergers and acquisitions (M&A) performance surged in the third quarter of this year, with 2025 shaping up to surpass expectations, according to latest research from leading global advisory, broking and solutions company, WTW (NASDAQ: WTW). Based on share price performance, dealmakers outclassed companies not involved in M&A activities by an impressive +11pp (percentage points) for deals valued over $100 million completed during the last three months, reveals WTW’s Quarterly Deal Performance Monitor (QDPM)[1]. This is the strongest quarterly performance since the first three months of 2021.
The value of completed deals soared in the third quarter of 2025 to $371 billion, exceeding the combined value of the first two quarters of 2025 ($334 billion). Run in partnership with the M&A Research Centre at Bayes Business School, the data shows this is the best third quarter by deal value since 2015. This surge has been driven by larger-valued transactions and a sharp pick-up in North America, where deals tallied $246 billion, compared to $119 billion in the third quarter of 2024.
Eight mega deals (valued over $10 billion) closed in the last three months. This is the highest quarterly figure since the final three months of 2018. Large deals (valued over $1bn) closed in the third quarter of 2025 reached 52, up from 43 in the third quarter of 2024. In total, 191 deals valued over $100 million were completed worldwide during the third quarter of 2025. This compares to 169 transactions closed in the same period last year.
“Following an unpredictable start to the year, dealmakers are adapting to uncertainty and starting to adapt to the new normal. This shift in how buyers perceive risk, coupled with high demand, high stock market valuations and stable interest rates has resulted in a significant increase in M&A activity that is bolstering dealmakers’ confidence in a strong end to 2025,” said David Dean, Managing Director, M&A Consulting, WTW.
“Following an unpredictable start to the year, dealmakers are adapting to uncertainty and starting to adapt to the new normal. This shift in how buyers perceive risk, coupled with high demand, high stock market valuations and stable interest rates has resulted in a significant increase in M&A activity that is bolstering dealmakers’ confidence in a strong end to 2025”
David Dean | Managing Director, M&A Consulting, WTW
The results of dealmakers in other regions are even more striking. Acquirers from Asia-Pacific continued their strong form by outperforming their regional index by +17.8pp, with 46 deals completed in the last three months, compared to just 18 in the third quarter of 2024. European buyers also outperformed their regional index by +11.6pp, with 47 deals completed in the third quarter of 2025, up from the 42 deals completed in the same period last year. UK mirrored the wider European trend with an equally robust performance.
All industries performed strongly during the third quarter of this year, with the exception of Consumer Staples (-18.2pp), Energy and Power (-2.7pp) and Healthcare (-3.5pp).
The data also reveals that the performance of M&A transactions for the first nine months of this year was +4.1pp, putting 2025 on track to be the best performing year since the dealmaking boom that followed the pandemic slowdown four years ago.
Dean said: “The recent uptick in M&A activity suggests a market adjustment, supported by lower financing costs and greater confidence in growth opportunities. Nevertheless, factors such as tariff volatility, geopolitical tensions and regulatory obstacles will continue to influence the landscape in the coming months. As more companies pursue scale, early integration planning in the due diligence process may be the most significant challenge for buyers seeking to secure gains and drive future growth.”
WTW’s M&A practice combines our expertise in risk and human capital to offer a full range of M&A services and solutions covering all stages of the M&A process. We have particular expertise in the areas of planning, due diligence, risk transfer and post transaction integration, areas that define the success of any transaction.
