Deal Drivers: Americas provides an in-depth review of M&A activity in 2025.

A year of bold bets

Aggregate announced value in the Americas surged to US$3.1tn, up a full 50.7% from 2024 and the highest annual total of the past four years, with Q4 putting in a new quarterly record. Confidence returned, but selectivity remained, with total deal volume slipping to 14,456 transactions, a 2% year-on-year decline, extending the gradual pullback seen since 2022.

Private equity finished 2025 on a high

After a cautious start, deployment jumped sharply in H2 as firms grew bolder and check sizes expanded. By the end of December, a total of US$775bn worth of buyout value was announced, up 37% year-on-year, buoyed by no fewer than four transactions priced above US$20bn. However, buyout volume fell 6.5% as smaller sponsors struggled to keep pace and fundraising concentrated in the hands of the industry’s biggest players.

Fund feeding frenzy

Corporate takeovers and sponsor firepower flowed into media and gaming, pushing TMT sector value to a massive US$1.2tn, more than doubling the prior year’s performance. Energy, mining & utilities (EMU) followed with an 18.1% lift to US$422.9bn, as buyers piled into power generation, regulated utilities, and midstream infrastructure as electricity demand forecasts continued to climb.

Published in association with Datasite. The report is also available on datasite.com.