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

M&A paradox of surging value, fading volume

Deal value surged in Q3 while volume slumped. This marked the widest disconnect between the two in the Americas in more than three years. Just 3,235 deals were recorded in Q3, down 14.6% from the same period in 2024 and the lowest level in years. And yet, value rose by 51.6% year-on-year to US$817bn. This is by far the highest level achieved in the last four years.

PE follows the trend

Private equity dealmaking followed the same pattern as overall M&A. Value soared even as volume lagged—829 buyouts were announced, down 15.3% year-on-year. Yet, aggregate value surged to US$244.8bn, a 33.8% jump from the same period in 2024.

Tech control

With 589 ‘companies for sale’ stories logged in the sector across the Americas, Mergermarket’s heat chart clearly shows that technology, media & telecommunications (TMT) remains the dominant focus for dealmakers. This is concentrated in the US. The Northeastern market alone is responsible for just over a third of all TMT ‘for sale’ stories.

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