Global deal volume surged 25% year-over-year to USD 2tn in the first half of 2025, buoyed by a flurry of mega deals across US technology, Chinese banking, and Japan’s automotive industry, according to Mergermarket data.

But beneath the headline figures, dealmaking has slowed to a crawl. The number of transactions has plummeted to a two-decade low, down 16% to 16,663 deals as of 23 June.