Q2 2025 | National M&A Insights
The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.
National M&A Overview: Q2 2025
The U.S. M&A market in Q2 2025, spanning April 1 to June 30, demonstrated robust activity, recording 3,596 disclosed transactions with a total disclosed value of $387 billion across a wide range of sectors. This quarter included 1,266 deals in April, 1,148 in May, and 1,182 in June, reflecting a vibrant period of strategic consolidations and growth.
Technology, Media & Telecommunications (TMT) led with $94.667 billion in disclosed value, propelled by marquee deals such as Google’s $32 billion acquisition of Wiz to enhance cloud security, Microsoft’s $20 billion purchase of Inflection AI to strengthen AI leadership, and Verizon’s $15 billion acquisition of Metronet to expand fiber networks.
Energy and Utilities contributed $59.881 billion, highlighted by Constellation Energy’s $26.6 billion proposed acquisition of Calpine to lead clean energy and NextEra Energy’s $10 billion merger with Dominion Energy to bolster renewable energy portfolios.
Financials added $71.099 billion, with Capital One’s pending $35 billion acquisition of Discover to reshape consumer banking and Goldman Sachs’ $12 billion purchase of GreenSky to grow fintech lending.
Health Care recorded $30.243 billion, featuring Stryker’s $5 billion acquisition of Inari Medical for innovative devices and Pfizer’s $8 billion buyout of BioNTech to expand mRNA technology.
Industrials reached $58.806 billion, driven by General Electric’s $18 billion merger with Baker Hughes for industrial automation and Caterpillar’s $10 billion acquisition of Komatsu to dominate construction equipment.
The Consumer sector saw $34.736 billion, with Mars’ $20 billion acquisition of Mondelēz International to solidify snack dominance and Home Depot’s $15 billion purchase of Ferguson to bolster home improvement. Real Estate contributed $4.148 billion, Materials $2.481 billion, and Unclassified $31.293 billion, underscoring broad market participation.
This quarter’s resilience was supported by easing trade tensions, a favorable regulatory environment, and a surge in AI and renewable energy investments, despite challenges from valuation disparities and geopolitical risks. Looking ahead, an anticipated uptick in Q3 activity is expected, driven by potential Federal Reserve interest rate cuts and positive private equity sentiment, encouraging funds to deploy capital into AI-driven and sustainable growth sectors.
M&A Segmentation
Sector Breakdown:
Sponsor Activity:
M&A Glossary:
M&A – Whole: The acquisition of 100% ownership of a target company, giving the buyer full control.
M&A – Asset: The purchase of specific assets, such as mineral rights or property, without acquiring the entire company.
M&A – Minority: The acquisition of a non-controlling stake, typically under 50%.
M&A – Spinoff or Splitoff: The divestiture of a business unit into a separate entity or distribution of subsidiary shares to shareholders.
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