Mega-deals roared back in 2025, with a record 68 transactions topping $10 billion as Wall Street dealmakers piled into blockbuster mergers, pushing global M&A volume to its biggest year since the pandemic and signaling renewed confidence in corporate boardrooms.
The number of mega-deals announced globally this year marks the most on record going back to 1980, driving the average deal size to nearly $227 million as companies rushed to lock up assets amid a friendlier regulatory climate and fading fears over President Trump’s tariff agenda.
“Large deals are driving the market. And when you see big deals, it’s a sign of CEO and boardroom confidence,” Ivan Farman, global co-head of M&A at Bank of America, told The Wall Street Journal.
Momentum is expected to carry into 2026 across industries, according to Farman.
Despite worries about Trump’s tariff regime, bankers and lawyers said dealmaking barely slowed even over Thanksgiving, a period that in prior years was typically off-limits for major negotiations.
In media, Netflix struck a $72 billion deal to acquire Warner Bros. Discovery’s studios and HBO Max streaming service, a move that immediately triggered a $77.9 billion hostile takeover bid from Paramount Skydance for the entire company.
WBD shareholders are expected to reject Paramount’s hostile bid.
In July, Union Pacific agreed to buy Norfolk Southern for $72 billion in a landmark merger aimed at creating a US transcontinental railroad, a deal that has drawn antitrust scrutiny.
A couple of months later, video game maker Electronic Arts said it would go private in a $55 billion deal, underscoring the growing role of private capital in powering this year’s biggest transactions.
In November, Huggies diapers owner Kimberly-Clark agreed to buy Tylenol maker Kenvue for $40 billion, adding another blockbuster to this year’s list of mega-deals.
Companies are racing to move while the window is open, with lawyers saying boards fear missing out if they hesitate as assets come to market amid surging demand.
“For the first time in several years, there’s a growing perception that the failure to act quickly risks losing the asset,” Jonathan Davis, a corporate partner at Kirkland & Ellis, told The Journal, though he added he is “super bullish, but cautiously so.”
Lawyers at Wachtell, Lipton, Rosen & Katz said a significant share of this year’s volume was driven by private-equity firms jumping back into large deals, often teaming up with rivals to pursue multibillion-dollar targets.
They flagged areas to watch next year including more corporate spinoffs, a pickup in crypto-related acquisitions and a growing flow of capital from sovereign-wealth funds — particularly from the Middle East — into large transactions.
