WTW data show strongest quarterly performance since 2021 as confidence returns to cross-border dealmaking

Mergers

Global mergers and acquisitions activity accelerated sharply in the third quarter of 2025, with dealmakers outperforming companies not involved in M&A by an average of 11 percentage points, according to the latest research from WTW.

The findings, from WTW’s “Quarterly Deal Performance Monitor” (QDPM), produced with Bayes Business School, mark the strongest quarterly performance since early 2021.

The total value of completed deals rose to $371bn, surpassing the combined total of the first two quarters of the year ($334bn) and representing the best third-quarter result since 2015.

Eight mega deals worth over $10bn were completed, the highest number since 2018, while 52 transactions exceeded $1bn in value.

In total, some 191 deals each worth more than $100m closed worldwide, up from 169 in the same period last year.

Jana Mercereau, head of Europe M&A consulting at WTW, said dealmakers were adapting effectively to a volatile environment.

“After a turbulent start to the year, defined by aggressive tariff policies and geopolitical tensions, dealmakers have learned to normalise and move through uncertainty,” she said.

“This fundamental shift in how buyers perceive risk, combined with pent-up demand, stock market highs and steady interest rates, has led to a surge in M&A activity that gives dealmakers hope of a strong finish to 2025.”

Regional data showed North American acquirers outperforming their regional index by nearly 10 percentage points after ten consecutive negative quarters. Asia-Pacific buyers outperformed by 17.8 percentage points, while European acquirers delivered an 11.6 percentage point premium.

Mercereau added that while the recovery in M&A reflects greater confidence and cheaper financing, geopolitical and regulatory risks remain significant.

“With more companies going for scale, integration planning that starts early in the due diligence phase may prove to be the toughest test for buyers looking to lock in gains and drive growth,” she added.

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