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Key Takeaways
- M&A activity rose 10% in 2025, driven largely by technology, TMT, and financial services sectors.
- North America dominated deal flow, with $1.938 trillion in transactions within the first nine months of 2025.
- Telecom sector consolidation accelerated, highlighted by major deals like Swisscom–Vodafone Italia and Nokia–Infinera.
- Shareholder activism and private equity take-private transactions reshaped corporate strategies amid market pressure.
- Cross-border M&A increased, with European firms acquiring U.S. companies and U.S. buyers targeting Europe for valuation arbitrage.





