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In an era defined by rapid globalization, cross-border mergers and acquisitions have become strategic central for many corporates and private equity firms. Driven by a mix of market ambition, technological race, and supply chain diversification, these transactions are reshaping industries and delivering unparalleled growth opportunities.
The global M&A landscape in 2025 is on track to register the second-highest year ever for global M&A, with total deal value reaching approximately $4.8 trillion. This marks a 36% jump in value and a 5% rise in volume compared to 2024.
In the first half of 2025 alone, deal values climbed 15% year-on-year—from $1.3 trillion to $1.5 trillion—even as volumes dipped 9%. A snapshot of 2025 reveals H1 reaching $1.93 trillion (up 20% on H2 2024) and H2 climbing further to $2.03 trillion as megadeals returned to the market.
Despite geopolitical tensions and tariff concerns, cross-border activity has demonstrated remarkable resilience. Surveys by Bain and Deloitte show that fewer than half of executives let trade restrictions derail their M&A plans, while 85% keep cross-border deals top of mind for the coming year.
Cross-border flows vary significantly by region, reflecting diverse strategic priorities and market conditions. Below, we explore the major geographies leading today’s dealmaking.
The Americas led global M&A in H1 2025 with a staggering $908 billion in deal value, representing 61% of the worldwide total—up from 55% in H1 2024. Buyers based in the Americas increased their investment by 16% (from $714 billion to $830 billion), keeping 91% of that capital within the region.
Deals targeting the Americas reached $1.26 trillion in the first nine months of 2025 (a 26% rise), with North American assets alone accounting for $1.20 trillion or 62% of global M&A activity. Canada recorded a 96% uptick, while South and Central America grew 47%.
Despite a cautious “wait-and-see” stance among some U.S. dealmakers—sparked by geopolitical volatility—domestic transactions are projected to strengthen. Annualized domestic deal value could rise from $1.31 trillion in 2024 to $1.46 trillion in 2025, marking a 29% value increase and a 5% gain in deal count.
Megadeals remain prominent: in H1 2025, the 10 largest U.S. transactions represented about 34% of total deal value. Highlights include Sycamore Partners’ $39 billion bid for Walgreens, Charter Communications’ $34.5 billion acquisition of Cox Communications, and Alphabet’s $32 billion purchase of Wiz.
Canada’s updated Guidelines on the National Security Review now weigh economic security and foreign integration, adding nuance to inbound deal scrutiny. Notable cross-border examples include Sunoco’s planned $9 billion acquisition of Parkland Corp—the largest U.S.–Canada deal since 2020.
European M&A totaled $375 billion in the first nine months of 2025, a 5% decline from 2024. The UK market shrank 35%, Spain 58%, and France 29%, while the Netherlands surged 263%, Switzerland 109%, Germany 45%, Italy 28%, and the Nordics 31% (led by Norway’s 61% and Sweden’s 36%).
By early December 2025, Europe’s total M&A value reached $746 billion—12% above the full-year 2024 figure—with H2 deal values up 23% over H1, spurred by easing financing conditions.
J.P. Morgan reports an 11% rise in EMEA deal volumes in 2025, reflecting cautious optimism amid geopolitical headwinds. EMEA acquirers are reallocating capital toward the Americas and Asia-Pacific, seeking growth markets and more accessible targets.
The Asia-Pacific region recorded $946 billion in deal value in 2025, up from $687.7 billion in 2024, while deal counts fell from 16,944 to 14,257—illustrating a shift to fewer, larger transactions.
Greater China reached $399 billion (a 46% increase), with mainland domestic M&A at $335 billion (up 47%). Asia-Pacific buyers not only expanded within their home markets but also more than doubled their investment into the Americas, with that region now accounting for 22% of their outbound deal value (versus 11% a year earlier).
Several core motivations underpin today’s cross-border dealmaking:
As 2025 unfolds, cross-border mergers remain a cornerstone of growth strategies for corporates and funds worldwide. With deal values nearing all-time highs and strategic intent unshaken by geopolitical turbulence, companies are leveraging global partnerships to access new markets, technological breakthroughs, and diversified supply chains.
By combining rigorous due diligence, cultural integration planning, and a clear focus on long-term synergy realization, dealmakers can transform cross-border transactions into engines of sustainable value. In a globalized world marked by complexity and opportunity, unlocking these synergies has never been more essential.
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