Companies worldwide surged into 2025 with a record-breaking $4.9 trillion in mergers and acquisitions, predominantly fueled by technological integration and geopolitical shifts, signalling a transformative year for corporate portfolios and strategic priorities.
Global dealmaking surged in 2025 as companies raced to reshape portfolios and acquire the technology and talent needed for a fast-moving economic landscape, according to industry reports and sector briefings released this week.
According to Bain & Company’s Global M&A Report 2026, global mergers and acquisitions reached $4.9 trillion in 2025, a roughly 40% rise that the consultancy describes as the second-largest annual total on record. Bain’s survey of 300 senior M&A executives found that eight in 10 expect activity in 2026 to match or exceed last year’s pace. “Companies urgently need to reinvent themselves to get out ahead of the big forces of technology disruption, a post-globalization economy, and shifting profit pools,” Suzanne Kumar, executive vice-president of Bain’s M&A practice, said in the report. “M&A will play a pivotal role in this reinvention in 2026.”
Not all sources report the identical headline figure. Press releases and industry summaries circulated this week put 2025’s total at about $4.8 trillion, noting that a wave of megadeals , particularly in technology and AI-related assets , underpinned most of the rebound. According to a PR Newswire release summarising market data, improved valuation confidence, easier financing conditions and a renewed strategic focus propelled the recovery, with U.S. targets representing nearly half of strategic deal value and Japan’s market doubling year on year. A separate industry summary attributed much of the increase to a handful of very large transactions, which accounted for the majority of value growth even as overall deal counts rose only modestly.
Three dynamics stand out across the accounts. First, technology-led transactions, notably those involving artificial intelligence, were central to the bounce-back. Bain reports that roughly 45% of executives used AI tools in deal processes during 2025, more than double the prior year, and that nearly half of tech deals already contained AI components. “AI is quickly becoming indispensable to M&A,” Kumar said. Companies are acquiring not just products but expertise, AI talent, robotics capabilities and nascent quantum assets, to accelerate capability building.
Second, geopolitical fragmentation and a “post-globalisation” realignment reshaped strategic aims. Firms responded to tariff shocks and shifting supply‑chain economics by using acquisitions and divestitures to concentrate in favourable markets and exit less attractive geographies. Third, portfolio rationalisation created supply: more than half of surveyed corporates are preparing assets for sale within a few years to sharpen focus and free capital, a trend private equity houses are also feeding as sponsor-owned holdings approach fund life limits.
Sector patterns were uneven. Banking deals swelled to more than $200 billion as regulators grew more permissive and institutions pursued scale and modernization, while oil and gas players consolidated to capture cost efficiencies and scale advantages. Software companies chased AI capabilities aggressively, and healthcare private equity set a record: Bain’s Global Healthcare Private Equity Report 2026 estimates roughly $191 billion of deal value in 2025, driven by a jump in billion‑dollar buyouts and a rebound in exit activity, particularly in biopharma, providers and healthcare IT, the firm said.
Regional contrasts emerged. Greater China led global deal counts through robust domestic activity, and Japan posted a marked year‑on‑year uplift. By contrast, South‑east Asia diverged from the broader Asia‑Pacific rebound, with total deal value declining by about 16% in 2025 to roughly $61 billion, the Business Times reported, reflecting uneven regulatory and market dynamics across the region.
Despite the headline recovery, Bain and other commentators warn that capital allocation choices tightened. Corporates elevated capital expenditure and R&D spending in 2025, leaving M&A as a smaller share of overall corporate capital outlays than in prior decades. That shift, combined with higher valuations for desirable assets, means buyers must be more disciplined: diligence must demonstrate that acquisitions are the best use of scarce capital, integration plans must be rigorous, and thesis‑driven approaches are increasingly essential, Bain advises.
To navigate the environment, Bain sets out a playbook for 2026: align deals to a clarified strategy, ensure integration plans for large transactions, apply rigorous diligence to confirm value creation, build end‑to‑end M&A capabilities and refresh multiyear capital allocation frameworks so investors understand how M&A fits alongside capex and R&D.
Taken together, the analyses portray an M&A market returning to vigour but with new imperatives: speed and scale are valuable only if matched by tighter capital discipline, credible integration roadmaps and the ability to extract technological advantage quickly. For firms that refine their processes and adopt advanced tools, including AI, the market offers a rapid route to reshape competitive positions; for laggards, the gap between buyers and sellers may widen further.
- https://www.disruptionbanking.com/2026/01/28/4-9-trillion-ma-rebound-sets-stage-for-sustained-strength-in-2026/ – Please view link – unable to able to access data
- https://www.prnewswire.com/news-releases/global-ma-stages-great-rebound-in-2025-with-4-8-trillion-deal-value-to-mark-second-highest-total-on-record-302638248.html – In 2025, global mergers and acquisitions (M&A) experienced a significant rebound, with total deal value reaching $4.8 trillion, marking the second-highest total on record. This surge was driven by a resurgence of megadeals valued at over $5 billion, particularly in the technology sector, where AI-related transactions played a central role. The United States accounted for nearly half of the total strategic deal value, while Japan’s M&A market doubled in value year over year. The recovery was attributed to improved confidence in valuations, easing financing conditions, and a renewed focus on M&A as a strategic growth lever amid shifting competitive and technological dynamics.
- https://www.theconsultingreport.com/global-ma-surges-to-4-8t-in-2025-fueled-by-megadeals-and-ai/ – Bain & Company reports that global M&A activity rebounded sharply in 2025, with total deal value projected to reach $4.8 trillion by year-end, up 36% from 2024 and the second-highest level on record. The recovery was driven largely by a resurgence of megadeals valued at more than $5 billion, while overall deal volumes increased by only about 5%. These large transactions accounted for roughly three-quarters of the growth in strategic deal value, with many led by infrequent acquirers making transformative moves exceeding half of their market capitalization. Technology-led transactions, particularly those tied to artificial intelligence, played a central role in the rebound, though Bain found that dealmaking strength was broad-based across industries and regions. U.S. targets accounted for nearly half of total strategic deal value, while Japan’s M&A market doubled in value year over year and Greater China led global deal counts through strong domestic activity. Bain attributed the recovery to improved confidence in valuations, easing financing conditions, and a renewed focus on M&A as a strategic growth lever amid shifting competitive and technological dynamics.
- https://www.prnewswire.com/news-releases/global-healthcare-private-equity-hits-record-190-billion-deal-value-in-2025bain–company-302655390.html – Global healthcare private equity (PE) set a new record in 2025 with an estimated $191 billion in deal value, surpassing the previous peak of 2021. The surge in deal value was propelled by a sharp increase in deals exceeding $1 billion and offset second-quarter tariff-related slowdowns in North America and Asia-Pacific. Deal volume was similarly robust, with investors announcing 445 buyouts, the second-most on record. Exit value also soared back to an expected $156 billion, the second highest ever, up from $54 billion in 2024, as sponsor-to-sponsor deals rebounded from post-pandemic lows. These are among the findings of Bain & Company’s Global Healthcare Private Equity Report 2026, published today. “Healthcare private equity delivered a record performance last year as large deals spiked and deal count rose across all tiers, with the biopharma and provider segments leading the way, driven by healthcare IT activity,” said Kara Murphy, partner at Bain & Company and co-leader of its Healthcare Private Equity team. “We also saw a strong rebound in exit value from recent lows, signaling the return of exit activity as sponsors re-launch sale processes for high-conviction assets. The stage is set for an active 2026 due to high levels of dry powder and a growing cohort of sponsor-owned assets reaching the end of their fund lives.”
- https://www.businesstimes.com.sg/international/asean/south-east-asia-m-deal-value-drops-16-2025-diverging-broader-apac-rebound-bain – The value of mergers and acquisitions (M&A) deals in South-east Asia in 2025 fell 16 per cent year on year, diverging from a broader recovery in the Asia-Pacific region, the Global M&A Report 2026 released by Bain & Company on Tuesday (Jan 27) showed. While the broader Asia-Pacific strategic deal market grew 33 per cent in value, South-east Asia’s total deal value – a metric capturing all transactions across corporate, private equity and venture capital activity – dropped to US$61 billion, from US$73 billion in 2024. This also stands in contrast to the global market, which the report described as having a “broad-based rebound” with deal value rising 40 per cent. “Regulations are easing. The cost of capital is easing. The buyer-seller gap is easing, with valuations rising slightly and sellers perhaps less tied to 2021 peak valuations,” Bain said.
- https://www.bain.com/about/media-center/press-releases/2024/global-ma-deal-value-on-track-to-reach-%243.5-trillion-in-2024bain–company – The 2024 M&A market is ending the year much as it began—with anticipation for a break in the buyer-seller logjam. The year has been marked by careful adaption as dealmakers accommodate the new realities of higher interest rates and intense regulatory scrutiny. Bain & Company predicts overall deal value will reach $3.5 trillion by the end of 2024, up 15% year over year and consistent with mid-2010s levels. Global M&A deal volume is up 7% year over year, reversing a two-year decline. The narrative varies by category of dealmakers. As interest rates moved slightly lower, private equity and venture capital regained ground, with private equity deal value up 29% and venture capital’s up 30% year over year. Corporate M&A, which is less influenced by small movements in the cost of debt, is on track to end the year 12% above 2023, with steady growth across all regions. Healthy strategic activity in energy & natural resources, industrials, and financial services, and notable growth in retail and telecommunications contributed to these gains.
- https://www.bain.com/about/media-center/press-releases/20252/ma-market-poised-for-a-comeback-in-2025-as-headwinds-ease-finds-bain–company – After three years of underwhelming M&A activity, 2025 may finally be the year the M&A market breaks through. In its Global M&A Report 2025, published today, Bain & Company says it expects the two biggest inhibitors to recent deals—interest rates and regulatory challenges—will ease in 2025. M&A and divestitures will be critical tools for companies navigating shifting profit pools amid technology disruption and a post-globalization economy, the firm says. “M&A activity tends to be cyclical, and we believe the market is poised for an upturn,” said Les Baird, partner at Bain & Company and head of the firm’s global M&A and Divestitures practice. Bain’s research shows even higher rates of adoption among the most acquisitive corporates and private equity firms. While the most common use cases currently revolve around finding and validating deals, Bain expects every single step of the M&A process will be enabled by generative AI in the next five years. “Generative AI will have a profound impact on the way deals get done,” said Suzanne Kumar, executive vice president of Bain & Company’s global M&A and Divestitures practice. “Early adopters are gaining an advantage by getting to better insights faster. Late followers will be outbid for good deals and find themselves staying too long in processes for bad deals. The good news is that it’s not too late to get in the game – yet.” In addition to relying on generative AI–enabled tools to accelerate sourcing, screening, and diligence, early adopters have started experimenting with the technology for integration and divestiture planning as well as program management. Within the next 12 months, Bain expects early adopters will use generative AI tools to draft integration workplans and transition service agreements (TSAs) in less than 20% of the time than they previously spent on such activities.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on January 28, 2026, reporting on Bain & Company’s Global M&A Report 2026. The latest available data from Bain & Company is from December 12, 2024, predicting a $3.5 trillion M&A market in 2024. ([bain.com](https://www.bain.com/about/media-center/press-releases/2024/global-ma-deal-value-on-track-to-reach-%243.5-trillion-in-2024bain–company?utm_source=openai)) The reported $4.9 trillion figure for 2025 is not corroborated by publicly available sources. The article appears to be based on a press release, which typically warrants a high freshness score. However, the lack of independent verification raises concerns about the accuracy of the reported figures.
Quotes check
Score:
6
Notes:
The article includes a direct quote from Suzanne Kumar, executive vice-president of Bain’s M&A practice: “Companies urgently need to reinvent themselves to get out ahead of the big forces of technology disruption, a post-globalization economy, and shifting profit pools.” This quote is consistent with statements from Bain & Company’s previous reports, such as the Global M&A Report 2025. ([bain.com](https://www.bain.com/about/media-center/press-releases/20252/ma-market-poised-for-a-comeback-in-2025-as-headwinds-ease-finds-bain–company/?utm_source=openai)) However, without access to the original press release, it’s challenging to confirm the exact wording and context of the quote. The lack of independent verification of the quote raises concerns about its authenticity.
Source reliability
Score:
5
Notes:
The article originates from Disruption Banking, a niche publication. The lead source appears to be summarising or rewriting content from a paywalled publication, which raises concerns about the independence and reliability of the information. The lack of direct access to the original press release from Bain & Company further diminishes the reliability of the source.
Plausability check
Score:
7
Notes:
The reported $4.9 trillion M&A figure for 2025 is significantly higher than previous estimates, such as the $3.5 trillion projected for 2024. While the article mentions a surge in technology-led transactions and geopolitical factors, these claims are not independently verified. The lack of supporting detail from other reputable outlets raises questions about the plausibility of the reported figures.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article reports on a $4.9 trillion M&A figure for 2025, citing Bain & Company’s Global M&A Report 2026. However, this figure is not corroborated by publicly available sources, and the article appears to be based on a press release from a niche publication. The lack of independent verification and access to the original press release raises significant concerns about the accuracy and reliability of the reported information. Given these issues, the content cannot be covered under our standard editorial indemnity.