Dealmakers Top $1 Trillion in M&A With Best August Since ’21 (1)

Dealmaking during the typically slow summer months has crossed the $1 trillion mark after a burst of mergers and acquisitions in August.

Companies have announced $1.05 trillion of transactions since the beginning of June, according to data compiled by Bloomberg. That’s up 30% from a year earlier and the highest tally for this spell since the record-breaking summer of 2021, when the pandemic sparked a deals boom, the data show.

The period has included the biggest deal announced so far in 2025: Union Pacific Corp.’s agreement to acquire railroad operator Norfolk Southern Corp. for more than $80 billion including ...