ANALYSIS: Q1 2025 M&A Volumes March to a Strong Close

April 11, 2025, 9:00 AM UTC

There was a lot of dealmaking optimism coming into the new year, and M&A deal volume for the first quarter of 2025 didn’t disappoint: Q1 2025 saw the second highest volume of Q1 deals ($699 billion) in the last five years. It was second only to Q1 2021 ($834 billion), which reached historic levels of M&A activity.

March 2025: the Q1 Game Changer

Despite its disappointing start, Q1 2025 ended on a high note. There was only $180 billion of deal volume in January and $162 billion of deal volume in February.

However, March 2025 was the game changer ...

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