Dealmakers Hit $1.8 Trillion as They Get Used to Trade Chaos

Big money takeovers of private companies helped drive mergers and acquisitions in the first half, as dealmakers got comfortable writing sizable checks in topsy-turvy markets.

More than half of the 10 largest deals announced in 2025 have involved a private target, data compiled by Bloomberg show, including the tie-up of Charter Communications Inc. and Cox Communications, Alphabet Inc.’s purchase of cybersecurity firm Wiz Inc. and Constellation Energy Corp.’s acquisition of US power station operator Calpine Corp. All were valued at around $30 billion or more including debt.