Deals

M&A in 2025: A Year Defined by Megadeals

Dealmakers have notched their second-best year on record.

A Union Pacific intermodal container on an overpass near the Union Pacific Railroad Global 1 rail yard in Chicago, Illinois, US, on Friday, July 25, 2025.Photographer: Jim Vondruska/Bloomberg

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By Michelle F Davis and David Carnevali

December 15, 2025 at 6:44 PM UTC

This article is for subscribers only.

Hi, it’s Michelle F. Davis and David Carnevali, rounding up one of the biggest-ever years for M&A bankers—and reporters! Also today, Hong Kong’s banner year for IPOs is closing with a final rush of deals.

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