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ARTICLE · 02 JANUARY 2026

An Update On Private Equity M&A In Canada

Cassels
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M&A activity in 2025 has been defined by fewer deals but larger overall deal values, underscoring a bifurcated market. Globally, overall deal value rose sharply...

CanadaCorporate/Commercial Law
Jake Bullen
Jake Bullen
Liliya Baranova
Liliya Baranova
Davit Akman
Davit Akman
Brenda C. Swick
Brenda C. Swick
Alessandro Bozzelli
Alessandro Bozzelli
Matthew Stephen
Matthew Stephen
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H1 2025

M&A activity in 2025 has been defined by fewer deals but larger overall deal values, underscoring a bifurcated market. Globally, overall deal value rose sharply, driven by a resurgence in mega-deals and greater private equity participation, even as the number of transactions declined. At the same time, mid-market deals remain the backbone of activity, particularly in Canada, representing 85% of deals – so the impact of mega-deals was less pronounced than in the US.

In the US, private equity deal counts fell quarter-over-quarter (Q1 vs Q2 in 2025), reflecting caution and underscoring the increased pressure on PE firms to find exit opportunities for their holdings. Smaller transactions under $500 million and PE-backed deals in the $10–500 million range showed notable declines, highlighting a pullback in the middle market. Even as the middle market pulled back, Q3 recorded a rebound in private equity deal value, suggesting investors are selectively pursuing

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