The value of Canadian M&A transactions surged in 2025,
driven primarily by large cap deals and an acute focus on
infrastructure and resources. Total deal value last year was US$118
billion higher than 2024 on slightly fewer deals. Transaction value
hit a remarkable US$131 billion in the third quarter of
2025—the highest three-month tally since Q4 2020, according
to S&P Global Market Intelligence.
It is the same story globally. Bloomberg data highlights that
megadeals pushed M&A transaction value to a near-record US$3.6
trillion last year. This total is 38% higher than 2024 and second
only to 2021.
In our year-end update on Canada's M&A landscape and
look-ahead to 2026, we provide key takeaways from the latest data
and market trends and examine:
