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ARTICLE · 23 JULY 2025

Canada's Q2 2025 M&A Landscape

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The total number of Canadian M&A deals declined in the second quarter of 2025 as tariff disruption and uncertainty hampered dealmaking activity.

CanadaCorporate/Commercial Law
Brent Kraus
Brent Kraus
Flutra Kacuri (Articling Student)
Flutra Kacuri (Articling Student)
Sabrina Bandali
Sabrina Bandali
Zirjan (Zee) J. Derwa
Zirjan (Zee) J. Derwa
Adam Kalbfleisch
Adam Kalbfleisch
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The total number of Canadian M&A deals declined in the second quarter of 2025 as tariff disruption and uncertainty hampered dealmaking activity. However, the overall value of announced Canadian deals was up considerably in the second quarter of 2025, resulting in higher average deal sizes. A similar scenario of fewer deals and higher values is playing out in the United States and globally.

In our latest quarterly update on M&A in Canada, we take a closer look at deal activity, emerging trends in oil and gas transactions, the state of capital markets, the use of tactical M&A to mitigate risk and measures to protect economically significant businesses in Canada.

Q2 2025 Canadian M&A Deal Activity

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