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ARTICLE · 20 OCTOBER 2025

Canada's Q3 2025 M&A Landscape

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M&A dealmaking sentiment picked up in the third quarter of 2025 as companies and investors adapted to the uncertainty that prevailed in the first half of the year.

CanadaCorporate/Commercial Law
Kwang Lim
Kwang Lim
Angela Blake
Angela Blake
Laura James
Laura James
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M&A dealmaking sentiment picked up in the third quarter of 2025 as companies and investors adapted to the uncertainty that prevailed in the first half of the year. Total Canadian M&A activity across all deal sizes increased in Q3 and total deal value was US$48.6 billion higher than Q3 2024. Year-to-date deal value in 2025 outpaced the total from the same period last year by US$125.2 billion, although the number of deals has fallen slightly.

In our latest quarterly update on Canada's M&A landscape, we delve into the latest deal data and look at:

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