In 2025, global M&A value rose 41% from 2024, to $4.8 trillion, making 2025 the second-highest M&A value year on record.1 1 All data as of December 15 and courtesy of Mergermarket, except as otherwise indicated. Overall deal count fell, but deal sizes increased, with a record-breaking number of $10 billion+ deals. The technology sector once again led the way, with a focus on AI and related infrastructure. The year started with optimism, which quickly gave way to a slowdown in dealmaking due to macro uncertainty and policy disruption. As the year went on, however, interest rate expectations improved, equity markets rose, and dealmakers learned to manage, or at least live with, evolving tariffs, geopolitical developments, and heightened foreign investment and other regulatory scrutiny. In this article, we review the M&A markets in 2025 and the key legal and regulatory issues and trends that will affect deals in 2026. M&A in 2025 and Trends for 2026 36 Morrison Foerster
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