Dealmakers top $1T in M&A in busiest August since 2021

Dealmaking during the typically slow summer months has crossed the $1 trillion mark after a burst of mergers and acquisitions in August.

Companies have announced $1.05 trillion of transactions since the beginning of June, according to data compiled by Bloomberg. That’s up 30% from a year earlier and the highest tally for this spell since the record-breaking summer of 2021, when the pandemic sparked a deals boom, the data show.

The period has included the biggest deal announced so far in 2025: Union Pacific Corp.’s agreement to acquire railroad operator Norfolk Southern Corp. for more than $80 billion including debt. There’s also been Palo Alto Networks Inc.’s planned purchase of cybersecurity company CyberArk Software Ltd. for about $25 billion.

Almost $300 billion of deals have been inked in August alone, thanks to large transactions such as CommScope Holding Co.’s $10.5 billion sale of a unit to Amphenol Corp. and Thoma Bravo’s take-private of human resources software provider Dayforce Inc. for $12.3 billion. The change in the U.S. administration has helped spur deals, even if the effect has been delayed, according to Ben Sibbett, head of the Americas corporate practice at Clifford Chance.

“While it has taken longer than we expected for M&A markets to pick up, that change has definitely been a catalyst for the increased activity levels we are seeing,” Sibbett said. “There has no doubt been a surge in so-called mega-deals this summer.”

Even in the traditionally quiet week leading up to the Labor Day holiday in the U.S., Keurig Dr Pepper Inc. has agreed to buy JDE Peet’s NV for €15.7 billion ($18.2 billion) and AT&T Inc. announced a $23 billion deal to acquire spectrum licenses from EchoStar Corp. On Wednesday, Japan’s Sompo Holdings Inc. said it will take over Aspen Insurance Holdings Ltd. for about $3.5 billion.

The summer surge shows how dealmakers have continued their strong recovery from what was a disappointing start to the year, when volatility surrounding President Donald Trump’s trade wars dampened enthusiasm around M&A during his second term in office.

Many processes remain challenging as buyers and sellers squabble over valuations and broader economic uncertainties linger. That’s kept the number of takeovers roughly flat compared to last year amid a few marquee deals. Still, companies and their advisers are busy plotting the next round of headline-grabbing transactions.

Bloomberg News reported this week that the billionaire Pinault family is exploring options for its stake in German sports brand Puma SE. Meanwhile, people with knowledge of the matter said Ray-Ban maker EssilorLuxottica SA is considering increasing its stake in Japanese optical equipment manufacturer Nikon Corp.

If the streak continues through September, then dealmakers will likely deliver a $1 trillion third-quarter haul for only the second time ever, the Bloomberg-compiled data show. Deal values for 2025 to date stand at $2.7 trillion, more than 25% higher than 2024 levels, the data show.

“With the economic landscape and financing markets beginning to stabilize, stock markets pushing all-time highs, a seemingly softening regulatory environment and boardroom confidence returning, we expect to see more activity throughout the remainder of the year,” said Clifford Chance’s Sibbett.