Dealmaking activity has experienced a significant resurgence during the traditionally quieter summer months, surpassing the impressive $1 trillion mark. According to data compiled by Bloomberg, companies have announced $1.05 trillion in transactions since the beginning of June 2025. This figure represents a robust 30% increase from the previous year and stands as the highest tally for this period since the record-breaking summer of 2021, when a global pandemic fueled a deals boom.

The current surge has been particularly strong in August, contributing nearly $300 billion to the overall summer total. Notable transactions during this month include CommScope Holding Co.'s $10.5 billion sale of a unit to Amphenol Corp. and Thoma Bravo's $12.3 billion take-private acquisition of human resources software provider Dayforce Inc. This concentrated activity highlights a strong recovery for dealmakers after what was considered a disappointing start to the year, a period characterized by volatility stemming from trade wars during the US administration's second term.

Among the headline-grabbing transactions, the summer period saw the announcement of the largest deal so far in 2025: Union Pacific Corp.'s agreement to acquire railroad operator Norfolk Southern Corp. for over $80 billion, including debt. Another significant move involved Palo Alto Networks Inc.'s planned purchase of cybersecurity company CyberArk Software Ltd. for approximately $25 billion. Even in the typically slow week before the US Labor Day holiday, dealmaking continued with Keurig Dr Pepper Inc. agreeing to buy JDE Peet’s NV for €15.7 billion ($18.2 billion), and AT&T Inc. announcing a $23 billion deal to acquire spectrum licenses from EchoStar Corp.

Several factors have been identified as catalysts for this increased M&A activity. Ben Sibbett, head of the Americas corporate practice at Clifford Chance, noted that a change in the US administration, though delayed in its effect, has significantly spurred deals. Sibbett stated, “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.” He further added, “There has no doubt been a surge in so-called mega-deals this summer.”

Looking ahead, the economic landscape and financing markets are beginning to stabilize, stock markets are pushing all-time highs, and a seemingly softening regulatory environment, coupled with returning boardroom confidence, are all contributing to a positive outlook. Clifford Chance’s Sibbett anticipates continued activity throughout the remainder of the year. The overall deal values for 2025 to date stand at an impressive $2.7 trillion, which is more than 25% higher than 2024 levels.

Despite this robust activity, challenges persist. Buyers and sellers continue to squabble over valuations, and broader economic uncertainties linger, which has kept the number of takeovers roughly flat compared to last year, even amidst a few marquee deals. Nevertheless, companies and their advisers are actively plotting future transactions. Bloomberg News reported that the billionaire Pinault family is exploring options for its stake in German sports brand Puma SE, while Ray-Ban maker EssilorLuxottica SA is considering increasing its stake in Japanese optical equipment manufacturer Nikon Corp. Should this strong streak continue through September, dealmakers are poised to deliver a $1 trillion third-quarter haul for only the second time in history.