M&A deal count decreased by 6.9% in H2 2025 relative to H1, totaling 8,277 deals and bringing the full-year volume to 17,054 transactions. Valuations, however, rose substantially, with the year’s median EV/EBITDA multiple increasing to 11.4x, demonstrating buyer willingness to prioritize quality deals at premium valuations as volume dropped. Though total volume contracted, private equity deal count rebounded to the second-highest level in history. The most notable PE transaction came in September when Electronic Arts (NASDAQ:EA) agreed to be taken private by a consortium of buyers for $53B in enterprise value, which included $20B in debt funding, marking the largest LBO in recorded history during a year characterized by megadeals. Robust PE activity coupled with boosted PE exit counts in H2 2025 signal optimism for overall volumes to recover in 2026 as PE exits create a critical pipeline for strategic acquirers and free up capital for new platform investments.
