Dealmakers Reignite Global M&A as Year-End Approaches

A burst of megadeals has propelled global M&A past the $1tn mark in the third quarter, underscoring a resurgence in confidence among corporate boards and private equity sponsors.

The summer months were unusually busy, with 14 transactions valued above $10bn announced globally. From industrial consolidations to high-profile technology take-privates, the scale of activity marked a sharp reversal from the hesitation that defined much of 2023. In total, 47 deals above $10bn have been struck so far this year, the highest number on record.

Why Big Deals Are Happening Now

Why are the largest transactions arriving all at once? In part, it is the natural release of pent-up demand. Many boardrooms spent the last two years modeling transactions, only to shelve them when interest rates spiked and valuations swung violently. With financing markets more stable, even at higher costs, those plans are now being revisited. It is also the contagion effect. One headline deal often emboldens rivals, creating a sense that inaction is the greater risk. And for private equity sponsors, high dry powder balances and looming fund life constraints are leaving little excuse to sit on the sidelines.

“It’s not just optimism, it’s necessity,” said Chelsea Mandel, Managing Director of Ascension Advisory. “Companies cannot afford to wait for clarity. They are acting on the opportunities in front of them.”

A Market on Track for Record Activity

Globally, M&A volumes have climbed to nearly $3.1tn in the first nine months of the year, up 35 per cent on the same period in 2024. Private equity has played a smaller role relative to prior peaks, yet the persistence of high interest rates is pushing sponsors to look harder at creative structures and adjacencies where they can still compete.

Advisory fees have surged alongside transaction volumes. Banks and boutiques have generated nearly $100bn in fees through September, one of the highest year-to-date totals ever recorded. Some individual mandates are set to break records, with success fees north of $100mn attached to this year’s largest transactions.

For CEOs, the pressure to act has grown more visible. One transformational move can spark a chain reaction across competitors, creating an environment where standing still looks riskier than stepping forward.

As Q4 begins, dealmakers are bracing for continued momentum. Geopolitical risk and regulatory scrutiny remain wild cards, but the prevailing sentiment is that the market has entered another chapter of conviction-driven M&A. After years of fits and starts, the cycle has swung back toward boldness.

What It Means for Business Owners

For mid-market operators, the surge in megadeals is more than a headline. When Fortune 500 companies and global sponsors commit to transformational transactions, it creates ripple effects that shape the entire market. Valuations begin to stabilize, lenders regain confidence, and private equity firms look to extend their deployment into smaller, founder-owned businesses.

The lesson is that M&A is firmly back on the table. For business owners, that means liquidity is available, appetite is real, and optionality is expanding. Buyers are active, but they are disciplined. Companies with durable earnings and strong real estate positions are in a position to attract meaningful interest.

The takeaway is straightforward: this is a window worth evaluating. Whether that means exploring a full sale, pursuing a recapitalization, or unlocking capital through a sale leaseback, owners who wait for the perfect moment may find that others have already acted. Confidence at the top of the market is a signal to the middle market that momentum is back and opportunities are being taken.