There was a strong rebound in global merger and acquisition activity in the third quarter of 2025, with total deal value rising 36% year‑on‑year to $831bn, according to a report by GlobalData.

Technology, media and telecommunications (TMT) remained the largest sector by value, while North America continued to account for the biggest share of transactions.

Supply‑chain restructuring emerged as the top thematic driver in Q3, with 12 deals totalling $61bn — up 47% on the previous quarter and 36% year‑on‑year. Large strategic purchases were prominent: Keurig Dr Pepper’s acquisition of JDE Peet’s for about $23.1bn; Lowe’s Companies’ purchase of Foundation Building Materials for $8.8bn; and Advent International’s purchase of Reckitt Benckiser’s essential home business for $4.8bn. GlobalData said these moves reflect corporates’ ongoing efforts to secure and rationalise supplier and distribution networks following pandemic‑era disruption.

The gaming sector also attracted headline attention. The $55bn acquisition of Electronic Arts by a consortium including Saudi Arabia’s Public Investment Fund and Silver Lake was one of the quarter’s most significant deals. The report notes that buyers are prioritising top‑tier intellectual property, studios with strong mobile footprints and in‑app monetisation, and companies with live‑ops capabilities. Other gaming‑related drivers identified include esports expansion, the rise of generative AI and the growth of cloud gaming.

In healthcare and life sciences, M&A activity was driven by emerging technologies and capability consolidation. GlobalData pointed to growth in gene therapies, AI‑powered diagnostics and genomic testing as factors prompting dealmaking. Advances in data analytics and precision drug development are enabling more targeted therapeutic approaches, which buyers are acquiring to accelerate pipelines and commercial prospects.

The recent uptick in values is concentrated in specific strategic priorities — supply‑chain integration, platform consolidation in TMT and capability buys in life sciences — rather than broad‑based market exuberance. That concentration means overall M&A totals could remain sensitive to a relatively small number of very large transactions in the coming quarters.