10 Mar M&A Update March 2025
Posted at 20:17h
in Insights
After a challenging 2022 and 2023, 2024 marked a significant rebound in global M&A activity, with total deal value rising as macroeconomic conditions stabilized, even as deal volume declined. Valuations found firmer footing, and capital markets reopened for dealmaking, leading to a double-digit increase in total PE deal value YoY. While overall transaction count decreased, a more disciplined deal environment and an emphasis on quality over quantity helped support market recovery.
- Global M&A rebounded strongly – Deal value reached $3.71 trillion across 45,191 transactions, reflecting a 19.1% YoY increase in deal value, as more favorable economic conditions supported dealmaking.
- North America led the charge – The region saw $2 trillion in M&A deal value across 17,509deals, marking a 16.4% YoY increase in value and 9.8% growth in deal count. The market benefited from easing inflation expectations and lower interest rates.
- Valuations stabilized, with room to grow – The median EV/EBITDA multiple settled at 8.8x,slightly below 2023’s 9x, signaling a return to mid-cycle norms. However, the public-private valuation gap remains wide, leaving room for private multiples to expand in 2025.
Read our full report here: M&A Update March 2025