Europe and Asia Pacific are leading global mergers and acquisitions (M&A) activity in 2025, as dealmakers adjust to economic and geopolitical volatility, according to WTW’s latest Quarterly Deal Performance Monitor (QDPM).
European acquirers delivered a standout performance in the first half of 2025, outperforming their regional index by 9.4 percentage points (pp) for deals over $100 million. This marks a sharp reversal from the same period last year when they underperformed by 9.2pp. UK buyers followed the regional trend with robust activity, completing 64 deals, nearly unchanged from 65 deals in the first half of 2024, according to the report.
Asia-Pacific also showed significant growth, with buyers outperforming their index by 3.9pp. The region saw 100 deals completed in the past six months - up from 69 in the same period last year. This was attributed to a surge in Chinese dealmaking, which almost tripled from 12 to 33 transactions.
In contrast, North America reported a continued slump. Deal volume in the region has fallen 55% over the past four years - from a peak of 292 deals in the first half of 2021 to just 160 in 2025. While North American buyers slightly improved on last year’s performance, they still underperformed their index by 2.5pp, marking the 10th consecutive quarter of negative results.
“For all the surprises this year, from tariff uncertainty to regional conflicts, deals are still getting done,” said Jana Mercereau (pictured), head of Europe M&A consulting at WTW. “While M&A in North America faces mounting headwinds, dealmaking thrives in Europe and accelerates in Asia, as buyers adapt to rising market volatility by approaching deals with a longer-term, more pragmatic view to achieve maximum value.”
Globally, 339 deals over $100 million were completed between January and June, a slight increase from 332 in the same period last year. The number of large deals - valued over US$1 billion - also rose from 69 to 82. However, only three mega deals (over US$10 billion) were recorded, down from nine in the previous year.
WTW’s data show that telecommunications (+28.6pp) and materials (+11.6pp) led industry performance, while smaller and cross-sector deals lagged behind.
“Geopolitical uncertainty may be the new normal, yet dealmakers are finding ways to adjust,” Mercereau added. “Europe and Asia will continue to set the pace, where momentum is building.”
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