May 2025 U.S. Mergers & Acquisitions Review

June 24, 2025

Merger and acquisition (M&A) deal activity in the United States experienced a decline in May, with 969 announcements, a 7.9% decrease from the previous month’s 1,052 announcements. Despite the decrease in the number of deals, there was an increase in the overall spending on M&A transactions during May. An impressive 40.3% more capital was allocated to M&A deals in May compared to the month of April.

Analyzing M&A deal activity across different industry sectors reveals that five out of the 21 sectors tracked by FactSet witnessed an uptick in M&A transactions over the last three months compared to the same period a year ago. These sectors include Technology Services, Transportation, Electronic Technology, Miscellaneous, and Process Industries. On the flip side, a majority of sectors, 15 out of 21, experienced a decline in M&A deal activity over the same period. The sectors that saw the most substantial decreases in deal volume were Finance, Consumer Services, Commercial Services, Distribution Services, and Health Services.

Among the notable deals announced in May, Charter Communications, Inc. struck a deal to acquire Cox Communications, Inc. from Cox Enterprises, Inc. for a staggering $24 billion. 3G Capital Partners Ltd. made a move to acquire Skechers USA, Inc. for $9.46 billion. NRG Energy, Inc. entered into an agreement to acquire a 13 GW Natural Gas Generation Portfolio from LS Power Equity Advisors LLC for $9.3 billion. Salesforce, Inc. also made a significant acquisition, agreeing to acquire Informatica, Inc. for $7.6 billion. Lastly, Blackstone Corporate Private Equity finalized a deal to acquire TXNM Energy, Inc. for $5.67 billion.

It is essential to note that the information provided in this article is for informational purposes only and should not be considered as legal, tax, or investment advice. FactSet, the source of this data, does not endorse or recommend any specific investments and disclaims any liability for actions taken based on the information presented in this report.