December 2025 U.S. Mergers & Acquisitions Review

In December 2025, the landscape of U.S. Mergers & Acquisitions (M&A) saw a notable increase in deal activity, showcasing a 4.8% rise with a total of 1,146 announcements, a significant uptick from the 1,094 announcements in November. Additionally, there was a substantial surge in aggregate M&A spending, with a staggering 56.9% increase compared to the previous month.

When delving deeper into the specifics of M&A deal activity across various sectors, FactSet’s data revealed intriguing trends. Out of the 21 sectors monitored, 10 sectors experienced a surge in M&A deal activity over the past three months in comparison to the same period from the previous year. The standout performers in terms of increased M&A deal volume were Technology Services, Non-Energy Minerals, Industrial Services, Commercial Services, Retail Trade, and Electronic Technology.

Counterbalancing these positive developments, another set of 10 sectors observed a decline in M&A deal activity over the specified three-month comparison period. Sectors such as Finance, Consumer Services, Producer Manufacturing, Health Technology, and Distribution Services were among those that witnessed a notable decrease in M&A deal volume.

Turning our attention to the notable deals that took place in December, several high-profile acquisitions captured the industry’s attention. Netflix, Inc.’s agreement to acquire Warner Bros Discovery, Inc. for a hefty $68.8 billion marked one of the largest deals of the month. Additionally, International Business Machines Corp. sealed a deal to acquire Confluent, Inc. for $11 billion, while a private group led by Permira Advisers LLP and Warburg Pincus LLC agreed to acquire Clearwater Analytics Holdings, Inc. for $7.1 billion. Other significant deals included ServiceNow Inc.’s acquisition of Armis Inc. for $7.8 billion, and Kimmeridge Energy Management Co. LLC’s offer to acquire Ascent Resources – Utica LLC for $6 billion.

It is crucial to note that the information presented in this article serves solely for informational purposes and does not constitute legal, tax, or investment advice. FactSet, the provider of this data, does not endorse or recommend any investments and disclaims any liability for any actions taken based on the information provided here.