Europe and Asia surpass US in M&A activity amid worldwide volatility, according to WTW

he M&A Research Centre at Bayes Business School, indicate a shift in the global M&A landscape in the first half of 2025. European and Asia Pacific regions have shown resilience and growth in dealmaking activities, while North America continues to face a decline in M&A transactions.

European acquirers have showcased a remarkable performance by surpassing their regional index by 9.4 percentage points. This success marks a significant improvement compared to the previous period’s underperformance of 9.2 percentage points. In the UK, dealmakers have maintained a steady deal volume, with 64 deals completed, similar to the previous year’s 65 deals.

Meanwhile, Asia Pacific buyers have also demonstrated positive outcomes, outperforming their regional index by 3.9 percentage points. The region experienced a surge in deal volume from 69 deals in the first half of 2024 to 100 deals in the current year, largely attributed to the revival of Chinese M&A activities. China, in particular, saw a notable increase in completed deals, with 33 transactions in the first half of 2025 compared to only 12 deals in the same period the year before.

Conversely, North America’s M&A sector continues to face challenges, with a decrease in the number of completed deals. Only 160 deals were finalized in the region in the first half of 2025, a significant decline from 187 deals in the previous year and 292 deals in the first half of 2021. North American acquirers also underperformed their index by 2.5 percentage points, highlighting a prolonged period of negative performance, spanning over ten consecutive quarters.

Jana Mercereau, head of European M&A consulting at WTW, emphasized the resilience of dealmaking amid uncertain geopolitical and economic conditions. Despite challenges such as tariff uncertainties and regional conflicts, deals continue to be executed. In Europe, a pragmatic and long-term view towards deals has enabled buyers to adapt to market volatility successfully. Similarly, in Asia, the acceleration of dealmaking reflects a proactive approach towards maximizing value amidst changing market dynamics.

The report by WTW and the M&A Research Centre at Bayes Business School suggests that dealmakers are navigating heightened geopolitical risks by adopting strategies to enhance resilience and value creation in M&A activities. Globally, 339 deals valued over $100 million were completed in the first half of 2025, similar to the figures from the preceding year. The number of large deals, valued over $1 billion, increased to 82, indicating a positive trend in the M&A landscape.

Despite the challenges posed by geopolitical uncertainties, dealmakers have shown an ability to adjust and thrive in the evolving market conditions. Sectors such as telecommunications and materials have led the way in generating value through M&A transactions. Large deals have outperformed other deal types, underscoring the significance of strategic, high-value transactions in the current scenario.

Looking ahead, Mercereau anticipates further acceleration in dealmaking activities in Europe and Asia, setting the pace for the global M&A landscape in 2025. As North America grapples with ongoing challenges, regions like Europe and Asia are poised to drive momentum and value creation through strategic M&A initiatives.