In the second quarter of 2025, there were 176 publicly announced transactions, a preliminary number that is almost certain to increase in the weeks ahead. That brings our total for the first half of the year to 355 deals, or 710 on an annualized basis. Considering we finished 2024 with 716 total deals, which was a record by far, we are in a good place for deal activity. After a slow May with 47 deals, we wondered if we would even have a chance of breaking 700 transactions for the year. But June bounced back with 64 deals, including some large portfolio deals.
Looking at the second quarter, however, trouble may be brewing. Breaking out U.S. M&A activity, 2024 finished with 593 deals in the country. However, the second quarter of 2025 only saw 129 deals in the U.S., or 516 on an annualized basis. If Q3 and Q4 are as busy as dealmakers are telling us they will be, then we are in very good shape. But it was always going to be difficult to top last year in terms of activity, especially if more assets were sold in portfolios rather than in single-asset transactions. But that may not be a sign of an unhealthy market.
