Deals valued at $1 billion or more jump 70%: EY analysis.

Global merger and acquisition (M&A) activity in the financial services rose in 2025, as “megadeals” valued at upwards of $1 billion fuelled the action, according to data from EY.

The firm’s recent analysis, which looked at dealmaking in North America (Canada and the U.S.), Europe, and Asia and Oceania, showed that 2,236 deals were publicly disclosed by banks, insurers and asset managers last year. This was an increase from 2,219 deals in 2024, “which at the time was a 10-year peak,” the report noted.

Total disclosed value for deals in 2025 “rose significantly” to $418.9 billion from $282.1 billion a year prior. This included 93 deals valued at more than $1 billion, which accounted for 81% of total deal value last year. By comparison, 54 such deals were announced in 2024.

“Market conditions continued to challenge global financial services dealmaking in 2025 but did not dampen investment appetite within the sector. While the number of deals was only up marginally year-on-year, overall value was up 49%. Transactions exceeding $1 billion rose more than 70%, and every region globally reported growth in deal value,” said Omar Ali, EY global financial services leader, in a release.

“With more than 2,000 financial services deals announced or completed worldwide in 2025 — including 93 megadeals — growth, scaling, and innovation are clearly at the top of the agenda, and firms are increasingly emboldened to transact higher-quality assets that command premium valuations to achieve their competitive goals.”

Roughly 10% of all dealmaking in the financial services in 2025 was driven by private equity or venture capital firms. Other transactions took place between corporate institutions, EY noted.

In Canada and the U.S., M&A activity in the financial services was down in 2025. There were 947 publicly disclosed deals, compared to 998 a year earlier, amounting to a 5% year-over-year decline. At the same time, total disclosed deal value increased to $188.7 billion from $166.9 billion in 2024.

In Europe, there was a 6% increase in publicly disclosed deals on an annual basis, with 759 deals struck in 2025, compared to 715 the previous year. Total disclosed deal value also ballooned to $141.2 billion from $49.5 billion. Thirty of the deals reported across the region were valued at more than $1 billion, and two surpassed $10 billion in value.

In Asian and Oceanian markets, M&A activity was up by 0.8% on an annual basis, as 360 publicly disclosed deals were struck in 2025, compared to 357 a year prior. Total disclosed deal value increased in these markets as well, rising to $65.5 billion from $40.4 billion.