U.S. Mergers & Acquisitions Monthly Review: March 2025

U.S. M&A deal activity decreased in March, going down 5.9% with 892 announcements compared to 948 in February. However, aggregate M&A spending increased. In March, 49.9% more was spent on deals compared to February.

In terms of M&A deal activity, 5 of the 21 sectors tracked by FactSet saw an increase in M&A deal activity over the past three months relative to the same three-month period one year ago: Technology Services (747 vs. 648), Health Technology (121 vs. 96), Energy Minerals (26 vs. 19), Miscellaneous (18 vs. 13) and Government (1 vs. 0).

On the other hand, 16 of the 21 sectors tracked by FactSet saw a decrease in M&A deal activity over the past three months relative to the same three-month period one year ago. The five sectors that witnessed the largest declines in M&A deal volume were: Commercial Services (393 vs. 533), Finance (489 vs. 621), Consumer Services (143 vs. 246), Distribution Services (120 vs. 209) and Producer Manufacturing (165 vs. 216).

Topping the list of the largest deals announced in March are: X.AI Corp. acquiring X Corp. for $33 billion; Google LLC's agreement to acquire Wiz, Inc., for $32 billion; Sycamore Partners Management LP agreeing to acquire Walgreens Boots Alliance, Inc., for $12.5 billion; Rocket Cos., Inc.'s deal to acquire Mr. Cooper Group, Inc., for $9.2 billion; James Hardie Industries Plc's deal to acquire The AZEK Co., Inc., for $8.2 billion.

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