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

U.S. M&A deal activity decreased in October, going down 3.3% with 1,270 announcements compared to 1,314 in September. However, aggregate M&A spending increased. In October, 20.4% more was spent on deals compared to September.

In terms of M&A deal activity, 6 of the 21 sectors FactSet tracks saw an increase 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 increases in M&A deal volume are: Technology Services (883 vs. 701), Commercial Services (477 vs. 406), Non-Energy Minerals (122 vs. 63), Industrial Services (248 vs. 216) and Miscellaneous (18 vs. 14).

On the other hand, 13 of the 21 sectors FactSet tracks 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 are: Finance (669 vs. 756), Distribution Services (129 vs. 182), Producer Manufacturing (178 vs. 221), Consumer Non-Durables (69 vs. 95) and Consumer Services (200 vs. 222).

Topping the list of the largest deals announced in October are: A private group led by Tennenbaum Capital Partners Private Equity, Global Infrastructure Management LLC, MGX Fund Management Ltd., Microsoft Corp., and NVIDIA Corp.'s deal to acquire Aligned Data Centers LLC from Macquarie Infrastructure Partners, Inc. for approximately $40 billion; Skyworks Solutions, Inc.'s agreement to acquire Qorvo, Inc. for $9.7 billion; Berkshire Hathaway, Inc.'s agreement to acquire Occidental Chemical Corp. from Occidental Petroleum Corp. for $9.7 billion; Thermo Fisher Scientific, Inc. agreeing to acquire Clario Holdings, Inc. for $9.4 billion; Huntington Bancshares, Inc. entering an agreement to acquire Cadence Bank for $7.4 billion. 

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