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

U.S. M&A deal activity increased in September, going up 11.2% with 1,146 announcements compared to 1,031 in August. Aggregate M&A spending increased as well. In September 41.8% more was spent on deals compared to August.

In terms of M&A deal activity, 7 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. The five sectors that witnessed the largest increases in M&A deal volume were: Technology Services (803 vs. 702), Non-Energy Minerals (102 vs. 54), Commercial Services (430 vs. 389), Consumer Services (229 vs. 216) and Process Industries (84 vs. 77).

On the other hand, 12 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: Finance (529 vs. 702), Producer Manufacturing (157 vs. 223), Distribution Services (105 vs. 169), Health Services (94 vs. 124) and Transportation (65 vs. 85).

Topping the list of the largest deals announced in September are: A private group led by Public Investment Fund, Affinity Partners and Silver Lake Management Co. LLC entering into an agreement to acquire Electronic Arts, Inc. for $52.4 billion; Space Exploration Technologies Corp.'s deal to acquire the AWS-4 and H-block spectrum licenses from EchoStar Corp. for $17 billion; CapVest Partners Ltd.'s agreement to acquire an undisclosed majority stake in STADA Arzneimittel AG from Cinven Group. Ltd. and Bain Capital Ventures LP for a reported value of $11.7 billion; Blue Water Acquisition Corp. III's bid to acquire PDV Holding, Inc. from Petróleos de Venezuela SA for $10 billion; a private group led by Kohlberg Kravis Roberts & Co. LP and Canada Pension Plan Investment Board agreeing to acquire an additional 45% majority stake in Sempra Infrastructure Partners LP for $10 billion. 

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