Global deal activity declined in 2025, signaling an environment marked by challenging market conditions. The total number of deals (comprising mergers & acquisitions (M&A), private equity and venture financing deals) announced globally decreased by 6% during January-November 2025 compared to the same period in the previous year, according to GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database revealed that the downturn was broad-based across all deal types and regions, yet some markets continued to demonstrate resilience and selective growth.

The number of M&A deals announcement fell by 6% during January-November 2025 compared to January-November 2024, whereas venture financing deal volume registered a 5% year-on-year (YoY) decline. Meanwhile, private equity deals volume fell by 16%.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The contraction in deal activity points to heightened caution in investment decisions amid prevailing geopolitical tensions, macroeconomic challenges, and evolving market dynamics. While certain markets may still present opportunities, the overall sentiment remains one of caution.”

The slowdown was also visible across all regions. North America, which led by deal volume, saw a comparatively mild 3% YoY decline during January-November 2025, underpinned largely by the relative resilience of the US, where deal activity fell by just 2%.

Asia-Pacific registered a 5% decrease, while Europe posted the steepest regional contraction at 11%, reflecting both cyclical headwinds and ongoing geopolitical complexities. The Middle East and Africa, as well as South and Central America, each saw deal volumes contract by 10% during the same period.

At the country level, performance was highly differentiated, highlighting both structural strengths and vulnerabilities. India emerged as a standout, posting a 4% YoY increase in deal activity, while China recorded a flat performance. Several other markets also outperformed the broader trend.

For instance, Israel, Hong Kong, and Saudia Arabia registered 11%, 15% and 7% growth in the number of deals announced in these markets, respectively, during January-November 2025 compared to January-November 2024. By contrast, markets such as the UK, Canada, Germany, Australia, France, South Korea and Brazil saw respective deal activity fall by 14%, 9%, 10%, 10%, 6%, 27% and 8% during the same period.

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain