Dealmaker's Digest: A Top 10 Bulletin - March 2025

Alert
March 2025
6 minutes

In Dealmaker’s Digest, read the top 10 latest developments in global transactions. We offer insights into M&A activity across industries and borders. To receive our M&A thought leadership, please join our mailing list.

Key Takeaways

  • Proposed amendments to the Delaware General Corporation Law would address issues involving controlling stockholder transactions and liability, director independence, and the scope of stockholder demands for corporate books and records.
  • Global deal value in February held steady month-over-month, fluctuating less than 1% across buyer types. 
  • U.S. crossborder M&A activity was mixed in February: inbound deals were down from January, while outbound deals increased moderately.  

Global M&A Activity Update

Deal Value Trends

After falling significantly in January, aggregate global monthly deal value1 in February remained steady, up just 1% month-over-month. Total deal value was down 19% year-over-year.

Transactions involving strategic buyers in February held steady (up 1%) by deal value from January but declined significantly (34%) year-over-year.

Financial, or sponsor, buyer transactions were similarly flat month-over-month by value, up 2% from January. Sponsor buyer deal value increased 20% year-over-year.

Deal Count Trends

Like global deal value, month-over-month global deal count held steady in February, up just 1%. Year-over-year global deal count rose 10%.

Strategic buyer deal count in February increased 7% from January and 20% year-over-year.

Sponsor buyer deal count in February fell 7% from January and declined 4% year-over-year. In the last 13 months, sponsor deal count hasn’t fluctuated more than 14% month to month, hovering around 1,000 deals per month.

Chart showing software, services (other) and financial services as the top three leading industries by deal count.

Active M&A Industries (U.S. Targets)

By Deal Count

  • The software industry remained at the top for U.S. M&A activity by deal count in February, continuing its streak as the leading industry by volume.
  • Services industries remained active, with financial services and other professional services rounding out the top three sectors in February by deal count.

By Deal Value

  • The financial services industry topped the charts by deal value in February, with five announced transactions exceeding $1 billion.
  • Software took second place in February by deal value, followed closely by acquisitions in the energy sector. 

February Blockbuster Deals

Largest U.S. Strategic Deal

Herc Holdings Inc. has agreed to acquire H&E Equipment Services, Inc. in a cash-and-stock transaction valued at approximately $5.9 billion.3


Largest U.S. Sponsor Deal

Blackstone Infrastructure has agreed to acquire Safe Harbor Marinas, LLC in an all-cash transaction valued at approximately $5.65 billion.

Crossborder Corner

Inbound U.S. M&A Activity

  • By deal value, acquisitions of U.S. targets by non-U.S. acquirers decreased 11% from January to February. Year-over-year, inbound deal value dropped 38%.
  • By deal count, inbound U.S. activity held roughly steady, decreasing just 4% month-over-month. Year-over-year, inbound deal count increased 33% from February 2024’s multi-year low.
  • UK-based acquirers undertook the largest number of inbound transactions in February with 19 deals, followed closely by Canada at 17. Germany trailed with 8 deals.

Outbound U.S. M&A Activity

  • By deal value, outbound activity in February increased 34% month-over-month but fell 10% year-over-year.
  • By deal count, acquisitions of ex-U.S. targets by U.S. buyers increased 10% month-over-month. Year-over-year, outbound deal count was up moderately (6%).
  • U.S. acquirers most frequently looked to UK-based targets in February, with 29 transactions. Targets in Canada and Germany trailed with 19 and 16 transactions, respectively.

  1. Unless otherwise noted, charts are compiled using Mergermarket data for February 2025 as of March 5, 2025. Aggregate deal values by dollar amount are calculated from the subset of deals with disclosed values.
  2. Medical industry classification principally includes medical devices/technology/services, excluding biotech and pharmaceutical deals.
  3. H&E determined that Herc’s February acquisition offer constituted a “superior proposal” pursuant to its now-withdrawn merger agreement with United Rentals, which was announced in January.
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