Global mergers and acquisitions surged in 2025, nearly reclaiming the all-time peak of 2021. After a lull from cooling markets and higher borrowing costs, firms around the world stepped back into deal-making with renewed confidence. Total M&A value reached roughly $4.5 trillion — about 50% above 2024 levels and the second-largest annual tally on record, the Financial Times reported Friday. One defining characteristic of 2025’s deal boom was the value of the cash exchanging hands. There were 68 transact ...