Quarterly M&A Insights
As a part of our commitment to providing clients with timely and insightful information to inform their most complex business decisions, we present our M&A Quarterly Insights series. A valuable tool for companies, investors and other stakeholders, these reports provide a comprehensive overview and analysis of M&A activity and business trends in Canada.
The value of Canadian M&A transactions surged in 2025, driven primarily by large cap deals and an acute focus on infrastructure and resources. Total deal value last year was US$118 billion higher than 2024 on slightly fewer deals. Transaction value hit a remarkable US$131 billion in the third quarter of 2025—the highest three-month tally since Q4 2020, according to S&P Global Market Intelligence.
It is the same story globally. Bloomberg data highlights that megadeals pushed M&A transaction value to a near-record US$3.6 trillion last year. This total is 38% higher than 2024 and second only to 2021.
In our year-end update on Canada's M&A landscape and look-ahead to 2026, we provide key takeaways from the latest data and market trends and examine:
- the dynamics of large cap deals in Canadian M&A this past year
- challenges that remain in Canadian dealmaking
- how infrastructure is taking centre stage in Canada
- mid-market activity and what to watch out for in 2026 in Canada
- the Canadian credit markets in 2025 and what's ahead in the coming year
Work With Our
M&A Group
M&A Group
Our M&A group spans all industries, particularly those that drive the Canadian economy, such as energy, mining, financial services, technology, agribusiness and manufacturing, among others. Clients benefit from our focus on efficient identification of issues that matter to their business. Our lawyers account for your risk appetite and the commercial realities likely to apply after closing to guide negotiation strategy and structuring.
Bennett Jones has been monitoring Canadian business trends closely and is available to discuss the developments and opportunities shaping the Canadian M&A landscape.
Connect with us to learn more about how we can help you navigate your business' needs.
Curtis A. Cusinato
Vice Chair and Partner • Cross-border Mergers and Acquisitions and Capital Markets Lawyer
