The Deal provides comprehensive news, analysis and commentary on the latest mergers, acquisitions and divestitures. It covers corporate transactions, dealmakers and their advisers to help you stay ahead of the trends that are transforming the business landscape.
Despite a volatile and uncertain environment, deals continue to happen. In the first half of 2025, deal volumes declined 12%, but values rose 26%, led by a rise in deals valued at more than $1 billion. In fact, some sectors have seen an increase in both deal volumes and value, including aerospace and defence, chemicals, asset and wealth management and power and utilities. Other sectors, like pharmaceuticals, automotive and industrials have seen declines on both fronts.
For example, mining giant BHP Billiton closed an agreement to acquire OZ Minerals, which gives it access to the highly sought-after copper and gold assets in Brazil. Meanwhile, manufacturing conglomerate Honeywell paid for Carrier Global, a maker of heating, ventilation and air conditioning products, to strengthen its portfolio of security products. And Home Depot purchased SRS Distribution, which helps it expand its reach into the residential construction industry.
As companies look to build on their strengths and adapt to the new competitive dynamics, they are taking a more nuanced view of geography and looking beyond China in search of growth. But uncertainty still lingers, and it is easy to hit pause or retreat. Dealmakers can’t stop the clock, but they need to be bold, find their path forward and stick to it.