Event-Driven Update Q3 2025

Q3 marked the most active quarter for US M&A in the past five years. There were 40 deals over $1bn announced involving US targets, which represented $310bn in total deal volume. This was supported by increased optimism around potential regulatory developments that could increase the clarity and predictability of approval timelines. SPAC activity similarly accelerated in Q3 – in fact, IPO fundraising in September was 70% higher than the monthly average witnessed over the last year.

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