By any measure, 2025 was the year North American M&A reasserted itself at scale. The combination of more permissive antitrust oversight under the Trump administration, record pools of private equity dry powder, and AI-driven strategic repositioning across virtually every major industry produced a surge in large transactions.
Goldman Sachs advised on $1.2 trillion in US deal value during the year, across 350 transactions, comfortably ahead of its nearest competitor and extending its consecutive-year run at the top of the Americas M&A rankings.
The firm’s performance reflected specific competitive advantages in the deal types that dominated.
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