Global mergers and acquisitions slipped in number but swelled in size during the first half of 2025, according to Dealogic data. The period saw 17,528 transactions, down from 20,583 a year earlier, yet the total announced value jumped 26% to about $2.14 trillion as buyers concentrated on fewer, larger targets. Asia provided much of the firepower. Regional deal value more than doubled to $584 billion, lifting Asia’s share of worldwide M&A to 27.3%. North American activity rose 17% to $1.04 trillion. The tally included Toyota’s roughly $33 billion move to take affiliate Toyota Industries private and an $18.7 billion cash offer led by Abu Dhabi National Oil Co. for Australia’s Santos. Transactions exceeding $10 billion increased 62% from a year earlier. Investment bankers say the rebound in equity markets and improving risk appetite are clearing the way for potential megadeals in the second half. Bank of America’s global M&A co-head Ivan Farman said many shelved transactions are “likely to restart,” while Morgan Stanley’s John Collins sees better odds for deals above $50 billion than a year ago. Rising optimism is also encouraging companies to revive initial public offerings that were postponed amid market volatility earlier this year.