Global mergers and acquisitions (M&A) activity has declined sharply, reaching levels not seen in several decades. According to data highlighted by Apollo Global Management, the number of M&A deals is approaching multi-decade lows. By May 2025, M&A transactions had fallen by approximately 25%. This downturn is notably pronounced in the oil and gas sector, where deal volumes have significantly decreased. Industry observers have pointed out that the world's leading M&A law firm has experienced similar downturns in the past, reflecting cyclical challenges in deal-making environments.