U.S. merger and acquisition (M&A) activity experienced a decline in deal announcements in July 2025, with 1,038 deals reported, down 3.6% from 1,077 in June. Despite the decrease in the number of deals, aggregate M&A spending increased by 58.5% in July compared to June. Since June, companies have announced $1.05 trillion in deals, marking a 30% year-over-year increase and representing the busiest summer period for M&A since the pandemic-driven boom in 2021. Recent analyses highlight notable antitrust cases and trends in M&A activity across the U.S., European Union, and United Kingdom during the second quarter of 2025.