Monthly Canadian M&A Report

Month Ended September 30, 2025

MARKET UPDATE

104 M&A transactions closed last month, 35.7% lower than the average monthly transaction count over the previous ten years. As of September 30, M&A activity year-to-date is down 18.2% versus 2024. Cash on corporate balance sheets in North America was $6.8 trillion (USD). There was approximately $1.3 trillion (USD) of private equity dry powder, representing roughly $2.6 trillion (USD) in latent acquisition capacity when debt funding is factored in.

While equity markets strengthened and the 10-Year Treasury yield edged lower, buyers remain selective as elevated valuations and macro uncertainty continue to weigh on M&A activity.

VALITAS INSIGHTS

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