In the H1 2025, Canadian M&A activity declined in deal volume, but increased in disclosed implied enterprise value (EV) – mostly attributed to an uptick in larger deals. General economic uncertainty, especially around trade policy, has led to hesitancy amongst buyers and sellers, which has sidelined and delayed certain transaction processes. In the first half of 2025, 692 Canadian companies were sold, with total disclosed EV amounting to CAD 56.8 billion, representing a 6% decline in deal volume when compared to H1 2024.
39 megadeals closed averaging $3.0 billion in EV, an increase from H1 2024, which recorded 21 closed megadeals. The largest transaction including a Canadian party in H1 2025 was the acquisition of Nord Anglia Education by consortium of investors for $20.1 billion. The second- and third-largest deals involving a Canadian party were the acquisition of Neoen S.A. by Temasek, Brookfield and Brookfield Renewable for $14.6 billion; and Veren by Whitecap Resources for $9.2 billion.
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