In 2025, Canadian M&A activity declined in deal volume, though disclosed implied enterprise value (EV) reached its highest level over the last 10 years, driven primarily by an increase in the average size of megadeals. Geopolitical conflicts and macroeconomic uncertainty over 2025 have increased the cautiousness and selectiveness of buyers, though there is clear willingness to transact for high-quality assets.
1,405 Canadian companies were sold in 2025, with total disclosed implied EV amounting to $122.2 billion, representing an 8.4% decline in deal activity and a 38.1% increase in disclosed implied EV year over year.
