Canadian M&A volume remains consistent in the first half of 2025

Despite ongoing tariffs and political tensions with the United States, Canadian M&A activity has seen a boost in deal volume by dollar amount, signalling optimism for the second half of 2025, Mergermarket reported in an article.

Partner John Emanoilidis shared his insights with Mergermarket, noting that “Canadian buyers and sellers are discussing deal structures like earnouts and required spin-offs and divestitures” in order to counteract the risks from U.S. tariffs.  

“The activity levels are strong, but the bar for execution is much higher,” he said.

In the first half of 2025, Canadian dealmakers contributed USD $48.9 billion across 338 deals—marking the second strongest first-half by deal volume in the past 20 years, Mergermarket reported.

While deal count is down compared to previous years, volume remains consistent, John says.

“The number of signed deals has not been up there, but we are all busy. We are all as busy as we have ever been,” he said.

You can read more about our M&A work on our practice page.

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