Transactions of $10bn or more have hit an all-time record in 2025 after Donald Trump’s deregulatory push unleashed Wall Street’s animal spirits and a blitz of global dealmaking.
Naver’s $10.3bn all-stock acquisition of South Korea’s biggest crypto exchange Upbit on Wednesday took this year’s megadeal total to 63, topping the 2015 record, according to LSEG data on transactions since 1988.
The frenzy comes despite a sluggish start to the year after the US president’s “liberation day” tariffs sparked weeks of market volatility and deep uncertainty about interest rates and the global economic outlook.
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