Canada’s total deal value rose 30 per cent to US$178 billion last year—its highest level since at least 2009—though it lagged the 40 per cent increase globally, according to a new report from consultant Bain & Company. However, Canada outperformed the U.S on strategic deals, those involving corporate buyers or companies backed or owned by private equity. Strategic M&A value jumped 57 per cent year over year, compared with a 54 per cent growth south of the border. (The Logic)

Talking point: Despite the jump in deal value, the number of Canadian deals larger than US$30 million only rose by 8 per cent from the prior year. Strategic buyers dominated deal making, accounting for US$149 billion in total deal value, with two-thirds composed of deals worth less than US$10 billion. The energy and natural resources sectors led Canadian strategic deal-making in 2025, rising 133 per cent, while advanced manufacturing and services sectors declined 21 per cent. Deal makers remain optimistic about 2026’s prospects, but warned that “macroeconomic and geopolitical uncertainty could dampen market dynamics.”