Our quarterly report focuses on:
Transaction volume
US divestiture transaction volume decreased from 494 in Q3 2025 to 454 in Q4 2025. Although US divestiture transaction volume decreased, divestiture transactions made up 27% of total M&A activity in Q4 2025, up substantially from 23% in Q3 2025, which marks the highest levels since Q3 2024.
Transaction size
In Q4 2025, US deal activity shifted toward smaller transaction sizes. Deals more than $1 billion fell to 24% of disclosed deal volume in Q4 2025 from 31% in Q3 2025, while transactions under $250 million rose to 44% of deal volume in Q4 2025 from 33% in Q3 2025.
Acquiror type
Domestic strategic buyers accounted for 50% of buyers in divestiture transactions in Q4 2025, virtually unchanged from 50% in Q3 2025. Private equity deals remained the same at 34.4% in Q4 2025 and Q3 2025.
Industry focus
Industrials led divestitures in Q4 2025, accounting for 19%, compared with Q3 2025 when high technology led divestitures at 19%. Financials replaced energy and power for the second-highest concentration, comprising 13% of all transactions, moving high technology to the third rank with 12% concentration in Q4 2025.
Europe
Divestitures deal activity among European acquirors declined to 30 transactions in Q4 2025 compared to Q3 2025 and Q2 2025 with 33 and 35 transactions, respectively.
Americas
Divestiture activity in the Americas decreased in Q4 2025 compared to Q3 2025. The Americas completed 381 transactions in Q4 2025 compared to 414 transactions in Q3 2025.
Asia
Divestiture activity in Asia increased 25% quarter over quarter in Q4 2025 compared to Q3 2025. Asian acquirors closed 20 deals in Q4 2025 compared to 16 in Q3 2025.
1 Refinitiv data as of January 12, 2026.
2 Ibid.
Learn more about the trends from 2021-2024 by downloading the following reports