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M&A activity experienced a modest decline in Q3 2025, influenced largely by ongoing uncertainty surrounding U.S. tariff policy and expectations of further BoC rate cuts.

M&A activity in the North American agriculture sector increased in Q3 2025, with 79 transactions either announced or completed.

As of Q3 2025, median EV/EBITDA multiples were 9.8x, reaching the highest level on publicly disclosed transactions since 2021. Median EV/EBITDA multiples have been increasing for four years in a row, up from 9.4x in 2024 and 7.3x in 2023.

The Engineering and Construction M&A market experienced an increase in transaction value in Q3 2025 compared to Q2 2025, with 12 mid-market M&A transactions across the U.S. and Canada.

M&A transaction volume in the North American food and beverage industry increased by 7.6% in Q3 2025 compared to Q2 2025, while disclosed transaction value decreased by 12.8% over the same period.

Healthcare M&A activity in Q3 2025 reached over $4.0 billion in disclosed transaction value across 275 deals in Canada and the U.S.

Transaction volume in the North American manufacturing sector increased for the fifth consecutive quarter with 288 transactions reported in Q3 2025.

North American M&A activity in Q3 2025 reached $497 million in disclosed transaction value across 13 deals, with seven deals originating in Canada and six from the U.S.

Total transaction values reached $47 billion in Q3 2025, representing a 21% increase compared to $39 billion in Q2 2025.

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