ZURICH (Reuters) -Global mergers and acquisitions activity grew 10% in the first nine months of 2025 compared with the same period last year, extending a gradual recovery despite uncertainty over U.S. tariff policies and geopolitical conflict, a study showed on Tuesday.

The Boston Consulting Group Global M&A Report showed the deal volume rose to $1.938 trillion from January to September compared with $1.763 trillion in the same nine months of 2024.

It marked the second consecutive increase and was the highest total over the period since 2022, when the first nine months’ activity was worth $2.17 trillion.

“While headwinds such as geopolitical tensions and changing tariff policies have caused some dealmakers to pause, many others have pressed forward strategically,” BCG said.

Still, the

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