M&A Deals Jump 149% in H1 2025; Rothschild Tops League Tables: LSEG

Mergers and acquisitions (M&A) involving the Middle East and North Africa (MENA) reached $115.5 billion in value in the first half of 2025—a 149% increase compared to the same period last year, according to LSEG Deals Intelligence. This marks the highest first-half total since LSEG began tracking the data in 1980.

The number of deals announced in the region rose by 16%, reaching the highest level in three years, underscoring the region’s resilience amid global uncertainty, including the impact of the Trump tariffs.

“Despite broader global uncertainties, we expect M&A activity in the MENA region to remain resilient. The strong half-year performance reflects deep investor confidence and a sustained appetite for cross-border deal making.

 Furthermore, the region will continue to benefit from strong sovereign capital and strategic diversification initiatives,” Zubair Mir, Senior Partner, Norton Rose Fulbright (Middle East) LLP, told Zawya.

These fundamentals, combined with ongoing regulatory reforms, opening of markets and FDI initiatives are creating a robust environment for both inbound and outbound transactions, he added.  

The largest deal announced so far is Borealis AG’s $30.85 billion acquisition of Borouge PLC in the UAE, which is still pending completion, the data showed. The UAE emerged as the most targeted nation, with deals totaling $39.8 billion, followed by Saudi Arabia at $3.5 billion.

Deals involving MENA targets totaled $48.0 billion, up 18% year-on-year, reaching a level surpassed only once before—in 2019, when Saudi Aramco acquired a majority stake in SABIC.

MENA outbound M&A totalled $64.5 billion during the first six months of 2025, an all-time first half record.  The number of outbound deals increased 8% from year-ago levels.

The materials sector dominated MENA-targeted M&A by value, accounting for 67% of total deal value, largely driven by the ADNOC-OMV merger of Borouge and Borealis.

The financial sector recorded the highest number of deals, totaling $3.3 billion in value.

“Looking ahead, we anticipate strong deal activity in sectors that are central to regional development agendas. Energy—particularly clean energy—continues to attract significant investment, alongside digital infrastructure and healthcare innovation, which are benefiting from both public and private sector initiatives,” said Mir.

Energy & Power sector saw deals worth $2.2 billion in the last six-month period.

“Technology also remains a key area, driven by digital transformation and innovation across industries,” said Mir.

League tables

Rothschild led the MENA financial advisor league table for announced M&A in H1 2025, advising on deals worth a combined $76.1 billion, accounting for 65.9% of market share.

Goldman Sachs was second with deals worth $75.6 billion. Citi followed with $48.4 billion.  Morgan Stanley took the seventh position, down from the first position in H1 2024, with a 40% drop in deals value to $16.9 billion.  

LSEG Investment Banking fees are imputed for all deals without publicly disclosed fee information.