U.S. merger and acquisition activity decelerated significantly by mid-November, as investors and dealmakers navigated mounting economic uncertainty and higher borrowing costs. According to FactSet, 943 deals were announced in November—down 26.8% from October’s 1,288—while overall M&A spending dipped 9.3%.
Despite the slowdown, certain sectors demonstrated notable resilience. Deal volume in Technology Services, Health Technology, and Energy Minerals sectors continued to beat year-ago levels. FactSet data reveals Technology Services saw 668 deals in the past three months versus 656 year-over-year; Health Technology rose from 110 to 130; and Energy Minerals went from 28 to 31. These sectors appear to be insulated from broader hesitancy as firms maintain strategic focus on digital infrastructure, health-tech innovation, and resource-related assets.
Several large-scale industrial deals underscore this split in momentum. Amcor agreed to acquire Berry Global in an all-stock transaction valued at approximately $8.4 billion, which would create a global packaging leader with combined annual revenues nearing $24 billion. Meanwhile, QUIKRETE Holdings moved forward with a $9.2 billion acquisition of Summit Materials in a landmark deal that merges two of North America’s largest concrete and cement producers . These transactions reflect the continued appetite for consolidation within industrial and resource-driven industries, even amid headwinds.
Analysts suggest dealmakers are adopting a “wait-and-see” approach in light of the post-election policy backdrop and persistently elevated interest rates. While confidence remains in sectors with clear growth trajectories or defensive qualities, cross-sector integration in the broader M&A landscape appears subdued.
The mid-November decline mirrored an 18.9% drop in aggregate M&A spending from October, despite October seeing a modest 9.1% uptick in total deal volume. This pattern signals cautious optimism—business executives seem ready to act in targeted sectors, yet overall market sentiment remains tempered.
Looking forward, the markets’ stability in high-performing sectors could serve as a foundation for broader M&A recovery, contingent on easing financial conditions or greater clarity in federal policy. However, the current pause across most industries underscores the critical role macroeconomic and political factors play in shaping deal activity.
November’s M&A landscape in the U.S. reveals a tale of two markets. Across the board, activity contracted sharply, driven by elevated borrowing costs and post-election uncertainty. Yet, the sustained pace of deals in Technology Services, Health Technology, and Energy Minerals—and major cross-border industrial consolidations like Amcor–Berry and QUIKRETE–Summit—demonstrate that pockets of confidence persist. Going forward, market watchers will track financing trends, policy clarity, and sector-specific dynamics as key indicators of whether a broader M&A resurgence is on the horizon.
