Global M&A activity hit a record $1.2 trillion in the first quarter with 22 deals valued above $10 billion, surpassing the previous record of 21 deals in 2015. This marked the third consecutive $1 trillion quarter for dealmaking as companies pushed forward with major transactions despite geopolitical tensions. The United States led with $629.8 billion in transactions, nearly matching the 2021 record.

Notable transactions included Unilever's food division sale to McCormick creating a $66 billion entity, and Eli Lilly and Biogen's biotech acquisitions exceeding $5 billion each. Europe saw an 82% surge in dealmaking to $307 billion, highlighted by UK asset manager Schroders being sold to Nuveen for £9.9 billion. Cross-border mergers increased by 47%, reflecting continued global business integration.

Despite Middle East conflict driving oil prices above $100 per barrel and concerns about AI's impact on software companies, dealmaking remains robust. Private equity-backed deals fell 12% to a six-year low, yet still totaled $314 billion globally. Boards are increasingly asking management about their strategic moves as competitors pursue major acquisitions, though potential software sector headwinds could temper overall deal activity.