The U.S. deal market has reignited with remarkable speed, fueled by large-scale transactions and a cross-sector race to acquire technology capabilities. As companies reposition for a more digitally-driven economy, leadership strategy is emerging as the critical differentiator. Leo Cummings, an associate at Hunt Scanlon Ventures, explores the latest findings from EY-Parthenon and what they mean for talent leaders navigating a fast-moving deal cycle.
The most recent EY-Parthenon 2025 M&A analysis shows a market operating at full acceleration. U.S. deal value for transactions of $100 million or more hit $2.09 trillion through October – up 45% year-over-year – with deal volume rising just over 10% to 1,409 transactions.
EY notes that “from January to October, a major deal was announced every 4.6 hours,” underscoring the sheer pace of activity. Technology led all sectors with 446 deals valued at $658 billion, confirming its position as the backbone of U.S. dealmaking in 2025.
EY’s data captures one of the most striking rebounds in recent memory. The $2.09 trillion in M&A spending is enough “to give every person on Earth $254 in cash,” it noted, illustrating how aggressively buyers reentered the market.
What stands out most is the surge in cross-sector tech acquisition: non-tech buyers deployed $400 billion toward technology targets, surpassing the $285 billion spent by tech companies themselves.
Deal totals including undisclosed values show a similar pattern, with non-tech buyers executing 1,719 tech-related deals versus 1,316 for tech acquirers.
“This is the clearest sign yet that every company is now a technology company,” said Leo Cummings, an associate at Hunt Scanlon Ventures. “Leadership teams are being forced to absorb new digital capabilities at a pace that outstrips traditional integration playbooks.”
Private Equity Returns With Conviction
For talent leaders, this means heightened demand for CIOs, CTOs, data executives, and transformation operators who can turn tech deals into operational advantage – quickly and sustainably.
Private equity dealmaking also surged, driven by better financing conditions and a pressing need to deploy dry powder. For deals above $100 million, PE deal value jumped 75% year-over-year. Technology again dominated, capturing 113 PE deals and $362.8 billion in value.
“PE firms want executives who can execute a value-creation plan on day one.”
“PE firms are underwriting growth through leadership earlier in the investment cycle,” said Mr. Cummings. “They want executives who can execute a value-creation plan on day one.”
With competition intensifying across tech-enabled assets, search partners will see increasing demand for CEOs, CFOs, and operating leaders with proven experience in scale, integration, and digital transformation.
Divestiture Momentum Builds in Oil & Gas and Chemicals
While tech dominated acquisitions, the oil and gas, chemicals sector led corporate separations with 74 divestitures above $100 million – slightly ahead of technology’s 73 separations.
EY notes that industrial companies are reshaping portfolios to sharpen strategic focus and redirect capital toward higher-growth opportunities.
“These carve-outs often create leadership vacuums that must be filled immediately,” said Mr. Cummings. “Standalone entities need operators who can build infrastructure from scratch, while parent companies must rethink leadership bandwidth and reporting structures.”
As a result, CFOs, COOs, and transformation leaders with carve-out experience will remain in high demand through 2026.
Tech Dominance Extends Across All Deal Dimensions
Whether measured by corporate M&A, private equity, megadeals, cross-border activity, or corporate separations, technology ranked first in nearly every category.
EY recorded 29 tech megadeals above $5 billion, 103 cross-border technology transactions, and more than 2,200 total tech-related deals when including undisclosed values. Life sciences and oil & gas followed in most categories, but the gap in both value and volume widened significantly.
“Tech is no longer just a sector – it is the foundation of competitive strategy,” Mr. Cummings noted. “Companies are prioritizing executives who can lead through AI adoption, platform integration, and digital expansion. Those capabilities now define who wins in this market.”
“Tech is no longer just a sector—it is the foundation of competitive strategy.”
Leadership teams with hybrid skill sets – technical fluency paired with operational experience – will be essential as companies absorb increasingly complex acquisitions.
Leadership Becomes the Critical Lever in a Reaccelerating Cycle
With EY-Parthenon advising on 80% of the year’s top 10 deals, the pace and complexity of 2025 M&A confirm a decisive shift: Capital is flowing, strategic confidence is returning, and the most aggressive buyers are acting now.
But the dividing line between successful and stalled integrations is becoming sharper.
“We are entering a period where the leadership bench will determine whether these massive deals actually deliver,” Mr. Cummings said.
As dealmaking accelerates, he said, the firms best positioned to benefit will be those that invest early in the executives who can navigate disruption, unlock synergies, and translate bold transactions into measurable value.
Article By
Leo Cummings
Leo Cummings is Editor-in-Chief of ExitUp, the investment blog from Hunt Scanlon Ventures designed for professionals across the human capital M&A sector. Leo serves as an Associate for Hunt Scanlon Ventures, providing robust industry research to support the firm’s investment group.
