Sometimes M&A takes a scatter-gun approach – lots of targets, safety in numbers. And sometimes, it’s like now: concentrating fire on a few crucial deals with the potential to reshape the future. In Deal Drivers: Americas HY 2025, the latest report from Datasite and Mergermarket, we can see this strategic shift unfolding before our eyes.

As the Americas market enters the second half of the year, overall value continues to climb even as volume sinks. Dealmakers are pivoting, doubling down on transformational opportunities, chasing AI-enabled infrastructure, and making bold plays across sectors such as energy, consumer, and financial services.

Let’s home in on the three key themes behind this trend.

1. Big is beautiful

Lower volumes, higher stakes is the story of the year. Deal numbers across the Americas fell 17.7% year-on-year to 6,217 transactions, but value sang a different tune, soaring over 17% to nearly US$1.2tn. The focus is now emphatically on select, high-confidence acquisitions that can move the dial.

Private equity is very much on the same page. Buyout activity dropped by 17.9%, even as total value jumped 38.7% to US$318bn. Funds aren’t holding back, but they are choosing carefully. Large sponsors with money to invest are chasing new platform acquisitions and scale-ups that promise transformative returns. Good examples include Sycamore Partners’ US$23.7bn acquisition of Walgreens Boots Alliance, or 3G Capital’s record-setting US$11.3bn purchase of Skechers.

A shrinking pool of targets versus rising deal values indicates a two-track divide in today’s M&A market. On the value high-road, the emphasis is now on patience, precision, and the ability to move fast with firm commitment when the right opportunity arises.

2. The new intelligent tech trend

It’s easy to take the continued dominance of TMT for granted – but a look at the finer detail reveals a more nuanced picture. Although in the Americas the technology sector topped both values and volumes, it was a particular breed of mega-deal delivering those numbers (US$403.7bn across 1,705 deals).

OpenAI’s US$40bn funding round, led by SoftBank, was the flagship event, setting new expectations with its US$300bn valuation. Meanwhile, the feverish race for AI infrastructure was vividly apparent in Alphabet and Google’s US$32bn acquisition of Wiz, along with Meta’s US$14.3bn investment in Scale AI.

Still, those big volumes are plateauing and even dipping in some subregions, as investors become more discerning. It’s no longer just about new technology, but the right technology. As an AI-driven economy looms nearer, the greatest need is for assets that offer the leverage in terms of cybersecurity, scalable cloud platforms, and real-time data capabilities. In short, the definition of a must-have tech asset is refining.

3. Don’t forget the support acts

Just as every rock star needs a backing group, the AI revolution also leans on activity in other sectors. The notoriously high energy demands of AI technology will require serious infrastructure to deliver them, so it’s no surprise to see corresponding activity spikes in energy, mining & utilities. Total value there came in at US$170.5bn across 383 deals, with a preponderance of natural gas and grid assets. NRG Energy’s US$12.5bn gas portfolio acquisition, and Brookfield’s US$9bn Colonial Pipeline deal, underscore the trend of steady, inflation-linked returns. Canada, notably, more than tripled its EMU deal value year-on-year.

Meanwhile PE is driving hard at the consumer space, which delivered the strongest value gain of any sector (up 62.7% to US$76.4bn, despite a volume drop of 22.1%). Sponsors are rediscovering their appetite for mature brands with strong name recognition but perhaps some operational rust. Sycamore’s Walgreens buyout, 3G’s Skechers deal, and Sunoco’s US$10.2bn acquisition of Parkland all followed the wider trend of high-conviction, big-ticket bets.

There’s also a gear shift in financial services. The first half of the year saw 645 deals worth US$108.2bn – a modest decline in activity that leaves it still high by historical standards. The current playing field is an intriguing dynamic of fintech, mortgage servicing, and insurance distribution. Sovereign funds too are getting involved, with UAE-based Mubadala Capital’s US$15bn investment into TWG Global making waves. Scale, resilience, and tech enablement are the current high priorities in financial asset M&A.

Precision pays off

Today it’s not just about the art of the deal, but the art of the right deal. A chock-full pipeline matters less than crosshairs on the correct targets. In a market still dogged by uncertainty, confidence is king.

HY2025 is proving that the smartest players are those who can identify the standout assets faster, and move on them decisively. High-risk sectors such as TMT and biotech are evolving, while consumer and infrastructure are the scene of big defensive plays. With more and more capital deployed on fewer and fewer deals, it’s a market that rewards specialization, sharp timing, and a steady hand.