Annual HSR Report: Stable Merger Filings, Rising Share of Billion-Dollar Deals

Short summary

The FTC and DOJ released their 48th annual HSR Act report showing 2,006 transactions reported in FY2025, nearly flat versus FY2024. Billion-dollar deals rose to 31.8% of reported transactions, up from 13.3% in FY2019. The agencies issued 41 Second Requests (2.1% of deals) and pursued 18 merger enforcement actions across healthcare, tech, energy, and manufacturing.

• •FY2025 saw 2,006 HSR-reported transactions, essentially flat vs FY2024
• •Billion-dollar deals now comprise 31.8% of reported transactions, up from 13.3% in FY2019
• •41 Second Requests issued (2.1% of deals); 18 enforcement actions brought by DOJ and FTC
• •Enforcement spanned healthcare, technology, energy, and manufacturing sectors

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