This year, merger and acquisition (M&A) activity in the US technology sector has rebounded to its highest level since 2021, driven by massive investments in artificial intelligence and more deals facilitated under a more M&A-friendly presidential administration.
Statistics show that the total value of tech industry M&A reached $543 billion, surpassing the combined total of the past two years. Goldman Sachs and Qatalyst emerged as the top performers this year, with both firms earning over $400 million in M&A advisory fees.
"We're at a point where everyone wants to be a winner, but no one knows how things will unfold," said Amr Razzak, a partner at Skadden, Arps, Slate, Meagher & Flom. "Companies are pouring significant capital into hiring talent and acquiring firms. They're moving fast, spending big, and experimenting—so some trial and error is inevitable."
Bankers and lawyers involved in these deals noted that CEOs are also leveraging the Trump administration's more favorable stance toward M&A to push through transactions that might not have been considered in the past.
Several major acquisitions sailed through regulatory approvals, such as Google's $32 billion purchase of cybersecurity startup Wiz. Palo Alto Networks' $25 billion bid for CyberArk in July also received early antitrust clearance by September.
This regulatory environment has paved the way for mergers between competitors, including the $22 billion merger announced in October between Apple chip suppliers Skyworks and Qorvo.
Even when regulators attempt to block deals, transactions can still gain approval if companies agree to divest parts of their businesses to resolve competitive concerns. For example, the US Department of Justice sued in January to stop Hewlett Packard Enterprise's $14 billion acquisition of Juniper Networks. HPE later agreed to sell a small portion of its operations to settle the dispute, and the deal was finalized in July.
The resurgence in tech M&A has been a boon for investment banks. Goldman Sachs emerged as one of the biggest winners of this rebound. By deal value, the bank participated in approximately 58% of transactions, up from 32% in 2024.
Goldman's advisory role in the $55 billion privatization of gaming company EA marked one of its most lucrative M&A projects in history, with fees totaling $110 million, according to securities filings. (The full fee will be paid upon successful completion of the deal.) Additionally, Goldman advised on the $32 billion sale of cybersecurity firm Wiz to Google and provided consulting services for Informatica's $8 billion sale to Salesforce.
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