Corporate dealmaking is getting bigger and bolder under Trump

Looser approach to antitrust enforcement means fewer deals are challenged

- Dave Michaels & Ben Glickman

In the U.S., so far this year is up more than 40% from the same period in 2024 to about $1.9 trillion.

(BLOOMBERG)

Corporate tie-ups are surging under Trump 2.0. Companies are more willing to take a shot at deals that merge direct competitors, bankers and lawyers say, thanks in part to the Trump administration’s more lax approach to enforcement.

The Justice Department and Federal Trade Commission, which share antitrust authority, have sued to block only three mergers since Republican leaders took over at the two agencies earlier this year. They sued to block an average of six deals a year during former President Joe Biden's term. In the second half of his term, enforcers focused more on monopolization cases.

“People are encouraged and willing to take more risk, willing to entertain bigger deals,” said Oliver Smith, co-head of mergers and acquisitions for law firm Davis Polk.

That has prompted an increase in deal volume. Deal value in the U.S. so far this year is up more than 40% from the same period in 2024 to about $1.9 trillion, according to data from LSEG. And there have been roughly twice as many deals valued above $i0 billion than in the same period in 2024.

Dealmakers say several of the high-profile tie-ups proposed or announced likely wouldn’t have been attempted under the prior administration.