In its sixth annual edition, H/Advisors Abernathy’s proprietary research – ‘Active Market, Fewer Secrets: When Deals Spring a Leak Volume VI’ – provides corporate leaders, Boards of Directors and M&A advisors with key insights and trends from the past year of dealmaking.

Building on the firm’s proprietary database of M&A transactions, our Research & Insights team analyzed announced transactions valued at $1 billion and greater to understand the frequency at which deals leak as well as how a leak may affect perception of the transaction among media and digital audiences.

In 2025, when transaction volume increased significantly for the second straight year, we found that:

• M&A activity intensified: 678 deals of $1B or greater were announced in 2025, a 33% increase YoY.
• 42% of all announced transactions in the U.S. in 2025 leaked to media ahead of an official announcement.
• While larger deals continue to leak in higher numbers, smaller deals are leaking more than ever.
• Leaks are occurring earlier in the deal process, on average, 72 days in advance of an announcement, a 20-day increase compared to 2024.
• Over two-thirds of deals for companies and assets in Entertainment, Leisure and Media sectors leaked before an official announcement, up for the second consecutive year.
• Half of Technology deals leaked in 2025 while Healthcare and pharmaceuticals deals leaked 45% of the time as public interest in these sectors remains very high.
• Deals involving international targets are more likely to leak.
• Leaked deals received four times the volume of negative commentary online (both across news and social media platforms) than those that did not leak.