The volume of the M&A market with a threshold of $1 million in November 2025 more than doubled compared to the result of the same month last year. This is stated in the bulletin "Market of Mergers and Acquisitions" of the AK&M News Agency (issue No. 333).
The total value of transactions during the period increased 2.3 times, amounting to $3.63 billion against $1.59 billion a year earlier. At the same time, the number of transactions decreased by 34%: 31 transactions took place in the reporting period, compared with 47 a year earlier. In ruble terms, the amount of transactions in November increased by 65.7% to 284.32 billion rubles from 171.57 billion rubles a year earlier.
At the same time, more than half of the market volume was occupied by the largest transaction worth more than $1 billion, which took place in information technology (IT). This is the purchase of an IT company with Russian roots Semrush, which was acquired by the American Adobe for $1.9 billion.
The second and third largest deals were below $1 billion. The second largest transaction in the financial institutions industry was the purchase by Alfa—Bank of a large Europlan leasing company for $830.9 million. This is the largest deal with a leasing company on the market.
The third most expensive transaction was in services — the purchase of a network of clinics "Family Doctor". It was acquired by the European Medical Center (EMC) group for an estimated $172.6 million. All three of November's largest deals were commercial.
In addition, in November, four nationalizations of assets were completed by court order, three of which were with negative value when the court did not determine the damage to be repaid due to the alienated asset. Transactions are entered into our database separately and are not taken into account when calculating the market volume.
The price of realizable assets increased significantly: the average transaction cost, excluding the largest, increased by 70.6% to $57.8 million (excluding the largest) from $33.9 million in the same period in 2024.
The traditional flagship of the M&A market, construction and development, is gradually reducing its turnover. The industry's share in terms of transaction volumes in November was only 5%.
Read more about the results of the M&A market in Issue No. 333.
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All the agency's bulletins and the database of transactions can be found in the AK&M analytical bulletins and research store.
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