In a dramatic shift from the previous administration, corporate America is witnessing an unprecedented surge in merger and acquisition activity under President Trump's second term. Companies are now pursuing bold, multi-billion dollar deals that would have likely faced regulatory roadblocks during the Biden era, according to industry experts and dealmakers.
The Numbers Tell the Story
Deal value in the United States has skyrocketed by more than 40% compared to the same period in 2024, reaching approximately $1.9 trillion according to data from LSEG. Even more striking is the surge in mega-deals - there have been roughly twice as many transactions valued above $10 billion than during the comparable period last year.
The relaxed regulatory environment appears to be the primary driver behind this M&A boom. Since Republican leaders took control of the Justice Department and Federal Trade Commission earlier this year, these agencies have sued to block only three mergers. This marks a significant decline from the average of six deals challenged annually during President Joe Biden's term.
High-Profile Deals Breaking New Ground
Several landmark proposals demonstrate the new willingness to test regulatory boundaries. The $71.5 billion deal for Union Pacific to acquire Norfolk Southern would create the country's first coast-to-coast rail operator, fundamentally reshaping the freight transportation landscape.
In the media sector, Nexstar Media Group's bid to purchase rival broadcaster Tegna would form a combined company whose television stations would reach significantly more homes than current federal rules typically allow. The merged entity would cover approximately 60% of the nation's television households, well above the 39% limit established by regulation.
The healthcare industry has also seen aggressive dealmaking, with Novo Nordisk participating in a heated bidding war for obesity-drug developer Metsera, despite already owning a blockbuster treatment in the same category. Pharmaceutical giant Pfizer ultimately prevailed in this acquisition.
Regulatory Shift and Political Influence
The change in enforcement philosophy represents a major departure from the previous administration's approach. Trump's antitrust chiefs - Gail Slater at the Justice Department and Andrew Ferguson at the FTC - have signaled their primary concern is protecting competition in cost-of-living sectors like healthcare and housing, rather than broadly challenging large corporate combinations.
President Trump himself has weighed in on specific deals, stating in September that the Union Pacific-Norfolk Southern combination "sounds good to me, to be honest with you." The Surface Transportation Board, which must approve the rail merger, is run by a Trump appointee.
Similarly, FCC Chairman Brendan Carr has indicated support for loosening media ownership rules that would facilitate deals like Nexstar-Tegna, though Trump recently suggested on Truth Social he might oppose it, demonstrating the unpredictable nature of regulatory approvals.
Settlements Replace Court Battles
Companies have found success in navigating the new regulatory landscape by offering settlements that typically involve divesting parts of their business to maintain competition. According to a Wall Street Journal analysis of federal data, agencies have reached seven settlements requiring divestitures or promises to refrain from anticompetitive behavior so far this year.
A senior Justice Department official explained that the antitrust division views settlements as often providing more effective remedies than lengthy court battles. "The divestitures that companies offer address the lost competition, while trials would add expense and time," the official stated.
This approach has allowed several major acquisitions to proceed with relative ease, including Google-parent Alphabet's $32 billion deal for cybersecurity company Wiz and T-Mobile's $4.4 billion acquisition of most of U.S. Cellular's operations.
Industry Response and Outlook
Dealmakers express optimism about the current environment. "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.
Robin Crauthers, a former Justice Department antitrust lawyer, observed that "the merger review process has shifted dramatically. Deals that might be seen as anticompetitive can now be fixed."
The sole major deal challenged by the Trump administration was Hewlett Packard Enterprise's planned $14 billion acquisition of Juniper Networks. HPE ultimately resolved the issue by agreeing to sell off a small piece of its business, and the deal closed in July.
As the M&A boom continues, companies are increasingly confident that even when antitrust regulators express concerns, there are pathways to approval through settlements and, when necessary, direct appeals to the White House. With senior officials operating on the understanding that Trump likes deals and wants to see them completed, corporate America appears poised for continued aggressive dealmaking through the remainder of the administration.
