Examining the number of M&A transactions by type of buyer / transaction - per year (see chart below), we observe a significant surge in overall M&A activity from 2020 to 2022, followed by a moderation in 2023 and 2024, and a resurgence in 2025. With 73 transactions already recorded through Q3 2025, this year appears to be on track to surpass 2023 and 2024, indicating a renewed appetite for M&A.