Valuation appetite held steady into Q3 2025: LTM median TEV/EBITDA = 15.44x and LTM median TEV/Revenue = 2.93x across 2,586 LTM transactions (589 in Q3), underscoring sustained investor interest in scalable, recurring-revenue platforms. Strategic acquirers dominated activity (88.36%) supported by AI-driven consolidation themes, strong corporate balance sheets, and a slowdown in sponsor deployment as financial buyers await lower interest rates to re-enter the market, with financial buyers (8.35%), PE-backed strategics (0.31%), and undisclosed acquirers (2.98%) comprising the balance.1 2
The quarter’s largest closed transactions included Synopsys’ $35.8B acquisition of ANSYS, HPE’s $15.4B purchase of Juniper Networks, Paramount and Skydance $8 Billion Merger, Siemens AG’s $5.1B acquisition of GraphPad Software and Motorola Solutions’ $5.0B acquisition of Silvus Technologies—Additional highlights included the announcement of Silver Lake’s $55 billion take-private of Electronic Arts, the largest take private cash deal of all time, emblematic of ongoing consolidation in gaming and media content portfolios.3 4
Several transformative trends are redefining the TMT landscape: companies are operationalizing AI across core stacks, media conglomerates are pruning portfolios while embedding generative AI into content creation, and telecom operators are racing to expand fiber, edge, and satellite capacity under regulatory and tariff shifts.1 2 3
Deals: 589 in Q3; 2,586 LTM (vs. 2,653 a year ago). Valuations: LTM medians 15.44x EBITDA / 2.93x revenue. Strategics leaned into platform integration and AI-native infrastructure; sponsors pursued SaaS, recurring-revenue content platforms, and bolt-ons.1 2
Media deal flow centered on strategic divestitures (e.g., portfolio pruning at large conglomerates) and acquisitions of content/IP franchises. Gaming transactions (EA Sports/Tellus) highlight the continued monetization race across sports titles and esports.3 4Telecom activity was driven by large-scale infrastructure moves (spectrum, fiber, edge) amid tariff/geopolitical uncertainty.3 5
Strategic Acquirers: 2,285 of 2,586 LTM (88.36%). Concentrated in software (AI enablement, SaaS), cloud/data centers, and telecom infrastructure.
Financial Buyers: 216 of 2,586 (8.35%). Sponsors focused on SaaS, payments, and vertical platforms with sticky revenue.
Financial Buyers: 8 of 2,586 (0.31%). Limited activity, typically bolt-on acquisitions within sponsor-owned platforms.
Financial Buyers: 77 of 2,586 (2.98%). Active in mid-market digital media and IT services.¹
Despite a modest decline in volume, TMT valuation median multiples increased in comparison to Q2 2025 LTM. Mid-year outlooks highlight sustained investor focus on AI-native platforms, infrastructure scale, and margin-resilient recurring models.³ ⁴
Top U.S. States: California (515), New York (265), Texas (191), Florida (132), Georgia (59). Southeast activity remains elevated, reflecting talent inflows, tax advantages, and lower operating costs.¹ ³
Regional Trends: Cross-border buyers remained active, particularly from Canada, Germany, and the UK, targeting U.S. fiber networks, gaming IP, and SaaS platforms.² ³
| Target | Buyer | Value ($mm) |
| ANSYS, Inc. | Synopsys, Inc. | $35,791.48 |
| Juniper Networks, Inc. | Hewlett Packard Enterprise Company | $15,396.69 |
| GraphPad Software, LLC | Siemens AG | $5,100.00 |
| Northwest Fiber, LLC | Bell Canada, Inc. | $5,085.80 |
| Silvus Technologies, Inc. | Motorola Solutions, Inc. | $5,000.00 |
| Target | Buyer | Value ($mm) |
| Wireless Operations and Select Spectrum Assets of United States Cellular Corporation | T-Mobile US, Inc. | $4,400.00 |
| Skydance Media, LLC | Paramount Skydance Corporation | $3,743.77 |
| Reorganized ISA S.A. | SES S.A. | $3,419.24 |
| Automotive Ethernet Business of Marvell Technology, Inc. | Infineon Technologies AG | $2,500.00 |
| E2open Parent Holdings, Inc. | WiseTech Global Limited | $2,417.96 |
| Target | Buyer | Value ($mm) |
| Paramount Skydance Corporation | Redbird Capital Partners Management LLC | $4,500.00 |
| DIRECTV Entertainment Holdings LLC | TPG Capital, L.P. |
$2,500.00 |
| Olo Inc. | Thoma Bravo, L.P. | $1,979.89 |
| Couchbase, Inc. | Haveli Investment Management LLC | $1,531.90 |
| Cvent Holding Corp. | Blackstone Inc. | $1,300.00 |
Source S&P Capital IQ as of 10/8/2025 and PCE Proprietary Data
Opportunities: AI-native platforms, fiber/edge telecom assets, and media IP franchises should remain attractive to both strategics and sponsors.1 2
Risks: Tariff escalation, geopolitical decoupling, and intensifying antitrust scrutiny may elongate diligence cycles and constrain deal pacing.3 5
Predicted Activity: Continued scale-driven acquisitions in AI infrastructure, SaaS, and telecom networks, sponsors to pursue bolt-ons in SaaS/content roll-ups, cross-border appetite to remain steady in infrastructure and gaming IP.1 2 3
Joe Anto |
Eric Zaleski |
Jon Gogolak |
Ali Masoud |
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Data Assumptions This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only. Glossary EBIT - Earnings Before Interest and Taxes Sources:
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