In the third quarter of 2025, the transport sector saw a continued decline in M&A activity, with deal volume falling 18% from the previous quarter and 47.1% from the same period in 2024. Despite high-profile transactions like the $89 billion Union Pacific and Norfolk Southern merger, total invested capital declined.

Strategic acquisitions took center stage as investors focused on market consolidation and capability-driven deals amid geopolitical challenges. The freight transport sector struggled due to capacity growth in road transport and ocean carriers facing profitability issues. Ports and infrastructure stood out as resilient segments, attracting strategic interest for long-term investments.

Transport M&A was cautious in North America and APAC compared to EMEA, with a focus on larger-ticket transactions for scale acquisitions. Factors like delayed rate cuts, inflation, and global freight environment uncertainty contributed to regional cautiousness. Future outlook includes alternative deal structures like minority stakes and continuation vehicles to bridge valuation gaps and leverage opportunities from nominal rate cuts.

Read more at Yahoo Finance: Fewer but larger transport M&As in Q3: Study