Total disclosed M&A deal value in the Online-Offline Commerce sector reached $48.6B in the first six months of 2025, already surpassing full-year totals from 2022, 2023, and 2024. This sharp rebound was driven in large part by several megadeals in the Payments sector, signaling renewed investor confidence and a return of high-value transactions. Only 18% of M&A deals disclosed their financial terms as buyers preferred to keep their acquisition strategies private. While disclosure remains selective, this surge sets the stage for a potentially strong year in deal valuations across the broader commerce landscape. 

Following a peak in VC funding in 2021, VC funding for the Online-Offline Commerce sector has been highly volatile, with a sharp annual decline in both 2022 and 2023. Deal volumes have also dropped substantially in recent years, and that continued into the first half of 2025. Companies facing a turbulent VC funding environment and subdued deal volumes are encouraged to pursue M&A strategies for growth and liquidity.

The Online-Offline Commerce sector saw 162 M&A transactions in the first half of 2025, with strategic buyers accounting for the majority at 132 deals, representing 81% of the total, and Private Equity contributing 30 deals, which makes up the remaining 19%. Although the overall deal volume is still below peak years, this steady activity reflects ongoing interest in the sector. With market conditions gradually improving, the momentum from the first six months of 2025 suggests cautious optimism for increased deal flow in the second half of the year.