Analysis
US divestitures update: Q1 2025
US divestiture activity continued its 12-month decline in Q1 2025, driven by heightened geopolitical tensions and a challenging macroeconomic backdrop, with technology and industrial sectors remaining bright spots.
Industrial trends
Our quarterly report focuses on:
- US divestiture volume, value, and reported multiples.
- US divestitures by buyer type.
- US divestitures by industry.
- Cross-border divestitures activity.

Transaction Trends1
- Transaction volume
US divestiture transaction volume declined to the lowest level since Q3 2023 with only 433 deals in Q1 2025. Continued macroeconomic headwinds, including elevated interest rates and geopolitical uncertainty, are creating a more challenging divestiture environment characterized by heightened conservatism.
- Transaction size
In Q1 2025, US transactions with deal values above $1 billion accounted for 42.9% of the total disclosed deal volumes compared to 30.8% of the deals in Q4 2024. These larger divestitures can be integral to comprehensive restructuring initiatives, designed to sharpen focus on core competencies.
- Acquiror type
Interest from private equity buyers and foreign strategics crept up year over year in Q1 2025, making up a cumulative 52.0% of all divestitures, compared to 46.5% in Q1 2024. This trend underscores the continued and growing attractiveness of US assets to global investors and private equity firms.
- Industry focus
High technology and industrials remained areas of focus for divestitures for all of 2024 and Q1 2025, making up 19.2% and 14.8% of Q1 2025 divestitures, respectively. Energy and power replaced health care for the third-highest concentration, comprising 14.1% of all transactions.

Regional trends2
- Europe
Divestitures deal activity among European acquirors remained constant in Q1 2025, with participation in 38 deals.
- Americas
Divestiture activity in the Americas decreased by 16.6% in Q1 2025 compared to Q4 2024. The Americas completed 358 transactions in Q1 2025 compared to 429 transactions in Q4 2024.
- Asia
Divestiture activity in Asia decreased by 33.3% quarter over quarter in Q1 2025 compared to Q4 2024. Asian acquirors closed 12 deals in Q1 2025 compared to 18 in Q4 2024.

Previous editions:
Learn more about the trends from 2021-2024 by downloading the following reports
- US divestitures quarterly update: Q4 2024
- US divestitures quarterly update: Q3 2024
- US divestitures quarterly update: Q2 2024
- US divestitures quarterly update: Q1 2024
- US divestitures quarterly update: Q4 2023
- US divestitures quarterly update: Q3 2023
- US divestitures quarterly update: Q2 2023
- US divestitures quarterly update: Q1 2023
- US divestitures quarterly update: Q4 2022
- US divestitures quarterly update: Q3 2022
- US divestitures quarterly update: Q2 2022
- US divestitures quarterly update: Q1 2022
- US divestitures quarterly update: Q4 2021
- US divestitures quarterly update: Q3 2021
- US divestitures quarterly update: Q2 2021
- US divestitures quarterly update: Q1 2021
- US divestitures update: 2020 year in review
- US divestitures quarterly update: Q2 2020
- US divestitures quarterly update: Q1 2020
This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Any reference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy, or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients and friends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties, and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.
References
1 Refinitiv data as of March 25, 2025.
2 Ibid.