The biggest takeaway from the fiscal year 2025 Hart-Scott-Rodino Annual Enforcement report was not the number of merger transactions reported, which has remained steady, but the value of the transactions themselves.
The number of merger transactions reported under the Hart-Scott-Rodino (HSR) Act was 2,006 in fiscal year 2025 (Oct. 1, 2024-Sept. 30, 2025), compared to 2,031 the year prior. Of those transactions, approximately 31.8 percent were valued over $1 billion, “continuing a trend in recent years toward larger and more complex transactions,” according to the U.S. Federal Trade Commission (FTC) and the Antitrust Division’s annual report on their review of mergers under the Premerger Notification Program.
