Mergers and acquisitions activity in the global transport and logistics sector edged higher in 2025, with the number of announced transactions surpassing 200 for the first time since 2022, according to the latest Transport & Logistics Barometer published by PwC Germany together with Strategy& Germany.
Between January and December 2025, companies announced 207 deals with a value of at least USD 50 million, compared with 199 transactions a year earlier. While the increase in deal numbers was limited, the total value of transactions rose sharply, reaching USD 170.8 billion, up from USD 96.3 billion in the previous year.
This surge was driven primarily by a small number of very large transactions. The planned USD 70 billion merger between Norfolk Southern and Union Pacific accounted for more than 40 per cent of total deal volume alone. Overall, 21 mega-deals valued at USD 1 billion or more were announced in 2025.
Despite these headline figures, PwC describes the market as cautious rather than buoyant.
“Transaction activity in the global transport and logistics sector increased slightly last year. Investors are currently being extremely selective and are focusing on low-risk, long-term assets,” said Ingo Bauer, Head of Transport, Logistics and Tourism at PwC Germany.
This risk-averse approach was particularly evident in infrastructure-related transactions. Deals involving airports, ports and road infrastructure generated more than USD 50 billion in total value, with financial investors playing a decisive role. According to PwC, they were involved in nearly half of all infrastructure transactions and participated in deals representing around 75 per cent of total infrastructure deal value.
Trade uncertainty and digitalisation reshape dealmaking strategies
Alongside investor caution, geopolitical tensions and volatile trade policies continued to weigh on broader M&A activity. PwC highlights US trade policy as a major factor influencing transport flows and long-term strategic decisions across the sector.
“The erratic tariff and trade policy of the USA continued to have a direct impact on companies in the transport and logistics industry,” said Burkhard Sommer, Head of the Maritime Competence Center at PwC Germany. “Companies adjusted routes and modes of transport and modified procurement strategies to reduce the impact of tariffs as much as possible.”
According to the report, operational responses ranged from forward-shifting shipments and rerouting cargo via corridors with lower customs duties to nearshoring and the wider use of pass-through and adjustment clauses in long-term contracts.
While large-scale acquisitions remained subdued under these conditions, cooperation between companies intensified. The number of joint ventures and strategic alliances nearly doubled, rising from 104 in 2024 to 193 in 2025. PwC and Strategy& link this development primarily to digitalisation.
“Digitalisation is no longer a strategic option for logistics companies – it is a prerequisite for future competitiveness,” said Sebastian Pieper, Director at Strategy& Germany. He noted that companies increasingly rely on partnerships, minority stakes and targeted acquisitions to gain access to technologies such as artificial intelligence and cloud-based systems.
Read more: Electrification, the stiff collar of road transport: uncomfortable, costly, but no longer optional
Looking ahead to 2026, PwC expects M&A activity to remain moderate amid continued geopolitical uncertainty and a weakening global economy. However, Bauer sees selective opportunities emerging where organic growth remains difficult.
“Since organic growth is challenging in the current environment, strategic investors are likely to continue using mergers and acquisitions as a growth lever,” he said, adding that transport infrastructure assets and digital capabilities are expected to remain key drivers of transactions.
