Why M&A Leaks Hit a 16-Year High

Confidentiality has always been foundational to mergers and acquisitions (M&A), but 2024 marked a notable inflection point, with early disclosures reaching their highest levels since SS&C Intralinks and the M&A Research Centre at London’s Bayes Business School began tracking leaks in 2009.

This sharp upward trend marks a pivotal moment in the study’s history and raises urgent questions for dealmakers navigating an increasingly complex environment.

The 2025 M&A Deal Leaks Report, produced in partnership with Bayes Business School, analyzes more than 15,000 public acquisitions to uncover how leaks shape competition, timing and valuations — and why they’ve become harder to contain. Here’s a preview of what the data reveals.

A market where information travels faster than ever

The study shows that 9.5 percent of global M&A deals leaked in 2024, a notable rise from the previous year and the highest figure recorded in the study’s 16-year history.

This rise reflects a dealmaking environment under pressure. Negotiations are stretching longer as valuation gaps widen, drawing more stakeholders into the process and increasing the number of points where information can escape. Cross-border deal structures add layers of jurisdictional complexity, while digital communication — from messaging apps to social platforms — leaves a broader, more traceable footprint than ever.

Under these conditions, confidentiality becomes increasingly fragile: sometimes because parties intentionally release selective details to influence pricing or momentum, and other times because information flows through so many hands and channels that it simply becomes too difficult to contain.

A global rise — with distinct regional signatures

While leak activity expanded across much of the globe, the increases varied significantly by region. Europe, the Middle East and Africa and Asia Pacific saw some of the sharpest increases, due in part to complex cross-border transactions, broader advisor networks and in some cases, regulatory flexibility driven by competition between global financial hubs. The Americas, meanwhile, moved in the opposite direction, illustrating how regional regulatory standards, market conditions and dealmaking dynamics can influence leaking activity.

Some sectors — including Technology, Media & Telecommunications — continue to show elevated pre-announcement activity year after year, highlighting how certain industries remain more susceptible to information leaks than the broader market.

Leaks don’t always derail deals — but they change the dynamic

Across the full dataset, leaked and non-leaked deals ultimately closed at nearly the same rate — a notable finding given the disruption leaks can introduce. Yet even when leaks don’t prevent a deal from closing, they can complicate nearly every aspect of the process, including pricing expectations, negotiating dynamics and execution timelines.

In 2024, leaked deals took roughly two additional weeks to complete on average compared to those kept confidential — a gap that reflects the added stakeholder scrutiny, valuation pressure and erosion of trust that leaks can trigger.

Controlling information flow is a strategic imperative

With leak activity rising, dealmakers are rethinking how to best protect confidential information. Clear disclosure protocols and tightly controlled communication channels are no longer optional — they’re essential.

Equally crucial are secure digital environments that limit unnecessary exposure and keep pace with the growing complexity of transactions. Platforms like SS&C Intralinks’ DealCentre AI™ and VDRPro™ are designed for this reality, offering encryption, granular permission controls, audit readiness and AI-powered insights that help teams reduce information risk without slowing down execution.

See what’s behind the rise — and what it means for the future

The recent rise in leaked deals highlights growing vulnerabilities in cross-border coordination, heightened competitive pressure in select industries and the widening set of channels through which deal signals can escape. Dealmakers who understand where those vulnerabilities lie — and how they influence pricing, regulatory and stakeholder scrutiny, and timing — are better positioned to preserve deal value and maintain control when it matters most.

Be among the first to access the full 2025 M&A Deal Leaks Report to explore the data and key drivers surrounding deal leaks — and gain the intelligence needed to manage information risk with confidence.