Q4 2025

Transportation & Logistics M&A Update

In Q4, the T&L Industry Index increased by 8.9% and outperformed the S&P, which increased 2.0% over the same period.
The median EV/EBITDA multiple for reported strategic deals in the T&L sector increased to 12.7x in 2025 from 4.7x in the prior year, but decreased for private equity deals to 5.4x from 10.7x in 2024.
M&A deal volume in the sector decreased 11.2% in Q4 to 239 deals from 269 in Q3, and decreased 1.2% from 242 deals in Q4 of the prior year.
Europe was the most active region in Q4 with 108 deals in the T&L sector. Most notably in Europe was Yusen Logistics Company’s $1.25 billion acquisition of Movianto, a Netherlands-based provider of healthcare logistics and supply chain services.
Total capital invested in M&A transactions decreased 27.3% in Q4 to $8.0B from $11.0B in Q4 due primarily to a shift in mix toward smaller sized deals. In Q3, CMB.TECH acquired Golden Ocean Group for $3.7 billion where the largest deal in Q4 was Stonepeak Partner’s $1.75 billion acquisition of shipping container leasing company SeaCo.