Games industry M&A activity held steady at 49 deals in Q3 2025
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Oct 9, 2025 | report | Aream & Co | 49 M&A deals in Q3 |
- EA’s $55bn acquisition dominated overall deal value for the quarter.
- Steam revenues rose 18% year-over-year, keeping PC gaming momentum strong.
- Console sales surged 31% YoY, boosted by the Nintendo Switch 2 launch.
Games industry deal activity remained consistent in Q3 2025 with 49 mergers and acquisitions recorded.
That's according to a new report from investment firm Aream & Co, which showed that overall deal value was dominated by Electronic Arts’ $55 billion acquisition.
On the consumer side, mobile in-app purchase spend returned to growth, reaching $21bn, led by strong performance from Asian publishers.
PC gaming grew with an 18% year-over-year rise in Steam revenue, while the console market surged 31% year-over-year, driven by the launch of the Nintendo Switch 2.
Market momentum
Public market activity cooled sharply after a strong first half of the year, with just $0.3bn raised through public offerings in Q3 2025.
Private investments also stagnated, totaling $0.6bn as Series A rounds declined for the fifth consecutive quarter, signaling a continued cautious approach from early-stage investors.
Earlier this month, we caught up with our Mobile Mavens to get their perspectives on EA's $55bn Saudi Arabia deal and what it could mean for the wider games industry.
You can access the full report here.
Companies
