Q4 2024 – Market Summary & Outlook
- In 2024, U.S. Transportation and Logistics (“T&L”) M&A activity was relatively flat compared to 2023, compressing 2.9% representing 165 closed transactions in 2024. Strategic buyers leveraged M&A to expand service portfolios and strengthen customer partnerships, creating value despite depressed spot rates.(1)
- Globally, T&L M&A transaction volume fell 5.0% from the 538 deals closed in 2023 to 511 deals in 2024. North America and Europe together represented over 80% of transactions closed in 2024.
- Europe led T&L M&A activity in 2024, accounting for 44.0% of transaction volume, closely followed by North America at 36.2%. Among these transactions, the third-party logistics (3PL) sector led, representing 33.3% of U.S. T&L M&A activity closely followed by asset heavy trucking, accounting for 27.9% of U.S. activity. Transaction growth in these industries relates to an increased focus on diversifying providers at each level of the supply chain. This focus is driven by the dynamic, rapidly evolving global supply chain market, which gave 3PL providers a competitive edge in Q4.(1)
Sources:
(1) McKinsey
Read Transportation & Logistics M&A Pulse Q4 2024 Full Report
Transportation & Logistics M&A Pulse – Q4 2025
U.S. M&A activity in the Transportation and Logistics (“T&L”) sector declined sharply in 2025, totaling 121 transactions, down 28% from 168 transactions in 2024. Strategic buyers largely paused acquisition activity amid an exceptionally fluid policy environment, including heightened trade uncertainty.
Transportation & Logistics M&A Pulse – Q3 2025
M&A activity in the U.S. Transportation and Logistics sector has softened, with 131 closed transactions in the trailing twelve months ending Q3 2025, compared to 168 in 2024 and 170 in 2023.
Transportation & Logistics M&A Pulse – Q2 2025
M&A activity in the U.S. Transportation and Logistics sector has softened, with 148 closed transactions in the trailing twelve months ending Q2 2025, compared to 167 in 2024 and 170 in 2023.
Transportation & Logistics M&A Pulse – Q1 2025
In Q1 2025, U.S. Transportation and Logistics (“T&L”) M&A activity decreased 33.3% compared to the same period in 2024, finishing at 34 closed transactions
Transportation & Logistics M&A Pulse – Q3 2024
In Q3 2024, US Transportation and Logistics (“T&L”) M&A activity surpassed Q3 2023 levels, with 50 transactions closed.