WSJ What’s News What This Year’s Dealmaking Boom Means for 2026
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Dec 24, 2025 
Lauren Thomas, the lead deals reporter for The Wall Street Journal, dives into 2025's bustling M&A landscape. She highlights how relaxed antitrust regulations sparked significant mergers, including the Union Pacific-Norfolk Southern deal. Thomas also discusses the potential implications of Trump's rhetoric on the future of dealmaking in 2026. Additionally, she shares insights into a major tax fraud case involving billionaire Robert Brockman and touches on geopolitical developments related to Ukraine.
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Record U.S. Tax Fraud Settlement
- The estate of Robert Brockman agreed to pay $750 million after an alleged web of offshore entities hid over $2 billion in income.
- Brockman was indicted in 2020 and died in 2022 while awaiting trial, leaving the civil tax case to continue.
Regulatory Shift Eased Big Mergers
- A laxer antitrust approach under the Trump administration opened clearer pathways for large mergers to close.
- This regulatory shift helped deals like Union Pacific's $70+ billion purchase of Norfolk Southern become feasible.
A Roller-Coaster Year For M&A
- 2025 felt like a roller coaster: early optimism, a spring pause amid trade uncertainty, then a back-half surge.
- Dealmakers settled into the new Trump-era norm and finished the year very strong.