If 2025 mid-market M&A was a movie, we would be watching “Rocky” (the first one — or I guess the second, third or fourth one) and Q3 just wrapped up Round 14 where Apollo Creed has battered Rocky Balboa for the better part of the fight and appears to be preparing for the final KO. But experts we talked to say this fight is not over yet! Watch out for the last quarter — Round 15 — where we all know how it ends. Could they be right? Here’s our monthly deal analysis.

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