M&A – our 2025 global M&A report

We have published our latest annual global M&A report titled ‘Global M&A Outlook for 2025: Gaining Altitude'.

Looking back at 2024, we asked if the mergers and acquisitions market was ready for take-off. The answer? Not quite. Challenges like inflation, geopolitical tensions, and rising costs persisted, with recovery driven largely by big-ticket deals rather than widespread activity.

Our report reflects on the efforts required to launch deals in 2024, and the anticipation of a surge of activity in 2025.

In particular, we look at:

• the art of (financing) the deal – with interest rates remaining high, buyers are looking at different ways to get deals done;
• due diligence, deeper dives – buyers are taking more time to familiarise themselves with target businesses;
• regulatory risk, some give and some take – managing the ever-increasing regulatory burden requires a balanced approach from both parties;
• shareholder say, shareholder sway – with investor activism on the rise globally, M&A remains a key focus for campaigns;
• tough conditions, old deal terms revisited – the challenging M&A environment means more sophisticated terms are needed to get deals over the line; and
• shifting geopolitical winds, changing investment routes – geopolitical tensions are driving M&A activity in key sectors and geographies.

To provide more depth to our insights, we will be releasing regional perspectives from our offices around the world in February, followed by sector-specific insights in March.