2025上半年全球并购报告_21页_1mb

M&A Highlights 1H25: Tempered Expectations

Core Content

In the first half of 2025, global M&A activity showed a mixed picture, with a 25% increase in deal volume to USD 2tn, but a 16% decline in the number of transactions to 16,663, the lowest since 2005. This divergence highlights a shift towards larger, more strategic deals, particularly in technology, financial services, and automotive sectors, while midmarket activity slowed due to policy uncertainty and trade tensions.

Key Trends in Global M&A

• 20-Year Low in Deal Volume: 16,663 deals were announced, the lowest since 2005.
• Mega Deals Surge: 33 deals valued over USD 10bn were announced, the strongest half since 2H20.
  • Top Deals: OpenAI's USD 40bn funding round, Charter Communications' USD 36bn bid for Cox, Google's USD 32bn acquisition of Wiz, and Toyota Industries' USD 33bn take-private.
• APAC Growth: APAC deal volume increased by 97% to USD 572bn, driven by Chinese bank capital injections and Japanese corporate restructuring.
• Japan's M&A Surge: Japan's deal volume rose 273%, fueled by Toyota Industries' USD 33bn take-private and the unwinding of cross-shareholdings.
• AI as a Key Driver: AI-related deals, especially in technology and data labeling, gained momentum with significant investments from Meta and Salesforce.

Financial Sponsors Trends

• Buyout Volume Increase: Global buyout volume rose 35% to USD 359bn, despite a 7% drop in deal count.
• Mega Buyouts: Six USD 10bn+ buyouts totaling USD 101bn were announced, with four in the second quarter.
• Trade Sales Dominance: Trade sales accounted for 64% of exit volume, rising 45% to USD 279bn.
• Continuation Funds: 27 continuation-fund transactions occurred, as sponsors seek flexible liquidity options amid challenging exit conditions.

Regional Highlights

North America

• M&A Volume Up 11%: Reached USD 969.8bn, driven by mega deals and AI-related activity.
• Healthcare Decline: Healthcare M&A volume dropped 31% to USD 103.8bn.
• Energy & Utilities: Volume reached USD 92.8bn, with Calpine's USD 29.4bn sale to Constellation Energy as a key transaction.

EMEA

• M&A Rebound Falters: Volume increased modestly by 2.3% to USD 430.5bn, with the lowest deal count in 12 years.
• Middle East Outperforms: Volume rose 51% to USD 31.7bn, with a significant deal involving ADNOC and OMV.
• Insurance Sector Activity: The insurance sector saw notable activity, including the USD 10.77bn merger of Helvetia and Baloise.

APAC

• Record Growth: APAC deal volume almost doubled to USD 572bn, with China and Hong Kong accounting for 44.8% of the total.
• Chinese Bank Injections: China's Ministry of Finance injected USD 69bn into four state banks.
• Japan's Corporate Shake-Up: Japan's M&A volume surged 273% to USD 158.7bn, driven by policy changes and activist investor pressure.
• Australian Mining Interest: Australia's M&A volume increased 88% to USD 58.8bn, with foreign interest in natural resources and energy assets.

Conclusion

Despite a slowdown in deal count, the first half of 2025 saw a significant rise in deal volume, particularly in the mega deal segment. The Trump administration's policies and tariffs have created uncertainty, especially for midmarket transactions, but larger companies and financial sponsors have continued to drive M&A activity. APAC emerged as the fastest-growing region, with China and Japan leading the surge, while EMEA showed a more subdued performance. The outlook for a potential rebound in Q4 and a strong 2026 remains contingent on policy clarity and market stability.