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Global M&A Report 2025 Summary

Core Content

The Global M&A Report 2025 provides an in-depth analysis of the M&A landscape in 2024 and outlines key trends and strategies for 2025. It emphasizes how companies are adapting to a challenging environment marked by high interest rates, regulatory scrutiny, and economic uncertainty. The report highlights the importance of M&A as a strategic tool for growth, innovation, and resilience in the face of technological disruption and a post-globalization world.

Main Points

2024 M&A Market Overview

• Deal Value and Volume: M&A deal value increased by 15% year-to-date (YTD) in 2024, with a total of around $3.5 trillion in value, consistent with mid-2010s levels. Deal volume rose by 7% YTD.
• Deal Types:
  • Strategic M&A saw a 12% increase in value.
  • Financial acquisitions surged by 29%.
  • Venture capital and corporate venture capital increased by 30%.
  • Special purpose acquisition companies (SPACs) declined by 47%.
• Valuation Trends: Strategic deal valuations remained historically low, around 10.4 times EBITDA, while public market valuations spiked.
• Regulatory Impact: Regulatory scrutiny slowed deal pipelines, with many companies delaying or restructuring deals due to uncertainty, especially around national elections.

Key Adaptations by Dealmakers

• Shift to Scale Deals: Scale deals accounted for 59% of the largest strategic deals in 2024, up from previous years, due to the need for bankable synergies and cost efficiency.
• Regulatory Adjustments: Companies are now screening deals more thoroughly for antitrust risks, focusing on strategic screening and early valuation analysis.
• Use of Generative AI: Early adopters are using AI to enhance sourcing, screening, and due diligence, reducing effort, time, and cost. 1 in 5 M&A practitioners used AI in 2024.

Industry-Specific Trends

• Energy and Natural Resources: Led the M&A activity with over 10 megadeals valued at more than $5 billion.
• Technology: Despite being a bellwether for M&A, tech deal activity fell below historical averages. Companies are acquiring AI capabilities and focusing on revenue and cost synergies.
• Healthcare and Life Sciences: Continued to face challenges due to high interest rates and regulatory scrutiny, but still saw activity due to strategic needs.
• Consumer Products: Companies like Mars and Kellanova completed large deals, while others restructured brand portfolios to focus on core brands.
• Retail: The $58 billion Alimentation Couche-Tard-Seven & I deal and the $20.3 billion Verizon-Frontier merger were significant.
• Automotive and Mobility: Companies are hedging bets until a clear future emerges, with a focus on technology and sustainability.
• Building Products and Technology: Leaders are building local scale and enhancing capabilities for sustainable growth.
• Financial Services: The sector saw a rebound in M&A activity, with strategic deals gaining traction.
• Media and Entertainment: Companies are competing by owning the consumer, IP, or both to maintain relevance in the face of technology megaplatforms.
• Machinery and Equipment: Companies are learning from best practices in portfolio reinvention and strategic integration.

Key Insights for 2025

Anticipated Market Improvements

• Interest Rates and Regulation: The two biggest inhibitors to M&A in 2024—interest rates and regulatory challenges—are expected to ease in 2025, leading to increased dealmaking momentum.
• Tech Disruption: Companies will continue to pursue M&A to adapt to technological changes, particularly in AI, automation, and renewable energy.
• Post-Globalization: National interests are reshaping M&A strategies, with companies reevaluating global footprints and tariff policies.
• Shifting Profit Pools: M&A will be a tool for repositioning and rebalancing profit pools across industries.

Strategic Recommendations

• Refine M&A Roadmaps: Companies must pressure test their M&A strategies against market realities and align with long-term goals.
• Evolve M&A Capabilities: M&A capabilities must be rigorously assessed and developed to support multiyear strategies.
• Geographic Reassessment: Companies should affirm their geographic footprint and plan for potential shifts in the global market.

Conclusion

The report underscores that M&A remains a critical tool for strategic transformation and growth in a volatile and evolving market. Companies that adapt their strategies, processes, and capabilities will be best positioned to capitalize on future opportunities and navigate the challenges of the new economic and regulatory landscape.