2025上半年全球并购报告（英)

Insights insights@iongroup.com Copyright © 2024 Dealogic Limited Tuesday, June 24, 2025 Written by the Insights team M&A Highlights 1H25: Tempered expectations Powered by Mergermarket data, M&A Highlights reviews M&A activity across North America, EMEA and APAC in 1H25. All data correct as of June 23,2025 Global M&A: Mega deals maintain M&A trajectory amid midmarket slowdown 20-year low16,663 deals announced in 1H25, lowest since 1H05KEY 1H25 TRENDS IN GLOBAL M&AMega mania33 deals valued at over USD 10bn – strongest half since 2H20Source: Mergermarket, data correct as at 23-Jun-2025Banking on China Chinese bank deals helped APAC deal volume jump 97%Rising sun ’ & v 273%, driven by Toyota dealsEyes on AIOpenAI and Scale AI financings raise stakesVolume risingDeal volume rose 25% to USD 2tn 2 Copyright © 2025 Dealogic Limited Insights insights@iongroup.com Global deal volume surged 25% year-over-year to USD 2tn in the first half of 2025, buoyed by a flurry of mega deals across US g , k g, ’ v , g Mergermarket data. But beneath the headline figures, dealmaking has slowed to a crawl. The number of transactions has plummeted to a two-decade low, down 16% to 16,663 deals as of 23 June. The optimism that greeted the start of the year – driven by hopes of a more business-friendly White House – has faded. Instead, dealmakers are grappling with a Trump administration that has introduced policy unpredictability, undermining confidence even when the deal logic remains intact. A significant number of deals, particularly in the middle market, are on pause as dealmakers figure out the impact of tariffs on their financial models. “T ’ k g g k g ‘g ’ ,” said Liz Crego, Pw ’ k “Many mid-cap, smaller companies have paused dealmaking – due to this uncertainty right now – just to see what those impacts might be over the next 60 to 90 days as policy uncertainty ” Provided the Trump administration resolves key tariff issues and pushes through a proposed corporate tax cut to 15%, the g q “ ” , , g & g v . With strong balance sheets, ample dry powder, and a back g “q w ,” g M&A cycle are in place — pen