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1、Deal Drivers:EMEA HY 2025A spotlight on mergers and acquisitions trends in 2025 Deal Drivers:EMEA HY 2025A spotlight on mergers and acquisitions trends in 2025 ContentsForeword:Tide turns as ECB grants welcome reprieve 03Outlook:EMEA heat chart 04Summary:M&A trips up amid trade policy uncertainties

2、06Consumer 16Energy,mining&utilities 21Financial services 26Industrials&chemicals 31Pharma,medical&biotech 36Real estate 41Telecoms,media&technology 46About this report 51Foreword:Tide turns as ECB grants welcome reprieveThe divergence in monetary policy between Europe and the US grew wider in H1 20

3、25.The European Central Bank(ECB)pressed ahead with its easing cycle,delivering two further 25-basis-point cuts in March and June that brought the key deposit rate down to 2.5%.This policy gap is rooted in differing economic realities.While the US continues to defy recessionary fears,the eurozones r

4、ecovery remains tepid,with the latest EU forecasts putting annual growth at a fragile 0.9%.With headline inflation now stabilized around the 2%target,however,the ECB has had the room to provide further stimulus in an effort to stave off stagnation.Meanwhile,the Bank of England charted a different co

5、urse,holding rates steady through H1.In June,UK inflation accelerated to 3.6%annualized,the highest point since January 2024,dashing hopes of any imminent dovish pivot from the central bank.Attractive fundamentalsConditions on the continent are improving,particularly for PE funds.The combination of

6、compelling financing costs and comparatively attractive EBITDA multiples for US acquirers makes Europe a lavish hunting ground.Sentiment also appears to be lifting among this cohort of investors.A more stable political outlook in key economies,combined with proactive fiscal stimulus,is reinforcing t