1、MERGERS AND ACQUISITIONSCapturing the Value ofCross-Border DealsThe 2025 M&A ReportBy Jens Kengelbach,Daniel Friedman,Anant Shivraj,Tobias Sllner,and Dominik DegenARTICLE OCTOBER 28,2025 8 MIN READOnce a hallmark of globalization,cross-border M&A activity has diminished considerablydeclining from 50
2、%of global deal value at its peak in 2007 to approximately 30%today.(See“ADownward Trajectory in Cross-Border M&A.”)Despite this decline,BCG research reveals that cross-border deals,when pursued strategically,can create significant value.Cross-border transactionswithin the same geographic region typ
3、ically outperform deals within the same country or fartherafield as they enable companies to achieve international growth while addressing manageableintegration complexity.2025 Boston Consulting Group1Cross-border M&A has historically moved in distinct waves,closely tied to broaderglobal economic cy
4、cles.(See the exhibit.)Spurred by rapid globalization andbooming markets,international dealmaking surged dramatically in the late 1990sand again in the mid-2000s,reaching a peak in 2007 when cross-border dealscomprised nearly half of global M&A value.Another strong upturn occurred in themid-2010s,dr
5、iven by corporate ambitions to capitalize on international growthopportunities.This upward trajectory began to reverse in the mid-2010s,as heightenedgeopolitical tensions,growing regulatory scrutiny,and a sharpening focus ondomestic markets made international acquisitions less attractive or harder t
6、ojustify from a value perspective.The COVID-19 pandemic accelerated thedownward trend,reinforcing corporate tendencies toward domestic consolidationand supply-chain regionalization.In 2024,cross-border M&A accounted forA Downward Trajectory in Cross-Border M&A2025 Boston Consulting Group2Yet success
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