1、2025 M&A OutlookBuilding Momentum on a Global StageFor over a year,capital markets have sought clarity on two common bottlenecks for M&A:monetary policy and regulation.With these dynamics normalizing,a generational technology disrupting industries,sponsors seeking liquidity,and a growing desire from

2、 corporates to transform their portfolios through M&A,we expect significant upside potential for dealmaking next yearbut with a healthy dose of volatility as capital markets navigate“known unknowns”in the form of tariffs,geopolitics,and more.Although global M&A volumes rose+15%YoY,1 aggregated numbe

3、rs tell only half the story.M&A volumes relative to global market cap currently sit at 20-year lows,and sentiment is improving,with leaders focused not just on stability but on growth.2 In a November survey of Goldman Sachs Investment Banking clients,which includes both corporates and financial spon

4、sors,nearly half of respondents believe strategic growth and the addition of new capabilities will be the primary drivers of 2025 M&A decisionswith that number reaching nearly 60%for private corporates.3If 2024 marked a shift to growth,2025 will accelerate momentum on a global stage.47%of surveyed c

5、lients believe strategic growth and the addition of new capabilities will be the primary drivers of 2025 M&A decisions.4“The M&A market is steadily gaining strength as sponsor activity rebounds,regulatory and monetary dynamics normalize,and corporates continue demonstrating their intention to simpli

6、fy portfolios.”Stephan Feldgoise Co-Head of Global M&A22025 M&A OUTLOOK BUILDING MOMENTUM ON A GLOBAL STAGE3 2025 M&A OUTLOOK BUILDING MOMENTUM ON A GLOBAL STAGEM&A is building momentum on a global stage,and leadership teams are emboldened.Our 2025 Outlook explores what drivers will unlock growth an