2025上半年全球并购报告

Written bytheInsights team Tuesday, June 24, 2025 M&AHighlights1H25:Tempered expectations Powered by Mergermarket data, M&A Highlights reviewsM&A activity across North America, EMEA and APAC in1H25. All data correct as ofJune 23,2025 Global M&A: Mega deals maintain M&A trajectory amid midmarket slowdown KEY 1H25TRENDS IN GLOBAL M&A Volume risingDeal volume rose 25% toUSD 2tn 20-yearlow16,663 deals announced in1H25, lowest since 1H05 Eyes on AIOpenAI and Scale AIfinancings raise stakes Megamania33 deals valued at over USD 10bn–strongest half since 2H20 Rising sun’&v273%, driven by Toyotadeals Banking on ChinaChinese bank deals helped APAC deal volume jump 97% Source: Mergermarket, data correct as at 23-Jun-2025 Copyright © 2024Dealogic 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 USg ,kg,’v,gMergermarketdata. 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 confidenceeven 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 tariffsontheir financial models. “T’kggkg‘g ’,”said Liz Crego, Pw’k“Manymid-cap, smaller companies have pauseddealmaking–dueto 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 keytariff issues and pushes through a proposed corporate tax cut to 15%, thegq“”,, g&gv.With strong balance sheets, ample dry powder, and a back g“qw,”gM&A cycle are in place—pending policy clarity, he said. Insights insights@iongroup.com Middle market transactions—those valued between USD 200m and USD 1bn—continuedtodecline.Their need for swiftintegration and clear performance metrics makes them especially vulnerable to instability.Year-to-date, the segment hasrecorded USD 330.8bn across 776 deals,markinga 3.2%drop in deal volume and a 1.4% dip in deal count compared to thesame period in 2024. By contrast, mega deals—those valued at USD 10bn or more—have flourished. Their long-term strategic rationale allowsthem to weather short-term volatility.Thirty-threesuch deals were announced in 1H25,markingthestrongest halfsince 2H20. TgwO’g’wGg’qW zk-privateofforkliftmaker Toyota Industries rounded out the top tier. Insights insights@iongroup.com Regional divergence North America accounted for nearly half of global deal volume, rising 11% to USD 969.8bn. Europe, the Middle East and Africa (EMEA) saw amodest 2.3% uptick to USD 430.5bn, following a slowdown in the secondquarter. The region accounted for 21% of global deal volume, down from 25% in 1H24. Asia Pacific posted the strongest growth–up 97% to USD 572bn–driven by the unwinding of several Japanese cross-shareholdings in Toyota affiliates and injections of capital into four Chinese banks. Insights insights@iongroup.com Sectors in focus The technology sector led the charge with USD 478bn in deal volume, representing 24% of the global total, up from 19% ingggkw:O’massive funding round, Scale AI attracted a USD 14.3bn investment from Meta Platforms in June, and Salesforce agreed to payUSD 9.3bn for Informatica, which will help the customer service giant ingest the data on which to train large language models. vwgv,’-led sharesubscriptions in four banks, including a USD 22.7bn placement in Bank of China and a USD 17.9bn placement in Postal SavingsBank ofChina. Healthcare ranked third with USD 176.6bn in deals, or 9% of the total. Insights insights@iongroup.com APAC surgesBuyouts in Asia Pacific MegadealstripleSix USD 10bn+ buyouts totaling USD 101bn–up fromthree worth USD 34bn in 1H24 Source: Mergermarket, data correct as at 23-Jun-2025 Financial sponsors leaned into larger transactions inthe first half, even as overallactivitysoftened. Global buyout volumesurged 35%year-over-yearto USD 359bn, despite a 7%declinein dealcountto 1,398. The skew toward scale was underscored bythesixbuyouts valued at overUSD 10bnagreedin the first half, four of which weresigned in2Q25. The largest was the USD 24bn acquisition of Australia-based Santos, ledby a consortiumcomprisingXRG, AbuDhabi Developmental Holding, and Carlyle, announced on 16 June. Asia Pacific and North America led the charge. APAC posted a 168% increase in buyout volume to USD 84.4bn, while North’vg,w v,w–P’buyouts and N’k–underscoring the growing concentration of capital in fewer, larger deals. Europe, by contrast, sawabroad-based pullback. Buyout volume dropped 15% to USD 82bn, while deal count fell 11