1、Global M&A trends and risks 2025Dealmakers brace for a year of strategic recalibration amid trade-related uncertainties,AI acceleration and an increase in private credit 03Global M&A trends and risks 2025ContentsWhat else does 2025 have in store for dealmakers?04Key findings 05Part 1:Deal drivers an

2、d tariff uncertainty 06Spotlight:AI fast-tracking digital transformation 14Part 2:Financing conditions 18Spotlight:Dealmakers banking on R&W and W&I insurance 24Part 3:Regulation and obstacles to M&A 26Dealmakers outlook on 2025 33MethodologyIn Q1 2025,Mergermarket,on behalf of Norton Rose Fulbright

3、,surveyed 200 of the most senior leading executives on the subject of global M&A trends and risks,including:100 C-suite and other top-level executives(for example,CEO,COO,Managing Partner,Chief Investment Officer,Head of M&A,Director of M&A)from multinational corporates;50 from large private equity

4、firms;and 50 from major investment banks.The bulk of the respondent group(40 percent)is headquartered in the US and Canada;30 percent in Europe;15 percent in Asia;10 percent in Australia;and 5 percent in Africa.All respondents have participated in at least one large M&A deal(that is,with a value of

5、US$200 million or more)across multiple continents and multiple sectors over the past two years.The survey included a combination of qualitative and quantitative questions,and all interviews were conducted over the telephone by appointment.Results were analyzed and collated by Mergermarket,and all re

6、sponses are anonymized and presented in the aggregate.Following the announcement by the US of sweeping tariffs on April 2,2025,Mergermarket again contacted the initial respondent group to pose a follow-up question:“Compared to the start of the year,how has your organizations appetite for M&A in 2025