1、KPMG 2025MID-YEARM&A PULSESurvey ReportAugust 2025Executive summary023 2025 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All ri

2、ghts reserved.Impact of the Trump administrations policies About 70%of corporations and private equity firms say the administrations actions so far have boosted their interest in mergers and acquisitions.Majority of dealmakers note that tariffs are affecting their M&A strategies,with private equity

3、firms shifting geographic focus and corporates seeing increased time and costs for deal completion.Most corporates(63%)and private equity(70%)believe that the Trump administrations approach to anti-trust will make M&A deals easier.Additionally,two-thirds of both groups expect tax policies to boost M

4、&A activity,perceiving potential policy changes as beneficial.Current M&A landscape Both corporates(77%)and private equity(71%)expect increased M&A activity in 2025 compared to 2024.55%of corporates and 44%of private equity firms have increased or accelerated their M&A plans since the start of the y

5、ear,focusing on strategic targets and new markets.97%of PE and 71%of corporates plan to execute at least one deal in 2025,up from 81%and down from 77%respectively,from our 2024 year-end M&A survey.26%of all dealmakers are looking to delay planned M&A activity;discouraged corporates indicate tariff u

6、ncertainty(32%)and financing difficulties(30%),while private equity point to high borrowing costs(30%).Deal strategies Corporates are placing a greater emphasis on recession-resistant and synergy-driven acquisitions.Private equity is also focused on recession-resistant assets but also shifting to di