贝恩：2025年全球并购市场有望升温

How leaders are adapting to meet the moment Acknowledgments This report was prepared by the leadership team of Bain & Company’s Global M&A and Divestiturespractice, with special direction from Les Baird, partner; David Harding, advisory partner; Dale Stafford,partner; Kai Grass, partner; Suzanne Kumar, practice executive vice president; Rebecca Telzak, seniormanager; and an editorial team led by David Diamond. The authors wish to thank the many members ofthe Bain leadership team who contributed articles to this year’s report. Additionally, we wish to thank the following colleagues for their help with this report: Bain PartnersHarshveer Singh, Peter Horsley, and Colleen von Eckartsberg; Practice Senior Analyst Amol Mathur;Consultants Fiona Bowen and Noah Plaue; Senior Associate Consultants Yuan Cai and Tiffany Chen;Associate Consultants Matthew Griff and Gabriel Moscoso; and the editorial team including StevenAnderson, Brooke Dunn, Shahnaz Islam, Jesse Nunes, Daniel Robinson, Martyna Uziallo, and Kirti Yadav.This work additionally benefited from the support of Bain Capability Network’s Abhishek Jain, RoopamKalra, Chhavi Khandelwal, Mohit Gupta, Yashovardhan Dey, Vishaal S, and Bain Capability Network Labs’Arko Chatterjee and Suprakash Gosh. Global M&A Report 2025 Contents Letter from the Leader of Bain’s M&A Practice2 Looking Back at M&A in 2024: Dealmakers Adapt as the Market Idles4Looking Ahead to 2025: Preparing for What Comes Next12Generative AI in M&A: You’re Not Behind—Yet18Where the Deals Are: 2024’s Top M&A Markets22 28 M&A in Aerospace & Defense: How IncumbentsCan Respond to Well-Funded Disrupters29M&A in Automotive and Mobility: Hedging Bets until a Clear Future Emerges31M&A in Building Products and Technology: Deals to Shape the Future33M&A in Consumer Products: Carving Out to Grow38M&A in Energy and Natural Resources:Making Deal Economics Work in a Record Year45M&A in Financial Services: Coming Back to Life50M&A in Healthcare and Life Sciences: Why CompaniesThat Adapt to the New Realities Will Come Out Ahead57M&A in Machinery and Equipment: Learning from the Best62M&A in Media and Entertainment: Own the Consumer,Own the IP, or Own Nothing67M&A in Retail: A Rebound—and No Sign of Letting Up72M&A in Technology: Revenue and Cost Synergies in Tandem77Telecom M&A: Here Are the Latest Deal Trends Worldwide79Methodology82Key Contacts in Bain’s Global M&A and Divestitures Practice84 Global M&A Report 2025 Letter from the Leader of Bain’s M&A Practice Dear friends, We publish our annual M&A report to help business leaders get better at M&A. In 2024,deal value was historically low as a percentage of global GDP, but we are optimistic for theyear ahead as M&A and divestitures will be critical tools for companies navigating technology disruption,a post-globalization economy, and the inevitable shifting profit pools. A big reason for our optimism is seeing first-hand how companies have pursued M&A despite three yearsof headwinds, includinghigh interest ratesandregulatory scrutiny. Among the big adjustments:New deal economics pushed many buyers to prioritize rapid value creation, pursuing both revenue andcost synergies in tandem. We also saw a fundamental shift to scale M&A, especially in industries withhigh fixed costs. Any easing of those headwinds will only fuel further dealmaking momentum. Read on to learn how the best companies are adapting to today’s M&A market by industry, trends bymarket, and how they’re deploying generative AI to improve M&A capabilities. Les Baird Leader of Bain’s M&A and Divestitures Practice State ofthe Market Looking Back at M&A in 2024:Dealmakers Adapt as the Market Idles4Looking Ahead to 2025: Preparing for What Comes Next12Generative AI in M&A: You’re Not Behind—Yet18Where the Deals Are: 2024’s Top M&A Markets22 STATE OF THE MARKET Looking Back at M&A in 2024:Dealmakers Adapt as the Market Idles In a year of anticipation, movers got deals done. By David Harding, Dale Stafford, Kai Grass, Suzanne Kumar, and Rebecca Telzak At a Glance The three-year-long M&A headwinds continued as dealmakers waited for a turn in the marketCorporate deals rose by 12% in value, while financial acquisitions rose by 29%Strategic valuations remained nearly flat at 104 times, with buyers still skeptical on price andsellers reluctant to move too soonThe best dealmakers changed their processes to accommodate regulatory scrutiny, highinterest rates, and other new realities This chapter was originally published in December 2024. The year 2024 is on track to end as it began—with much anticipation. For most of the year, there were great expectations that interest rates would fall, that private equity wouldget back in the game while getting out of portfolio positions, that buyers and sellers would reach adétente on valuations, and that regulatory concerns would become merely background noise. All of thiswould mean a great revival in M&A activity. Global M&A Report 2025 Figure 1a: