2025年并购年度报告-浪潮是否终于到来？

February 2025 We are delighted to share this year’s edition of our report on M&A,M&A Annual Report:Is the wave finally arriving? The global M&A market may not have matched every dealmaker’s hopes for a dramatic recoveryin 2024, even though all major regions delivered double-digit gains despite waves of uncertainty.The market’s resilience, along with improving macroeconomic conditions, point to a positiveoutlook for M&A in 2025, especially as the year progresses. Could fresh geopolitical or policy shifts create some rough spots in 2025? Certainly. But the swiftresponse of equity markets, business leaders, and the media should encourage world leadersand policymakers to hold a reasonably steady course. McKinsey is privileged to serve many of the world’s leading business and financial executives asthey pursue transactions that can improve or transform their organizations: M&A, separationsand IPOs, and joint ventures and alliances. We work hand in hand with clients to maximize theirsuccess across the deal life cycle, from M&A strategy and deal sourcing to due diligence andintegration to separation planning and execution. We bring unrivaled transaction and integrationexpertise, deep industry knowledge, a global network, and a focus on building institutionaland executive M&A capabilities. The perspectives we share in this report are built from this extensive experience, as well asresearch and analyses led by members of our global consulting team who have expertise in M&A,industry sectors, and the unique business environments in which our clients operate. We aregrateful to the colleagues who have developed the articles included here, but most important, weare thankful to our clients who trust us to support them throughout their M&A journeys. We also thank our readers. We appreciate your interest in our research and perspectives andhope that you will discover new ideas and valuable lessons to support your M&A activities inthe year ahead. Jake Henry Mieke Van Oostende Senior partner, ChicagoGlobal coleader,McKinsey’s M&A Practice Senior partner, BrusselsGlobal coleader, McKinsey’sM&A Practice Contents 3Peering around cornersExploring the outlook for M&A in 2025 17Industry deep dives 18Advanced industriesNew technologies and supply chain shifts are driving key portfolio and investment decisions24Financial servicesDealmakers adapt to a shifting landscape29Consumer goodsSeeking market expansion and growth34Global energy and materialsOverall deal value remains stable, but some segments are gaining share41Life sciencesPrimed for an increase46Private capitalInvestors’ cautious stance in 2024 may give way to a more aggressive approach49US healthcareNavigating through the headwinds57Travel, logistics, and infrastructureFirms are finding opportunities in technology, changing consumer demographics,and global trade63Technology, media, and telecommunicationsSoftware deals and creative partnerships will carry the day 69M&A insights 70Uncertainty in M&A: Postcards from the new normal83What it takes to make separations a competitive difference-maker94Dealmaking through challenges: Lessons from the automotive industry102Gen AI: Opportunities in M&A108CEOs in M&A: Five actions only the chief executive can take115Why managing culture is critical for value creation in M&A120Retain, integrate, thrive: A strategy for managing talent during M&A transactions Peeringaroundcorners Exploring the outlookfor M&A in 2025 Powerful forces favor a resurgence in M&A,especially in North America, but dealmakersstill have plenty of challenges to stare down. by Jake Henry and Mieke Van Oostende Global M&A marketsdidn’t deliver the full-throttle comeback that many dealmakers had hopedfor in 2024. Although performance improved (in some regions, significantly), global dealmakingwas curbed by a variety of pressures and delivered moderate returns, with deal value up 12 percentto $3.4 trillion.1While challenges facing dealmakers have evolved—some have dissipated, whilenew ones have sprung up—they remain formidable. Nonetheless, significant tailwinds are at playtoo. We anticipate that a strong upward pull will eventually swing the balance toward improved,and possibly sharply improved, global M&A returns in 2025. On the surface, it may appear difficult to remain sanguine after anticipating a full marketresurgence for several years. But many of the dynamics that stymied dealmaking for the pastthree years, including some that limited 2024 global deal value and volume to roughly theaverage of the past 20 years, are receding. If this pattern continues, then M&A markets couldshift dramatically in the next six to 12 months, especially as the year progresses. Could fresh geopolitical, trade, or other policy hurdles challenge this picture? Certainly—like an unseasonable frost landing on a green shoot. But if history is any guide, logic shouldeventually prevail. Not all dealmakers would benefit equally. Regions, sectors, and even subsectors are l