2026年并购与私募资本展望
In 1 page: M&A and private capital outlook2026 26 January 2026 Luke Templeman | Thematic Strategist |Luke.Templeman@db.com| +44 207 541 0130Galina Pozdnyakova | Research Analyst |Galina.Pozdnyakova@db.com| +44 207 547 4994 IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.UNTIL19thMARCH2021INCOMPLETEDISCLOSUREINFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS. Top M&A themes for 2026–see the full reporthere 2. CEOs’ confidence rebounds, feel pressure to do something big 3. European lags but eventually follows the US higher 4. Smaller deals pick up amidst less economic uncertainty 8. Spin-offs likely front-of-mind Top privatecapitalthemesfor2026–see the full reporthere 4. Private debt and infrastructure outperformance–these are beatingtraditional buyouts and should continue 5. Strong IPO pipeline–to boost exit options 6. TMT buyouts and exits to remain strong–despite the continuedoverhang from 2021 7. Strong AI-related deal making–particularly for ‘tangible’ assets such asdata centres and power-but heavily depends on equity market stability 8. Falling rates to enhance dealmaking, but are not a key driver 9. Outright purchases over minority deals are part of the trend towards‘transformational’ deals 10. Sentiment from large managers to remain strong as volatility providesopportunities to buy assets with temporarily depressed valuations Appendix 1Important Disclosures*Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges viaReuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources.Forfurther information regarding disclosures relevant to Deutsche Bank Research, please visit our global disclosure look-up page onourwebsite athttps://research.db.com/Research/Disclosures/FICCDisclosures. Aside from within this report, important risk and conflict Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, theundersigned leadanalyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report.Luke Templeman,Galina Pozdnyakova AdditionalInformation TheinformationandopinionsinthisreportwerepreparedbyDeutscheBankAGoroneofitsaffiliates(collectively"DeutscheBank").Thoughtheinformationhereinisbelievedtobereliableandhasbeenobtainedfrompublicsourcesbelievedtobereliable,DeutscheBankmakesnorepresentationastoitsaccuracyorcompleteness.Hyperlinkstothird-partywebsitesinthisreportareprovidedforreaderconvenienceonly.DeutscheBankneitherendorsesthecontentnorisresponsiblefortheaccuracyorsecuritycontrolsofthosewebsites. IfyouusetheservicesofDeutscheBankinconnectionwithapurchaseorsaleofasecuritythatisdiscussedinthisreport,orisincludedordiscussedinanothercommunication(oralorwritten)fromaDeutscheBankanalyst,DeutscheBankmayactasprincipalforitsownaccountorasagentforanotherperson. DeutscheBankmayconsiderthisreportindecidingtotradeasprincipal.Itmayalsoengageintransactions,foritsownaccountorwithcustomers,inamannerinconsistentwiththeviewstakeninthisresearchreport.OtherswithinDeutscheBank,includingstrategists,salesstaffandotheranalysts,maytakeviewsthatareinconsistentwiththosetakeninthisresearchreport.DeutscheBankissuesavarietyofresearchproducts,includingfundamentalanalysis,equity-linkedanalysis,quantitativeanalysisandtradeideas.Recommendationscontainedinonetypeofcommunicationmaydifferfromrecommendationscontainedinothers,whetherasaresultofdifferingtimehorizons,methodologies,perspectivesorotherwise.DeutscheBankand/oritsaffiliatesmayalsobeholdingdebtorequitysecuritiesoftheissuersitwriteson.AnalystsarepaidinpartbasedontheprofitabilityofDeutscheBankAGanditsaffiliates,whichincludesinvestment Opinions,estimatesandprojectionsconstitutethecurrentjudgmentoftheauthorasofthedateofthisreport.TheydonotnecessarilyreflecttheopinionsofDeutscheBankandaresubjecttochangewithoutnotice.DeutscheBankprovidesliquidityforbuyersandsellersofsecuritiesissuedbythecompaniesitcovers.DeutscheBankresearchanalystssometimeshaveshorter-termtradeideasthatmaybeinconsistentwithDeutscheBank'sexistinglonger-termratings.SometradeideasforequitiesarelistedasCatalystCallsideasontheResearchWebsite(https://research.db.com/Research/),andcanbefoundonthegeneralcoveragelistandalsoonthecoveredcompany’spage.ACatalystCallidearepresentsahigh-convictionbeliefbyananalystthatastockwilloutperformorunderperformthemarketand/oraspecifiedsectoroveratimeframeofnolessthantwoweeksandnomorethanthreemonths.InadditiontoCatalystCallsideas,analystsmayoccasionallydiscusswithourclients,andwithDeutscheBanksalespersonsandtraders,tradingstrategiesorideasthatreferencecatalystsoreventsthatmayhaveanear-termormedium-termimpactonthemarketpriceofthesecuritiesdiscussedinthisreport,whichimpactmaybedirectionallycountertotheanalysts'current12-monthviewoftot
