交易驱动因素：2025财年美洲
A spotlight on mergers and acquisitions trends in 2025 Foreword:The big bounce back Strategic interests More recently, global attention has been focused on geopoliticswithin the Americas. A sustained campaign against Venezuelan oilflows and the Maduro regime saw US naval forces board tankers linked 2025 was a year of two halves for US financial markets. The openingmonths were dominated by political noise and policy risk, as tariffthreats rattled investors as they struggled to gauge their economicimpact. By mid-year, however, the mood had shifted. Equity markets An emboldened White House has issued a cluster of executive ordersaimed at bolstering US technological and energy leadership – frompromoting the export of American AI technology stacks and acceleratingfederal permitting for data centers, to incentivizing semiconductor andcritical-mineral projects. Sweeping actions to unleash domestic energy A December rate cut by the Federal Reserve of 0.25% was cheeredas Christmas approached, but amber warning signs are glowing. Theovernight repo market began seizing up in October, forcing the Fed to Outlook:Americas heat chart Investment banks are bracing for another rewarding year as businessesincreasingly turn to scale as a defensive strategy against a wideningarray of economic, technological, and geopolitical shocks. With policy The world’s biggest companies are still going all-in on AI and techmore broadly. Against that backdrop, it is no surprise that technology,media & telecommunications (TMT) sits at the center of Mergermarket’sheat chart, accounting for 532 ‘for sale’ stories, or just over a quarter of Pharma, medical & biotech (PMB) accounts for 368 stories, 17.4% of thetotal, led by the Northeastern (153) and Southern US (86), with solidactivity in the West (62) and Midwest (46). In the current regulatoryenvironment, it has become easier for acquirers to underwrite deals Middle ground Beyond tech and healthcare, the heat chart points to a broadmiddle ground of activity where deal flow is likely to be steadier.Consumer (300 stories), industrials & chemicals (I&C, 237),and business services (206) together account for over a thirdof the pipeline. Consumer groups are recycling portfolios via Pharma executives are positioning for multi-billion-dollarcombinations in 2026, especially in oncology and metabolicdiseases, with high-profile tie-ups such as Merck’s potential US$32bnbid for Revolution Medicines, showing how competition for standout Geographically, Northeastern US (718) is the clear leader, butthe South (423 stories) continues to punch above its weight,reinforcing its role as a beneficiary of the southward migrationof US capital and labor. Outside the US, Brazil’s 155 stories are Dealmakers balance transformational M&Awithoperational plays amid tense market conditions Summary:A year of bold bets The US economy provided steadier ground for dealmaking in2025 than many had expected. Growth surprised on the upside,inflation continued to cool, and early anxiety around tariffs faded M&A activity in the Americas sent a clear signal in 2025, particularlytoward the end of the year. Aggregate announced value surged toUS$3.1tn, up a full 50.7% from 2024 and the highest annual totalof the past four years, with Q4 putting in a new quarterly record. Fund feeding frenzy Corporate takeovers and sponsor firepower flowed into media andgaming, pushing TMT sector value to a massive US$1.2tn, more thandoubling the prior year’s performance. Energy, mining & utilities (EMU) Private equity finished 2025 on a high. After a cautious start, deploymentjumped sharply in H2 as firms grew bolder and check sizes expanded.By the end of December, a total of US$775bn worth of buyout valuewas announced, up 37% year-on-year, buoyed by no fewer than four Prime time A battle for media dominance defined the biggest deals of the year,with Warner Brothers caught in the crosshairs of rival megabidsfrom Paramount and Netflix. Valued at US$107.9bn and US$81.9bn, A watershed moment for US rail came as operators look to bulk up inthe face of softer freight demand, rising labor costs, and heavy capitalrequirements. Union Pacific Corp’s US$88.2bn overture for Norfolk PE capped the year with a statement deal in gaming. A consortiumled by Public Investment Fund agreed to acquire Electronic Artsfor US$56.6bn in what would be the largest PE buyout on record ifcompleted. The transaction not only helped push PE deal value to a Having won the streaming wars,Netflix turns sights on Hollywood mainstay Americas PE buyouts Americas PE exits Based on announced buyouts, excluding those that lapsed or were withdrawn,where the dominant location of the target is in the Americas. Based on announced exits, excluding those that lapsed or were withdrawn,where the dominant location of the target is in the Americas. Americas league tables Americas league tables–mid-market Americas league tables–PR advisors Americas league tables–PE advisor
