高盛_2025年并购展望：全球舞台上的势能构建++MA+Outlook：Building+Momentum+on+a+Global+Stage.docx

2025

MAOutlook

BuildingMomentumonaGlobalStage

BUILDINGMOMENTUMONAGLOBALSTAGE

If2024markedashifttogrowth,2025willacceleratemomentumonaglobalstage.

Foroverayear,capitalmarketshavesoughtclarityontwocommonbottlenecks

forMA:monetarypolicyandregulation.Withthesedynamicsnormalizing,a

generationaltechnologydisruptingindustries,sponsorsseekingliquidity,anda

growingdesirefromcorporatestotransformtheirportfoliosthroughMA,we

expectsignificantupsidepotentialfordealmakingnextyear—butwithahealthy

doseofvolatilityascapitalmarketsnavigate“knownunknowns”intheformoftariffs,geopolitics,andmore.

AlthoughglobalMAvolumesrose+15%YoY,1aggregatednumberstellonlyhalfthestory.MAvolumesrelativetoglobalmarketcapcurrentlysitat20-yearlows,andsentimentisimproving,withleadersfocusednotjustonstabilitybutongrowth.2InaNovembersurveyofGoldmanSachsInvestmentBankingclients,whichincludes

bothcorporatesandfinancialsponsors,nearlyhalfofrespondentsbelievestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025MAdecisions—withthatnumberreachingnearly60%forprivatecorporates.3

47%

ofsurveyedclients

believestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025MAdecisions.4

“TheMAmarketissteadilygainingstrengthassponsoractivity

rebounds,regulatoryandmonetarydynamicsnormalize,andcorporatescontinuedemonstratingtheirintentiontosimplifyportfolios.”

StephanFeldgoiseCo-HeadofGlobalMA

2025MAOUTLOOK