高盛-2026年全球并购展望.pdfVIP

国际资本市场研报资讯+V:

GLOBALMAOUTLOOK

ThinkBig,

BuildBigger

ALETTERFROMSTEPHANFELDGOISE

StephanFeldgoise

GlobalHeadofMA

Fornearlythreedecades,I’vehadtheprivilegetowork

alongsideextraordinarycolleaguesadvisingclients

throughouttheircorporatelifecycles:fromearlydays

focusedongrowthandscaletopivotalmomentsthat

redefinecapabilitiesandentireindustries.

Whatremainsconstantthroughoutmarketcycles,geopoliticalstrife,andotherexogenousshocksisthe

enduringfocusofbusinessleaderstobuild,grow—andwhennecessary,pivot.Iwasn’tcertain

IwouldeveragainexperienceMAactivitylevelstorivalthoseof2021—butthemarketsinthesecond

halfof2025provedmewrong,andthefoundationaldriversheadinginto2026remainjustasrobust

andencouraging.

Behindeverytransaction,nomatterthebackdropormarketcycle,isastoryofconvictionandstrategic

decision-making.Andwhilestrategyisparamount,soistiming—andthewillingnesstoactwhenpathsto

financingandcompletionaremoreclear.MAhasalwaysbeencyclical:Afterthedot-combubbleand

globalfinancialcrisis,strategicbuyersrebuiltthroughconsolidation.Thepost-pandemiccyclesawdigital

accelerationandrecordliquiditydrivethefastestreboundinMAhistory.

Thecurrentcyclewillbedefinedbystrategicrepositioningandbuildingforscale—andextraordinary

ambitionisacceleratingthepaceofthesemoves.Addtothat:tremendouspublicandprivatecapital

andthemacrocurrentofAI,whichitselfhascreatedadominoeffectacrosssoftware,datacenters,

semiconducto