Global M&A and "Animal Spirits"

  • K-Shaped M&A Market: A strong resurgence of megadeals (valued >$5bn) by large companies is coexisting with a slow market for smaller, mid-market transactions.
  • "Scope" vs. "Scale" Deals: Companies are pivoting from pursuing scale (size) to scope (acquiring new capabilities like tech/AI) to reposition portfolios.
  • Reshoring & Geopolitical Tension: Cross-border deals are focusing on onshoring, specifically European and Japanese firms investing in the US to navigate a "multipolar world"

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