Global mergers and acquisitions are picking up steam after two years of decline. Between January and July, their value reached $2.6 trillion, up 28% y-o-y, according to Dealogic. This rebound is less due to the volume of transactions, which fell by 16%, but rather is because of the return of megadeals, particularly in the United States. Amongst the most notable deals are Union Pacific's $85bn bid for Norfolk Southern and Softbank's $40bn fundraising for OpenAI.
This recovery puts a smile back on the faces of investment banks
After a start to the year that was still weighed down by geopolitical tensions and customs uncertainties, the trend has reversed. Boards of directors are more confident and the signals coming from Washington, particularly on the antitrust front, are seen as clearer. Large companies are reorganizing to accelerate their growth against a backdrop of digital transformation.
Artificial intelligence is reshuffling the sectoral deck
Long dominated by healthcare, mergers and acquisitions are now being driven by IT and electronics. AI is stimulating investment, particularly in data centers. Samsung has acquired the German group FlaktGroup for $1.7bn. The US company Palo Alto Networks has paid $25bn to acquire the Israeli company CyberArk, against a backdrop of heightened cybersecurity concerns.
The trend is global, but the United States remains in the lead
They account for more than half of all M&A deals this year. Private equity, which had been in decline since 2022, is also making a strong comeback: Sycamore Partners wants to take Walgreens off the stock market for $10bn, while KKR is set to acquire the British company Spectris. The Asia-Pacific region is also standing out, with the volume of transactions doubling compared to 2024, now exceeding the EMEA region.
The biggest deals of the year (Zonebourse with Bloomberg: deals were included if they involved at least one listed company, were not canceled, and were either completed or ongoing):
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