After four years of declining deal volumes, 2025 was supposed to be the year mergers and acquisitions roared back. The expectations of a more business-friendly environment, cooling inflation, and supportive interest rates had all the ingredients for a long-overdue dealmaking boom. Instead, companies stayed cautious as trade tensions and geopolitical uncertainty dominated headlines. However, as the dust settles around tariff uncertainty and ‘relative’ clarity is re-established, we are finally seeing tangible signs that the long-overdue acceleration in M&A is finally underway.
