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      Swiss M&A delivered a solid outcome in 2025. Against a persistently challenging economic environment, Switzerland recorded 502 transactions with an estimated deal value of around USD 166.8bn, higher than in 2024, yet below the expectations many market participants set at the start of the year. Cautious boards, selective financing, and stubborn valuation gaps kept processes disciplined and timelines longer.

      Where will the next wave come from: portfolio reshaping, succession situations, carve-outs, or sponsor-led consolidation? Deal momentum in 2026 will hinge on the macro path, confidence in earnings, and the willingness of corporates to act despite continued uncertainty. We expect a moderate increase in activity supported by a gradual return of private equity and a slightly higher share of PE-backed transactions as capital is redeployed.

      In the sections that follow, we summarize this year’s deal highlights, sector dynamics, and notable transactions, and we outline the watchpoints most likely to shape Swiss M&A in 2026.

      What to expect:

      Timo Knak
      Timo Knak

      Partner, Head of Deal Advisory and Head of Mergers & Acquisitions, Sector Head Private Equity

      KPMG Switzerland

      Deals at a glance

      View the detailed results in our Swiss deal database

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      Swiss M&A deal highlights in 2025

      • Number of deals

        The year 2025 saw 502 Swiss M&A deals, meaning transactions involving a Swiss company, worth a combined value of around USD 166.8 billion. This exceeded 2024 (464 deals; USD 115.1 billion) despite a challenging economic backdrop, but came in slightly below market expectations.

      • Largest transaction

        Switzerland’s largest transaction of the year was Holcim Ltd.’s spin-off of Amrize Ltd., valued at USD 33.7 billion.

      • Development of the number of transactions

        Deal count increased versus the prior year, supported by continued activity across core sectors and a steady contribution from private equity.

      • Development of transaction volume

        Total deal value rose significantly year over year. Value was also concentrated, with the five largest deals representing about USD 69.7 billion, close to 42% of total volume.

      • Industry activities

        Activity remained concentrated in a few sectors. TMT led by deal count, representing about 17% of all transactions, followed by Pharmaceuticals & Life Sciences at about 15% and Industrial Markets at about 14%. By value, Pharmaceuticals & Life Sciences was the clear driver, accounting for roughly 30% of total deal volume.

      See the full sector breakdown in our report

      Deal figures in 2025

      Swiss M&A transactions, meaning deals involving at least one Swiss buyer, seller, or target, rose to 502 in 2025, an increase of around 8% versus 2024 (464 deals). Total disclosed deal value climbed to around USD 166.8 billion, up roughly 45% year over year (USD 115.1 billion), despite a still demanding economic backdrop. Even so, activity ended the year slightly below what many market participants had expected at the outset.

      Value was highly concentrated in a small number of large transactions. The five largest deals accounted for approximately USD 69.7 billion, close to 42% of total deal value. The largest transaction was Holcim Ltd.’s spin-off of Amrize Ltd. (USD 33.7 billion), followed by Novartis AG’s acquisition of Avidity Biosciences Inc. (USD 12.0 billion) and the planned merger of Baloise Holding Ltd. and Helvetia Holding AG (USD 10.8 billion). 

      By sector, TMT led activity by number of transactions, while Pharmaceuticals & Life Sciences drove value, contributing around USD 53.0 billion of total volume. Private equity remained a central pillar of the Swiss market with 142 deals, representing 28% of all transactions, and a combined value of around USD 46.25 billion.

      Cross-border dealmaking continued to dominate. Swiss companies completed 225 outbound acquisitions, nearly half of all transactions, underscoring the role of strong balance sheets and liquidity in supporting international expansion. Foreign buyers acquired Swiss targets in 133 deals, while purely domestic transactions remained limited (49 deals) and 95 transactions of the deals featured Swiss companies acting as seller with target and bidder party being of foreign influence. The multi-year chart on deal count and value provides additional context on how 2025 compares over time.

      Top 5 deals

      top deals 25 > Click on the image to enlarge it

      M&A outlook for 2026

      The outlook for 2026 points to a moderate increase in Swiss M&A activity, rather than a broad-based surge. Current mandate momentum, a gradual improvement in the economic outlook, and the continued need for strategic portfolio moves should support deal flow. At the same time, many corporates remain cautious, and boards are likely to keep a high bar for strategic rationale, valuation, and financing discipline. In other words, dealmaking should stay selective, with fewer “because we can” transactions and more “because we must” decisions.

      Key drivers are expected to include portfolio reshaping and carve-outs, selective cross-border expansion by well-capitalized Swiss buyers, and a slightly higher share of private equity-backed transactions as sponsors redeploy capital and pursue both buy-and-build and exits where markets allow. Sector-wise, technology-led transformation should remain a defining theme. In particular, digitalization programs in TMT are likely to influence deal activity, while Pharmaceuticals & Life Sciences should continue to attract capital given its scale and strategic relevance.

      A differentiator in 2026 will be execution readiness. AI capability, cyber resilience, and enterprise-wide readiness are increasingly central to value creation and risk mitigation, and they need to be assessed early in the deal cycle rather than treated as late-stage diligence items. Against ongoing geopolitical uncertainty, buyers will also place greater weight on durable and predictable growth and earnings profiles. The transactions that succeed in 2026 will be those that match disciplined pricing with a clear integration plan, including the people agenda required to turn the deal thesis into results.

      How sale and purchase agreements (SPA) can support Swiss dealmakers

      In a deal environment shaped by tighter timelines and higher execution risk, the sale and purchase agreement is often where value is ultimately protected or lost. Small ambiguities in purchase price mechanics, working capital targets, or leakage definitions can turn into expensive post-closing disputes and distract management when integration should be the focus.

      In this year’s deep dive, we show why SPA precision has become a strategic safeguard for Swiss dealmakers and how finance, tax, and legal perspectives need to align to translate commercial intent into enforceable terms.

      Read the full article: SPA in M&A

      Credentials

      Migros Fachmarkt - KPMG Deal Advisory

      Migros Fachmarkt AG

      KPMG Deal Advisory

      acted as sole M&A lead advisor and provided financial vendor assistance and separation services to Migros Fachmarkt AG on the divestment of its furniture retail business Micasa to its management and investors

      September 2025

      TecMed - KPMG Deal Advisory

      TecMed AG 

      KPMG Deal Advisory 

      acted as sole M&A lead advisor and provided tax due diligence services to TecMed AG on the acquisition of Ypsomed’s diabetes care business 

      August 2025 

      J. Safra Sarasin - KPMG Deal Advisory

      J. Safra Sarasin Group 

      KPMG Deal Advisory 

      provided financial, tax, regulatory and compliance due diligence across various jurisdictions, as well as technical valuation services to J. Safra Sarasin Group on the acquisition of 70% of Saxo Bank A/S 

      March 2025 

      ECM - KPMG Deal Advisory

      ECM Equity Capital Management GmbH 

      KPMG Deal Advisory 

      acted as sole M&A lead advisor and provided financial, commercial and tax vendor assistance to funds managed by ECM on their divestment of Uroviva Group to Affidea 

      March 2025

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      Meet our expert

      Timo Knak
      Timo Knak

      Partner, Head of Deal Advisory and Head of Mergers & Acquisitions, Sector Head Private Equity

      KPMG Switzerland

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