M&A Dealmaker Optimism Remains Amid Economic Uncertainty
Large corporates and private equity dealmakers are optimistic for a return of M&A activity in the second half of 2025, despite the disruption caused by the tariffs, and believe the Trump administration's policies will have a net-positive impact on the M&A market.
The KPMG mid-year M&A pulse survey revealed that large corporate and private equity dealmakers are optimistic about M&A activity in 2025, expecting it to outperform 2024. They anticipate a return to dealmaking in the second half of 2025, with the desire to acquire strategic targets and expanding into new markets and geographies driving increased dealmaking, despite a complex global environment that includes tariff uncertainties and increased borrowing costs.
Corporates and private equity firms are not only navigating these challenges but are also leveraging opportunities to prioritize recession-resilient industries and immediate synergies.
Policies from the current US administration are expected to be net-positive for M&A – despite the tariffs - with dealmakers pointing to an easier anti-trust environment and tax policy changes increasing their appetite for M&A. Additionally, a potential 50 basis-point decrease in interest rates could further boost M&A activity.
This report underscores the resilient and adaptive nature of M&A strategies in 2025, offering valuable insights for dealmakers looking to navigate and leverage deal opportunities in a dynamic US M&A market.
Dive into our thinking:
KPMG 2025 Mid-year M&A Pulse
Download PDFUS M&A expectations for 2025
The Trump administration's new policies generally have a positive influence on M&A activity … although tariffs have added a degree of uncertainity
Majority of dealmakers have revised their 2025 M&A plans. Since the start of 2025, nearly two-thirds of respondents have altered their deal plans
To navigate these dynamic conditions effectively, we recommend that companies:
- Continuously monitor tariff developments and their impact on deal costs and timelines.
- Stay informed about the latest tax and anti-trust policies to capitalize on favorable conditions.
- Explore recession-resilient industries and immediate synergies to mitigate economic risks.
- Leverage GenAI and other advanced technologies to enhance due diligence and identify high-value targets.
For a deeper dive into the trends and strategies shaping the M&A landscape in 2025, download our full report.
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