2025年全球并购报告（英）

Investment Rating - The report indicates a strong positive outlook for global M&A activity, with expectations for continued momentum into 2026, driven by favorable market conditions and investor confidence [10][17]. Core Insights - Global M&A activity reached record levels in 2025, with 50,810 deals totaling nearly $5 trillion, marking a 12.4% increase in deal count and a 37% increase in deal value year-over-year [10][11]. - The surge in megadeals, defined as transactions of $1 billion or more, significantly contributed to this growth, with 617 megadeals accounting for 56.6% of total M&A value [11][16]. - The report highlights the importance of technology and AI in driving M&A activity, with investors seeking businesses that leverage data and technology for competitive advantage [60][62]. Overview - Global M&A activity saw unprecedented growth in 2025, surpassing previous records in both deal count and value, with a notable recovery from macroeconomic disruptions [10][17]. - The report emphasizes the role of private equity (PE) in the M&A landscape, with PE's share of total European M&A value rising to 50.7% in 2025 [72]. Valuation Metrics - The median enterprise value (EV)/EBITDA multiple for M&A transactions in 2025 improved to 10.1x, reflecting a recovery in valuations compared to previous years [26][30]. - North American valuations remain higher than European counterparts, with the median EV/EBITDA multiple at 11.2x in the US compared to 9.6x in Europe [30]. Deal Metrics - North American M&A activity achieved a record deal value of nearly $3 trillion in 2025, with corporate acquirers accounting for 63.2% of the region's M&A value [77][80]. - The IT sector emerged as the largest contributor to North American M&A value, surpassing B2B, with significant growth observed in healthcare and B2C sectors in Q4 [81]. Sector Metrics - The report identifies technology and AI-linked businesses as key drivers of M&A activity, alongside infrastructure assets that provide predictable revenue streams [62]. - Healthcare continues to attract significant interest, particularly in markets where private-sector provision is expanding [63]. Geographic Insights - The report notes a mixed performance in cross-border M&A, with North America attracting more nondomestic capital, particularly in larger deal sizes [20][24]. - European M&A activity reached a record high in 2025, with nearly 21,000 transactions and $1.3 trillion in deal value, driven by capital inflows from North America [70][72].