高盛观点｜2025年下半年并购前瞻：战略增长新征程

Core Viewpoint - Despite macroeconomic headwinds, the M&A market continues to show resilience, with a significant increase in global M&A transaction volume in the first half of 2025, up by 29% year-on-year [1] Group 1: M&A Activity Trends - In the first half of 2025, the number of mega-deals (transactions over $10 billion) reached a historical high, driven by corporate focus on long-term growth and increased confidence from CEOs in operational investments and strategic mergers [2] - The Asia-Pacific region saw a notable increase in mega-deal activity, with transactions between $1 billion and $5 billion rising by 57% year-on-year, while the Americas and Europe, the Middle East, and Africa experienced increases of 42% and 9%, respectively [3] Group 2: Financial Institutions and Investment Behavior - Financial investment institutions are actively deploying capital, showing a cautious yet progressive investment approach amid macroeconomic uncertainties [4] - The role of financial investment institutions in supporting corporate development is becoming increasingly critical, with sustained high demand for key assets [5] Group 3: Corporate Strategies for Value Creation - Corporate spin-offs and organizational streamlining are essential strategies for unlocking shareholder value, particularly in a favorable interest rate environment and recovering stock markets [6] - In response to de-globalization trends, companies are simplifying their structures to mitigate risks and enhance value, with geopolitical tensions and regional regulatory differences driving businesses to reorganize by region [7] Group 4: Regional M&A Dynamics - The Asia-Pacific region is experiencing a dual acceleration in both cross-border and local M&A activities, as companies seek to diversify revenue sources and expand into high-growth emerging markets [8]