Global M&A Trends and Risks Report 2025

Norton Rose Fulbright’s third annual report on trends and risks in the global mergers and acquisitions market, conducted jointly with Mergermarket, reveals how dealmakers are recalibrating strategies amid unprecedented trade volatility and regulatory shifts. Based on a survey of 200 top-level executives from multinational corporations, private equity firms and investment banks, the report captures how the April 2025 tariff announcements dramatically altered M&A sentiment and reshaped deal dynamics across regions.

Key insights from the research:

• Over two-thirds of respondents say trade tensions have decreased their M&A appetite, marking a stark reversal from early-year optimism when 53% expected increased deal activity.
• AI integration is accelerating rapidly, with 51% of executives having acquired an AI business and 46% actively seeking acquisitions in the sector, up from just 33% in 2024.
• Private credit is emerging as a critical financing bridge, with 25% of respondents calling it the most important funding source for deals over the next two years.
• Domestic strategic buyers are expected to dominate 2025 dealmaking, particularly in emerging markets where regional focus is intensifying.
• Deal insurance usage is set to surge, with 65% expecting increased adoption of representations and warranties insurance as risk mitigation becomes paramount.

The report examines sector-specific opportunities, financing innovations and regulatory challenges reshaping M&A across nine global regions, providing dealmakers with strategic intelligence for navigating an increasingly complex landscape.