Global Deal-Making Outlook for 2025

This document is a discussion on the outlook for global deal-making in 2025, featuring insights from Goldman Sachs' co-heads of Global M&A, Stephan Feldgoise and Mark Sorrell. The conversation outlines how various factors, including geopolitical dynamics, tariffs, and generative AI, are expected to influence the M&A landscape. The speakers reflect on the gradual improvement in deal-making activity observed in 2024, attributing it to moderating inflation, rate cuts by the Federal Reserve, and strategic repositioning by companies post-COVID. They note that while there are headwinds such as regulatory challenges and geopolitical uncertainties, the long-term view remains optimistic. The discussion also highlights sector-specific trends, particularly in energy, healthcare, and technology, where large companies are pursuing acquisitions to enhance growth and scale. The document emphasizes the importance of strategic long-term planning in M&A decisions, despite short-term fluctuations in the market.