This technical report presents a forecast of global and regional mergers and acquisitions (M&A) activity through the second quarter of 2025. The report outlines the factors influencing the M&A landscape, including economic and geopolitical uncertainties, regulatory scrutiny, and the impact of tariffs under the second Trump administration. It details the fluctuations in deal volume observed in 2024 and the expectations for 2025, highlighting the potential effects of interest rate changes on M&A activity. The report notes that while some industries, particularly those driven by artificial intelligence innovations in healthcare, are expected to attract significant investment, others may experience mixed activity due to economic pressures. The report also discusses the anticipated regional variations in M&A activity, particularly in Asia Pacific and Europe, the Middle East, and Africa, and emphasizes the need for dealmakers to navigate a complex and evolving market environment. Overall, the report provides a comprehensive outlook on the expected trends and challenges in the M&A market for the upcoming quarter.