标普全球：2026年并购趋势展望报告：巨额交易引领增长浪潮（英文版）

While dealmaking has not lived up to expectations in 2025, hopes for the future remain strong. Optimism for a pickup in dealmaking was high in late 2025 with valuations remaining elevated and the market expecting further interest rate cuts by the US Federal Reserve. The sentiment was similar toward the end of 2024, but activity never quite fired on all cylinders in the year that followed.