毕马威：2025年生态架构者与VS核心整合者：并购如何重塑企业竞争边界研究报告（英文版）

Quarterly global deal activity re-enforces 2024’s stabilization after a decline from the post-pandemic spike in deal-making. Q1 2025 shows the expected seasonal first-quarter dip from Q4 2024, recovering in Q2. But whilst first half volumes are down 9 percent year-on-year, deal value increased 3 percent, driven by a 30 percent surge in the number of transactions exceeding $5 billion. Large deals continue to drive M&A investment, with billion-dollar plus deals representing nearly three-qua