By mid-2025, the global mergers and acquisitions (M&A) ecosystem is experiencing a moment of consolidation following a strong rebound in the second half of 2024. Far from being a temporary recovery, the data from the first half of the year confirms that we are entering a new cycle of growth—driven by structural factors and renewed investor appetite, especially in the tech sector.
The Final Stretch of 2024: Restarting the Global Engine
After nearly two years of stagnation, the global M&A market saw a significant acceleration in the second half of 2024. According to Bain & Company, the global strategic consulting firm, Q4 2024 ended with over $1.3 trillion in total deal value worldwide—the best quarterly result since 2021. North America and Europe led the recovery, with standout performances in the technology, digital health, and cybersecurity sectors.
This rebound followed interest rate stabilization by the Federal Reserve and the European Central Bank, improved macroeconomic outlooks, and increased urgency among private equity funds to deploy the dry powder accumulated since 2022.
H1 2025: Megadeals on the Rise, Selectivity in the Mid-Market
The momentum has continued into 2025, although with more selectivity. According to PwC, in the first half of 2025, the global deal value increased by 15% compared to the same period last year, even though deal volume (number of transactions) fell by 9%.
By region:
- North America reached a total deal value of $1.04 trillion, a 17% increase, driven by renewed large-scale deals in energy, AI, and healthcare.
- EMEA, however, saw a 6% drop in volume and a 7% drop in value, reflecting more caution among buyers and fewer large-scale transactions.
Which Verticals Are Leading the New M&A Wave?
- Applied AI and foundational models – Companies with strong IP in language generation and computer vision are in high demand.
- Post-quantum cybersecurity – Increasingly important for large industrial and financial players.
- Healthtech & Biotech – Especially platforms focused on predictive diagnostics and personalized medicine.
- ClimateTech and sustainable infrastructure – Driven by regulatory pressure and ESG commitments from major players.
- Vertical SaaS – Niche solutions for industries like agtech, legaltech, and proptech.
A Window of Opportunity That Won’t Last Forever
Current conditions are favorable for corporate deals, but not without risk.
“The market remains exposed to geopolitical tensions, persistent inflation, and potential regulatory changes,” warns Rafael Vavrik, Associate Manager at Pipeline Capital. “That’s why both companies aiming for inorganic growth and founders considering a sale need to act swiftly and strategically.”
In such a dynamic environment, many companies are rethinking their growth strategies with a long-term lens—prioritizing deals that align with fertile acquisition territories, trustworthy leadership, and sustainable performance. As Vavrik notes, “experience, empathy, and strong execution are key for a deal to have real impact.” An approach that, according to Pipeline Capital experts, becomes even more relevant when the window of opportunity is not guaranteed for long.
Beyond the Transaction: The Role of a Strategic Partner
In this new cycle, success in M&A is not just about high multiples or fast closings. What matters is designing transactions that generate real, long-term value. Pipeline Capital, with its unique approach rooted in entrepreneurial knowledge and deep tech ecosystem experience, recommends identifying acquisition opportunities that not only make financial sense but also share strategic vision and compatible organizational culture.
Preparing the business for sale well in advance is also essential to maximize value and reduce friction. Once the transaction is closed, the integration phase should be carefully planned to ensure key talent retention and preserve innovation capabilities.
