Global M&A Insights Q4 2024 - introduction

Welcome to the latest edition of M&A Insights, where we bring together partners from across the A&O Shearman network to explore the themes shaping global dealmaking. 

The Trump effect: how will the new administration impact M&A markets?

Our first article focuses on the impact of Donald Trump’s decisive election victory on M&A. In it, partners Dario de Martino, Dan Litowitz, Ken Rivlin, Mike Walsh, Elaine Johnston, David Higbee, Jessica Delbaum and Lorenz Haselberger provide an initial assessment of how the new administration is likely to affect dealmaking, foreign investment screening, trade tariffs, antitrust enforcement and taxation.

Increase in U.S./U.K. public M&A 

Next up, we examine the resurgence of transatlantic public M&A. There has been an uptick in U.S. acquisitions of U.K. listed companies in 2024, with deals worth USD15.2 billion recorded in the year to mid-October, nearly double 2023’s total. We expect this activity to continue to increase in 2025. As Seth Jones, Scott Petepiece, Dan Litowitz, Sean Skiffington, Derrick Lott and Matt Hamilton-Foyn explain, the rise is driven by increased corporate confidence, the pursuit of scale and synergies, and a more favorable financing market. But a high number of failed bids is a sign that the unique features of the U.K. takeover regime require careful navigation. 

The state of private equity exits 

In our third article, Alain Dermarkar, Chris Zochowski, Paul Dunbar, Iñigo Del Val, Dirk Meeus, Katinka Middelkoop, Nick Wall, Daniel Harris and Tom Jokelson provide a global perspective on private equity exits. PE firms have faced challenges over the past 12 months in realizing their asset valuations, but as we reveal, there’s cause for optimism as we head into 2025.

Will Draghi’s merger control reforms succeed? 

Finally, we dissect the ambitious proposals from Mario Draghi to reshape Europe's merger control landscape. Draghi's recommendations include an "innovation defense" to justify deals in strategic sectors that might otherwise be prohibited, alongside a raft of other recommendations to foster growth and competitiveness. Francesca Miotto explores the likelihood of his vision becoming a reality. 

We hope you find our analysis valuable, and would be delighted to discuss these or any other themes with you in more detail.