Dealmakers Anticipate a Resurgent U.S. M&A Market in 2025: Survey

Twenty years of historical survey data reveal a clear trend: the U.S. M&A market is only as strong as the underlying economic conditions. This axiom is once again evident in Dykema’s 20th Annual M&A Outlook Survey, where more than 200 senior executives and dealmaking advisors expressed growing optimism for the year ahead.

A hearty seventy percent of respondents expect a stronger U.S. M&A landscape in the next 12 months, driven by improved financial markets, the availability of capital, and a stabilizing economy. And increasingly, quality targets and company valuations are seen as key drivers of current and future transactional activity. 

“This mounting optimism is somewhat tempered by persistent concerns around economic volatility and increased regulatory oversight,” says Jeff Gifford, a member of the firm’s Executive Board. “For instance, a majority of respondents believe the FTC’s stricter merger reviews could stifle deal activity in the year ahead, and in response, 75% of dealmakers plan to ramp up their due diligence to assess potential antitrust risks in their target companies.” 

Key Takeaways:

• Though these regulatory concerns are particularly heightened in healthcare and energy—whether due to potential FTC investigations into oil and gas consolidation or scrutiny around healthcare outcomes—these sectors, along with financial services, are anticipated to see the most deal activity in 2025. Healthcare M&A is expected to be driven by efficiency improvements and the need to adopt new technologies, while the energy sector’s focus will be on renewables and clean energy investments.  
• Nearly seven in 10 dealmakers also believe private equity investors will drive M&A growth in 2025, as firms look to deploy $2.5 trillion in available capital, despite recent challenges such as lower valuations and reduced deal activity.
• Separately, AI is transforming industries and rapidly becoming a key deal driver. Nearly three-quarters find that companies are seeking to integrate AI capabilities, acquire businesses leveraging the technology, and use it to streamline M&A processes. 

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