The macro clarity that prevailed in Q1 dissipated in Q2 on the back of US tariff announcements, reciprocal measures, and ensuing market volatility. Despite the persistent headwinds, the market has remained resilient—and so too the leaders shaping it. Total M&A dollar volumes in 1H were +29% YoY as companies maintain a “modify is constant” mentality*. Uncertainty will persist, particularly in tariff-sensitive industries—but many companies are seizing the opportunity to reevaluate their portfolios and strategic ambitions with newfound perspectives.
*Source: Dealogic as of July 10, 2025.
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