DealLawyers.com Blog

According to Dykema’s “2025 Mergers & Acquisitions Outlook Survey,” dealmakers are fairly upbeat about the prospects for increased M&A activity during the upcoming year.  Here are some of the findings:

– When asked whether they expect their company or one of their portfolio companies to be involved in a deal over the next 12 months, the majority of respondents said yes. Acquisitions led the way, with (69%) anticipating activity, followed by joint ventures at (52%), and sales at (50%). These figures reflect a notable uptick from 2024, when (61%) expected acquisitions, (47%) anticipated joint ventures, and (46%) projected sales.

– There’s still plenty of economic uncertainty out there, with respondents citing general economic conditions (42%) and financial market conditions (32%) as the top two factors posing obstacles to deal activity in the next year. Tariffs emerged as a significantly greater concern in 2025, with 30% of respondents identifying them as a key obstacle to dealmaking—up sharply from just 8% in 2024. Company valuations (29%) and availability of quality targets (22%) are also key factors.

– In response to macroeconomic conditions, respondents report shifting their M&A strategy to focus on strategic acquisitions and to mitigate economic uncertainty and the impact of tariffs. When we asked survey participants how their approach to dealmaking has evolved this year, their open-ended responses revealed a clear theme: caution, selectivity, and adaptability.

– 83% of respondents believe PE investors will boost deal volume in the coming year, and 76% expect due diligence to remain a top priority.

– A majority of respondents expect to work on deals involving ESG risk screening in the next year, highlighting its growing role in M&A strategy. Meanwhile, 62% anticipate increased use of R&W insurance, though most expect only a modest rise. Just 4% foresee any decrease in usage.

The survey was conducted in August and September 2025 and contains insights from 216 M&A professionals, including executives, attorneys, bankers, and private equity leaders.

– John Jenkins