In this article, we summarise insights shared during the Dealonomics panel at our recent M&A Summit 2025.
Despite persistent geopolitical and economic uncertainty, the global M&A market continues to show surprising resilience. That’s the prevailing sentiment captured in Dealonomics, our new international M&A report developed in partnership with Bayes Business School.
The report reveals that 74% of dealmakers remain confident in the M&A outlook over the next 12 months. The amount of capital available is driving this optimism. "There are trillions in dry powder", Professor Scott Moeller, Founder and Director of the M&A Research Centre at Bayes, noted during our Dealonomics panel discussion. But what truly differentiates successful deals is not the price, structure, or even timing – it’s what happens after the ink dries.
Strong sectors
The technology, media, and communications (TMC) sector continues to lead global M&A activity. From 2018 to 2024, more cross-border deals were completed in TMC than any other sector. Not only is the deal volume high, but share price performance is strong, particularly in the critical first month post-deal, where acquirers saw substantial gains.
Looking ahead, technology dealmakers are zeroing in on the US and UK as hotbeds for value creation. Activity in the energy and infrastructure sector is also expected to surge, propelled by massive government spending tied to the global energy transition and decarbonisation efforts.
The life sciences and healthcare sectors have also remained in sharp focus. Since the pandemic, these sectors have produced some of the market’s most sizeable transactions, with deals averaging over US$4 billion. With numerous patents nearing expiration and prior acquisitions now integrated, dealmakers expect another active cycle as companies unlock capital for their next moves.
The integration imperative
One of the clearest takeaways from the panel was that a signed deal is only the beginning. Integration – often overlooked or under-resourced – can make or break a transaction. “The deal isn’t done until it’s integrated”, said Professor Moeller, emphasising the need for early and ongoing attention to post-merger execution.
James Brown, General Counsel at Ricoh, echoed this, warning that leaders have a key role to play in providing continuity and clear direction for employees. “Success can be undermined if key people walk out the door”, he cautioned. Deepak Bhandari, CEO of Marylebone Capital, reinforced the point: “Building trust between buyer and seller is essential. In service-driven industries, relationships are the real assets.”
Communication is value protection
Deal-related communication often takes a back seat, but it shouldn’t. Every acquisition creates uncertainty. Without clear messaging, speculation fills the void, eroding employee trust and engagement.
"The more you communicate, the more successful the deal will be”, said Professor Moeller. George Trefgarne, Founder of Boscobel & Partners, took it further: “It’s not just a transaction, it’s people’s livelihoods. You need to keep telling a strong internal story, consistently and honestly.”
Transparent, two-way communication throughout the M&A journey helps retain talent, sustain morale, and preserve value.
Valuations: managing the expectation gap
Agreeing on a fair valuation remains one of M&A’s trickiest challenges. Buyers and sellers often enter negotiations anchored in emotion rather than evidence. “Valuation expectations are often based on anecdotes, not facts”, Professor Moeller noted.
Advisers are crucial here, not just for number crunching, but for managing the psychological side of dealmaking. “Founders believe their business is the most important thing in the world”, said Deepak Bhandari. “And to them, it is.” Successful outcomes often depend on bridging these perception gaps with empathy and data.
AI and the changing nature of dealmaking
Artificial intelligence is rapidly reshaping M&A workflows. From due diligence and data processing to risk modelling and contract analysis, AI tools are delivering speed and insight like never before.
In a live poll at the M&A Summit, 60% of participants reported using AI in M&A analysis, with 58% applying it during execution. But adoption comes with caveats. “AI can convincingly tell the wrong story”, warned one panellist. Generative AI in particular introduces risks such as document spoofing and reputational harm. The message was clear: AI is a powerful co-pilot, but not a replacement for human judgement.
Buy vs build: the growth equation
In a world where organic growth can be slow and costly, acquisition has become a strategic shortcut. “You acquire what you’re not good at or what you don’t have time to build”, explained Nina Skero, CEO of the Centre for Economics and Business Research (CEBR).
This is especially true in the tech sector, where M&A can fast-track innovation, eliminate opportunity costs, and secure competitive advantage. But speed should not come at the expense of due diligence. Regulatory scrutiny is rising, particularly around so-called ‘reverse killer acquisitions’. To stay ahead, buyers must articulate not just what they’re acquiring, but why, and how they’ll integrate it.
Culture as currency
A powerful insight from the panel was that culture is no longer a soft issue, it’s a strategic asset. Without cultural alignment, even the best-planned integrations can falter.
“Rapport and shared values between management teams are essential”, said James Brown. In today’s deals, culture and leadership continuity are often the real drivers of long-term success. Technology can help track sentiment and engagement, but it’s up to leaders to live and breathe the culture they want to see.
Conclusion
If there’s one overarching theme from our Dealonomics panel, it’s this: successful M&A isn’t just about the deal signed, it’s about what happens after, how dealmakers navigate complexity, integrate teams, align goals, and communicate with clarity.
The future of dealmaking will be shaped not just by where money flows or what sectors heat up, but by how well companies manage the human side of transformation. Those who recognise this truth, and act on it, will unlock not just transactions, but sustainable value.
Read our full Dealonomics report:
