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Stefan Feldgauis

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  1. Goldman Sachs17 min

    What’s Driving the Surge in Deal-Making?

    Stephan Feldgoise, Allison Nathan, Stefan Feldgauis

    Goldman Sachs reports that 2025 witnessed a historic surge in M&A activity, with billion-dollar transactions doubling and late-year volumes matching 2021 peaks despite tariff-related slowdowns. This resilience was driven by the convergence of aggressive buyer appetites, widened capital markets, and a strategic pivot by boards toward long-term AI and biotech consolidation across the Americas and Europe. Looking ahead to 2026, the firm maintains a cautiously bullish outlook anticipating sustained deal mandates, though geopolitical instability and credit market volatility remain the primary risks to this trajectory.

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