Trends, transactions, and media insights shaping the year ahead.
As 2026 unfolds, the global M&A landscape is entering a more nuanced phase. With deal volume predicted to normalise, the media focus is expected to move from “if” activity would return to “how” this activity is carried out.
This change of focus from broader market momentum to scrutiny over deal-specific fundamentals means clear strategy, disciplined execution, and credible stakeholder communication will be central to transaction success.
Media attention is increasingly digging into the forces shaping deal narratives: AI as a catalyst for consolidation, investment in energy and infrastructure as strategic responses to rising energy constraints and resilience risks, and supply-chain realignment as corporates adapted to geopolitical change and protectionism. Investors have diversified away from concentrated US exposure, with emerging markets regaining favour and fixed income and gold benefiting from ongoing uncertainty.
Reflecting on 2025: A year of recovery
Across 2025, capital markets were defined by both volatility and divergence, but with a decisive return to activity. Global M&A rebounded strongly, with deal values up 36% to a near record-breaking $4.8 trillion, driven by large strategic transactions as corporates repositioned due to geopolitical tension, persistent inflation and structurally higher rates. Public markets also reopened: global IPO proceeds rose by 39%, pushing growth narratives, pricing and post-listing performance back into the headlines.
H/Advisors represented Medline Industries, LP as it raised $6.3 billion on 16 December, which was the US’s largest IPO in 2025.
This past quarter, H/Advisors global client advisory assignments include:
- Keurig Dr Pepper on its $7 billion financing agreement, co-led by Apollo and KKR, related to KDP’s $18.4 billion acquisition of JDE Peet’s and its intention to separate into two companies.
- Ultragreen.ai on its successful US$400 million listing on the SGX Mainboard. This marks the largest non–real estate listing since 2017, a significant milestone for the market and Ultragreen.ai.
- Veolia on its $3.04 billion acquisition of Clean Earth, representing Veolia’s largest and most transformative acquisition since its merger with Suez.
- Inigo on its $1.7 billion sale to Radian Group Inc, a NYSE listed mortgage insurer.
- Domestic & General and shareholder CVC Capital Partners on its £2.1 billion sale to Asurion.
- ProAmpac on its $1.51 billion acquisition of TC Transcontinental Packaging from publicly traded TC Transcontinental.
