Despite economic shocks and trade tensions, global M&A activity – especially in tech and finance – is proving more resilient than expected. Bain & Company's latest midyear report outlines how experienced leaders are using lessons from past crises to drive forward-looking dealmaking.
The global mergers and acquisitions (M&A) market remains unexpectedly strong halfway through 2025, powered by a surge in tech-sector activity and resilient strategic leadership.
According to Bain & Company’s M&A Midyear Report, total deal value in strategic acquisitions rose 11 percent year over year, with the technology sector leading the way, posting a remarkable 84 percent increase in deal value.
This growth comes despite economic headwinds, including the announcement of new import tariffs in April, which marked the third major global shock in just five years. Yet, instead of pulling back, well-prepared companies are staying the course and reaping the benefits.
Bain’s findings suggest that seasoned executives are applying hard-won insights from previous crises to proactively reshape their portfolios, expand capacity, and reinforce long-term strategies. Even after a temporary dip in M&A activity in April following the tariff announcements, deal values rebounded strongly in May. Bain sees this as a signal that companies are becoming more agile and less reactive to short-term volatility.
“We're witnessing a shift in mindset”, says Jeroen Zijp, partner at Bain & Company Amsterdam and M&A expert. “In today’s volatile environment, it takes vision and conviction to stay committed to a multi-year M&A strategy and that’s exactly what experienced leaders are doing. The best-positioned companies are those with a clear roadmap and the courage to execute it while others hesitate.”
So what are these leading companies doing differently? According to Bain, four key lessons from past crises are shaping today’s successful M&A strategies:
1. Staying active pays off
In uncertain times, hesitation can be costly. Bain’s data shows that companies continuing to pursue acquisitions during turbulent periods tend to outperform those that wait on the sidelines. In 2025, this strategy is paying off again. Some deals are now closing at lower valuations than last year, presenting unique opportunities for bold acquirers.
2. Technology capabilities are front and center
The rapid rise of artificial intelligence and other disruptive technologies has made tech-driven ‘scope deals’ more critical than ever. Companies are not just buying to grow, they’re buying to transform. Expanding technological capabilities is becoming a strategic necessity to future-proof business models.
3. Scale remains a strategic advantage
In capital-intensive industries such as energy, telecommunications, and financial services, size continues to matter. Consolidation remains a powerful tool for improving margins, increasing efficiency, and staying competitive in a high-cost environment.
4. Strategic portfolio adjustments are essential
The most forward-looking leaders are actively reassessing their business portfolios in response to changing market dynamics, supply chain realignments, and evolving consumer behavior. This often involves divesting non-core assets, doubling down on growth areas, or rethinking geographic focus in response to global fragmentation.
While optimism is warranted, Bain also warns of persistent challenges. Interest rate expectations in the U.S. remain high, regulatory scrutiny is tightening across multiple regions, and companies face mounting pressure to invest heavily in digital capabilities, potentially diverting funds from M&A.
Still, Bain concludes that the firms best positioned to thrive are those that balance short-term agility with long-term strategic clarity. “Companies that use this moment to act decisively will emerge stronger, more resilient, and better prepared for what comes next”, the report states.
In an era marked by transformation and uncertainty, the message from Bain is clear: bold moves, backed by lessons from the past, define the winners of the future.
