275. M&A update: Dealmaking is higher, despite volatility

After several years of slowed activity, mergers and acquisitions picked up in the first half of 2025, as disciplined dealmakers reentered the market despite continued uncertainty. In this episode, three McKinsey M&A experts share their recent analysis of global dealmaking, explore the continued outperformance of programmatic acquirers, and weigh in on what the rest of the year’s transactions might look like once the data are finalized.
Jake Henry (mckinsey.com/our-people/jake-henry) is a senior partner in our Chicago office and the global co-leader of our M&A Practice. He serves clients on M&A strategy, integration, separations, due diligence, and JVs and alliances. Patrick McCurdy (mckinsey.com/our-people/patrick-mccurdy) is a partner in our Boston office and a leader of our M&A Strategy and Due Diligence work. He serves clients across industries, advising clients on how to leverage M&A as a differentiated capability. Luke Carter (linkedin.com/in/luke-carter-85656358) is an associate partner in our New York office and co-leads our M&A capability building work, as well as our annual M&A capability survey and our corresponding research into the habits of programmatic acquirers.
Rich in resilience: Dealmakers deliver strong first-half results in M&A (mckinsey.com/capabilities/m-and-a/our-insights…)
The seven habits of programmatic acquirers (mckinsey.com/capabilities/strategy-and-corpora…)
Time to revisit your M&A strategy (mckinsey.com/capabilities/m-and-a/our-insights…)
M&A Annual Report: Is the wave finally arriving? (mckinsey.com/capabilities/m-and-a/our-insights…)
Gen AI: Opportunities in M&A (mckinsey.com/capabilities/m-and-a/our-insights…)
The portfolio management imperative and its M&A implications (mckinsey.com/capabilities/m-and-a/our-insights…)
McKinsey Insights on Strategy & Corporate Finance (mckinsey.com/capabilities/strategy-and-corpora…)
McKinsey Insights on M&A (mckinsey.com/capabilities/m-and-a/our-insights)
McKinsey Strategy & Corporate Finance on LinkedIn (linkedin.com/showcase/mckinsey-strategy-corpor…)
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