2025 Could Have Been Worse

Tariffs and political tumult didn't do as much harm as some expected and 2026 could provide some needed stability

Global M&A Outlook 2026 – Regional perspectives

It's fair to say 2025 did not live up to its promise of an M&A recovery; but it also did not tank to the depths some expected following domestic political turmoil and ongoing trade tensions caused by tariffs and geopolitics.

Less is better

M&A in France increased in value over 20% compared to last year, and increased in volume by around 10%, reflecting bigger ticket sizes rather than overall activity. This concentration reflects investor caution in an unstable and unwelcoming environment, and a flight to quality with investors seeking trophy assets rather than multiplying smaller transactions.