Market overview
In 2025, the Swiss M&A market reached record levels, with Swiss companies involved in transactions exceeding $163 billion, the highest volume since 2018. Activity remained remarkably resilient despite a 14% appreciation of the Swiss franc against the US dollar, which made domestic targets more expensive for foreign buyers (“Swiss dealmaking surges to record highs despite strong franc”, Financial Times).
Cross-border dealmaking continued to shape the market decisively. Swiss companies again completed mostly outbound acquisitions, representing nearly half of all transactions and underscoring the importance of strong balance sheets and high liquidity in supporting international expansion. At the same time, inbound acquisitions made up about a quarter of all transactions. Furthermore, inbound transactions also proved particularly attractive, especially in the SME segment, where they increased by approximately 65% compared with the preceding year (Clarity on Mergers & Acqu
