What’s Driving the Surge in Deal-Making?

46 snips

Nov 24, 2025

Join Stephan Feldgoise, Head of Global Mergers & Acquisitions at Goldman Sachs, as he dives into the surprising surge in deal-making despite global headwinds. He uncovers the strategic imperatives and open capital markets fueling this trend, and why mega-deals are on the rise. Listen as he discusses how AI is reshaping boardroom strategies and portfolio simplification amidst shareholder activism. Feldgoise also shares insights on the ongoing role of private capital and offers a cautiously optimistic outlook for the M&A landscape in 2026.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Strategic Imperatives Revived Dormant Deals

M&A surged in 2025 despite headwinds because dormant strategic deals were revisited and became executable.
CEOs and boards pulled files that made long-term sense and realized they could get them done.

INSIGHT

Mega Deals Rebounded Strongly

2025 became one of the most active M&A years with $10 billion deals up 100% over 2024.
Recent months rivaled 2021 in activity levels, surprising even seasoned bankers.

INSIGHT

Financing And Timing Enabled Big Transactions

Larger transactions returned as financing, regulatory and geopolitical timing aligned for buyers and sellers.
Public and private credit reopened in H2 2025, letting big deals complete.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Despite a year marked by geopolitical uncertainty, higher tariffs, and slowing growth, deal-making activity is surging in 2025. So can this current wave of M&A activity continue? Goldman Sachs’ Stephan Feldgoise, head of the Global Mergers & Acquisition business in Global Banking & Markets, discusses the outlook with Allison Nathan.

This episode was recorded on November 20, 2025.

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

Learn more about your ad choices. Visit megaphone.fm/adchoices