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Finance

CEOs ramp up deal outlook under Trump, EY survey shows

Published by Global Banking and Finance Review

Posted on January 22, 2025

Featured image for article about Finance

By Divya Chowdhury and Lisa Pauline Mattackal

DAVOS, Switzerland (Reuters) - Global chief executives see much more corporate dealmaking in 2025, with an increased number expecting to pursue mergers and acquisitions after U.S. President Donald Trump was elected to a second term in November, a survey showed.

Some 56% of CEOs expect to actively pursue M&A activity in 2025, compared with just 37% in September, according to an EY-Parthenon CEO Outlook Survey in November and December.

The deal appetite was the largest in nearly two years, with 60% of global CEO respondents expecting an increase in transactions worth more than $10 billion, the consultancy's survey released on Tuesday showed.

The figures suggest M&A activity will continue to recover after a slump in 2023, with easing U.S. borrowing costs and expectations for more business-friendly policies under Trump, who was inaugurated on Monday. Bankers, for example, expect global deal volumes to surpass $4 trillion this year.

Confidence in growth also increased after the Nov. 5 election, to 73.5% from 70.5% in September, the survey showed.

"Many of our clients are very upbeat and they see bright spots into the future," said Jad Shimaly, global managing partner for client service at EY, on the sidelines of the World Economic Forum in Davos, Switzerland.

"They expect steady growth, and with steady, the business community gets a bit more eager to think longer term, to invest and transact, which drives a lot of momentum in the global economy."

Around 48% of CEOs surveyed were planning a divestment or carve-out, while 96% expected to pursue transactions or initial public offerings, joint ventures or strategic alliances.

Real estate, technology and consumer products are expected to be among the most active M&A sectors.

Canada, the U.S., Mexico, the United Kingdom and Germany were the top countries seen attracting investments in 2025, the survey showed.

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(Reporting by Divya Chowdhury in Davos and Lisa Mattackal in Bengaluru; Editing by Richard Chang)