BDO Horizons 2025 - Issue 3

The overall global data shows a decline on deal activity in the first half of 2025, a drop of around 14 %, compared with the second half of 2024. This year has been dominated so far by the speculation and realities of the impact of US trade tariffs. Private equity has held dealmaking activity much better than trade and, with all data taken into account, this period would have looked significantly worse without the private equity contribution.