Dealmaking was powered by a sharp rise in transactions exceeding $1bn, offsetting a tariff-related slowdown in the second quarter. Investors announced 445 buyouts during the year, the second-highest total on record, while exit value surged to an estimated $156bn, up from $54bn in 2024. Sponsor-to-sponsor activity played a central role in the rebound. Bain estimates more than 150 such deals in 2025, with aggregate value exceeding $120bn. More than 30 sponsor-to-sponsor transactions were valued above $1bn, compared with just eight the previous year. Biopharma accounted for the largest share of deal value, rising to about $80bn, while provider services reached roughly $62bn, driven by healthcare IT and technology-enabled assets. Medtech also gained momentum, with deal value nearly doubling to around $33bn. Regionally, Europe saw deal value double year-on-year to about $59bn, while North America recorded $90bn of exits. Asia-Pacific also posted record deal value, exceeding its previous...
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