Business Review on Mergers and Acquisitions in 2025
The latest edition of WilmerHale's M&A Report, released in 2025, offers a comprehensive analysis of the current trends and challenges in the mergers and acquisitions (M&A) market. The report, available for reading, provides valuable insights into various aspects of M&A, including deal structuring, regulatory issues, and market dynamics.
Key Trends in the M&A Market
The US M&A market in 2025 exhibits a mix of deal volume and value shifts. While aggregate transaction values have decreased in some months, ongoing activity includes significant mega-deals above $1 billion. Economic factors such as GDP fluctuations and interest rates continue to influence deal-making activity.
Antitrust and CFIUS
The report highlights the increasing regulatory scrutiny affecting M&A, particularly involving national security reviews under the Committee on Foreign Investment in the United States (CFIUS) and antitrust enforcement. WilmerHale's work reflects the heightened complexity in merger control and competition law, with firms leveraging advanced tools to handle antitrust workflows efficiently.
Purchase Price Adjustments and Takeover Defenses
Negotiations around purchase price adjustments remain a critical element in deal agreements to address uncertainties in valuations. Takeover defenses continue to be tailored to the evolving regulatory environment and market conditions, with strategic planning emphasized to protect shareholder interests.
Dual Track M&A
Dual track strategies, which involve running IPO and sale processes in parallel, remain popular for clients seeking to maximize exit options and valuation flexibility as market conditions fluctuate.
IPO Processes and Pre-IPO Acquisitions
The report sheds light on the shaping of IPO activity by regulatory and market environment dynamics. Pre-IPO acquisitions are increasingly used as tactical moves to bolster valuations and strategic positioning ahead of public offerings.
VC-Backed Company M&A Deal Terms
The 2025 report analyzes evolving VC-backed M&A terms, showing trend shifts in financing rounds, convertible note and SAFE instrument terms, and exit strategies. Legal adjustments, such as changes in non-compete law standardization efforts, also affect deal terms and startup M&A dynamics.
WilmerHale is recognised for its strategic, proactive approach in advising on these complex, interrelated aspects of M&A and venture transactions. The firm's annual commentary, including the 2025 M&A and Venture Capital Reports, underscores this commitment to detailed analysis and insightful commentary.
Stay Updated on M&A Developments
To stay updated on the latest M&A-related news, consider subscribing to WilmerHale's M&A blog and mailing lists. The full report, IPO Report, and Venture Capital Report are all available for reading, providing a detailed review of the M&A market and outlook.
1) In the 2025 edition of WilmerHale's M&A Report, there is a focus on the evolving terms of Mergers and Acquisitions (M&A) in the venture capital (VC) sector, specifically discussing trend shifts in financing rounds, convertible note and SAFE instrument terms, and exit strategies.
2) Venture capital firms must be mindful of the increased regulatory scrutiny in M&A, particularly when dealing with antitrust issues, due to the complex workflows these transactions often involve, as highlighted in WilmerHale's M&A and Venture Capital Reports.
