In response to macroeconomic conditions, respondents report shifting their M&A strategy to focus on strategic acquisitions and to mitigate economic uncertainty and the impact of tariffs. When we asked survey participants how their approach to dealmaking has evolved this year, their open-ended responses revealed a clear theme: caution, selectivity, and adaptability.

Top strategic priorities for value creation over the next 12 months include AI adoption (22%), operational efficiency (21%), and M&A activity (19%). Notably, respondents from the Automotive, Transportation & Mobility, and Healthcare sectors were significantly more likely than others to identify operational efficiency as their leading focus area.

Below are a few representative quotes that illustrate this strategic shift:

• • “M&A strategy has taken a hit as many business channels are in chaos due to political and tariff issues.”
  • “A lot of wait-and-see due to uncertainties around tariffs, politics, interest rates, and economic conditions.”
  • “Shifted to companies that offer synergistic services.”
  • “Focused on smaller deals, cautious spending, and prioritizing strategic acquisitions.”
  • “Our strategy has shifted to prioritize resilient, high-cash-flow targets due to rising interest rates and economic uncertainty.”