Dykema’s 2025 M&A Outlook Survey Report: Dealmakers Anticipate a Strengthening U.S. M&A Market

For more than two decades, Dykema’s Annual M&A Outlook Survey has tracked the pulse of U.S. dealmaking. The firm’s 2025 survey, with responses from 216 executives, bankers, private equity leaders, and advisors, reveals cautious optimism as dealmakers prepare to navigate economic uncertainty, tariffs, and valuation gaps.

A robust 74% of respondents expect the U.S. M&A market to strengthen over the next 12 months, with strategic acquisitions and mitigating economic uncertainty emerging as top priorities. Private equity continues to be a driving force, with 83% of respondents anticipating that private equity activity will boost deal volume. Increasingly, dealmakers are emphasizing due diligence, ESG risk screening, and the use of representation and warranties insurance, particularly in complex or high-value transactions.

“The market isn’t retreating—it’s recalibrating,” said Steve Sayre, Co-Leader of Dykema’s M&A practice. “Dealmakers are finding opportunity through precision, innovation, and strategic alignment.”

Sector-specific trends reveal a reshaped landscape. Technology, media, and telecom lead anticipated deal activity, with AI-enabled businesses attracting particular interest. Healthcare M&A is expected to be strategic and private equity-backed, focusing on tech-driven services, efficiency, and specialty care platforms. In the energy sector, dealmakers are emphasizing portfolio optimization, infrastructure modernization, and selective renewable investments. While the cannabis sector remains cautious, selective acquisitions are occurring among operationally sound companies. Dental service organizations and veterinary service organizations are navigating a measured, disciplined market. The automotive, industrial, and manufacturing sector is prioritizing operational efficiency, supply chain resiliency, and tech-enabled transformation.

“Automotive dealmakers aren’t chasing scale—they’re engineering precision,” said Joe DeHondt. “The focus has shifted to strategic add-ons, domestic consolidation, and platforms that can weather economic uncertainty while positioning for long-term transformation.”

Other notable findings include:

• 69% of respondents anticipate acquisitions in the coming year, up from 61% in 2024, while joint ventures (52%) and sales (50%) also reflect increased activity.
• Tariffs, economic conditions, and valuation gaps are expected to be the top obstacles to dealmaking.
• Representation and warranties insurance is projected to rise in frequency, particularly in high-complexity transactions.

The full report is available here.