Deal Drivers: EMEA provides an in-depth review of M&A activity in 2025.

M&A trips up amid trade policy uncertainties

Aggregate deal value in EMEA held steady in H1, rising by a marginal 1.6% year-on-year to €500bn. This made it the lowest-value region in the world and also a laggard on a relative basis, as APAC and the Americas both saw sturdier annualized gains. EMEA also suffered a significant 19.1% contraction in deal volume, falling to 7,816 transaction announcements, a low not seen in the past three years.

Dollar dominance

Although it was not reflected in the region’s top 10 deals, US-based acquirers once again reaffirmed their dominance in EMEA M&A, leading in aggregate value terms with an impressive €100.2bn deployed in H1. While this marked a 21.6% decline year-on-year, it still placed them comfortably ahead of all other markets. US bidders were also the second most active by volume, logging 732 deal announcements.

Chemical romance

The largest deal in EMEA in H1 saw OMV and ADNOC merge their polyolefins businesses, Borealis and Borouge, in a €15.8bn deal. The transaction combined Borealis’ advanced European technology with Borouge’s cost-advantaged Middle Eastern feedstock, creating a leader with unparalleled scale and access to high-growth Asian markets.

Published in association with Datasite. The report is also available on datasite.com.