Europe enjoyed a promising first quarter with M&A volumes at their highest in recent years – and then Donald Trump entered the frame.

M&A practitioners have since been assessing how to operate amid the fallout of “Liberation Day”, with most deciding to push through.

Deals like Reckitt Benckiser’s sale of its Essential Home unit, Audley Travel, and Trioworld have all been impacted differently. The former will take longer but should close, while the latter has been paused or pulled.

Reckitt’s CEO, Kris Licht, told analysts and investors that the sale timeline could slip. This came after reports that bids were in the range of GBP 3bn to GBP 4bn, much lower than a mooted GBP 6bn price tag. Some buysiders appear to be using market dislocation to push valuations their way.

Mergermarket’s Head of Auctions EMEA Rachel Lewis joins Dealcast host Julie-Anna Needham to discuss how live and expected auctions are faring.

• How far things have been shaken up after a solid 1Q25
• Which types of deals are shielded from fallout
• Deal outlook after VIX and EURO STOXX recovery

All this and more in this week’s Dealcast.