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2025
M&AOutlook
BuildingMomentumonaGlobalStage
BUILDINGMOMENTUMONAGLOBALSTAGE
If2024markedashifttogrowth,2025willacceleratemomentumonaglobalstage.
Foroverayear,capitalmarketshavesoughtclarityontwocommonbottlenecks
forM&A:monetarypolicyandregulation.Withthesedynamicsnormalizing,a
generationaltechnologydisruptingindustries,sponsorsseekingliquidity,anda
growingdesirefromcorporatestotransformtheirportfoliosthroughM&A,we
expectsignificantupsidepotentialfordealmakingnextyear—butwithahealthy
doseofvolatilityascapitalmarketsnavigate“knownunknowns”intheformoftariffs,geopolitics,andmore.
AlthoughglobalM&Avolumesrose
+15%YoY,1
aggregatednumberstellonlyhalfthestory.M&Avolumesrelativetoglobalmarketcapcurrentlysitat20-yearlows,andsentimentisimproving,withleadersfocusednotjustonstabilitybutongrowth
.2
InaNovembersurveyofGoldmanSachsInvestmentBankingclients,whichincludes
bothcorporatesandfinancialsponsors,nearlyhalfofrespondentsbelievestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025M&Adecisions—withthatnumberreachingnearly60%forprivatecorporates
.3
47%
ofsurveyedclients
believestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025M&Adecisions
.4
“TheM&Amarketissteadilygainingstrengthassponsoractivity
rebounds,regulatoryandmonetarydynamicsnormalize,andcorporatescontinuedemonstratingtheirintentiontosimplifyportfolios.”
StephanFeldgoiseCo-HeadofGlobalM&A
2025M&AOUTLOOK2
BUILDINGMOMENTUMONAGLOBALSTAGE
M&Aisbuilding
momentumonaglobalstage,andleadershipteamsareemboldened.
Our2025Outlook
exploreswhatdriverswillunlockgrowthandtransformationintheyearahead.
2025M&AOUTLOOK
Newfoundmacroclaritywillspurthenextsubstantial
waveincorporatedealmaking
WithkeyM&Abottlenecksofmonetarypolicyandregulatoryuncertainty
addressed—atleastdirectionally—CEOconfidenceisrisingamid
broaderexpectationsthatthenewUSadministrationwillusherinmoresupportiveregulatorypolicies,fuelingcorporateM&A.
Simplificationisbecomingmoresophisticated,more
valuable,andmoreglobal
Morethanhalfofglobalseparationannouncementsin2024occurredoutsidetheUnitedStates.
5
Drivenbyamixtureofportfoliocomplexityandoptimalcapitalallocation,corporateseparationactivityremainsstrongacrosstheglobe,withfewsignsofslowing.
Facingapushtodeploy,sponsorsacknowledgeit’s
timetounwind
Sponsorsaretappingintoarangeofstrategicleverstounlock
liquidity—sponsor-to-sponsordeals,minoritystakesales,andcreative
continuationfundstructures—drivenbyhighlevelsofdrypowderprimedfordeploymentandcontinuedfocusonreturningcapitaltoinvestors.
TheAIopportunityishere—andM&Awillmaterialize
asthestackdevelops
WeviewtheAIerathroughanInfrastructure-Platform-Application
framework,withmostM&Aactivitytodateconcentratedatthe
InfrastructureandPlatformlayers.Theanticipatedwaveofindustry
transformationisalreadysparkingM&Aamongtechnologycompanies.
3
BUILDINGMOMENTUMONAGLOBALSTAGE
GreaterMacroClarityWillFuelCorporateM&A
Globally,corporatesaretransitioningfromnet-sellerstonet-buyers.Despiteelevatedinterestratesandunusuallyhigh
regulatoryuncertainty,corporatebuyersstillaccountedfor71%ofalldealactivitythroughQ3—astarkcontrasttothe61%
shareofM&Ain2021and2022
6
—reflectingacombinationofpent-updemand,strongbalancesheets,andadesiretorefreshportfoliosthroughbothseparationsandcapability-enhancingacquisitions.
IncreasingregulatoryscrutinyinrecentyearshasledtolargerUSdeals($10B+)takingnearlytwiceaslongtocloseastheydidadecadeago.
7
Thisgovernoronlarge-scaletransactionshasbeenexacerbatedbyhawkishmonetarypolicy,a“dimmerswitch”forcorporateM&Adrivingbothvaluationsanddebtfinancingcosts.Mergerarbitragefundshavebeenchallengedbyelongatedclosingtimelinesandblockedmergers,andfundamentalshareholdershavealsovoicedtheiropinions—rewardingsmaller,
strategictransactionsthatenhancescaleandarecash-flowaccretive.
Withthatsaid,investorbehaviorinthesecondhalfof2024exhibitedagrowingriskappetitefordealmakingasmorethanhalfofacquirersoutperformedthemarketuponannouncementoftransactions.Weexpectthisdemandtogrowasthecostof
capitalcomesdownandmarketsabsorbpotentialpolicychangesin2025.
23%
Oldereconomydealmakinggiveswaytoagrowth-focusedrebound
8
8%
10%
6%
15%
25%
7%
20%
2023
16%
12%
2024
YTD
11%
21%
17%
9%
Consumer
FinancialInstitutions
HealthcareIndustrial
NaturalResourcesRealEstate
TMT
Morebroadly,CEOconfidenceisrisingalongsidebroaderexpectationsofregulatorydynamicsnormalizing,usheringinanewwaveofM&A.Andhistorywouldsuggestthatoptimismisnotunfounded:overthepast40years,annualUSmergervolumeshaveincreasedbyanaverageof+101%insecond-termpresidencies(althoughtypicallyconsecutive)givengreaterinsightintothefiscal,tax,regulatory,andforeignpoliciesimpactingboardroomdecisions
.9
Corporatesimplificationshavegarneredattention,buttherehasbeenanequallyinfluentialsurgeincapability-enhancing
deals.Non-technologycompaniesacquiringtechnologycompaniesrepresented12%oftotalM&Avolumesin2024,comparedtothelonger-termaverageof7%
.10
Thisshiftalsoreflectsabroaderrebalancingacrossindustriesfrom“oldeconomy”sectorslikenaturalresourcestogrowth-focusedsectorsintechnology,consumer,andhealthcare—atrajectoryweexpectwillcontinuenextyearasAI-relatedM&Againssteam.Despitelarge-scaletransactionvolumesremainingbelowhistoricalaverages,the
numberof$10B+dealsrose
+26%YoY,11
andweexpecttoseeameaningfulpickupin2025acrosssectors—namelytechnology,healthcare,andfinancials—asregulatoryconcernsabate.
Numberof$10B+transactionsinEMEA
14
+43%YoY
Numberof$10B+transactionsglobally
13
+26%YoY
CorporateshareoftotalM&Avolumes12
71%
2025M&AOUTLOOK4
BUILDINGMOMENTUMONAGLOBALSTAGE
AGlobalShiftTowardSimplification
CorporatesimplificationscontinuetofuelM&Aascompanieslooktohighlightundervaluedassets,separatedivergent
businesses,andsharpengeographicfocus.Large-capcompanies($25B+)movingawayfromconglomeratemodelsare
especiallyactive—representing~40%ofannouncedandclosedspin-offsin2024.
15
Inthesecondquarter,3Mcompletedthe$20Bspin-offofitshealthcarebusiness—nowtradingasSolventumCorporation—toenhanceoperationalagilityandtailorcapitalallocationstrategiestoeachindependentcompany.
“Thestrongconsensustodayisthatsimplification,formanycompaniesacrossregions,isanenablerofvaluecreationbecauseofthebenefitsofmanagementfocus,incentivization,andclarityofequitystory.”
DavidDubnerGlobalHeadofM&AStructuring
Managingcorporateassetsacrossmultipleregionscarriessignificantoperationalcomplexitiesduetodifferingtaxlaws,
accountingtreatments,andregulations—nottomentioncosts.Coupledwithrisinggeopoliticaltensions,evolvingmarket
appetitescreatedbythechangingpaceofenergytransition,andafocusonoptimizingcapitalallocation,regionalseparationsarehelpingcompaniesaddressthedissynergiesassociatedwithoperatingcross-regionalcorporations.Additionally,valuationdiscrepancieshavecatalyzedcross-borderM&Abyencouragingcorporatestoseekmorefavorablecapitalmarketsthroughnewdomiciles,listings,orheadquarters.In2024,morethanhalfofthe37separationannouncementsoccurredoutsidethe
UnitedStates
16
—with40%concentratedinEMEA,whereseparations’contributiontooverallM&Ahasdoubledinthepast
decade
.17
InNovember,AngloAmericanannounceditsplanstodivesttheentiretyofitssteelmakingcoalportfolioinAustraliaforupto$4.9B,markingthelateststepinthecompany’sportfoliotransformationannouncedinMay.
18
Importantly,separationsoftengenerateadditionalM&Aactivitypost-separation.Companiesthatengageinspin-offshavehigherratesofM&A,andin~40%ofcases,companiesthatre-segmenttheirassetsenduppursuingspin-offsorotherM&Ainthefollowingyears
.19
Sponsorsarebecomingkeytosimplification
byactingascarve-outpartnerswhilecostofcapitalcontinueschallengingreturns,andbygivingbothvaluableexpertiseandcredibility
tocorporates’transactions.Simplifi
TrendsT
Creativedealstructuresareenablingmoreactivity;earnoutprovisions,collars,andequity rolloversofferinnovativesolutionstailoredtothespecificneedsofeachcompany.
cationhatWill
Shape
Corporatesarepursuingregional
separationstounlockvaluation,target
specificinvestorbases,andachievegreaterstrategicclarityinashiftinggloballandscape.
2025
Activismisacceleratingspin-offs,butspin-offsarealsoacceleratingactivismamidanewfoundfocusonSpinCos—underscoringtheimportanceofgovernanceandadequatecapitalizationfornewlyspun-offcompanies.
2025M&AOUTLOOK5
BUILDINGMOMENTUMONAGLOBALSTAGE
TheNextEraofActivism
Activistfundsarecontinuingtoraisecapital,andtheirtargetsareincreasinglylarger.Nearlyone-thirdofcampaignsin2024targeted$10B+corporations,andrecentsuccessfulcampaignsbynon-dedicatedorlesser-knownactivistfundsshould
emboldenabroadersetofactivistplayerstojointhefray.
20
Increasedactivityfromanexpandingpoolofactivistfundshasalsospurredanaccelerationof“swarming,”inwhichmultipleactiviststargetthesamecompanyinanon-coordinatedapproach—oneoutofeverytwelveS&P500companiesin2024hadtwoormoreactivistsintheirstock.21
“Investorsarerewardingcompaniesthatsimplify,andactivists
arepickinguponthisglobalphenomenon,capitalizingonit,andacceleratingthistrendfurther.”
AvinashMehrotraCo-HeadofAmericasM&A,GlobalHeadofActivism,ShareholderAdvisory&TakeoverDefensePractices
Activismispoisedtoacceleratenextyearwithpeakinterestratesintherearviewmirror,inflationmoreorlesstamed,
andregulatorydynamicsnormalizingintheUnitedStates.PortfoliosimplificationandM&Awillreceiveheightenedfocus—
comprising~40%ofbusiness-relatedactivistdemandssinceQ12022.
22
WhileactivistslargelyfocusedonsmallerobjectivesduringtheBidenpresidency—suchasCEOchangesandstructuralimprovements—thenewUSadministrationmayencourageactiviststopushtheenvelopeandpursuebolderdemands.
2025M&AOUTLOOK6
ParadigmShiftsCatalyzeGlobalSponsorM&A
Thereboundinglobalsponsoractivityhasbeenadouble-edgedsword.Buy-sidevolumesareabove2015–2021averages,butexitsremainbelowhistoricallevels,
23
evenasthenumberofsponsor-backedcompanieshassoared.Sponsorswillprioritize
exitsamidongoingpressurefordeploymentandliquidity:weexpect1,200+portfoliocompanies$1B+EVtoexitviasaleorIPOoverthenexttwotothreeyears.
24
Withinvestors'continuedfocusonfundperformance,distributionstopaid-incapital(DPI)remainfrontandcenter.DPIsits
atthelowestlevelssince2008,withpost-2019fundvintagesreceivingthegreatestscrutiny,returning0.1xDPIversus0.6x
for2015–2018vintagesatYear4.
25
Sponsorsaretappingintoarangeofcreativealternativestogenerateliquidity,including
co-control,minoritystakesales,andcontinuationfunds.Thatsaid,theoutlookforsponsoractivity—specificallyexits—isthemostpositiveit’sbeensinceearly2022.Therecentshiftsinmonetarypolicyarehelpingtoresolveproblematicvaluationgapsasdebtfinancinggetscheaperandbuyersaremorewillingtomeetsellers’prices.Thepositivevaluationre-ratingofUSstockspost-electionhasspurredmomentum,withtotalsponsorM&Aup+23%YoYinQ3andsponsor-to-sponsordealvolumesrising+54%YoY.
26
ThenormalizationofIPOvolumesisanotherboontoactivity—providinggreaterconfidenceinexitoptionsover
three-to-five-yeartimelines.GlobalsponsorIPOvolumesareup+75%YoY—renewinginterestindual-trackprocesses
.27
Globalsponsorbuy-sideactivitynormalizeswhileselleractivityhasyettorecover
28
nBuy-SidewSell-SideNet
1.6T1.2T0.8T0.4T0
(-0.4T)
2015201620172018201920202021202220232024
DryPowderSpursTake-PrivateOpportunities
Take-privatesremainanoutsizedcontributortosponsorM&A,rising+21%YoYandrepresenting30%oftotalsponsorbuy-sidevolumesin2024.
29
LowervaluationsforpubliclytradedcompaniesoutsidetheUnitedStatesalsocontinuetoofferattractive
opportunitiesforsponsorstodeployagrowingsurplusofdrypowder.
Take-privateactivityhasacceleratedglobally,butEMEA—Europespecifically—hasseenthestrongestmomentumin2024,
up+34%YoY.
30
IntheUK,take-privatedealvolumessoared+84%YoY,fueledbyheightenedactivityinthetechnologysector.
31
Whilevaluationsremainattractive,take-privateswillbeanidealmethodtodeploycapitalinadecliningrateenvironment.
“ThefundraisingpipelineputsagreaterfocusonDPI,moreinnovativeliquiditystructures,andaneedtoredressbalancebetweenexitsanddeployment,whichsetsupforanencouraging2025.”
HaideeLeeGlobalHeadofFinancialSponsorM&A
2025M&AOUTLOOK7
BUILDINGMOMENTUMONAGLOBALSTAGE
AI-DrivenM&A:AStrategicFocusontheStack
ThescaleofAI’seconomicpotentialisrivaledonlybythecapitalneededtounlockit.UShyperscalershaveinvested$200B
andareforecastedtospend$1Tby2026.
32
Alongsidetheanticipatedwaveofindustrytransformation,therehasalreadybeenasurgeofM&Ainfunctionalandverticalsoftwarecompanies—withafocusondurablebusinessmodelsandupsidepotential.
UnprecedentedinfrastructureinvestmentsarefuelingtheAIrevolution
33
$52B
Enterprise&Govt
Sinks
48%
OtherAICapEx(DataCenters,Networking,etc.)
42%
NVIDIAGPUs&Other
$52B
Tier2Cloud
34
Sources
36
$108B
USHyperscalers
3%
AMDGPUs&Other
35
4%erAIXPUs
TPUs
Infrastructure
Infrastructureactivityhascenteredaroundhyperscalers’spend—particularlyindatacentersandpowersupplyastheprimaryvectorforinnovationhasbeenthescalingofdata,compute,andmodels.Withdatacenter
vacancyatarecordlow(5%)andAIserversrequiring10xmorepowerthantraditionalhyperscale,corporates,sponsors,andsovereignshaverecognizedagenerationalinvestmentopportunity.
37
Meanwhile,semiconductorcompaniesarebolsteringtheirfull-stackcapabilities.Pressurecreatedbythestructuralbottlenecksindata
centersandpowersupplywillcontinuedrivingoutsizedinvestmentsanddealmaking.
Platform
Application
WithenterpriseAIadoptionandinvestmentaccelerating,Platformlayerspendshouldoutpaceinfrastructurespend,withplatformprovidersutilizingM&AtomarrygenerativeAIwithenterprisedatasets,workflows,
andmore.AsITvendorsoftodaystrivetobecometheAIvendorsoftomorrow,2025willseecontinuedactivity,especiallyamong"picksandshovels"targetsthatfacilitateAIfunctionality.
AI’strueeconomicandtransformationalpotentialisexpectedtobeunlockedintheApplicationlayer,butit
remainsinchoatefornow.Severalpotential“killerapps”havespurredclustersoftargetedtransactions,but
agenticAI—inwhichmodelsexecutetaskscurrentlyperformedbyhumans—hasgarneredpalpableexcitementandwillcatalyzedealmakingas"AIeatsIT"acrossindustries.GenerativeAIisexpectedtounlockefficiencies
thatwillbedeflationaryandpotentiallydisruptiveforsomeSaaScompanies—pushingdownvaluationsand,
incertaincases,drivingthemtogoprivate.Conversely,softwarecompanieswithentrenchedcustomerrelationshipsandproprietarydatasetsrepresentbeachheadsforAItransformationandhavealreadyproducedsolidM&Aoutcomes.
2025M&AOUTLOOK8
KEYFIGURES
WeviewtheAIerathroughanInfrastructure-Platform-Applicationframework,
38
withmostactivitytodate
concentratedattheInfrastructureandPlatformlayers.TheanticipatedwaveofindustrytransformationisalreadycatalyzingM&Aincertainsoftwarecompanies.
NOTABLETRANSACTIONSIN2024
ThesaleofJAGGAER,agloballeaderinenterpriseprocurement
andsuppliercollaboration,toVistaEquityPartners,andSiemens'
intenttoacquireAltair,agloballeaderincomputationalintelligence,
underscorehowsoftwarecompaniescansuccessfullyorientthemselvesfortheAIera.
SalesforceacquiredOwn,whosetoolsenableorganizationstoprotectmission-criticaldatawhilegeneratingdeeperinsights,
PlatformandIBMannounceditsintenttoacquireHashiCorptocreatea
comprehensiveend-to-endhybridcloudplatformbuiltfor
AI-drivencomplexity.
BlackstoneannounceditsintenttoacquireAirTrunk,APAC'slargestdatacenterplatform.DatacenteroperatorEquinixannounceda
Infrastructure$15BjointventurewithGICandCPPIBtobuildxScalefacilitiesfor
full-stackcapabilities—AdvancedMicroDevicesannouncedits
intenttoacquireZTSystemstogainsystem-leveldesigncapabilities.
5%
Datacentervacancyrate
39
25%
WorktaskspotentiallyautomatedbyAI
40
50%+
EstimatedAIplatformrevenueCAGR
41
AIworkloads.Semiconductorcompaniesarebolsteringtheir
Application
“Asscaling,whetherin
pre-trainingorothervectors,continuestobetheprimary
wayinwhichAIadvances,thedemandforinfrastructure
continuestogrow—spurringaflowofinvestmentcapitalanddealmakinginresponse.”
JungMinGlobalCo-COOofTechnology,Media,andTelecomInvestmentBanking
2025M&AOUTLOOK9
BUILDINGMOMENTUMONAGLOBALSTAGE
Cross-BorderM&ASurgedin2024,BolsteringExpectationsforNextYear
Afteramoresubduedperiodofactivity,cross-regionalM&Aisstartingtorebound.WithinabroaderuptickofEMEAactivity,flowsbetweentheUnitedStatesandEuropehaveseenthestrongestmomentum—accountingfor44%ofthevolumesshownbelow
42
andincludingdealslikeBritishpackagingcompanyDSSmith'sproposedsaletoUS-basedInternationalPaperCo.for
$9.8B.Aflurryofcross-bordertransactionswithinEMEAhavepropelledvolumeshigherthisyear,includingAbuDhabiNationalOilCompanyannouncingitsintentiontoacquireGermany'sCovestrofor$18B.
Theresurgenceofcross-regionalM&Ain2024isbestdemonstratedbytheuptickinAPAC—contributing~30%ofglobaltransactionvolumesandgenerating$150BofannouncedM&AinSeptemberalone.43EvenasChina—theregion’slargestmarket—hasseendeclinesinoverallM&Avolumesinrecentyears,othernationshavefilledthisvacuum.
Cross-borderM&Acontinuestopickuparoundtheglobe
44
NorthAmerica&EMEA
APAC&NorthAmerica$152B
$267B
EMEA&LATAM$15B
LATAM&NorthAmerica$15B
LATAM&APAC
APAC&EMEA
$66B
$5B
Japanexperiencedparticularlystronggrowth,withM&Avolumesrising+30%YoY.
45
Inadditiontothecontinuedappetitefor
cross-bordertransactions,corporategovernancereformsdrivenbytheTokyoStockExchangeandnewguidelinesoncorporatetakeoversfromtheMinistryofEconomy,TradeandIndustryhavefueledmomentum.
Indiahasalsoemergedasahotspotforcross-bordertransactions,driveninpartbyanM&A-friendlyenvironmentwith
supportiveregulatoryandgovernmentpolicies.CompanieswithWestern-stylecorporategovernancethattapintoIndia’sstrongmacroeconomictrendsareseeingpremiumvaluationsandattractingsignificantforeigncapital.ManymultinationalcorporationsarecapturingvaluationdifferentialsbyspinningofforpubliclylistingtheirIndiansubsidiaries:inNovember,RelianceIndustriesandWaltDisneyCorporationcompletedan$8.5Bmergerofthecompany’sIndianmediaassets.
ThebroadermomentuminIndiasuggestsarisingtide,andweanticipateM&Avolumestoremainstrongasfavorableconditionscontinuetobuild—supportedbymultinationalcorporatetransactionsanddomesticdealsacrossboth
strategicsandfinancialsponsors.
AsglobalM&Amomentumcontinuesacceleratingnextyear,weexpectcross-regionaldealmakingtocontinuegrowinginbothdepthandbreadth.
2025M&AOUTLOOK10
“We’veseenpocketsofstrengthreturnincertainregionsandproducts,butatruereboundinglobalM&Ahaseludedcapitalmarketsforthreeyears.Nowwefinallyhavethekeyingredientsconverging:favorablemacroeconomicconditions,apotentiallymorebenignregulatory
environment,andagrowingriskappetiteamongcorporates.”
MarkSorrell|Co-HeadofGlobalM&A
TheglobalM&Alandscapeispositionedforadynamic2025.
Theheightenedgeopoliticalandeconomicuncertaintiesthatcharacterized2024havegivenwaytoamaterialshiftinsentimentandstrategicfocusasthemacrobackdropclarifiesandsetsthestageforaneconomicallypivotalyear.
Aswenavigatethislandscapetogether,areadinesstocapitalizeonopportunitieswillbecriticaltoharnessmomentum.
We’rehonoredtopartnerwithourclientstounlockgrowthandtransformationintheyearahead.
#1
GlobalM&AAdvisor
47
#1
GlobalInvestmentBank
46
2025M&AOUTLOOK11
BUILDINGMOMENTUMONAGLOBALSTAGE
GlobalM&ALeadership
STEPHANFELDGOISE
Co-HeadofGlobalM&A
MARKSORRELL
Co-HeadofGlobalM&A
AVINASHMEHROTRA
Co-HeadofAmericasM&A
GlobalHeadofActivism,ShareholderAdvisory&TakeoverDefensePractices
BRIANHAUFRECT
Co-HeadofAmericasM&A
GlobalCOOofInvestmentBanking
ANDREKELLENERS
GlobalCo-HeadofConsumer/RetailInvestmentBanking
NIMESHKHIROYA
Co-HeadofEMEAM&A
CARSTENWOEHRN
Co-HeadofEMEAM&A
RAGHAVMALIAH
GlobalViceChairmanofInvestmentBanking,Co-HeadofAPACM&A
HeadofAPEJTechnology,Media&Telecom
YOSHIHIKOYANO
Co-HeadofAPACM&A
EDWITTIG
Co-HeadofAPACM&A
CHRISTINAMINNIS
HeadofGlobalCreditFinanceandGlobalAcquisitionFinance
DAVIDDUBNER
GlobalHeadofM&AStructuring
HAIDEELEE
GlobalHeadofFinancialSponsorM&A
PAMELACODO-LOTTI
GlobalCOOofActivismandShareholderAdvisory,HeadofCrossMarketsActivismandShareholderAdvisory
Co-ChairsofGlobalM&A
GENESYKES
TIMINGRASSIA
DANBLANK
DUSTYPHILIP
GILBERTOPOZZI
Contributors
PETELYON
NEILRUDISILL
BENNYPINKAS
ARJITDADHWAL
IAINDRAYTON
DARIOCLAUS
MICHAELSANTIAGO
JACKMANSON
ROBPULFORD
ASMITASINGH
BRETTSCEATS
MILAMILATOVIC
JUNGMIN
ADELAIBRAHIMI
SAHILSEEKOND
FARHANSADIQ
ANNASKOGLUND
MATTKIM
LARKYNSINCLAIR
LEIFCARLSON
MARISSAFREUND
ALEXANDERKOKIN
ROBWARD
MOLLYFALLEK
EMILYBAKER
STUARTMCKELVIE
BRADLEYBATTLE
ELIANAKAPLAN
MATTLUCAS
JUSTINMILLER
JAMIECATHERWOOD
ADAIRNGUYEN
RICHARDMORAN
RACHELNG
REBECCACOUGHLIN
ELLAPEPPER
2025M&AOUTLOOK
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