Despite expectations for an acceleration, M&A activity has been muted thus far in 2025 as public and private buyers and sellers seek clarity around the new administration’s tariff and regulatory policies. Investors have been anticipating a more favorable M&A environment, but deals continue to be announced at a cautious pace, especially in sectors with globally reliant supply chains with greater tariff exposure. Meanwhile, SPAC IPO issuance modestly increased in Q1 as renewed optimism in this space may be materializing.

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