M&A activity continued to elevate in December, with the strongest returns seen since the post-pandemic period when dealmaking peaked. At least 23 deals involving US targets were announced and spreads tightened roughly 30 bps. This was all supported by a more constructive regulatory backdrop. US SPAC IPOs rebounded in 2025, effectively tripling 2024’s deal count and proceeds, and we anticipate this to continue in 2026.

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