Let's talk about the economy ...

As 2025 unfolds, uncertainty is no longer just a backdrop. It has taken centre stage. From Donald Trump’s political re-emergence to post-election recalibrations and shifting monetary signals, the M&A landscape has entered a holding pattern. But make no mistake, this is not a downturn. It is a pause, and quite possibly a loaded one.

In the boardroom, caution is palpable. Yet many macro indicators remain firm across key economies. Capital has not vanished. Demand has not collapsed. Strategic intent has not waned. Instead, businesses are watching and waiting, holding their breath for clarity before moving with speed.

The current dealmaking mood recalls the early days of the pandemic. Not frozen, but still. It is a quiet moment that often precedes sharp bursts of activity. With organic growth now bumping against its limits, the case for expansion through acquisition, joint ventures or consolidation is growing stronger.

This market is shifting, not breaking. Those who keep their nerve are likely to lead when momentum returns. The smart money is not pulling out. It is shifting its weight, recalibrating positions and scanning the horizon for mispriced opportunities.

Once the window opens, the rebound could be swift. It may not come with fanfare, but it will be decisive. And when it does, those ready to move will be the ones setting the pace.