Corporate dealmaking is undergoing a shift. For years, the primary obstacle to mergers and acquisitions was access to capital. Today, that’s no longer the case. Liquidity remains relatively strong despite higher borrowing costs, and corporations across sectors continue to hold significant cash reserves. Yet deal volume has declined, and many transactions are taking longer to close—or aren’t closing at all.
What’s changed isn’t the desire to pursue growth through acquisition. It’s the growing complexity of making those deals work. Regulatory scrutiny has tightened across jurisdictions, geopolitical tensions are affecting cross-border considerations, and boards are taking a more deliberate approach to risk. Simply having the money isn’t enough. Companies now need the right combination of timing, internal alignment, and expert guidance to bring deals across the finish line. That guidance often comes from deeply experienced professionals—such as this advisor—who’ve led multibillion-dollar deals across industries and geographies.
This shift is forcing companies to reconsider how they approach dealmaking. They’re placing greater trust in advisors and executives who have proven they can manage complex, often politically sensitive transactions. These are not just bankers or consultants—they are strategic partners who bring depth, precision, and credibility to every stage of the deal.
According to Dealogic data reported by Reuters, total M&A volume fell 18% to approximately $3 trillion in 2023—the lowest annual figure since 2013, when volume totaled $2.8 trillion. Despite strong corporate balance sheets and robust private equity reserves, buyers are more hesitant, and sellers are more cautious. The path from negotiation to execution has become more fragile, making every phase of a deal—from initial outreach to final integration—riskier.
Capital Is Plentiful—But That’s Not Enough
Contrary to the cautious mood in boardrooms, capital is still widely available. According to Bain & Company, global private equity dry powder reached a record high in 2024, surpassing $3.9 trillion. Public companies have also built up sizable cash reserves, particularly in sectors like technology, pharmaceuticals, and energy. Financing isn’t the hurdle it once was.
Yet the pace of M&A hasn’t kept up. Many executives cite delays stemming from regulatory intervention, uncertain economic forecasts, and difficulties aligning internal stakeholders. In some cases, deals fall apart during due diligence or fail to gain shareholder approval, even when the financial rationale is sound. The ability to execute has become a constraint in its own right.
Regulators have played a central role in slowing or halting dealmaking momentum. According to a report from Mizuho, more than 50 major transactions were either blocked or delayed by U.S. and EU regulators in 2023, reflecting a heightened focus on competition policy and consolidation risk.
The result is a more cautious, disciplined M&A environment. Boards are focused on quality over quantity. They’re seeking fewer, better deals—led by professionals with the track record to back up their recommendations. The focus has moved from sourcing capital to sourcing confidence in the ability to close.
Strategic M&A Requires Execution Specialists
Executing a transformative acquisition today requires far more than technical skill. Large-scale deals often involve competing jurisdictions, labor negotiations, activist investors, and supply chain disruptions. To manage that complexity, companies turn to advisors who have spent decades handling transactions at this level.
These professionals don’t just negotiate terms—they anticipate political risks, guide stakeholder messaging, and ensure compliance with domestic and international regulations. Their value lies in understanding both the numbers and the nuances. That’s especially important in industries like infrastructure, healthcare, and manufacturing, where public scrutiny and national security concerns are common. In sectors like technology, regulatory scrutiny has intensified at a remarkable pace. A&O Shearman found that approximately 20% of tech-sector M&A deals faced antitrust blocking in 2023—up from just 8% in 2022—highlighting how quickly the enforcement environment has shifted.
Boards want advisors who can provide not only financial guidance but also strategic insight. This means anticipating challenges well in advance, preparing for multiple regulatory scenarios, and delivering clear, cohesive messaging to both internal and external stakeholders. Successful execution is often the result of this kind of disciplined, well-informed planning.
Companies are recognizing that execution specialists aren’t interchangeable. Their value is proven not just by deal volume, but by their ability to complete deals under pressure. Boards that select the right partner early in the process often gain a strategic edge that extends well beyond the closing date.
What Defines Strong Execution in 2025
Execution has always mattered, but the expectations have changed. In today’s environment, strong execution means anticipating friction points, addressing stakeholder concerns proactively, and maintaining control throughout an unpredictable process. It also means knowing when not to pursue a deal.
Experience with cross-border regulation is now a baseline requirement. So is fluency in environmental, social, and governance (ESG) factors that might impact deal viability. Strong execution involves constant communication between legal, financial, and operational teams. Advisors who can coordinate those threads efficiently are highly sought after.
Another key trait is credibility in the boardroom. Execution leaders need the trust of CEOs, CFOs, and general counsel. That trust isn’t earned with credentials alone—it comes from having been tested in high-stakes environments, often across multiple economic cycles. Repeat success in closing deals builds a reputation that no algorithm can replicate.
Above all, execution in 2025 requires adaptability. No two deals are the same, and the variables—regulators, investors, public sentiment—are always shifting. The best advisors are those who treat each transaction as a unique challenge, relying on both experience and judgment to manage uncertainty in real time.
Looking Ahead: M&A as a Competitive Edge
As dealmaking continues to evolve, one thing is clear: execution capability is no longer optional. It’s a strategic differentiator. Companies that treat M&A as a repeatable, well-managed process will outperform those that treat it as a one-off event. This doesn’t mean doing more deals—it means doing better ones.
For advisors and executives, this also shifts how success is measured. The goal isn’t just to close transactions—it’s to create lasting value, minimize disruption, and strengthen the company’s long-term position. That takes more than financial modeling. It takes judgment, discipline, and leadership.
Unpredictable external forces now shape deal outcomes in ways that even well-designed strategies struggle to anticipate. As Daniel Wolf, M&A partner at Kirkland & Ellis, told Reuters, “A more unpredictable problem is the possibility that you have a target business where you signed the deal and are waiting to close the deal, and suddenly a tariff war breaks out in that industry or country. And this deal that you penciled out suddenly doesn’t make sense because the tariffs change the economics so drastically.”
Companies that understand this are already investing in execution talent—both internally and through their choice of advisors. They’re building teams with the skill to operate under scrutiny and the experience to see around corners. These teams don’t just get the deal done—they help shape strategy from the start.
As M&A activity picks up in the coming years, those with a proven ability to execute will lead the field. The difference won’t be who has access to capital. It’ll be who can close with confidence.
