Dealcast: The M&A Podcast

With factors like fast-developing AI, global conflicts, and ever-changing geopolitics affecting every part of the globe, how has international dealmaking been impacted? And what are the actual logistics of getting a deal over the line across two or more legal and regulatory systems, with potentially different cultural expectations? Sam Snider, an Atlanta-based partner focused on cross-border M&A at McDermott Will & Schulte, and Justin Niessner, associate editor of the Asian Venture Capital Journal based in Hong Kong, discuss international dealmaking between the US and other parts of the world, with a focus on Asia and Africa. The episode delves into the actual logistics of dealmaking across borders, like whether the given country only recognizes wet ink signatures over e-signatures, knowing the local exchange control restrictions, and considering whether a local citizen is required on the board. The two also discuss why getting familiar with local idiosyncrasies and approaching cross-border deals with humility should be standard. The discussion dives into topics such as how demographics, like a young population and rising standards of living, are attracting business and investment in emerging markets across the world. However, at the same time, global political tensions have made some countries more resistant to foreign investment compared to previous years.

AI implementation and due diligence has drastically shifted in the last two years. M&A processes may have simply asked if a company used AI two years ago, but now due diligence processes in dealmaking go much deeper. According to Sinan Erhan, a partner and head of UK at OMMAX, commercial diligence in dealmaking has shifted to AI-specific diligence. Erhan joins Mergermarket's executive editor, Lucinda Guthrie, to discuss the disconnect between AI valuations and the reality assessed through the diligence process. The two delve into what makes a company’s AI usage truly valuable. For instance, whether a company is using AI at the disparate, individual level or whether it is an integral part of the workflow. It is also important to assess whether the company has a defensible moat for their AI services through IP or other practices or if they are simply integrating publicly available agents like Claude or ChatGPT, and whether having proprietary data is enough when it may still have to be cleaned and sorted before applying an algorithm. And although AI may be freeing up hours, can a company explain how they are now optimizing the newly available time? Beyond what makes a company’s AI story strong in reality, Erhan discusses how firms are using AI to make their research more efficient, assess potential M&A targets, and why that process still requires the human touch. He explains why juniors at firms, and even students, may need to be trained on how to make the right judgement calls on research AI presents to them, as the near future will likely lead to standardization of AI-specific diligence in the dealmaking process.

In the last couple of years there has been an increase in megacap deals with global exposure. However, despite the growing number of large deals, they have longer timelines and geopolitical factors that make these transactions more complex. One example of the increased complexity is the jump in foreign investment reviews on megadeals. During 2005-2020, only 11% of megadeals were subject to foreign investment reviews, but from 2021 to 1H26, 40% of megadeals were subject to foreign investment reviews. Davidson Kempner’s Suzy Gibbons, partner and head of research, and Michael Chiaramonte, partner and deputy head of merger arbitrage, join Mergermarket’s global regulatory editor, Reuben Miller, to discuss their new white paper, Merger Arbitrage: Opportunity in Regulatory Complexity. The conversation delves into questions like how does complexity create opportunities for investors, how has the change in US administration altered deal activity, how do differing national priorities and security measures play into dealmaking, and why there is “complexity premium"?

While sponsor-related deal volume from the exit perspective is at EUR 132bn so far this year, nearly double the volume in the first half of 2025, deal counts are only up 12%. Deal momentum is picking up, but it still can be difficult to get a deal over the line in the current environment, according to Kate Gribbon, Investec’s head of financial sponsor coverage. The effects of SaaSpocalypse or SaaSmageddon are still lingering and dealmakers need to have a strong offensive and defensive strategy when it comes to AI. Diligence also needs to come in at an increasingly early stage in the auction process, according to Gribbon, and relationship-building and trust are core to completing transactions. In this episode of Dealcast, Gribbon joins John West, Mergermarket’s global commentary editor, to discuss her recent report: The New Rules of Private Equity M&A. The two discuss the three pillars of getting a deal done: proof, process, and price. The episode delves into how to curate the buyer pool early-on, how to weigh the benefits of getting DPI for LPs quickly or holding onto an asset for the right reasons, and why it’s not realistic to wait for “perfect” market conditions.

“This level of uncertainty has allowed boardrooms to rise above what is happening in the market,” Global Chair of Investment Banking at JPMorgan Anu Aiyengar says. Rather than being paralysed by geopolitical turmoil, executives have acknowledged they are playing on a constantly changing pitch and doubled down on long-term thinking to simplify their corporate footprints while building growth and resilience, Aiyengar says. That’s writ large in a record-breaking first half for global M&A, with volume of USD 3.16tn (up 44% year-on-year) – and 78% of that haul involving strategic acquirors. In this episode of Dealcast, Aiyengar joins John West, Mergermarket’s Global Commentary Editor, to unpack the deal dynamics behind 1H26’s astonishing run and pitching forward to what the rest of 2026 has in store. Predicting the year will topple 2021 as the most active of all time, Aiyengar provides insight on AI ROI and stock market concentration, the valuation premium afforded to larger companies, private equity exit overhangs and how to execute realisations, and unprecedented “direct engagement” by White House officials in key M&A transactions. When it comes to corporates opting to embrace audacity, “it’s not scale for scale’s sake; it’s not simplicity for simplicity’s sake – it first needs to chin the bar of being strategic,” Aiyengar argues.