What’s Driving the Surge in Deal-Making?

In this episode of Goldman Sachs Exchanges, Allison Nathan interviews Stephan Feldgoise, head of global mergers and acquisitions at Goldman Sachs, about the surge in deal-making activity in 2025 despite geopolitical uncertainty and other headwinds. Feldgoise attributes the M&A market's resilience to strategic imperatives, open capital markets, and the ability to complete complex transactions. He notes a significant increase in mega-deals and broad activity across industries and geographies, particularly in technology, AI-related sectors, and biotech. The conversation explores the influence of AI on strategic decision-making, the ongoing trend of corporate simplification, and the role of private equity and private capital in fostering M&A. Looking ahead to 2026, Feldgoise is cautiously optimistic, anticipating continued high levels of M&A activity driven by the availability of capital and strategic repositioning, while acknowledging potential risks such as geopolitical instability and credit market tightening.