Dealcast: The M&A Podcast

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“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 corporate 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.

  1. 4d ago

    Proof, process, and price: A look at the new standards for sponsor-backed dealmaking in the wake of AI – Investec’s Kate Gribbon

    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.

  2. Jul 13

    ‘Scale, simplicity, strategy’ drive corporate dominance in record 2026 M&A run – JPMorgan’s Anu Aiyengar

    “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.

  3. Jun 17

    Why GP consolidation is on the rise in Asia

    “GPs are being run more like the businesses that they acquire,” said Justin Niessner, associate editor of the Asian Venture Capital Journal. Consolidation among general partners is on the rise globally. Last year, BlackRock acquired HPS Investment Partners. Before that, the firm also acquired Global Infrastructure Partners in 2024. Asia is primed for M&A among GP firms, partly due to the prevalence of founder-led firms in Asia and the need for a succession plan. In this episode of Dealcast, Niessner joins Julie-Anna Needham to discuss the consolidation of GPs in Asia and why GPs and LPs may, or may not, find further integration attractive. The episode dives into what GPs need to make a transaction successful and to make LPs comfortable, where it is happening in the market, and how the mega-sizing of firms may actually lead to the rise of more independent ones.

  4. Jun 8

    The rise of alternative private credit in Europe – NorthWall Capital’s Alex Garnier, with Rachel Lewis

    “There's no question that in some parts of the market, leverage has stretched significantly, and that's a real issue for some of those portfolios that we see out there,” said Alex Garnier, founding partner at NorthWall Capital. In this episode Garnier joins Rachel Lewis, Mergermarket’s co-head of news, to discuss the growth of specialist credit in Europe. NorthWall is an alternative private credit lender that specializes in financing situational complexity. In this Dealcast, listeners get a look inside NorthWall’s strategy, which employs a different approach to provide different returns compared to traditional private direct lending. But what makes a situation complex? This episode discusses factors like market conditions, a complicated carveout, or a tight transaction timeline. Garnier and Lewis also tackle the current uncertainty in the market which has led banks and direct lenders to retreat and how that presents opportunities to be selective with underserved segments.

  5. May 18

    How to get deals through antitrust review in the current environment – Fried Frank’s Kathy O’Neill, with Serafina Smith

    Despite rumors of political lobbying creeping into antitrust, “it’s a really good time for dealmaking here in the US.” That’s according to Kathy O’Neill, a partner in Fried Frank’s antitrust and competition department and former senior government official with 16 years of experience in the US Department of Justice (DOJ) antitrust division. According to O’Neill, early and proactive interactions with the US antitrust agencies, the DOJ and Federal Trade Commission (FTC), can lead to smoother antitrust reviews. In her experience, constructive engagement on the merits has even led to the clearance of deals that were likely second request candidates. In this episode of Dealcast, O’Neill joins Mergermarket’s senior US regulatory reporter Serafina Smith to discuss best practices to get deals through antitrust review during the second Trump administration. This episode also addresses the agencies’ return to accepting merger remedies—especially structural relief—and the uptick of standalone enforcement by state attorneys general.

  6. May 5

    UK public M&A rides scale wave as clouds obscure macro outlook – White & Case’s Patrick Sarch, with John West

    While deal volumes reach significant highs in the UK, the numbers are largely being driven by big deals with expensive price tags. But these big-ticket transactions may not be the tide that lifts all boats. The lower-to-middle market segment in particular is seeing more muted deal activity. So why the surge of large-scale deals while the mid-market flounders? In this episode of Dealcast, White & Case partner and head of the firm's UK Public M&A practice Patrick Sarch joins Mergermarket’s global commentary editor John West to discuss what’s happening under the surface with the UK’s M&A landscape. Transformational deals are certainly skewing the overall M&A haul, public and private volume together arriving at GBP 128bn year-to-date, of which just 25 deals account for GBP 110bn, according to Mergermarket data. In public M&A, three deals – Schroders/Nuveen, Intertek/EQT, and Beazley/Zurich Insurance Group – account for 90% of volume. Smaller which deals have faced difficulties in the UK have had less spectacular progresss amid sponsor exit headaches, the fallout from “SaaSmageddon” and inflation pressures. This episode explores: why buyers and sellers in the middle market are failing to see eye to eye on pricing, which particular deals are driving up the numbers, how the stagnating buyout class from 2020/2021 is impacting activity, and how the Iran war is threatening further inflationary risks on dealmaking. Further insights will be discussed at Mergermarket’s UK M&A Forum on 23 June in London, where White & Case is lead sponsor alongside KPMG.

  7. Apr 27

    A tale of two markets: an update on Europe’s divergent M&A and IPO fortunes

    In this week’s Dealcast, Mergermarket’s head of global ECM, Samuel Kerr, joins John West, Mergermarket’s global commentary editor, to discuss how both M&A and ECM, particularly IPOs, are faring in Europe so far this year. M&A on the continent has been off to a strong start with 1Q deal volumes, reaching around EUR 330bn, up 40% year over year. And while general equity capital markets are booming, IPOs, have stalled in reaction to the Iran war. In this episode, Kerr and West explore the factors supporting M&A and hindering IPOs amidst severe geopolitical disruption. The two discuss which companies have made headlines, how sponsor exits factor into lagging IPO activity, how performances on the aftermarket have fared in Europe and comparatively in the US, and finally, when we could expect to see a rebound in listings. All this and more in this week’s Dealcast.

  8. Apr 8

    Global dislocation sparks opportunities for investors in Asia – Morgan Stanley’s Pamela Fung, with Justin Niessner

    “We can see every risk or dislocation as an opportunity.”  Although fundraising, exits, and investment have slowed, this is how Pamela Fung, a managing director and partner on Morgan Stanley's Private Equity Solutions team, sees the current state of private equity investment in Asia. Perceived risk has increased in the region in recent years amid China’s regulatory reset, tariffs, geopolitical tensions, and now war in the Middle East.  In this episode of Dealcast, Fung joins Justin Niessner, the associate editor of the Asian Venture Capital Journal, to discuss where opportunity lies in the region. From deep innovation happening in areas like Chinese AI and robotics to underpenetrated industries in countries where many national economies show potential for “leapfrog” growth.   This episode explores: why GPs need to be hands-on with Asian investments, how policy initiatives and talent pools in countries like India are encouraging for investors, and how Morgan Stanley’s research aims to demystify the region.

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“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 corporate 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.

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