GERMANY Trends and Developments Contributed by: Georg Linde, Kamyar Abrar and Florian Dendl, Willkie Farr & Gallagher LLP
ronment. While large-cap deals remain rare, improving sentiment and strategic consolidation in core sectors could support a cautious resurgence in the second half of the year. However, macro and geopolitical uncertainties contin - ue to define the deal landscape. Cross-border activity is being reassessed, with a clear shift towards sectors and targets that are less vulnerable to global supply chain risks and trade disruptions. Legal and regulatory scrutiny has intensified, particularly around AI, foreign investment control and ESG compliance, requiring investors to conduct more thorough due diligence and adopt more sophisticated structuring for every transaction.
Despite these challenges, the outlook for 2025 is overall positive. An increasing trend of deal activity is evident across nearly all sectors, especially in mid- cap transactions where pricing alignment, financ - ing access and operational value creation are more achievable. As macroeconomic conditions stabilise and exit increases, leading to an improvement in investor confidence, the stage for a sustained recov - ery in the second half of 2025 is set.
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