03-07-2025
M&A activity hits $61.3 bn in H1 2025, highest since 2022: Report
India's mergers and acquisitions (M&A) activity remained strong in the first half of 2025, with total deal value touching $61.3 billion, a new report said on marks a 50 per cent jump compared to the same period the previous year and is the highest first-half total since 2022, according to the latest India Investment Banking Review by LSEG.
The report also showed that the number of M&A transactions rose by 9 per cent, signalling continued market growth was driven by domestic consolidation, energy transition efforts, and strategic portfolio realignments.
Financial sponsors played a key role, particularly in sectors like insurance, technology, and healthcare.
Elaine Tan, Senior Manager at LSEG Deals Intelligence, said: India's M&A growth is being powered by a mix of factors, including the country's push for renewables and structural changes in key sectors. 'Energy &Power led the way with $20.5 billion in deals -- a more than 16-fold jump from last year,' she said.
Investment banking fees from Indian operations reached $653.8 million in the first half of 2025, up 21 per cent from a year from equity capital market (ECM) underwriting stood at $272.7 million, while debt capital market (DCM) underwriting earned $131.7 million. Syndicated lending fees surged 66 per cent to $90.1 million, and M&A advisory fees increased 56 per cent to $159.3 million.
Domestic M&A was particularly strong, rising 138 per cent year-on-year (YoY) to $44.8 billion -- the highest since 2022.
Meanwhile, inbound M&A fell to a nine-year low at $10.1 billion, while outbound M&A grew 74 per cent to $5.8 billion.
