2025 Middle-Market Cross-Border M&A Annual Report

The 2025 Middle-Market Cross-Border M&A Annual Report provides a rigorous analysis of global and APAC cross-border transactions valued between $100M and $1B across the 2023–2025 cycle.

Cross-border activity reaccelerated in 2025 as financing visibility improved and strategic conviction returned. Global middle-market deal value rose to $267.4B across 781 transactions, reflecting renewed capital deployment and increased execution confidence in complex cross-border environments.

Capital allocation remained highly selective. Activity concentrated in structurally advantaged sectors, notably TMT and Industrials, where AI infrastructure buildout, digital enablement, supply-chain reconfiguration, and energy transition themes underpinned valuation resilience and underwriting confidence. Sponsor-backed transactions continued to lead activity, with buyers prioritizing scalable platforms, governance control, and clearly defined value creation pathways.

The report examines directional capital flows across NAMR, EMEA, and APAC corridors, sector-level performance and valuation benchmarks, transaction structure trends, and ARC Group’s 2026 base case outlook.

Prepared for boards, founders, sponsors, and strategic acquirers, this report distills the structural forces shaping middle-market cross-border M&A and the implications for capital deployment in the year ahead.

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