Review of the Swiss M&A market in 2025
The Swiss M&A market can look back on a solid year in 2025, which was characterized by a challenging economic environment. This is shown by an analysis by KPMG. Five particularly large deals stood out.
The M&A market in Switzerland recorded a solid result in 2025: with 502 transactions and a deal volume of around USD 166.8 billion, it outperformed the previous year in a persistently difficult economic environment. Nevertheless, 2025 remained below the expectations of market participants. In view of the current order situation, the economic outlook and the continued caution of many companies, KPMG Deal Advisory expects a moderate increase in M&A activity in the current year, particularly due to a slight increase in the number of transactions involving private equity.
TMT and Pharmaceuticals & Life Sciences shape market activity
Pharmaceuticals & Life Sciences proved to be the clear volume driver with 74 transactions and a total volume of USD 53.0 bn, significantly exceeding the previous year (2024: 59 deals; USD 40.7 bn). TMT was the most active sector with 84 deals, but the transaction volume fell significantly to USD 9.8 bn, which is mainly due to the lack of mega transactions in the telco sub-sector.
The industrial goods sector fell from first to third place in 2025 and recorded 72 deals with a transaction volume of USD 8.8 bn (2024: 84 deals; USD 24.4 bn). The private equity sector was again highly dynamic with 142 transactions and a volume of USD 46.2 bn and remains a central component of the Swiss M&A market with a share of 28%.
Five mega deals with Amrize spin-off at the top
The five largest M&A deals of the year accounted for around USD 69.7 billion or just under 40% of the total transaction volume in 2025. The largest transaction of the year is the spin-off of the former North American business of Holcim Ltd, Amrize Ltd, with a volume of USD 33.7 billion.
In second place is the purchase of Avidity Biosciences Inc. by Novartis AG for USD 12.0 billion, while the merger of Baloise Holding Ltd. with Helvetia Holding AG takes third place with a transaction value of USD 10.8 billion.
Swiss buyers focus on expansion abroad
Swiss companies remained active players on the international market in 2025: in 225 cases, they acquired foreign companies or investments, accounting for almost half of all transactions. «Thanks to high liquidity and robust balance sheets, Swiss companies are very well positioned as international buyers,» explains Timo Knak. In the same period, foreign buyers only took over 133 Swiss companies or holdings, corresponding to around a quarter of all deals.
With 49 deals, purely domestic transactions only played a subordinate role. In addition, with 95 transactions, around 19% were deals in which Swiss companies acted as sellers and foreign buyers were active.
Technological factors shape M&A transactions in 2026
KPMG expects a slight increase in M&A activity in 2026. At the same time, technological factors are likely to continue to shape the M&A landscape, with digitalization projects in the TMT sector in particular having a significant impact on deal activity. «Assessing AI and cyber resilience and readiness will become a critical success factor for any transaction in 2026 and must be factored into M&A planning at an early stage,» explains Timo Knak. «In addition, in the wake of ongoing geopolitical uncertainties, even greater attention will be paid to the sustainable and predictable growth and earnings prospects of the target company.»
Source: KPMG
