Introduction

Tech is eating the world. At the time of writing, the top seven tech stocks – the so-called “Magnificent Seven” – make up roughly a third of the market cap of the S&P 500 stock market index, and drove the vast majority of its returns for the year. Within tech, AI dominates – driving both stock market performance and some of 2025’s largest deals.

By the numbers, deal activity in the first half of 2025 matched that of 2022, reflecting the second year of recovery after the nadir of 2023. However, the drivers behind the M&A upswing are markedly different to the last peak in 2021. The 2021 M&A market was largely the by-product of extraordinary, one-off conditions such as record-low interest rates, government stimulus, post-pandemic “pent-up” demand that accelerated the market and, for tech, a belief that remote work would lead to a transformation of the workplace.

The 2025 market has no such tailwinds; instead, there is still hangover from the pandemic recovery, shifting regulatory environments, geopolitical uncertainty and rising interest rates. Yet, AI has allowed the tech sector to power through, with the promise (naysayers retort, “delusion”) of AI transforming the very foundations of our society and economy.

Tech M&A trends and developments in California play a particularly influential role, with the state – and Silicon Valley – being home to many of the world’s largest and leading tech companies.

Numerical Trends in M&A in 2025: Navigating the Paradox of Record Valuations Amidst Low Deal Volumes

Low deal volumes and megadeals defined the first half of 2025

The initial half of 2025 saw a decline of roughly 9% in global deal volume relative to the first half of 2024. Q3 continued this trend, recording only 3,235 deals, which is the lowest level in years. This decline was largely due to the market uncertainty described above. Despite the drop in volume, overall deal values rose by 15% due to large strategic transactions with valuations above USD1 billion. Deals with valuations higher than USD1 billion have risen by 19%, and deals with valuations greater than USD5 billion have risen by 16%. In Q3, the deal values surged by 51.6% year-on-year to USD817 billion, marking a four-year high. Strategic M&A also increased by 11% year-over-year through the middle of this year.

Tech M&A deals hold strong amidst market uncertainties

Amidst market uncertainties, tech M&A deals have remained robust. A majority of the megadeals this year focused on expanding capabilities, particularly in AI, as opposed to scaling existing business lines. Technology deals were up 184% year-over-year, with deal values of above USD100 million resulting in more than USD109 billion across 54 transactions. The transactions ranged from AI and AI-adjacent sectors (such as data centre infrastructures and semiconductors) to more traditional sectors such as healthcare data, cybersecurity companies, energy and renewables, etc.

Largest deals in 2025

For the top five deals of 2025 so far, it should be noted that only one is a pure play AI acquisition (Meta/Scale). The remaining four are in the gaming, cybersecurity and networking solutions sub-sectors, though nearly all are AI-adjacent. This should be contrasted with the large sums being invested into AI native companies. It reflects AI’s relatively early stage of development and the continued vitality of “traditional” tech.

Electronic Arts/Sponsor group – USD55 billion

In September 2025, Electronic Arts agreed to be acquired by a private equity consortium comprising Saudi Arabia’s Public Investment Fund (PIF), Silver Lake and Affinity Partners in an all-cash transaction. The acquisition would be the largest leveraged buyout in history and the second largest acquisition in the gaming industry after Microsoft’s acquisition of Activision Blizzard. The deal also underscores the rising trend of private equity consortiums coming together to pursue large-scale transactions at a previously unprecedented scale.

Alphabet/Wiz – USD32 billion

In March 2025, Google entered into a definitive agreement to acquire Wiz, a leading cloud security platform, making it the largest acquisition in the company’s history. This acquisition improves Google’s cloud offerings in cybersecurity by allowing Google to offer increased security measures that could appeal to customers using their platforms. This deal had been previously abandoned under the Biden administration due to potential regulatory headwinds, and showcases the perception of a shifting regulatory landscape opening up mega-cap M&A deals under the Trump administration.

Palo Alto Networks/CyberArk – USD25 billion

In another landmark transaction in the cybersecurity industry, in July 2025, Palo Alto Networks announced its agreement to acquire CyberArk, a leader in identity security, for approximately USD25 billion. This acquisition is Palo Alto Network’s largest acquisition to date, and marks its entry into the identity security market.

HewlettPackardEnterprises/Juniper Networks – USD14 billion

In a deal that received intense regulatory scrutiny, Hewlett Packard Enterprises (HPE) announced an all-cash transaction to acquire Juniper Networks for USD40 per share. In July 2025, HPE closed its acquisition at USD14 billion in a deal that would expand HPE’s AI capabilities.

Meta/Scale AI – USD14 billion

In June 2025, Meta invested USD14.3 billion in Scale AI, representing a 49% stake in the AI start-up. As part of the deal, Scale AI’s CEO, Alexandr Wang, left Scale AI to join Meta as its chief AI officer. This deal was perceived in the market as being an extreme example of the trend of AI mega-acquihires, where the traditional per-engineer compensation metrics of USD1 million to USD2 million have given way to sums previously reserved for sports stars.

M&A Focus: High-Growth and Transformative Industries of 2025

Artificial intelligence (AI)

AI and AI-powered technologies have been the driving force behind the 2025 tech M&A market. Acquirers in the technology industry as well as the non-tech industry have been targeting companies with integrated AI hardware, AI platforms and cloud infrastructure as a means of integrating AI into their own operations. In the second quarter of the year, there were 177 M&A deals involving AI.

Notable deals

The following are a few examples of AI-centric software transactions.

Salesforce’s acquisition of Informatica

With the goal of boosting its data management capabilities to deploy agentic AI, Salesforce acquired Informatica, a leader in enterprise AI-powered cloud data management, for USD8 billion.

Atlassian’s acquisition of DX

Atlassian acquired DX, a market leader in engineering intelligence, for USD1 billion, allowing the entities to enable organisations to understand how their AI investments are helping teams accelerate and improve their work.

ServiceNow acquisition of Moveworks

ServiceNow announced its intention to acquire Moveworks, a developer of AI-driven assistants, for USD2.85 billion. The deal is poised to improve ServiceNow’s AI capabilities, enhancing its competitive standing among established market players.

Circular investments

Over the past year, many AI companies have been investing and taking investment from customers and suppliers along the entire AI supply chain. 

A recent example of such “circular investing” is Nvidia’s planned investment in OpenAI.  Nvidia also made an investment in CoreWeave, which provides OpenAI with AI infrastructure. OpenAI purchases cloud computing from Oracle, and Oracle purchases graphics processing units (GPUs) from Nvidia. The fear surrounding this circular investment is that it has created an illusion of growth and demand. While some have raised concerns about how such circular revenue could dilute a company’s valuation multiple, others have observed that such investments are not unusual at the initial stages for technological innovations.

Another example is the investments among three of the largest players in the AI space: Anthropic, Microsoft and Nvidia. With a focus on scaling its Claude AI model, Anthropic announced that it will spend USD30 billion on purchasing computing capacity from Microsoft Azure, which in turn is powered by Nvidia chips. Anthropic also announced its commitment to contract for additional computing capacity up to 1 gigawatt. However, Anthropic also has a commitment to initially use up to 1 gigawatt of compute capacity with Nvidia’s chips. As part of the deal, Nvidia and Microsoft would invest USD10 billion and USD5 billion respectively in Anthropic, which has increased Anthropic’s valuation from USD183 billion to USD350 billion.

Acquihires

The rise of AI has also given rise to technology companies increasingly foregoing the traditional M&A deal structure to acquire talent and know-how through acquihires. Acquihiring refers to the practice of recruiting top talent from a company without acquiring the company as a whole. Acquihiring was formerly the province of finding soft landings for tech founders and engineering teams with failing products, though this is no longer the case. It has evolved into a competitive structure for companies to acquire AI talent. In addition to what analysts have characterised as Meta’s acquihire of Alexandr Wang and the Scale AI senior team through its investment in Scale AI, Google paid USD2.4 billion for Windsurf in the form of a licensing deal while also hiring its co-founder, CEO and R&D team members. Similarly, Microsoft paid USD650 million to Inflection, an AI start-up, in a licensing fee while also hiring its founder to serve as CEO of Microsoft AI, and his team.

Valuations and venture capital/valuations of large language models (LLMs)

Investment in LLM companies has also seen a sharp increase in 2025. Total funding for LLM vendors exceeded USD60 billion. LLM vendors have seen some of the highest valuations in tech and trade at revenue multiples that are much higher than traditional technology companies. The premium on their valuation is a result of strong growth expectations as well as their capacity to power businesses and applications. OpenAI raised USD8.3 billion at a USD300 billion valuation. In September, Anthropic raised USD13 billion in Series F fundraising and is now valued at USD350 billion.

Data centre activity boom

As AI deals rise, tech firms are investing more in supporting infrastructure. As a result, 2025 has seen a rise in data centre expansions and energy upgrades to support AI infrastructure. In 2025, Google committed USD25 billion to support US data centres, and has also committed to spending USD3 billion to upgrade hydropower plants located in Pennsylvania to support the increasing demand for power capacity required to support AI computing.

Notable deals include the following.

CoreWeave/Core Scientific

Earlier in 2025, CoreWeave announced its intention to acquire Core Scientific in a USD9 billion all-stock transaction. The deal was aimed at helping CoreWeave strengthen its operational efficiency and data centre footprint. This would equip CoreWeave with the capacity to support the growth of AI and high-performance computing. However, the deal was terminated in October after Core Scientific shareholders rejected the all-stock offer.

Softbank/Ampere Computing

SoftBank Group reached an agreement to acquire Ampere Computing, a chip developer that makes processors for servers, for USD6.5 billion. This transaction is aimed at playing a critical role in advancing SoftBank’s ambitions to drive AI innovations. SoftBank’s CEO noted that Ampere’s strength in semiconductors and high-performance computing would help with SoftBank’s commitment to AI innovation.

These transactions highlight an increasingly prevalent shift in priorities: beyond scaling AI operations, industry players are increasingly focusing on the underlying AI infrastructure, making it a key driver of strategic transactions.

Cybersecurity and digital infrastructure

As noted above, cybersecurity transactions accounted for two of the largest deals in the tech sector in 2025, and cybersecurity M&A has emerged as a defining theme within the broader tech M&A surge. Escalating data privacy concerns have driven some of the year’s largest transactions. As cyberthreats increase and regulatory scrutiny around cybersecurity practices intensifies, companies are prioritising their readiness to respond, which has prompted deal makers accordingly. Cybersecurity capabilities are also becoming drivers of enterprise value in today’s market. The rise of AI and the accompanying rise in sophisticated cyberthreats underscores the strategic importance of cybersecurity.

Proofpoint’s USD1 billion acquisition of Hornetsecurity Group

Echoing the pattern of cybersecurity megadeals, Proofpoint announced its intention to acquire Hornetsecurity Group, a leading provider that specialises in Microsoft 365 security, in a deal valued at around USD1 billion. This acquisition strengthens the parties shared goal of protecting organisations of all sizes and their people, and of safeguarding their data by providing human-centric security to businesses worldwide through managed service providers by consolidating “fragmented security tools into a unified platform”.

Sophos’s acquisition of Secureworks

Sophos acquired Secureworks for an all-cash transaction valuing Secureworks at approximately USD859 million. This transaction would make Sophos the leading provider of Managed Detection and Response (MDR) services. With this acquisition, Sophos can offer a security operations platform comprising a wide range of “built-in integrations for adaptive protection, detection and response for mitigating cyber-attacks”.

Energy and renewables

Major M&A transactions continue to shape the energy and renewables landscape in the Americas, driven by financial imperatives, regulatory and market exposure, and evolving ESG objectives. An example of how strategic energy transactions are continuing at a fast pace is Iberdrola’s 2025 sale of its Mexican generating assets to the Spanish energy company Cox, a transaction that included 15 operating power plants totalling 2.6 gigawatts of capacity at a valuation of more than USD4.2 billion. The deal’s structure allows for additional payments as new assets come online, and reflects the value of a flexible and pragmatic approach to deal structuring in today’s market.

Energy-related M&A activity is occurring against a backdrop of growing energy demand in the United States, where the development of data centres is driving unprecedented electricity consumption and putting upward pressure on energy prices. As data centres compete for reliable power, acquirers are recognising potential growth in the value of reliable operating assets. Recent examples of this are J-POWER USA’s sales in 2025 of several operating power plants in Texas, Oklahoma and Illinois to acquirers ranging from publicly owned utilities to private equity firms (Baker McKenzie represented J-POWER USA and its affiliates in these transactions). These project sales cumulatively comprise more than 2,000 megawatts of dispatchable gas-fired generating capacity, and were valued in part based on their ability to be reliable generating assets in constrained power markets.

Additionally, joint venture transactions are similar to traditional M&A and allow owner-developers to create liquidity from assets that are either operational or in late-stage development, while retaining a controlling or managing interest in the projects and often receiving a new revenue stream from management or servicing fees. These joint venture structures are sometimes preferred due to requirements by project lenders or offtakers that the owner-developer retain a controlling interest in the project in part based on their long-term operating and project management experience. Baker McKenzie has supported joint venture transactions in 2025 involving large portfolios of operating utility-scale solar, storage and distributed solar assets.

In an environment of changing regulatory and incentive dynamics, buyers are approaching strategic energy transactions with heightened diligence (including using representations and warranties insurance in the US market, which historically has not been common for energy-related M&A), selectively evaluating targets with a focus on regulatory risks and opportunities as well as supply chain exposure. Legal due diligence routinely includes assessments of potential changes in law and scrutiny of supply chain vulnerabilities, especially in markets subject to geopolitical or regulatory uncertainty. This rigorous approach enables buyers to identify and mitigate risks, negotiate appropriate protections, and ensure that acquisitions align with long-term strategic objectives.

Private equity and M&A in 2025

Looking back, the outlook for 2024 was cautiously optimistic given that inflation was widely perceived as gradually tempering and interest rate cuts were projected to be on the horizon. Against that backdrop, deal making in 2024 gained some momentum, and the overall consensus was that 2025 would ride the momentum and culminate into an even stronger year.

Indeed, the global private equity buyout deal count during the first quarter of 2025 was approximately at an even level compared to the first quarter of 2024. However, tariff turbulence, policy uncertainty and rising interest rates in the second quarter led to a slowdown in deal activity, with the deal values announced in April falling 24% below the monthly average compared to the first quarter of 2025, and with deal count falling by 2%. The third quarter of 2025 saw a rebound, whereby deal value increased compared to deal values for both Q2 of 2025 and Q3 of 2024, despite deal count decreasing in both instances. The buoyant activity that marked Q3 of 2025 was primarily driven by a few large, high-value transactions.

Despite strong investor appetite for liquidity and a desire to deploy capital, many sponsors grappled with how to unlock value as cost for capital remained high. High interest rates and longer holding periods raised the required earnings growth to achieve return thresholds, thereby leading sponsors to emphasise operational performance.

The various factors discussed above have prompted the use of continuation funds and secondary transactions, as well as corporate carve-outs, as discussed further below. Additionally, fundraising efforts continue as sponsors grapple with tighter capital allocation.

Secondary/“continuation” funds

The H1 2025 secondary market reached USD103 billion, greatly outpacing the previous H1 2024 activity of USD68 million, and marking the most active six-month period in market history for secondary transactions. Specifically, the activity in the secondary market in the first half of 2025 consisted of:

• 50% of the transactions being incentivised by portfolio rebalancing and the desire for liquidity;
• 25% of the transactions being related to wind-downs;
• 23% of the transactions being to reduce non-core strategies and competences; and
• 4% of the transactions being to de-risk an overall portfolio.

Continuation funds remain a dominant component of the limited partners (LPs) liquidity landscape, enabling investors to access liquidity while preserving alignment with the private equity fund general partners (GPs) on key assets. Such transactions enable the GP to retain high-performing assets when market conditions or asset valuations may undermine the valuation of an otherwise attractive asset. This flexibility in extending the life of a high-quality asset allows the GP a potential opportunity of realising greater value over an extended timeframe. From the perspective of an LP, there is optionality to either elect to roll their holdings into the continuation vehicle or realise immediate liquidity by selling their holdings, thereby allowing LPs to potentially align their portfolio strategies with the overall investment mandate.

2024 saw an exponential growth of continuation funds as LPs increasingly accepted continuation vehicles as an alternative to traditional exits, with approximately 127 exits to continuation funds in 2024. With approximately 29 exits to continuation funds in Q1 2025 and another 41 exits in Q2 2025, the activity related to continuation funds in 2025 slightly outpaced the first two quarters of 2024, and continuation fund-related exits in 2025 are likely to exceed 2024 overall. Additionally, multi-asset continuation funds saw a decline in total activity in 2024 relative to single-asset continuation funds, comprising approximately 43% in 2024 compared with 54% in 2023. Although there has been an overall shift towards single-asset continuation funds, multi-asset funds remain a significant portion of the GP-led secondary market. Furthermore, while buyouts continue to be the predominant asset class for these types of transactions, there has been an uptick in other strategies such as venture capital, GP-led credit market and energy/infrastructure.

Corporate carve-outs and take-privates

Following a trend that started in Q4 of 2021, private equity capital allocators continued to pursue corporate carve-outs and divestitures from larger organisations in 2024. Such trends have gained a foothold in the market due to an increased focus on balance sheets amidst an environment of moving interest rates, shifting tariff policies and general market ebbs and flows. During a time of geopolitical tension and economic uncertainty, these transactions potentially provide advantages for both buyer and seller. For buyers, carve-outs often provide mature assets with proven financial histories. For sellers, the deal proceeds can be used to invest in higher conviction investments or to pay off debt. Additionally, carve-out transactions provide an opportunity for sponsors to divest non-core or non-strategic business divisions, thereby streamlining operations.

These transactions continued to play a prominent role in deal activity, particularly in the middle market, accounting for approximately 11% of the deal value in 2025. As we continue further into 2025, analysts project even stronger carve-out activity as policies gain more clarity and markets stabilise.

Take-privates have also become an attractive route to value creation and will be an interesting trend to follow in 2026. There have been a few notable take-private transactions in 2025 that have contributed to the overall increase in deal value discussed in the previous sections of this article. Take-privates require sponsors to navigate several layers of complexity, including regulatory, reporting and corporate governance requirements, but can be a viable alternative when public market valuations do not necessarily reflect the growth potential of a business. Taking a public company private may allow the business to focus on long-term strategic goals rather than potentially significant pressures on quarterly results. These transactions also potentially lead to a reduction in administrative costs, as public companies often incur significant fees related to stringent reporting requirements.

Fundraising efforts and capital allocation

Another trend that will be interesting to watch unfold is whether the momentum for fundraising efforts will return in earnest in 2026. In 2024, buyout funds raised 23% less capital globally compared to 2023. A contributing factor to this trend was the overall decline in exit activity in 2024 and 2025, which resulted in fewer distributions made to LPs. As a response to this slowdown, LPs tightened and cut back on their capital allocations. Most of the capital allocations were reserved for the largest, most experienced funds with long-standing track records for strong performance.

Strategic divestitures to unlock value

Macroeconomic uncertainties in 2025 have led corporations to divest their businesses. Such divestitures help companies focus resources on their most profitable ventures. For instance, in April 2025, ABB announced that it would launch a process to spin-off its Robotics division. Following the spin-off of ABB Robotics, ABB would continue to focus building on its position as an electrification and automation leader. Despite USD2.3 billion in revenue in 2024, ABB Robotics experienced setbacks due to decreased demand in the automotive industry. This spin-off demonstrates how companies can optimise their portfolios by divesting business and unlock greater shareholder value as standalone entities pursuing their own expansion strategies.

Increase in cross-border M&A activity

Cross-border M&A activity also increased in 2025. Transactions involving acquirers from Europe, the Middle East, Africa and the Asia-Pacific are growing in the Americas, while deal makers in the Americas remained focused on domestic transactions. However, as countries beyond the USA reduce their barriers to entry, an increase in cross-border transactions may be seen. Countries such as the UAE are lifting their foreign ownership restrictions; similarly, Saudi Arabia has streamlined its foreign investment process, potentially boosting transactional activity. Additionally, European countries have also signalled a shift in antitrust rules that could promote growth, while the UK government has requested regulators to be pro-growth and investment.

India stands out as having experienced increased M&A and foreign direct investment (FDI) activity in 2025, with deal value in Q3 up 37% year-on-year, including Emirates NBD’s landmark USD3 billion acquisition of RBL Bank, the largest FDI in Indian financial services to date. India is one of the fastest-growing destinations for global investors, with a 26% rise in FDI in the first half of the year alone. This rise in cross-border deal activity can be attributed to liberalised policies and improved ease-of-doing-business rankings.

All of this occurs against the backdrop of growing tariffs – which increase the uncertainty of cross-border M&A but also provide a strong incentive for acquirers to buy into local markets in order to avoid tariffs.

Antitrust impacts on M&A in 2025

The Antitrust Division at the Department of Justice (DOJ) and the Federal Trade Commission (FTC) both continue to identify concentration in the technology sector as an ongoing enforcement priority under the current administration. Indeed, both the Chairman of the FTC, Andrew Ferguson, and the Assistant Attorney General for the Antitrust Division, Gail Slater, bring to their current roles as heads of the US Antitrust Agency a history of scrutiny of the technology industry. Among other roles, Gail Slater’s prior experience includes serving in the first Trump administration’s White House National Economic Council, with responsibility for technology and telecommunications policy. As solicitor general of Virginia, Andrew Ferguson was also involved in the federal litigation alleging that Google had monopolised the ad-tech markets.

With the expansion of the information required from notifying parties under the new HSR form – including the need to identify pipeline products and developing technologies that may compete with one another, as well as vertical relationships between the parties – the FTC and DOJ are also armed with more information than in the past to support their in-depth review of transactions in the tech sector. As such, the risk of extended investigations of strategic transactions in the tech sector can be expected to remain for the foreseeable future. At the same time, the extended scrutiny of a transaction does not mean that it will be successfully challenged in court, as exemplified by a federal court judge’s recent ruling in favour of Meta and dismissing the FTC’s challenge to Meta’s acquisitions of Instagram and WhatsApp.

Impact of geopolitics on tech M&A

Following the wave of Chinese outbound investment in 2015–2016, the United States and other Western countries began to tighten scrutiny of foreign investments, and introduced or expanded FDI regimes aimed at protecting national security and economic interests. In the United States, the Foreign Investment Risk Review Modernization Act of 2018 expanded the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) to cover certain non-controlling investments and real estate transactions with US businesses involving critical technology, critical infrastructure and sensitive personal data. The European Union (EU) adopted Regulation (EU) 2019/452 in March 2019, establishing a co-operation framework for FDI screening that became operational in October 2020. Australia broadened its Foreign Investment Review Board powers in 2021, and the United Kingdom introduced the National Security and Investment Act 2021, which came into full force in 2022. The COVID-19 pandemic accelerated this trend, as governments feared opportunistic acquisitions of strategic assets during economic downturns.

The EU’s FDI Regulation prompted member states to enact or strengthen their national regimes, with new laws introduced and entering into force in Belgium, Bulgaria, Estonia, Ireland, the Netherlands, Slovakia and Sweden between 2023 and 2024. Countries outside Europe also took similar measures. For example, India amended its FDI policy in April 2020, issuing Press Note 3, which requires government approval for investments from countries sharing a land border with India.

With respect to recent foreign investment trends in the United States, CFIUS’s 2024 Annual Report to Congress reflects a modest decline in overall CFIUS filings compared to 2023, consistent with the global M&A transactions in 2024. However, enforcement actions and penalties increased significantly, which aligns with CFIUS’s broadened enforcement powers in 2024. For example, effective 26 December 2024, the maximum civil monetary penalty for material misstatements, omissions, failure to file mandatory notices, or violations of mitigation agreements increased from USD250,000 to USD5 million per violation. CFIUS filings from allied nations increased, with record-high declaration clearances, whereas filings from higher-risk jurisdictions and sensitive sectors declined, including semiconductor manufacturing and scientific research and development services. Taken together, these trends reflect a CFIUS process increasingly driven by geopolitical considerations, reinforcing the distinction between allied partners and higher-risk jurisdictions.

Beyond foreign investment, scrutiny has also expanded to cover outbound investment, supply chain regulation and export controls as a result of geopolitical tensions among major economies. Earlier this year, the United States implemented its outbound investment regime, effective 2 January 2025, which prohibits or imposes notification requirements on certain transactions with parties from “countries of concern” (ie, China, Hong Kong and Macao) that involve semiconductors and microelectronics, quantum information technologies and AI. Moreover, the United States has begun implementing its Information and Communications Technology and Services (ICTS) Supply Chain Regulations, restricting the sale or use in the United States of specific Chinese products and services. Additionally, the United States and the EU have introduced measures targeting semiconductor manufacturing equipment, quantum computing and advanced AI between 2022 and 2025. Further, sustained trade imbalances have prompted developed countries to increasingly resort to trade remedies, and President Trump’s protectionist tariffs and other countries’ responses have created unprecedented uncertainty for businesses engaged in international trade.

Overall, these developments highlight an increasingly complex global regulatory context for cross-border investments, requiring businesses to manage heightened scrutiny and adapt to evolving compliance requirements amidst geopolitical uncertainty. At the same time, this environment offers opportunities for businesses to differentiate themselves by establishing robust compliance programmes and adopting agile supply chain strategies to leverage change for competitive advantage in a fast-moving global marketplace.