The key takeaways from the press seminar hosted by Bain & Company were that transformational deals are driving M&A markets globally and in Japan, while the use of AI and responses to geopolitical risks are influencing investment decisions. The seminar also highlighted the continued recovery of global M&A in 2025 and the expansion of outbound M&A by Japanese companies.
The seminar explained that the global M&A market recovered year on year in 2025, with scope deals aimed at transformation reaching a record-high proportion and the number of megadeals increasing. The Japanese market also remained strong, and it was noted that expansion in outbound M&A has made activity in North America particularly prominent. Partners Takashi Ohara (大原 崇) and Wenxiang Wu (呉文翔) explained how Japanese companies can use M&A to drive self-transformation.
Three areas were identified in which AI is transforming M&A: the increase in AI-related deals, assessment of AI's impact on investment themes, and the use of AI in due diligence. More than half of large technology-related deals in 2025 involved AI, and data was presented showing that many companies assess AI's impact during due diligence, resulting in withdrawals and valuation changes. The view was expressed that AI can make data collection and analysis more efficient and enhance decision-making processes.
On the normalization of geopolitical risks and the fundamentals of M&A, Takashi Ohara (大原 崇) emphasized the importance of reviewing portfolios, strengthening due diligence, and considering divestitures and spin-offs. In light of the impact of the situation in the Middle East, it was noted that Japanese companies should view as opportunities the global trends toward greater use of AI, localization, and more resilient supply chains. The seminar also touched on investment returns over the medium to long term based on historical data.