M&A deals rise 26% to $99.9 bn in FY25 on increased PE investments

(First published on Business Standard: https://www.business-standard.com/markets/news/m-a-deals-rise-26-to-99-9-bn-in-fy25-on-increased-pe-investments-125032300237_1.html)

Sharing my views on the M&A outlook for FY25–26 in Business Standard:

There will be a likely shift from minority to control-based deals in private equity, either through acquisitions or through with indirect listings—through mergers of PE-backed entities with listed platforms—emerging as faster alternatives to IPOs.

Corporate restructuring through vertical demergers will gain pace as companies seek value unlocking, while mandatory listing of upper-layer NBFCs will further boost deal activity.

That said, legal and tax headwinds—such as deemed taxation on acquisitions, restrictions on loss carry-forward, and the absence of a clear framework for earnouts—remain key concerns.