The M&A landscape in Switzerland for 2025 has been mixed – after a turbulent spring and a hesitant summer, optimism is returning. At the Dealmakers Dialogues in Zurich, Petra Hanselmann, Marco Superina, Olof Engelbrekts, Raymund Bareuther, Andreas Poellen, and Markus Schiller discussed current market sentiment, challenges, and opportunities.

Market volume and deal dynamics

Olof Engelbrekts from Bank of America describes the year’s development: “After a slow Q1 and Q2, we now see a constructive M&A market– on both the buy-side and sell-side.” Although geopolitical uncertainties continue to play a role, the Swiss M&A landscape remains resilient.

Marco Superina from UBS highlights the differentiated market observation: while large corporations are sometimes still taking a wait-and-see approach, private equity deals and mid-market transactions are picking up again. “We are seeing a revival in private equity, such as Advent’s acquisition of Viewblocks,” notes Superina.

Two parallel M&A worlds

Petra Hanselmann from Pestalozzi illustrates the current dynamics: “At the moment, we see two parallel M&A markets. On one side, there are efficient auctions in the software and AI sectors, and on the other, mid-market deals that take longer due to valuation gaps, extensive due diligence, and complex negotiations.”

Valuation issues and emotional factors

A central topic remains company valuation. Andreas Poellen from Saxenhammer explains: “Especially in family-owned businesses, the emotional component plays a major role. The perceived value is often a decisive factor in negotiations.” This applies above all to succession planning, but also to larger strategic sales.

Impact of geopolitical factors and tariffs

Global developments such as currency fluctuations, trade conflicts, and subsidy programs also influence deal decisions. In particular, the strong Swiss franc makes transactions more expensive for foreign buyers, while strategic considerations regarding production relocation are becoming increasingly important.

AI in the M&A process

Raymund Bareuther from Everstride Partners emphasizes: M&A remains a people business – business owners and executives seek personal interaction. However, many tasks along the M&A value chain, both internal and external, can be massively accelerated with AI – especially when it's deployed through automated and interconnected solutions, not just as a standalone tool.”

The goal of using AI is to reduce repetitive operational tasks, analyze data quickly and systematically, and better prepare process steps. This frees up advisors to focus on what truly matters: strategic decisions, compelling narratives, and building resilient client relationships.

Outlook for 2026

Despite an overall mixed year, experts are optimistic about 2026. Dry powder at record levels, strong demand for Swiss assets, and increasing investment willingness from private equity firms point to a revival in M&A activity. At the same time, due diligence intensity, geopolitical uncertainties, and valuation issues remain key challenges.

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