National economy More mergers and acquisitions in Switzerland
More mergers and acquisitions took place in Switzerland last year than in the previous year. The largest deal was the spin-off of the North American business Amrize by the building materials group Holcim.
14.01.2026, 09:10
SDA
The consulting firm KPMG counted 502 M&A transactions with a total volume of 166.8 billion US dollars with Swiss participation, according to a statement on Wednesday. This exceeded the 464 deals worth 115.1 billion from 2024.
However, the expectations of market participants were not fully met last year in a persistently difficult economic environment, it added.
Amrize at the top
The five largest M&A deals in 2025 accounted for around 69.7 billion dollars or just under 40 percent of the total volume. The largest was the spin-off of Holcim's North American business called Amrize. This deal alone was worth 33.7 billion dollars.
In second place was the purchase of Avidity Biosciences by Novartis, worth 12.0 billion dollars. And in third place is the merger of insurers Baloise and Helvetia, which was completed with a transaction value of 10.8 billion.
Broken down by sector, Pharmaceuticals & Life Sciences was the driver of M&A business with 74 transactions and a volume of 53.0 billion. Technology, Media and Telecommunications (TMT) was the most active sector with 84 deals. However, due to the lack of mega deals, the transaction volume amounted to just 9.8 billion.
According to KPMG, 72 deals with a volume of 8.8 billion dollars were recorded in industry in 2025. In 2024, the sector still occupied the top spot with 84 deals. At that time, the volume in the industry amounted to 24.4 billion dollars.
Slight growth expected
In view of the current order situation, the economic outlook and the continued caution of many companies, the experts at KPMG expect a moderate increase in M&A activity in the current year.
In particular, the number of transactions involving private equity is likely to increase slightly. Last year, this central part of the Swiss M&A market accounted for 142 transactions with a volume of 46.2 billion dollars.
At the same time, technological factors are likely to continue to shape the M&A landscape, according to KPMG. Digitalization projects in particular will influence deal activity. The assessment of AI and cyber resilience has become an important factor for every transaction, it said.
