Davis Polk partner and Mergers & Acquisitions practice co-head Oliver Smith discussed deal activity in Q2 and the outlook for the second half of the year with the Financial Times.

The article notes that market uncertainty has significantly dampened deal activity so far this year as companies are more cautious about valuations and long-term strategic commitments.

Oliver noted that he remains optimistic that there might be an uptick in Q3 and Q4. He added that the build-up in demand feels like the early days of the COVID-19 pandemic.

“People realized then that the sky wasn’t falling in and things picked up for a while,” Oliver explained. “It feels like that moment in time is coming once companies get used to the uncertainty.”

“Dealmakers hit pause on M&A as caution rules the boardroom,” Financial Times (July 5, 2025) (subscription required)  

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