Dealcast: The M&A Podcast

If successful, the initial public offers (IPOs) of OpenAI and SpaceX could help global equity capital markets (ECM) break records this year.In this week’s podcast, Sam Kerr, Mergermarket’s global ECM editor, sits with Dealcast host, Julie-Anna Needham, to discuss why the listings of the leading generative artificial intelligence (GenAI) and spacetech companies are attracting so much attention.GenAI company OpenAI could seek to raise USD 60bn with a valuation for the largely debt-free company above USD 1tn. The developer of ChatGPT will test investor confidence in the sector, as well as providing feedback on fears of a bubble. Meanwhile, Elon Musk's SpaceX is another listing that would set valuation and capital-raise records, with bankers currently lining up to win the mandate. This episode also looks at increases in defense spending and new geopolitical conflicts, most recently in Venezuela, and threats to other regions could continue to bolster the industry.

“We’re about year three” in a seven-year M&A cycle that will see 2026 and 2027 sustain the astonishing deal growth seen this past 12 months. That’s the bold claim of Liz Claydon, global head of deal advisory and global sector lead for Life Sciences at KPMG. In this week’s Dealcast, Claydon joins Lucinda Guthrie, global executive editor at Mergermarket, to discuss how global CEOs have adjusted to technological and geopolitical disruption by seizing the opportunity to reshape their corporate footprints via transformational M&A. At USD 4.81tn, 2025’s global M&A haul has been underpinned by 70 megadeals worth more than USD 10bn. Claydon and Guthrie unpack how trade tensions have kicked off a race for pureplay scale – and explore the extent to which AI is not only driving deal planning, but also value creation execution.Taking in Jared Kushner’s flight from the Warner Bros. Discovery tussle, amid the biggest haul of North American listed dealmaking since 2007; the M&A financing environment in a world of rich valuations; and shifting investor sentiment towards inbound China dealmaking, this episode is a one-stop-shop for practitioners window dressing before year-end – and running the rule on next year’s pipeline.

Reuben Miller, Mergermarket’s global chief regulatory editor, joins Dealcast host Julie-Anna Needham to discuss the complexities of Paramount's bid, which is one of the largest hostile deals on record. How could Paramount's attorney could prove instrumental in pushing its bid forward?How could Netflix improve its regulatory position?Whoever wins, what will be the impact on the media landscape and everyday consumers?All this and more in this week’s Dealcast.

Patrick Harris, Mergermarket’s senior editor based in London, joins Dealcast host Julie-Anna Needham to discuss the complexities of the deal, including:Where the new Anglo Teck company could be domiciled and how that will be reconciled with each company’s strong national ties;How the Canadian government could push for more stipulations for the deal, like Canadian investment and job creation;Which other large mining strategics could be possible acquirers of the new entity from Rio Tinto to Glencore and how the merger itself may be a defensive move on Anglo American's part;Whether Anglo American's ongoing disposals could potentially impact the deal.All this and more in this week’s Dealcast.

Justin Niessner, Associate Editor of the AVCJ, joins Dealcast host Julie-Anna Needham to discuss this year’s forum and its key takeaways, including:Which countries, like Japan and India, are seeing the most investor interestWhat makes Asia compelling to investors – including factors like increased urbanization, digitalization, and the rise of the middle classWhich firms are investing in Asia, like KKR’s recent purchase of China-based Dayao BeveragesWhat macro themes are encompassing the region from ESG and the impact of US tariffs to AIAll this and more in this week’s Dealcast.