"It was the prospect of a more business-friendly U.S. administration that bankers and corporate dev teams were primed for a rebound from 2023-24's M&A lull. Early signals seemed to validate the optimism: T-Mobile kicked off a telco-led mini-spree, agreeing to buy Vistar Media for approximately $600 million and later confirming a $175 million deal for Blis - an example of a telco leaning into ad-funded diversification, contrasting with its domestic peers."
"By late September, though, the narrative is more nuanced than "boom times are back." Even bullish market watchers told Digiday to expect a "muddled" 2025 - deal flow, yes, but not the money-spinning froth of late-2020 to early-2022 when public listings spurred the headlines.Yes, strategics are active, but valuations and check sizes are more tempered than the post-Covid peak. See below for a list of 2025 deals and their reputed valuation."
"The year's prints underscore the shift toward small- and mid-cap tuck-ins, data/identity adjacencies, and capability buys that shore up product roadmaps rather than transform P&Ls overnight. Aside from the above list, we need only look at Verve Group's September purchase of Captify for approximately $27 million in a move that many interpreted as a synergy-led bolt-on at a modest multiple - not a market-topping swing."
Early 2025 optimism for an M&A rebound was driven by expectations of a more business-friendly U.S. administration and early strategic deals. Telcos led a mini-spree with T-Mobile acquiring Vistar Media for about $600 million and Blis for $175 million as examples of ad-funded diversification. By late September, deal flow remained steady but lacked the high valuations and oversized checks of the late-2020 to early-2022 peak. Market activity skewed toward small- and mid-cap tuck-ins, data and identity adjacencies, and capability buys that shore up product roadmaps rather than overhaul profit-and-loss statements. Agency and ad tech consolidation occurred, but at pragmatic multiples.
Read at Digiday
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