The Rise of the Small Deal

Published on15 AUG 2017

For the fourth consecutive year, the total value of global M&A transactions is projected to surpass $3 trillion. But instead of being driven by large-scale consolidation, this year’s M&A environment has been characterized by smaller deals, says John Waldron, global co-head of the Goldman Sachs Investment Banking Division.  He points to legislative gridlock in Washington and regulatory uncertainty as reasons for the shift, but says that even as it remains difficult to forecast the political backdrop, investors have remained broadly supportive of transactions across both the debt and equity markets. 

The markets are really prepared to step in and finance cash-based M&A… and we expect that to continue.”

- John Waldron

John Waldron
Co-Head, Investment Banking Division, Goldman Sachs