US companies prune portfolios amid tariff uncertainties

Rupert Cocke, Mergermarket’s senior editor based in Barcelona, joins Dealcast host Julie-Anna Needham to discuss the outlook for European? defense sector dealmaking including:Which defense-related companies have already undergone significant raises, like Multiverse Computing’s EUR 190m funding round in JuneHow some private equity firms' early involvement in deep tech could help curb risks from uncertain wait times related to research and developmentWhy certain firms are already bullish on investing in reconstruction and restoration in UkraineWhy ESG standards may be restrictive for LPs looking into defense investments and may favor more dual-use or cybersecurity focused companiesAll this and more in this week’s Dealcast.

arlos Martinez, Mergermarket’s head of energy coverage in the Americas, joins Dealcast host Julie-Anna Needham to discuss the outlook for the Mexican energy sector including:How these changes were taking shape prior to President Claudia Sheinbaum’s current governmentWhat this means for Mexico’s renewable energy sector, especially as traditional energy like oil production continues to steadily decline in the countryWhich other large energy companies are exiting the country and divesting their Mexican operationsWhy this will likely drive JVs and partnerships especially with existing domestic contractorsAll this and more in this week’s Dealcast.

Yale Yee, founding partner of Telos Advisors, joined Dealcast host Julie-Anna Needham at The Podcast Show 2025 in London to discuss why we can expect to see more players from outside audio buying podcast players.Why did PodX buy Lemonda Media; and why did Acast buy Wonder Media Network (WMN)? What will buysiders look for in podcast deals? And what will drive the sellside?How will artificial intelligence (AI) disrupt the podcast industryAll this and more in this week’s Dealcast.

Thiago Barrozo, Mergermarket’s Latin America editor, joins Dealcast host Julie-Anna Needham to discuss the outlook for Brazilian deals hinging off Totvs/Linx including: Which other companies made bids for Linx?Why did Stone cut its price expectations?What happened the first time Totvs tried to buy the target in 2020?All this and more in this week’s Dealcast.

Rachel Stone, Mergermarket’s Charlottesville bureau chief, joins Dealcast host Julie-Anna Needham to discuss why the payments segment is still attractive for buyers, despite global trade tensions. What is the mood like on the buyside?What are the implications of trade uncertainties for due diligence processes?Why is Stanley Black & Decker a name to watch in the months ahead?All this and more in this week’s Dealcast.

Aurelia Seidlhofer, Mergermarket’s Munich-based senior correspondent for Germany, Austria and Switzerland (DACH), joins Dealcast host Julie-Anna Needham to discuss why Europe’s biggest economy will continue to be a force to reckon with.Will increased defence spending help companies in other verticals develop dual-use products and services?Will we see more carve-out deals in Germany’s chemicals sector?What are the challenges and opportunities for the Mittelstand market, which refers to industry-focussed, innovative, and export-orientated mid-cap companies.All this and more in this week’s Dealcast.

Mergermarket’s Head of Auctions EMEA Rachel Lewis joins Dealcast host Julie-Anna Needham to discuss how live and expected auctions are faring. How far things have been shaken up after a solid 1Q25Which types of deals are shielded from falloutDeal outlook after VIX and EURO STOXX recoveryAll this and more in this week’s Dealcast

Australia’s public markets have taken a hit but recently rallied after the US announced a 90-day pause on tariffs. However, the pause didn’t actually change anything for Australia, unlike some other markets. It still faces the initial 10% tariff the US has imposed on all its imports, which has not been altered.Some relief to the uncertainty in recent tariff announcements caused the ASX to experience similar confidence alongside other global markets. But the impacts of the tariffs will remain significant. China, for example, still faces 145% tariffs, and is one of Australia’s biggest trading partners.Australia’s markets have also seen the lowest number of new listings in 20 years, as of 2024 data, amid independent regulatory issues and an increasingly strong private credit environment.Louise Weihart, Mergermarket’s Sydney-based reporter joins Dealcast host Julie-Anna Needham to discuss the outlook for Australian IPOs including:What'a happening with potential IPO greenshoots on the ASX like Virgin Airlines and GemLife How tariffs on certain sectors could hit Australia in particular, like Trump’s next target: pharmaceuticalsHow strong regulatory measures for IPOs, like ESG standards, may have made listings more difficult in the countryAll this and more in this week’s Dealcast.

In the days after Trump's "liberation day," equity capital markets are feeling the limiting impacts of the US' sweeping tariffs. Trump’s blanket imposition of 10% tariffs on all US imports is rattling its global trading partners but will likely have the worst impact on Americans – both in the markets and on the cost of goods for everyday citizens.On the ECM front, global markets are spiraling, with European indices red across the board and America’s markets also on shaky ground. CoreWeave’s IPO was meant to be a success burgeoned by AI hype, but in reality Nvidia saved the deal as investor scrutiny increased and markets faced uncertainty.While the US remains a massive services exporter, particularly of cultural items like movies and music, retaliatory steps could look to hamper the value of America's exports and affect American influence.Sam Kerr, Mergermarket’s London-based Global ECM Editor, joins Dealcast host Julie-Anna Needham to discuss the impact of tariffs on global markets, including:A look at Europe and China’s retaliatory measures – and why tariffs on US cultural and services exports could be the next stepWhy Asia did not react as badly to Trump’s sweeping tariffs and how China may be insulated against some tariff measuresWhy advisors may delay IPO issuances and how that could impact companies slated for listing like Klarna, Circle, and StubHubA look into why CoreWeave’s IPO didn’t go as expected and why it’s likely not a particularly liquid stock

Natalie McNelis, Mergermarket’s new Brussels bureau chief, joins Dealcast host Julie-Anna Needham to discuss why the potential scrutiny of this transaction was “surprising;” and how unexpected FSR reviews could throw deal timetables into disarray.Why are dealmakers in Europe nervous that Teresa Ribera, the new competition commissioner, might adopt a harder line than her predecessor, Margrethe Vestager?Why will Safran’s proposal to offer Phase I remedies in its takeover of Collins Aerospace's actuation and flight control business be an interesting test case?What can we expect to see in European scrutiny of Mars’ takeover of Kellanova and Prosus' acquisition of Just Eat Takeaway?All this and more in this week’s Dealcast.