AI to drive more, but potentially smaller cybersecurity deals

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.

Google’s acquisition of Wiz is its largest-ever deal and comes with impressive reverse break feeRegulatory scrutiny of the deal will act as bellwether of the US regulatory environmentGoogle’s USD 32bn all-cash offer for multicloud player Wiz is likely to act as the starting pistol on a new wave of tech deals.The proposal to buy Wiz is the tech giant's largest-ever deal and also comes with one of the tech industry’s most significant reverse termination fees. Start-ups in areas like artificial intelligence (AI), cloud computing and cybersecurity are increasingly likely to receive approaches from major tech players in the wake of this deal, which will act as a bellwether for the regulatory mood in the US.Troy Hooper, a California-based Mergermarket journalist covering the tech industry, joins Dealcast host Julie-Anna Needham to discuss why Google’s second offer for the company was successful.Could the US Federal Trade Commission’s (FTC) new chair, Andrew N. Ferguson, prove more welcoming to tech deals than his predecessor, Lina Khan?Why did Wiz drop its plans to hold an initial public offer (IPO)?Will the cybersecurity aspects of Wiz’s business attract regulatory scrutiny?All this and more in this week’s Dealcast.

Iñaki Miguel, Mergermarket’s senior Iberian correspondent, and Carlos Martínez, the publication’s Canada editor, join Dealcast host Julie-Anna Needham to discuss why this deal will be such a significant milestone for the Spanish company when it comes.Could Mexico’s new telecoms regulator challenge the deal if Walmart wins the auction? Will Telefónica maintain a position in Brazil?Why has Spain’s State Company for Industrial Investments (SEPI) promoted a management change at the Madrid-based company?All this and more in this week’s Dealcast.

In our first regular feature on equities, Sam Kerr, Mergermarket’s Global ECM Editor, joins Dealcast host Julie-Anna Needham to discuss how big selldowns in names like Italian luxury automobile giant Ferrari and Swiss pharmaceutical conglomerate Novartis are driving the European market.Despite the success of European selldowns, why did the IPO of Spanish travel-tech company HBX Group fall flat? What went wrong with the IPO of US liquified natural gas (LNG) producer Venture Global?Are US President Donald Trump's policy decisions affecting the mood, or would the ECM markets have turned regardless?All this and more in this week’s Dealcast

Aurelia Seidlhofer, Mergermarket’s Munich-based senior reporter joins Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in Germany and Europe as a whole, including:How US policies could push European M&A and potentially create pan-European championsHow CDU campaign points like lowering energy prices and investing in infrastructure could boost dealmaking in GermanyWhy German companies may look at buying US companies, while Germany and Europe at large may simultaneously become more critical of US investments at homeWhich big assets are already in the pipeline, such as TenneT GermanyAll this and more in this week’s Dealcast.

Troy Hooper, Mergermarket’s Los Angeles-based editor, and Cristiano Dalla Bona, Mergermarket’s New York-based senior ECM reporter, join Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in the sector, including:How inexpensive, open-source AI platforms, like DeepSeek, are opening up opportunities for dealmaking and potential criminal activityHow the rapid developments in AI affect buyers’ needs and shape dealmakingWhy buyers in cybersecurity are targeting smaller acquisitions rather than megadealsWhich IPOs could arise in the near future, including unicorns like Orca Security and WizAll this and more in this week’s Dealcast.

Yiqing Wang, Mergermarket’s Managing Editor for APAC, joins Dealcast host Julie-Anna Needham to discuss why the overall mood is optimistic, despite the risks of a new trade war.When could DeepSeek, the low-cost artificial intelligence (AI) player, seek financing?Has Nippon Steel [TYO:5401] thrown in the towel in its battle to buy US Steel yet?What are the latest developments in the takeover battle for Fuji Soft?All this and more in this week’s Dealcast.

Auri Aittokallio, Mergermarket’s head of Nordics and assistant editor, joins Dealcast host Julie-Anna Needham to discuss why a new space race between the US and China is igniting deal flow in Europe.How will increased spending by members of the North Atlantic Treaty Organisation (NATO) impact companies in Europe?What is driving a modest recovery in M&A volumes in the sector?If the trajectory continues, what kind of deals will be likely to see?All this and more in this week’s Dealcast

Reuben Miller, Mergermarket’s global chief regulatory editor, based in Washington DC, joins Dealcast host Julie-Anna Needham to discuss the multi-fold impact of tariffs on dealmaking.China and the US are currently circling each other like fighters. Why does he see this as “a delicate dance”?Could Trump’s threat of tariffs on allies and competitors be a catalyst for demand for US manufacturing assets?Are the threats a negotiating position to gain concessions or a real statement of intent?All this and more in this week’s Dealcast, which was recorded on Tuesday 4 February.