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M&A Report 2021

As the world locked down and masked up, M&A endured. Bain's third annual Global M&A Report details how companies are using mergers and acquisitions to grow. (Download the PDF.)

Introduction and State of the Market

Letter from the Bain M&A Team: How Did You Deal?

Deals got trickier and more critical for growth in 2020.

2020 Year in Review: The Surprising Resilience of M&A

Despite economic uncertainty, businesses are banking on M&A for growth.

Expanding M&A Options for New Capabilities

More companies are forming joint ventures and partnerships to share capabilities and minimize M&A risk.

Hot Topics

Rebuilding M&A Capabilities for the Post–Covid-19 World

As dealmaking becomes more complex, companies need to focus on five areas.

Divesting during Covid-19

It’s time to lean into the challenges.

How M&A and Divestitures Helped Asia’s Conglomerates

Conglomerates in China, Japan, and Korea that have diligently pruned their portfolios delivered superior shareholder returns.

Industry Views

Consumer Products

A Wave of Scope Deals and Portfolio Changes in Consumer Products

Companies are learning what works in ‘string of pearls’ M&A and divestitures.

The Unsurprising Boom in Technology M&A

Why deal activity now is at a level not seen in two decades.

Healthcare & Life Sciences

Getting Ready for the Recovery in Healthcare M&A

Companies willing to invest shrewdly in the downturn will emerge from it stronger.

For Retailers, Building Scale Will Be Critical—but Not Enough

M&A for digital and data capabilities will be the key to growth.

Making the Most of Banking’s M&A Season

Unlike other industries, regulators are encouraging industry consolidation.

Financial Services

Using M&A to Help Insurers Focus on Their Core

When it comes to testing new ideas or adding capabilities, insurers prefer investments and partnerships over acquisitions.

Financial Services

How M&A Will Reshape the Asset Management Industry

With rising costs and shrinking margins, more traditional asset managers will turn to M&A.

Financial Services

M&A Delivers Powerhouse Players in Payments

Megamergers, regional consolidation, and diversification are in full swing.

Financial Services

Using M&A to Evolve Financial Market Infrastructure

Companies are acquiring to create more integrated platforms and volatility-resistant business models.

Media & Entertainment

In Video, Scale M&A Matters More Than Ever

The basis of competition in video is shifting toward streaming on a global scale.

Telecommunications

2020 Breathes New Life into Telecom M&A

By not pursuing scale M&A, telcos risk becoming an attractive acquisition themselves.

Multimedia

How Covid-19 Transformed M&A

Key highlights from our annual report include the continued rise of scope deals and the rapid digitalization of M&A.

The State of M&A in 2021

Highlights from our annual M&A report look at how Covid-19 altered the landscape for future deals.

Five Steps for Dealmaking in a Post-Pandemic World

Bain's annual M&A report explores how companies can win with M&A as they emerge from the crisis.

Banking Industry Primed for Deals

Bain's Pierre de Raismes discusses the potential for successful M&A in banking this year.

Infographics

The New M&A Playbook for Consumer Products

For acquirers with speed and conviction, “string of pearls” deals are proving successful.

Ready, Set, Divest: The Portfolio Imperative in Consumer Products

Sellers and buyers that quickly seize opportunities can emerge from the crisis as winners.

How Covid-19 Has Reshaped Retail M&A

In an industry that has undergone multiple years of digitization at warp speed, it will take more than scale to succeed.

A Wave of Deals on the Horizon in Banking?

The downturn and regulatory support in some geographies have created conditions ripe for consolidation.

M&A in Asset Management: Five Paths to Success

As exchange-traded funds and passive strategies gain investors’ interest, traditional asset managers face mounting costs and new competition from private equity.

Insurers Use M&A to Redefine Themselves

Key trends in M&A in insurance include a continued focus on divestitures, rising private equity investment, and a record pace for insurtech deals.

M&A in Payments: Megamergers and Consolidation

As larger players group together to form regional powerhouses, smaller players will find it harder to compete.

Using M&A to Build Integrated Platforms in Financial Markets Infrastructure

As the landscape rapidly evolves, with exchanges expanding beyond trading products into information, analytics, and tech services, players will use M&A to keep pace.

Navigating the M&A Revival in Telecom

Telcos can tune in to new opportunities and tune up their dealmaking strategies to win in a changing landscape.

Competition Heats Up in Technology M&A

As Covid-19 gave a preview of the virtual future, acquirers in all industries rush to buy tech assets to thrive in the digital economy.

Despite Tough Year, Outlook Is Strong for M&A in Pharma and Biotech

After a year in which deal value fell across the healthcare sector, pharma and biotech companies are poised for an active 2021.

After Drop in Elective Surgeries, Medtech M&A Poised for a Rebound

While Covid-19’s restrictions on elective surgeries led to significant falls in deal value, some areas are poised for growth in 2021.

Healthcare Payer M&A Experiences Some Ups and Downs

Despite subsector growth in 2020, the landscape remains turbulent.

Healthcare Provider M&A Grows Stronger

By pursuing new opportunities, providers could recover faster than other healthcare subsectors.

Scale M&A in Video Streaming

Deals that broaden content, audiences, and capabilities help media companies compete in an increasingly global market.