生态系统构建者与核心整合者：并购如何重塑竞争边界

Ecosystem

architectsvsCoreconsolidatorsHow

M&A

is

reshapingcompetitiveboundariesKPMG.MaketheDifference.

Contents03

Converging

through

deals:

Cross-sector

09

Cross-sector

deal

flow

reflects

sector05

sI

roct

rucheinagt

epKPMG

Bayes

global

deal

12

Taurdvnaingntadgeeal

insights

into

competitive04

Quaappr

eraclyh

eatol

aa

eivaityof:

Stacha

iligzeing

11

Strategic

imperatives

to

action

now07

NM

igAatpangth

ey

13

Methodologystrategici08

Sector

analysis

contrasts

“EcosystemM&A

shapes

strategy

specific

M&A

strategies 2Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

Architects”and

“Core-Consolidators”Thedeallandscapeinthefirst

halfof

2025tellsacompellingstory:Cross-sectoracquisitionsare

acceleratingsectorconvergence,withcompetitive

advantageflowingtothosewhocaneffectivelycombinecapabilitiesfromonce-separatedomains

.

Thistransformationisdrivenbydealsthatarecloselyalignedwithstrategicimperativesincluding

digitaltransformation,geopoliticalshifts,andsectorconvergence

.Businessesindifferentsectorsareusing

M&Aselectively—eithertoconsolidatetheircorebusiness,toexpandinternationallyortotransform

andextendtheirbusinessmodels—withthedominantapproachvaryingsignificantlybysector.

Thismultidimensionalapproachtodeal-makingreflectsthecomplexchallengesleadersfacein

positioningtheirorganizationsforsustainable

successinaneraofcontinuous

disruption

.Converging

through

deals:

Cross-sector

M&A

shapes

strategy 3Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

1,4001,2001,000800600400200Quarterly

global

deal

activity

re-enforces2024’sstabilizationafteradeclinefromthepost-pandemicspike

in

deal-making.Q12025shows

the

expected

seasonal

first-quarterdip

from

Q42024,recovering

in

Q2.But

whilst

first

half

volumes

are

down9percent

year-on-year,deal

valueincreased3percent,driven

by

a30percent

surge

inthenumberoftransactionsexceeding$5billion.LargedealscontinuetodriveM&Ainvestment,withbillion-dollarplusdealsrepresentingnearlythree-quartersoftotalglobalacquisitionspend.Incontrast,volumedeclineislargelydrivenbysmaller

deals(below$100million),

which

typically

represent

lessthan5percentofthetotalamountinvested.Therelativeresilienceoflargerdealsshowsthat,inarapidlychanginganduncertainglobalbusinessenvironment,M&A

remains

a

key

tool

to

rapidly

adapttostrategicchallenges

—anddemonstratestheimportanceoforganizationsmaintainingtheircapability

foragile,forward-lookingdeal-making.Quarterly

deal

activity:

Stabilizing

approaches

toa

sea

of

change03-

1906-

1909-

1912-

1903-2006-2009-2012-2003-2106-2109-2112-2103-2206-2209-2212-2203-2306-2309-2312-2303-2406-2409-2412-2403-2506-25——

Deal

value

($bn

LHS)——

Deal

volume

(RHS)Source:LSEG

Workspace,KPMGandBayes

Analysis 4Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

3,5003,0002,5002,0001,5001,000500Quarterlyglobaldeal

activity231561153965122664717317739144221335884881063382237129121211986139388101141171110912113126101110101010512Source:

LSEG

Workspace,

KPMGand

BayesAnalysisRankingsectorsbydealvolumeor

sizetells

us

little

about

which

areas

are

truly

“hot”

for

M&A-led

growth.

Instead,

we

track

how

deal

activity

changes

overtime—bothbyacquirerswithineach

sector

and

by

targets

acquired

in

each

sector—

to

reveal

shifts

in

relative

importance

and

uncover

emerging

cross-sector

trends.The

result

isadynamic

leaguetableofdeal-makingthat

shows

how

sector

momentum

evolved

before,

during,

and

afterthe

pandemic.5Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

Introducing

the

KPMG

Bayes

global

deal

sector

heatmapOur

heatmapanalysiscombinessector-by-sectordata

includingdeal

volume,

value,

and

deal

market

relative

growth

to

generate

an

overall

ranking

of

the

relativeimportanceof

M&Aasagrowthstrategy

in

each

of

12

global

business

sectors.

Thetable

shows

the

heatmap

ranking

for

each

sector

from

hottest

(1)

to

coolest

(12)in

H12025,together

with

historical

rankings

for

the

previous5years

stretching

back

to

2019.HighTechnologyBanking&

FinanceMaterialsReal

EstateIndustrialsBusinessServicesEnergy

&

PowerTelecommunicationsHealthcareConsumerMedia&

EntertainmentRetail2019202020212022202320242025

H1-+10+4-

3-

2+4-

4+1-+1-

4-

7Banking&

Finance

(+10

positions)

Bouncing

backwithsignificantgrowthaftera

large

dip

in

both

dealvolume

and

value

in

2024,

driven

by

some

of

the

largest

deals

intheyearsofar,and

a

resurgence

of

PE

interest.Industrials

(-2)dropsoutofthetop3for

the

first

time

since

2019,with

a

softening

of

acquisition

activity

by

industrial

sector

acquirers

relative

to

the

market.

Industrials

historical

resilience,andconsiderablecross-sector

inbound

investment,emphasizesthecontinuing

importance

of

the

control

of

physical

assets,

even

inadigitized

economy.BusinessServices

(+4

positions)withsignificantcross-sectordealvolume

as

provision

of

services

continuesto

be

disrupted

by

digital

andAI,

and

players

across

thesectorseektoacquiretechnologyandgain

control

of

the

end

customer.Materials

(+4positions)

moves

up

reflectingthestrategic

imperativetosecuresupply

chains

in

an

increasingly

turbulent

geopolitical

environment.Othersectorsalsofaced

headwinds.

Retailwasdownseven

positions,

and

mediafour,

as

the

level

of

dealmaking

in

these

sectors

relative

to

the

global

deal

market

in

2024was

not

sustained

in

the

first

half

of

2025.Sectordynamics:Techreclaimsthecrown.

Theevolving

heatmap

rankings

highlightthe

blurring

oftraditional

sector

boundaries,

driven

by

rapid

technological

disruption,

sectorconvergenceandthe

needfor

integratedbusiness

solutions.High

Technology

retainsthetopspot,

ridingtheAI

revolution’saccelerationandsignificant

cross-sector

inbound

investment

and

reflecting

the

race

to

secure

next-generationcapabilities

in

rapidlyevolving,sectorblurring

business

ecosystems.Energy

(-4

places)deal

marketcooledsomewhatwitha

lack

of

large

deals

comparedto

other

sectors

and

to

2024,

butvolumes

of

smaller

deals

holding

up

comparedtothewiderdeal

market.6Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.The

balance

betweenthevolume

different

dealtypesacross

thewhole

global

deal

market

is

relatively

consistent

over

time:

nearly

half

of

deals

exploitcurrent

strengths

by

acquiringtargets

inthe

same

sector

and

country.

In

comparison,

only

12to

14

percent

of

deals

explore

global

expansion

by

cross-border

acquisitions

intheacquiror’s

own

sector.

Morethan40

percent

of

deal

volume

has

focused

on

acquiring

new

capabilities—

to

extend

beyond

core

activities

and

capabilitiesthrough

cross-sectoracquisitions.Thevalue

invested

ineach

pathway

hasshiftedovertime.

Duringthe

pandemic,

deal-making

retrenchedtowards

exploiting

lower

risk

core

consolidation.The

post

pandemic

peak

indealactivitysaw

increased

investment

inexplorationof

cross-border

acquisitions,

and

sincethat

point

cross-sector

extension

has

seen

consistentinvestment.7Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentities

provide

noservicestoclients

.Allrightsreserved.Natureofstrategic

acquisitions

($)100%90%80%70%60%50%40%201920202021202220232024

2025

H1Exploit

Explore

Extend

Navigating

the

three

strategic

M&A

pathwaysWe’veanalyzed

morethan40,000dealsbystrategic

acquirers

since

the

start

of

2019

to

understand

the

strategic

drivers

of

corporate

M&A

investment

across

3distinct

categories:Exploit

dealsare

those

with

buyer

andtarget

in

the

same

industryand

countryExplore

deals

are

cross-bordertransactions

betweena

buyer

and

target

inthe

same

industry

sectorExtend

deals

are

cross-sectordealswherethe

buyer

and

target

sit

in

different

industry

sectors Exploit

Explore

ExtendSource:

LSEG

Workspace,

KPMGand

BayesAnalysis100%90%80%70%60%50%40%Natureofstrategic

acquisitions

(#Deals)201920202021202220232024

2025

H1Acquirers

indifferentsectorsareadopting

radically

differentstrategicapproachestosecuring

growththrough

M&A.Atthetop

of

the

chart

are

the

“ecosystemarchitects

”—

Business

Services,

Industrials

and

Media

sectoracquirersfocusingthe

largest

portion

of

M&A

investment

onacquiring

new

capabilities

through

cross-sectoracquisitions.Atthebottomwe

havethe

“core-consolidators

”—

operating

inspecializedfields

including

Finance,Telecoms,

Healthcare,and

Energy&

Power,with80percentor

moreof

their

acquisition

spend

on

targets

inthesamesector,

predominantly

intheir

homecountries.And

inthe

middleare

Retailand

Materialssectoracquirersexpandinggeographically

usingacquisitions

togain

rapidscale

in

new

geographies.Sector

analysis

contrasts

“ecosystem

architects”

and

“core-consolidators”BusinessServicesIndustrialsMedia&

EntertainmentRetailConsumerReal

EstateHighTechnologyBanking&

FinanceMaterialsTelecommunicationsEnergy

&

PowerHealthcare0%Exploit 8Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

2025H1StrategicDeals

bytype

($

invested)Source:

LSEG

Workspace,

KPMGand

BayesAnalysis20%Explore40%Extend100%80%60%

Cross-sector

deal

flow

reflects

sector

specific

M&A

strategiesSowheredoesallthecross-sector

investmentgo?

We

analyzedthe

target

sector

split

of

Extend

deals

by

acquirers

in

each

sector:2025H1Acquirorcross-sectoracquisitions

(#

Deals)BusinessServicesIndustrials

Media&

Entertainment RetailConsumerReal

Estate HighTechnology

Banking&

Finance

Materials

Telecommunications

Energy

&

PowerHealthcare 9Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentitiesprovide

noservicestoclients

.Allrightsreserved.

0%20%

40%60%80%100%Source:

LSEG

Workspace,

KPMGand

BayesAnalysis

(alltargetsectorswherevolume

>2%

ofalldeals

by

relevantsector

acquirers)

Healthcare

Media&

Entertainment

Industrials

Banking&

Finance

HighTechnology

BusinessServices

Materials

Energy

&

Power

Consumer Real

Estate

OtherEcosystem

building

and

diversification:BusinessServicesand

Mediaand

Entertainmentarediversifying

broadly

acrosstechnology,

industrialsandconsumertargets—

inorderto

build

morecomprehensiveecosystems,expandserviceofferings,

and

create

integratedsolutionstocapture

moreofthevalue

chainand

increase

their

shareofcustomer

spend.In

essence,

current

cross-sector

M&A

activity

is

characterized

by

a

dual

focus:Aggressivelyacquiringtechnologytodrivedigitaltransformationand

innovation,alongsidestrategicallysecuring

physicalassetsandproduction

capabilities

to

build

resilientand

integratedvaluechains.

Theseactions

underscorea

proactiveapproach

to

navigatingdisruptionandfosteringsustainablegrowth.Future-proofing

with

technology

integration:Mostsectorsare

heavily

investing

in

High

Technologyacquisitions.

This

reflects

a

universaldrivetoembedAIandadvanceddigital

capabilities

into

businessmodels,enhancingefficiency,

innovation,andcustomerengagementto

staycompetitive

inatech-drivenworld.

Retailand

Real

Estateare

notableexceptions,

withacquisitionstrategiesfocused

moreonphysicaland

operational

capabilities

thanon

digital

andtech.Control

of

physical

assets

and

production:Industrialsareasignificanttargetforcross-sector

deals.

This

highlightsthe

enduring

strategic

importanceofsecuringphysicalassets,

productioncapacity,

and

resilient

supplychains.Suchacquisitionsenablevertical

integration,

enhance

operationalcontrol,and

mitigate

risks

inan

uncertaingeopoliticalclimate.Thecross-sectoracquisition

landscape

in

H12025

revealsclearstrategic

imperatives

driving

deal-making

across

industries.Acquirers

are

making

targeted

moves

to

build

competitiveadvantageandadapttoa

rapidlyevolving

global

environment: 10Ecosystem

architects

vs

Core

consolidators:

How

M&A

is

Reshaping

Competitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMGInternationalentities

provide

noservicestoclients

.Allrightsreserved.

5.

Adopt

aPE

mindset

for

value

creationCorporatescan

learnfromprivateequityfirms,which

excel

invalue

creation

through

strategic

repositioning,operationalexcellence,talenttransformation,transforming

go-to-marketstrategiesand

ultimatelyexpandingthe

multiple.

Byadoptinga

similar

mindset,firmscanenhancetheirpost-merger

integration

processes,

buyingtotransform,

ratherthanjusttoabsorb.6.

Redefine

success

metricsTraditional

M&A

metrics

are

insufficient

for

today’s

capability-driven

acquisitions.Firmsshoulddevelopnewscorecardsthatmeasure

speedto

capability

deployment,

accesstonewcustomersegments,andthedefensivevalueofacquisitions.

Thesemetricswillprovideaclearerpictureofthestrategicvaluegainedfrom

M&A

activities.7.

Plan

integration

before

due

diligenceThepostdealvaluecreationpotentialshould

bethedefining

feature

of

everyattractivepotentialdeal.

Integrationplanningshouldthereforebegin

long

beforethedealisfinalized.

Firmsneedtooutlinehow

new

capabilitieswill

be

integrated

andtransformedwithintheorganization.

Thisforesightensuresthatacquisitionscontribute

tothefirm’sstrategicgoalsandarenotjustabsorbedwithoutaddingvalue.8.

Build

your“big

buys

small”capabilityCrosssectorExpanddealsarefrequentlyconcernedwithacquiring

newandinnovative

capabilities—often

in

the

form

of

early

stage

or

founder

managedbusinesses.

Few

largeorganizationsarewellset

uptoallowthesenewcapabilities

tothriveandscaleeffectively.

Firmsmustdevelopan

effective

playbookto

retain

andmotivatetalent,anddeployandleveragenewcapabilities,without

smotheringtheacquiredbusiness.1.

Embrace

the

two-handed

approachFirms

mustadoptadualstrategy:continuetraditional

consolidationto

strengthen

marketsharewhilesimultaneouslyexploringcross-sectoracquisitionsto

gain

new

capabilities.

Thisapproach

isevident

inthe

riseof

”EcosystemArchitects

“whoare

redefiningsectorboundariesbyacquiringcapabilities

that

were

once

consideredunrelated.

For

instance,a

bankacquiringatechstartup

ora

manufacturer

investing

in

renewableenergysolutionsare

no

longeranomaliesbut

strategic

necessities.2.

Integrate

M&A

into

organizational

DNAM&A

should

be

a

core

competency,not

just

an

occasional

activity.

Every

division

withina

firm

should

actively

scout

for

acquisition

opportunities,as

an

embedded

part

of

thestrategic

planning

cycle.

This

proactive

stance

ensures

that

M&A

becomes

as

natural

asany

other

business

function,fostering

a

culture

of

continuous

growth

and

adaptation.3.

Develop

peripheral

visionToavoid

being

blindsided

bydisruption,companies

needtoallocate

resourcestomonitoradjacentsectorsandemergingtechnologies.Cross-functional

teams

should

regularlyassesspotentialthreatsandopportunities,ensuring

that

the

firm

is

always

preparedtopivotor

capitalize

on

new

trends.4.

Prioritize

speed

inM&A

executionInthecurrent

M&Aclimate,speed

iscrucial.

Fartoo

often,

strategic

acquirersloseoutto

moreagilebiddersbecause

of

internal

bureaucracy

and

multiple,

timeconsuming

levelsofapproval.

Firms

mustestablish

rapid

responsecapabilities,with

streamlinedprocessestoseizeopportunitiesswiftly.

Thisagility

allows

companies

to

outpacecompetitorsand

integrate

newcapabilitieseffectively.

Strategic

imperativesto

action

nowInthe

rapidly

evolving

landscape

of

2025,the

rules

of

M&A

havetransformed.

Competitivethreats

are

no

longerjust

the

familiar

rivals

but

also

emerging

players

from

unexpected

sectors.

The

deal

agenda

is

increasingly

driven

bythe

needto

securethe

new

capabilities

neededto

build

and

navigate

complex

ecosystems

and

foster

collaboration.Thisshiftdemandsa

new

M&Aplaybook,one

that

embraces

both

defensive

and

offensive

strategies

to

thrive

in

this

dynamic

environment:11EcosystemarchitectsvsCoreconsolidators:

How

M&A

is

ReshapingCompetitive

Boundaries©2025CopyrightownedbyoneormoreoftheKPMGInternationalentities

.KPMG

Internationalentitiesprovidenoservicestoclients

.Allrightsreserved.Conclusion:

Evolve

orbe

acquiredThe

M&A

landscape

is

no

longer

about

merely

expandingwithinexistingmarkets.

It’saboutevolving

intoa

newentitythatcannavigateandthriveamidst

disruption.Firms

that

succeed

will

be

those

that

build

agile

M&Acapabilities,embedacquisitionthinkingatevery

level,and

approach

value

creation

with

the

rigor

of

a

privateequityfirm.

Thealternativeistorisk

becomingatargetfor

activistinvestorsorfor

acquisition.Intoday’s

complex

deal

environment,the

difference

betweentransaction

successandvalue

erosion

lies

inthe

strategic

clarityand

execution

excellencethat

organizations

bring

totheir

M&Aactivities.

KPMG’s

integrated

DealAdvisory

practice

combines

deep

sector

knowledgewithtransformation

expertiseto

help

clients

navigate

every

phase

ofthe

deal

lifecycle—from

strategy

developmentthrough

integrationandvalue

realization.Our

global

network

of

professionals

bringsa

unique

perspectivethat

connects

dealmechanicswith

broadertransformation

imperatives,

helpingyou

identifythe

righttargets,

structuretransactionsfor

optimal

outcomes,and

integrateacquisitions

to

deliver

thecapabilities

neededfor

sustainable

competitiveadvantage.Whetheryou’re

strengtheningyour

core

business,acquiring

new

capabilities,

or

makingbold

moves

into

newterritories,

KPMG

providesthe

insights,

methodologiesand

practical

supporttotransform

deal

potential

into

realizedvalue.

Connectwith

ourteam

to

discusshowthese

markettrends

impactyour

strategic

prioritiesand

howwe

can

help

you

navigate

the

opportunitiesahead.Turning

deal

insights

into

competitive

advantage 12Ecosystemarchitectsvs

Core

consolidators:

How

M&A

is

Reshap