Global corporate perspective: reflections on 2025 and what lies ahead

Ogier's global head of Corporate, Nathan Powell, reflects on this year's market trends and looks ahead at what 2026 might have in store. 

What trends has the global Corporate team seen in 2025? 

Across our global jurisdictions, 2025 has been marked by steady activity, growing sophistication and increasing convergence across sectors in the corporate landscape. Cross-border M&A continues to rely on international financial centres such as the Cayman Islands, the British Virgin Islands, the Channel Islands, Luxembourg and Ireland, which remain central to structuring many of the world’s most complex deals.

While overall deal volumes have held steady, deal values remain robust, supported by a rise in large-cap transactions and a resurgence of corporate carve-outs. Multinationals are divesting non-core assets, private buyers are using more inventive financing structures, and cross-sector transactions (particularly where technology connects with energy transition, infrastructure and healthcare) are becoming increasingly common. 

Private equity has slowly regained momentum. Stabilising interest rates and improved credit markets have enabled sponsors to deploy long-stored capital and return to larger buyouts. As deal structures become more complex (often involving club deals, minority stakes or hybrid financing), clients are increasingly seeking coordinated legal and fiduciary support. Our teams’ combined legal, regulatory and governance expertise positions us well to guide sponsors through this more demanding environment. 

Equity capital markets have shown mixed signals. Special purpose acquisition company (SPAC) activity remains a meaningful part of the US initial public offering (IPO) market, with Cayman and BVI companies continuing to lead as preferred sponsor vehicles. The market has matured, with greater focus on valuation discipline, governance and credible acquisition plans.

Outside the US, traditional equity capital market (ECM) activity has been measured but steady, with Hong Kong witnessing a marked increase in activity and European markets showing cautious optimism. Our jurisdictions continue to play a central role, whether through listing structures, holding entities or sponsor-side support. 

Perhaps the most significant trend in 2025 has been the rapid integration of technology and digital assets into mainstream corporate activity. BVI and Cayman are seeing growing demand for structures supporting tokenisation, custody solutions and blockchain-enabled businesses. Luxembourg, supported by new EU regulatory frameworks such as Markets in Crypto-Assets Regulation (MiCA) and the Digital Operational Resilience Act (DORA), is becoming a hub for institutional digital-asset activity. As digital assets increasingly converge with traditional finance, guidance on regulatory clarity, risk management and structuring has become even more critical.

These trends point to a 2026 environment where our jurisdictions continue to underpin global growth, offering the flexibility and certainty needed to support the next wave of innovation and cross-border investment. 

What is the outlook for 2026? 

Looking ahead to 2026, we expect deal activity to be driven by sectoral strength. Technology, energy transition, healthcare and infrastructure are positioned to lead global corporate activity, and our jurisdictions will continue to play a central role in structuring these transactions. 

Technology will remain a primary catalyst for M&A. AI commercialisation, cybersecurity consolidation and cloud-platform scaling will continue to shape investment strategies, with private equity pursuing buy-and-build strategies and adopting increasingly sophisticated co-investment and continuation fund structures. 

The energy-transition sector (including renewables, battery storage and decarbonisation technologies) will attract heightened cross-border capital flows. These complex, capital-intensive projects will demand well-designed holding vehicles, joint ventures and structured equity arrangements across multiple jurisdictions. 

Healthcare and life sciences will remain buoyant, supported by demographic trends and sustained innovation. We expect a rise in carve-outs, bolt-ons and hybrid financing rounds involving both private equity and strategic minority investors. 

Equity capital markets may benefit from improving monetary stability, and SPAC activity is also likely to remain strong where sponsors and targets are aligned on strategy and governance. 

Across all sectors, international finance centres will continue to underpin M&A execution, private equity deployment and equity-raising strategies. Their flexibility, neutrality and proven legal infrastructure remain critical to enabling cross-border growth. 

As we move into 2026, regulatory complexity will continue to rise. Companies will increasingly require sophisticated, multi-jurisdictional guidance to navigate evolving rules, mitigate risk and unlock opportunity. Our global team is well poised to help clients convert this dynamic environment into long-term, scalable success. 

We thank our clients and intermediaries for trusting us to work on their most important transactions and look forward to continuing to collaborate in 2026. 

About Ogier

Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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