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Dealmaking in 2025 isn't just about spreadsheets and synergies—it's about geopolitics. As sanctions tighten, industrial policy steers capital, and governments get tougher on foreign investment, the M&A playbook is being fundamentally rewritten. Here’s a breakdown of the ten seismic forces currently redrawing what gets bought, where it gets bought, and how deals are structured. 📈 The Market Backdrop: Bigger Bets, Fewer Deals The first half of 2025 saw a clear trend: global M&