This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies listed on the New York Stock Exchange (NYSE) and Nasdaq in the first half of 2025.
Global Market Update
The first half of 2025 reflects a cautious resurgence in market activity driven by moderating inflation, evolving monetary policies and renewed investor confidence.
Despite persistent concerns over tariffs, geopolitical tensions and market volatility, global IPO activity posted strong growth. Global exchanges raised US$58.2 billion, up 17% year-over-year. US IPO activity surged with 184 IPOs, driven mostly by increased SPAC activity. Nasdaq led the way with 142 listings.
Global merger and acquisitions (M&A) continue to reflect the uncertainties in the market. While M&A volumes declined by 9% in the first half of this year compared to last year, deal values rose by 15%.
Factors affecting M&A activity include US tariff announcements, tax cuts and deregulatory policies that have heightened global trade uncertainty. Optimism persists as listed companies adjust to the new normal of consistent uncertainty, shift focus towards regional M&A, restructure capital frameworks and increasingly rely on private debt to support long-term strategic planning.
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