Joint venture and partnership activity didn’t just survive the escalating geopolitical and trade tensions of H1 2025 — it thrived, with companies finding safety in collaborating to share risks, reduce investments, and access capabilities and innovation.
The numbers tell the story.
New deal volumes are up by 32% compared to H1 2024, fueled by a burst of activity in the Middle East, aerospace and defense, insurance asset management, and nuclear energy. Artificial intelligence and liquefied natural gas partnerships are maintaining steady momentum, while we’re seeing a cautious pick-up in new deals in smart mobility. Meanwhile, restructurings (excluding exits and terminations) are also up by 19% – with companies trying to extract additional value and synergies from their existing partnerships (Exhibit 1).
There is anecdotal evidence too: 70% of the attendees at our recent Clean Energy Roundtable confirmed that macroeconomic headwinds are accelerating their partnership plans.
Read on for the key deal trends that shaped H1 2025, and the deals, deal structures, and dealmakers that stood out.
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