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Dealcast: The M&A Podcast

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Private Equity
Mergermarket
Mergers and Acquisitions
M&A
Artificial Intelligence
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Equity Capital Markets
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Private Credit
Asia Pacific
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“This level of uncertainty has allowed boardrooms to rise above what is happening in the market,” Global Chair of Investment Banking at JPMorgan Anu Aiyengar says. Rather than being paralysed by geopolitical turmoil, executives have acknowledged they are playing on a constantly changing pitch and doubled down on long-term thinking to simplify their corporate footprints while building growth and re... more

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Artwork for Dealcast: The M&A Podcast

Latest Episodes

With factors like fast-developing AI, global conflicts, and ever-changing geopolitics affecting every part of the globe, how has international dealmaking been impacted? And what are the actual logistics of getting a deal over the line across two or m... more

AI implementation and due diligence has drastically shifted in the last two years. M&A processes may have simply asked if a company used AI two years ago, but now due diligence processes in dealmaking go much deeper.

According to Sinan Erhan, a part... more

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In the last couple of years there has been an increase in megacap deals with global exposure. However, despite the growing number of large deals, they have longer timelines and geopolitical factors that make these transactions more complex.

One exam... more

While sponsor-related deal volume from the exit perspective is at EUR 132bn so far this year, nearly double the volume in the first half of 2025, deal counts are only up 12%.

Deal momentum is picking up, but it still can be difficult to get a deal o... more

“This level of uncertainty has allowed boardrooms to rise above what is happening in the market,” Global Chair of Investment Banking at JPMorgan Anu Aiyengar says.

Rather than being paralysed by geopolitical turmoil, executives have acknowledged the... more

“GPs are being run more like the businesses that they acquire,” said Justin Niessner, associate editor of the Asian Venture Capital Journal.

Consolidation among general partners is on the rise globally. Last year, BlackRock acquired HPS Investment P... more

“There's no question that in some parts of the market, leverage has stretched significantly, and that's a real issue for some of those portfolios that we see out there,” said Alex Garnier, founding partner at NorthWall Capital.

In this episode Garni... more

Despite rumors of political lobbying creeping into antitrust, “it’s a really good time for dealmaking here in the US.” That’s according to Kathy O’Neill, a partner in Fried Frank’s antitrust and competition department and former senior government off... more

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Recent Guests

Sinan Erhan
Partner and Head of UK at Ommax
Ommax
Episode: When AI valuations meet reality – OMMAX’s Sinan Erhan
Suzy Gibbons
Partner and head of research at Davidson Kempner; leads investment research, quantitative research and knowledge management
Davidson Kempner
Episode: Merger arbitrage, megacap deals, and the complexity premium – Davidson Kempner’s Suzy Gibbons and Michael Chiaramonte
Michael Chiaramonte
Partner and deputy head of Merger Arbitrage at Davidson Kempner
Davidson Kempner
Episode: Merger arbitrage, megacap deals, and the complexity premium – Davidson Kempner’s Suzy Gibbons and Michael Chiaramonte
Kate Gribbon
Head of Financial Sponsor Coverage
Investec
Episode: Proof, process, and price: A look at the new standards for sponsor-backed dealmaking in the wake of AI – Investec’s Kate Gribbon
Anu Aiyengar
Global Chair of Investment Banking at JPMorgan
JPMorgan
Episode: ‘Scale, simplicity, strategy’ drive corporate dominance in record 2026 M&A run – JPMorgan’s Anu Aiyengar
Alex Garnier
Founding partner of NorthWall Capital
NorthWall Capital
Episode: The rise of alternative private credit in Europe – NorthWall Capital’s Alex Garnier, with Rachel Lewis
Kathy O'Neill
Partner, Fried Frank's Antitrust and Competition Department
Fried Frank
Episode: How to get deals through antitrust review in the current environment – Fried Frank’s Kathy O’Neill, with Serafina Smith
Patrick Sarch
Head of UK Public M&A at White & Case
White & Case
Episode: UK public M&A rides scale wave as clouds obscure macro outlook – White & Case’s Patrick Sarch, with John West
Pamela Fung
Managing Director and Partner at Morgan Stanley Private Equity Solutions
Morgan Stanley Private Equity Solutions
Episode: Global dislocation sparks opportunities for investors in Asia – Morgan Stanley’s Pamela Fung, with Justin Niessner

Hosts

Julianna Needham
Host of Dealcast: The M&A Podcast
Lucinda Guthrie
Executive Editor; interview host

Top Business Podcasts

Talking Points

Recent interactions between the hosts and their guests.

When AI valuations meet reality – OMMAX’s Sinan Erhan
Q: So, to kick off, can you tell me about an example where you've actually seen an AI story that blew up?
Sinan explains that in one deal they saw an end-to-end AI deployment claim that looked transformative on the surface, but closer due diligence revealed it was largely discrete, non-end-to-end improvements. The buyer and seller differed on value, and the team found that translating a pilot into a scalable, profitable reality is where much of the risk lies; this underscored the need to scrutinize the actual workflow impact rather than accepting rosy AI narratives at face value.
Merger arbitrage, megacap deals, and the complexity premium – Davidson Kempner’s Suzy Gibbons and Michael Chiaramonte
Q: Are there deal profiles that are particularly attractive or unattractive for merger arbitrage in this environment?
We excel when there's one or two clear sources of risk we can focus diligence on; when the unknowns are too great or the decision framework is opaque, we stay on the sidelines to avoid mispricing.
Merger arbitrage, megacap deals, and the complexity premium – Davidson Kempner’s Suzy Gibbons and Michael Chiaramonte
Q: How has Davidson Kempner evolved with this regulatory landscape and global footprint?
The team now operates globally with one portfolio and one research team across the US, Europe, and Asia, leveraging local presence to build a comprehensive view and manage cross-border risk more effectively.
The rise of alternative private credit in Europe – NorthWall Capital’s Alex Garnier, with Rachel Lewis
Q: Where do you typically land in the capital structure, and has that shifted with your new senior lending product?
We often operate in the first lien or unitranche positions, and the new senior lending product expands our reach into more senior, less complex situations while maintaining a link to the same borrower base.
The rise of alternative private credit in Europe – NorthWall Capital’s Alex Garnier, with Rachel Lewis
Q: How do you differentiate specialist credit from vanilla direct lending, and has the distinction sharpened or blurred recently?
The distinction is sharpening; while direct lending offers standardized products, specialist credit addresses less-covered, higher-complexity situations with bespoke structures and covenants, not merely higher risk or return.

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Frequently Asked Questions About Dealcast: The M&A Podcast

What is Dealcast: The M&A Podcast about and what kind of topics does it cover?

This program features analysis and discussion from high-profile dealmakers, investors, and advisers across M&A, private equity, and capital markets. Episodes frequently cover AI's impact on valuations and due diligence, regulatory complexity and cross-border deal dynamics, sponsor-backed transactions, antitrust and remedies, and regional market nuances in Europe, Asia, and North America. A common thread is translating macro uncertainty into practical deal strategies—focusing on sustainable growth, valuation discipline, and governance—often through guests who bring data-driven perspectives, legal/regulatory expertise, or active deal experience. Notable strengths include a clear emphasis on real-world deal mechanics (due diligence frameworks,... more

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Which podcasts are similar to Dealcast: The M&A Podcast?

These podcasts share a similar audience with Dealcast: The M&A Podcast:

1. Dry Powder: The Private Equity Podcast
2. The Markets
3. Exchanges
4. Invest Like the Best with Patrick O'Shaughnessy
5. The Credit Edge by Bloomberg Intelligence

How many episodes of Dealcast: The M&A Podcast are there?

Dealcast: The M&A Podcast launched 9 years ago and published 275 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Dealcast: The M&A Podcast?

Recent guests on Dealcast: The M&A Podcast include:

1. Sinan Erhan
2. Suzy Gibbons
3. Michael Chiaramonte
4. Kate Gribbon
5. Anu Aiyengar
6. Alex Garnier
7. Kathy O'Neill
8. Patrick Sarch

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