The Power of Communications in M&A

If you’ve been watching the M&A landscape lately, you’ve probably noticed the same pattern: we have fewer, bigger, and bolder deals, each one more strategic than the last. According to PwC’s mid-year 2025 outlook, global M&A volumes dropped 9% from last year, but total deal value rose 15%, to $1.5 trillion. In short, the market is consolidating around high-quality assets.

And that’s good news. It means the world is rewarding clarity of purpose. And it’s that kind of clarity great communications can help define.

The Age of Fewer, Deeper Deals

We’ve entered an era where dealmaking is no longer defined by quantity, it’s defined by “fit.” The number of transactions above $1 billion rose 19%, and those surpassing $5 billion climbed 16%. Meanwhile, 61% of global deal value was concentrated in the Americas, up from 55% last year. This is the age of fewer, deeper deals where every acquisition must tell a strategic story.

Thermo Fisher Scientific’s $8.9 billion acquisition of Clario is a prime example. The deal is one of the biggest full private equity exits of the year, delivering a major return for Nordic Capital and Astorg Partners, who created Clario through a merger of two software companies in 2021. More importantly, it underscores how capital is flowing toward platforms that combine deep data expertise with AI-driven insight. Clario’s digital endpoint platform powers approximately 70% of FDA drug approvals and uses AI to accelerate clinical trials, making it an essential bridge between patient data and pharmaceutical innovation. For Thermo Fisher, the acquisition expands its digital and data capabilities, strengthens its position as the trusted partner to pharma and biotech customers, and accelerates the AI transformation of clinical research.

On the other end of the spectrum sits disruptive startups making waves, like ElevenLabs that scaled to a $6.6 billion valuation in just three years, which is proof that conviction and clarity can outpace capital. What began as a voice-AI experiment backed by a single angel investor after a 30-minute meeting has evolved into a global leader redefining synthetic voice technology.

Whether through billion-dollar exits or breakout startups, the signal is the same: capital is chasing clarity—clarity of purpose, platform, and data. And we’re here holding the pen!

Why Communications is the Ultimate Differentiator

Behind every great acquisition is a great narrative. Communications isn’t a support function in M&A; it’s the architecture that holds the entire process together.

From our own M&A Playbook, the rules are simple:

• Transparent, two-way communication is the #1 retention tool. Employees leave when they feel left in the dark. Frequent updates, open forums, and leadership visibility reduce anxiety and reinforce trust.

• Culture alignment begins with messaging. The fastest way to lose value in an acquisition is through cultural mismatch. Comms teams must articulate shared values and model inclusive language early and often.

• Consistency matters internally and externally. Retention isn’t a one-day announcement. It’s a sustained conversation that demonstrates empathy, stability, and shared purpose.

• Communications drives change management. During due diligence and integration, message mapping, stakeholder segmentation, and leadership prep are just as critical as financial modeling

Simply put, the deal logic may live in a spreadsheet, but the deal success lives in the story.

When the Message Makes the Merger

One of my favorite best practice examples of this is the Microsoft–LinkedIn deal. It remains one of the best examples of synchronized storytelling in M&A: airtight secrecy, empathy-led internal communications, and externally, a vision that positioned the merger not as a takeover, but as a transformation of two complementary ecosystems. That’s what built confidence and momentum on day one and kept LinkedIn growing in the years that followed.

Today, the same playbook applies whether you’re a global manufacturer or an AI startup. The companies doing M&A “right” communicate with empathy, precision, and purpose. Their leaders know that trust is the currency of integration.

The Agency Advantage: Doing It All, Learning It All

For our team at Greenough, every client M&A teaches us something new. These moments test our ability to move fast, message clearly, and earn confidence across entirely new stakeholder sets. And they make us better, sharper, and more strategic.

Looking Ahead: The Big Deal is You

So yes, M&A may be slowing in count but accelerating in consequence. Every client investing in brand storytelling, AI transformation, or strategic repositioning is ultimately doing the same thing: becoming the deal.

Our job as communicators is to make sure the world sees that. Because metrics may keep us on track, but meaning keeps us in motion.

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