Buyers search is at the heart of mergers and acquisitions (M&A). Identifying the right buyers is crucial to maximising the value of a business sale. A structured process based on key criteria and well-defined strategies increases the chances of a successful transaction. Below, we outline the essential factors for finding potential buyers with the best strategic and financial fit.

1. Internal mapping: Identifying the value offered to the buyer

Before searching for buyers, it is essential to conduct an internal analysis that highlights the strengths and key capabilities of the business for sale. Some elements to consider include:

• Technologies and intellectual property: Differentiating competitive advantages.
• Strategic clients: Strong relationships and customer loyalty.
• Brand positioning and reputation: Intangible value and market recognition.
• Operational capabilities: Factors that optimise efficiency and competitiveness.

This mapping will help align the company’s value proposition with the objectives of potential buyers.

More about: The selling process of a company.

2. Competitive environment analysis: competitors, suppliers, and clients

The buyer search should not be limited to external sector players. Often, companies with the highest interest in acquiring the business already have a relationship with it. It is important to evaluate:

• Direct competitors: Companies looking to increase their market share through acquisitions.
• Key suppliers: Interested in vertical integration to control their supply chain.
• Strategic clients: Seeking to secure the supply of key products or improve their profitability.
• Complementary industries: Companies aiming to diversify by acquiring related businesses.

3. Buyer’s transaction history

One of the most important criteria is analysing the previous transactions of potential buyers. This helps predict their interest and capability to complete the purchase. Key considerations include:

• Companies with an active acquisition history in the sector.
• Firms that have recently acquired similar businesses.
• Private equity funds and other financial investors interested in sector consolidation.
• Companies that have purchased assets in key geographies for their expansion strategy.

The more detailed this analysis, the more precise the focus on finding suitable buyers.

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4. Available liquidity and purchasing power

It is essential to ensure that potential buyers have the financial capacity to complete the transaction. Key factors to analyse include:

• Cash position and debt levels.
• Access to bank financing or institutional investors.
• Acquisition history of similar-sized companies.
• Financial absorption capacity in integration scenarios.

This analysis will reduce the risk of negotiating with buyers who cannot finalise the transaction.

5. Market expansion and new opportunities

A key criterion in buyer selection is their potential to expand the acquired business into new geographies or customer segments. It is important to assess:

• Companies looking for rapid market entry without starting operations from scratch.
• Foreign firms interested in entering new countries through acquisitions.
• Companies in growth sectors looking to strengthen their position.

6. Access to key networks and resources

A buyer’s industry connections can be a decisive factor in the acquired business’s growth. Considerations include:

• Operational synergies that reduce costs and improve efficiency.
• Access to new distribution channels and customers.
• The buyer’s ability to scale the business quickly.

7. Diversification and resilience to economic crises

Companies in sectors vulnerable to economic downturns often seek acquisitions to diversify risks. Ideal buyers include:

• Established companies with stable cash flow.
• Businesses highly dependent on a single segment looking to expand into new markets.
• Firms in mature sectors seeking new sources of growth.

8.Identifying synergy opportunities in buyers search

Every acquisition should be backed by a clear synergy rationale. It is important to evaluate:

• Revenue synergies: Can the buyer increase sales through integration?
• Cost synergies: Are there opportunities to reduce operational expenses?
• Technological synergies: Does the selling company provide capabilities the buyer lacks?

9.Use of analytical tools: GE-McKinsey matrix

To evaluate buyers in a structured manner, models such as the GE-McKinsey Matrix can be used, which analyses:

• Market attractiveness: Sector growth, profitability, and innovation potential.
• Buyer’s competitive position: Their ability to integrate the acquired business and generate synergies.

Conclusion

The search for buyers in mergers and acquisitions requires a rigorous analysis combining strategic, financial, and operational factors. A well-structured approach helps identify buyers with the highest potential for a successful transaction, maximising value for all parties involved. By applying these criteria, companies optimise their sales process and attract buyers with a high degree of compatibility and investment capacity.

About ONEtoONE

Selling a company involves a highly complex process. That is why it is crucial to rely on advisors specialised in business sales. They will manage every stage and support you from start to finish. If you are considering this option, get in touch with us.

M&A in 2025 has continued its strong momentum, building on the recovery seen in 2024. With stabilizing macroeconomic conditions, increased access to financing, and a growing appetite for strategic consolidations, deal activity has remained robust. 

Key sectors such as technology, energy, and healthcare continue to drive major transactions as companies seek to enhance their competitive positioning and expand their market share.

«The M&A market consolidates the recovery that started in 2024.»

The M&A market in 2025 is characterized by strategic growth, technological integration, and continued cross-border activity

Despite the positive outlook, challenges remain. Regulatory scrutiny has intensified, especially concerning AI-driven acquisitions and cross-border transactions.

Additionally, geopolitical uncertainties and interest rate fluctuations continue to shape dealmaking strategies. However, the overall trend points toward sustained growth in M&A activity, as businesses adapt to the evolving economic and regulatory landscape.

As we analyze the biggest deals of 2025 so far, it is clear that strategic imperatives and industry transformation are fueling the current wave of transactions.

See the biggest M&A deals of 2024 here.

Top 5 Biggest M&A Deals of 2025 So Far

5. Acquisition of NOVA Chemicals Corporation by Borealis AG and Borouge PLC

Deal value: $13.4 billion.

Petrochemical firms Borealis AG and Borouge PLC merged to form Borouge Group International, subsequently acquiring NOVA Chemicals Corporation for $13.4 billion, including debt. This transaction creates the world’s fourth-largest producer of polyolefins, strengthening its position in the global petrochemical industry.

4. Acquisition of  Walgreens Boots Alliance by Sycamore Partners

Deal value: $10 billion.

Walgreens Boots Alliance agreed to be acquired by Sycamore Partners in a transaction valued at $10 billion, marking the end of nearly a century as a publicly traded company. Sycamore plans to refocus Walgreens’ core business, aiming to revitalize its position in the retail market.

3. Acquisition of Calpine by Constellation Energy

Deal value: $16.4 billion.

Constellation Energy acquired Calpine in a transaction valued at $16.4 billion. This strategic move aims to meet the growing electricity demand, particularly driven by data centers supporting artificial intelligence technologies.

2. Acquisition of Pioneer Natural Resources by ExxonMobil

Deal value: $59.5 billion.

ExxonMobil completed the acquisition of Pioneer Natural Resources in a transaction valued at approximately $59.5 billion. This strategy significantly expands ExxonMobil’s presence in the Permian Basin, doubling its footprint in this prolific oil-producing region.

1. Merger of ExxonMobil and Chevron

Deal value: $100 billion.

Interested to know what were the biggest operations in 2023?

M&A Trends for 2025 and Predictions for 2026

As the first half of 2025 comes to a close, we see M&A trends shaping the business landscape with increased consolidation, technology-driven deals, and strategic global expansions. Looking ahead to 2026, experts predict continued cross-border activity, AI-driven acquisitions, and a stronger emphasis on ESG considerations in dealmaking.

Key takeaways for M&A in 2025

AI Integration

Companies are aggressively acquiring AI startups to integrate advanced machine learning and automation capabilities.

Operaciones de transición energética 

Las grandes compañías energéticas tradicionales están invirtiendo cada vez más en energía limpia e iniciativas de sostenibilidad a través de operaciones de M&A.

Energy Transition Deals

Traditional energy giants are increasingly investing in clean energy and sustainability initiatives through M&A.

Private Equity Dominance

With substantial dry powder available, private equity firms continue to play a leading role in shaping deal volumes.

Regulatory Scrutiny

Governments are imposing stricter antitrust regulations, particularly in the tech and healthcare sectors.

As the year progresses, we will continue monitoring how these trends unfold and shape the M&A landscape heading into 2026. Stay tuned for our end-of-year analysis and updated predictions!

About ONEtoONE

ONEtoONE Corporate Finance is an international M&A firm with offices in more than 50 cities worldwide. We have experience in more than 2000 mandates. If you need advice on any potential corporate transaction, please contact us.

There are five different phases of company growth that a business will experience within it´s life cycle. According to Statista, in 2021, there were a total of 333.34 million active companies worldwide. Every company has it´s own history and evolution, but they generally follow a similar path in the company lifecycle.

Some companies may skip some stages, while others follow the cycle more chronologically. In this article, we refer to the standard process of business growth.

The business lifecycle involves several phases over time. Usually, the process consists of 5 stages: idea and development, launch, growth and stability, maturity and expansion, and lastly, decline.

The phases of company growth

1. The first phase of company growth: idea and development

In this stage, the company presents the initial, conceptual business idea, then identifies an existing problem, a solution and who it will benefit.

After the identification of these key points, the following step is to validate the product or service the company offers in order to observe its acceptance and profitability in the market. Note that in this stage, the product or service is basic and has not reached it´s full customer satisfaction potential.

You may be interested in reading our article: The Role of a Business Owner

2. Launch

In this phase, after the validation of the product, it is perfected it according to customer feedback until it is ready to enter the market.

Initially, sales tend to be low but eventually, they slowly increase.

Companies focus marketing towards their target consumer market by advertising their competitive advantages and value propositions. However, since revenues are low and initial costs are high, companies are vulnerable to losses in this stage.

3. The growth and stability phase

In the growth and stability phase, companies experience a rapid increase in sales. Normally, as sales increase, companies begin to profit as they exceed the break-even point. However, it is essential to note that revenue and the number of sales do not always correlate and hence, profits increase at a slower rate than sales. Despite this, soon, cash flow becomes positive, representing a surplus of cash and hence providing stability for the firm.

You may be interested in reading our article: Ensuring Stability, Synergy & Success

4. Maturity and Expansion

Companies now have a solid business structure, lower operational costs, more effective processes and stable sales figures.

However, it is important to take into account that many companies that have already proven that their business model is profitable, extend their business model during this phase. They reinvent themselves and invest in new technologies and emerging markets. This allows these companies to reposition themselves in more dynamic industries and refresh their market growth.

5. The final phase of company growth: decline

Finally, we arrive at the last of the phases of company growth. The maturity and expansion phase is successful once the company has been making steady profits for consecutive years. While some companies continue to increase gross revenue at a continuous rate, others struggle to do so.

Two choices then face entrepreneurs: push to expand further or go out of business. If they decide to expand further, they must go through the expansion stage. The question is, however; can the company continue to grow? Is the purchase of another company necessary? Are there enough expansion opportunities? Is the company financially stable enough if the expansion fails?

Many companies at this stage also attempt to move forward through a sale. In this case, the most important thing is to prepare for the sale of the company before starting the process.

Analysing the company´s strengths and weaknesses and increasing its value can be key to maximising the company´s selling price.

It´s important to recognise that not all companies go through the same lifecycle. There will be some that change the order of the cycle and others that only go through a few of the stages. It is important the company is prepared to take the right steps in whichever situation faced.

You may be interested in reading our article: The Business Valuation Process

If you need advice for the sale of your company, contact us now with no obligations. We will help you prepare and guide you step by step, to ensure you get the maximum benefit from the process.