The Swiss M&A market reached record levels in 2025. Swissinfo looks at some of those deals and why they matter. M&A transactions volumes in Switzerland exceeded $166 billion (CHF132 billion) last year, mostly driven by outbound investment of pharma and the technology, media and telecom industries. That compares with $115 billion in 2024. In June last year, Holcim announced it completed the spinoff of its North American business Amrize. The deal valued at $33.7 billion valuation was the biggest Swiss M&A deal in 2025. Amrize will solely focus on the growing North American construction market worth some $2 trillion annually. But the spinoff comes with risks: a competitive sector now navigating higher inflation and geopolitical unrest. Text: vm