The middle market is not driving global dealmaking the way it once did. After accounting for the majority of worldwide middle-market M&A activity just four years ago, the segment has steadily ceded ground to large-cap and megadeals as higher interest rates, tougher financing conditions and prolonged valuation gaps reshape sponsor behavior. The shift underscores how smaller and mid-sized companies are facing a more selective and uneven buyer landscape. Here’s our monthly analysis.

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