Goldman Sachs’s Minnis Sees M&A Ramp-Up, AI Spending Boom

AI branding. Photographer: Kirill Kudryavtsev/AFP/Getty Images

(Bloomberg) -- Mergers and acquisitions are likely to pick up toward the end of the year and the artificial intelligence boom will drive significant infrastructure financing, according to Goldman Sachs’s global head of credit finance.

“We’ve been talking for years about the return of M&A, but what we’ve seen in terms of corporate boardrooms and sponsor willingness to transact is really picking up,” Christina Minnis said in an interview on Bloomberg TV. “We’re quite optimistic about the end of 2025 and going into 2026.”

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M&A activity has built up over the summer following a disappointing start to the year, when volatility surrounding US trade tariffs sapped enthusiasm for dealmaking. The number of takeovers is still roughly flat compared to last year amid a few marquee deals, including Union Pacific Corp.’s agreement to acquire railroad operator Norfolk Southern Corp. for more than $80 billion including debt.

Some companies are taking advantage of “great credit markets” and going after acquisitions that have been potentially off the table in the past, Minnis said. Meanwhile some sponsor portfolio companies are returning to dealmaking after a period of spending more time on dividend recaps, she added.

Minnis said that the rush to build the infrastructure that supports AI is set to be a major source of activity. An analysis by Bloomberg News last year estimated that at least $1 trillion will be spent on data centers, electricity suppliers and communications networks.

“What is going on in infrastructure is really incredible, which is going to drive significant financing, driven by what’s going on in AI, computing and data centers,” Minnis said. “There’s a significant amount of capital raising that’s going to be required over the next decade.”

In Europe, regulation will constrain banks’ traditional role as infrastructure financiers and push more of the financing into capital markets, according to Minnis.

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