There is uncertainty around the world due to Donald Trump's erratic tariff policy, geopolitical ambitions, and attacks on the independence of the US Federal Reserve.

But 2024 stood out as a good year for deals. Private equity firms were involved in around 4,000 transactions in Europe – a 5% increase, as PwC Germany partner Joachim Englert noted at the Corporate Finance Awards ceremony held in Frankfurt on 28 April. „But then came Trump and the tariffs.“ Now, transactions are being postponed. US politics is creating confusion, increasing fears of a recession, and complicating decision-making.

Michael Psaros, co-founder of KPS Capital Partners, sees „chaos as an opportunity.“ „That's when we become more aggressive“, he says. According to the US citizen, good dealmakers are ultimately „true gentlemen.“ A trustful collaboration with Siemens was the foundation for the acquisition of Innomotics, a manufacturer of electric motors and large drive systems. For the 3.5 billion euro deal, KPS partner Psaros received the award in the Private Equity category.

Adnoc showed persistence in its pursuit of Covestro. The state-owned oil company from Abu Dhabi received the award in the Large Caps for its acquisition of the Leverkusen-based plastics company. Covestro was valued at 14 billion euros, including debt. This major transaction required particular diplomatic skill: as an investor from the Middle East, Adnoc faced scepticism in Germany. However, Adnoc's head negotiator, Khaled Salmeen, firmly believed in the investment in „an innovative, global company.“

The awards for Mid & Small Caps included a delisting. The acquisition of Encavis by US financial investor KKR, in collaboration with the family business Viessmann, aims to provide the wind and solar park operator with easier access to capital for growth. For Christopher Höfer, Investment Manager at Viessmann, the long-term nature of capital provision is the defining characteristic of a family business.

The prospect of persistently high interest rates had initially deterred Augsburg-based defense company Renk from going public in the fall of 2023. However, their second attempt in February 2024 was so successful (the stock price has more than tripled) that the company was awarded the Corporate Finance Award in the IPO category. „We were disappointed“, said CFO Anja Mänz-Siebje about the initial IPO withdrawal. „But it was worth doing it again.“ The IPO secured the independence of their business model.

A dealmaker must also be able to take risks and be patient. That is demonstrated by M&A award winner Schaeffler. With the acquisition of drive specialist Vitesco, Schaeffler is closing in on the three largest suppliers in Germany. But it will take time to realise synergy effects. It is a crisis-stricken industry. A month after the merger, Schaeffler announced job cuts. The trade war with the US further clouds the outlook. Schaeffler CEO Klaus Rosenfeld sees Vitesco as a key component of the „Motion Technology Company“ and isn't afraid to talk about humanoid robots and flying cars as future business fields.

Cologne-based translation startup DeepL proves it can stand up to the big tech dominance from the US – thanks to superior AI. More than 300 million dollars in venture capital was raised in 2024. This earned the company the award in the Digital category. Trust in data privacy and the quality of translation are additional success factors, says strategy chief Ed Crook. He is driven to help people communicate across barriers.

So, what advice would be given to Donald Trump to help him secure better deals? Trust, long-term thinking, and teamwork. None of which are qualities typically associated with the US president.