At a Glance
The carve-out market is changing fast. No longer just tactical portfolio clean-ups, carve-outs have become strategic levers for growth, focus, and reinvestment. Yet while activity is rising, execution challenges continue to test even the most experienced deal teams.
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The 2025 State of the Carve-Out Report distills insights from more than 50 global carve-out transactions across heavily regulated industries, offering a candid view of what works, what fails, and where carve-outs are heading next.
What's Inside the Report
Market Outlook
Why carve-outs are accelerating and what's shaping portfolios
Execution Challenges
​The most underestimated execution challenges
Success in Carve-Outs
What successful carve-outs are getting right
Trend Overview
The top five trends reshaping carve-outs today
Blindspots
Buyer blind spots in post-close integration
Looking Ahead
Looking ahead to 2026 and the future beyond
72%
of respondents said upfront complexity assessment and perimeter clarity were the single most important drivers of carve-out success
64%
of deal leaders indicated talent retention and cultural clarity were harder to manage than technology or financial issues
58%
of respondents expect AI-enabled tools to be actively applied in carve-out planning and execution within the next two years
"This report is for sellers who want to realistically assess complexity and defend valuations, for buyers aiming to anticipate integration challenges and accelerate Day 1 readiness, and for advisors or operators looking for practical benchmarks and lessons to support successful carve-out execution."
Sebastian Andersen
Managing Director & Founder, ClarityNorth Partners
