The Globe and Mail reports in its Wednesday edition that we can expect a strong mergers-and-acquisitions market in 2025. Guest columnist Rajesh Sharma writes President Donald Trump is generally thought to be more M&A-friendly than Joe Biden. During Mr. Biden's term, he scuttled deals in banking, such as the TD Bank-First Horizon deal, and attempted to block deals in other sectors, such as the Albertsons-Kroger deal. Mr. Trump was permissive of M&A in the financial services, energy and industrials sector during his first term. It is expected he will take the same approach over the next four years. Partially for this reason, Goldman Sachs sees deal activity increasing 20 per cent in 2025. Certain businesses stand to gain from this increased M&A activity. The category that tends to become more attractive during periods of falling rates is capital intensive, high-debt businesses. When rates decline, such companies' variable-rate debt becomes cheaper. Their fixed-rate debt also becomes cheaper if it comes up for refinancing in a lower rate environment. If the Fed stays dovish through 2025, then heavily leveraged sectors such as utilities, telcos and real estate developers could become attractive M&A targets.