Deal backlog has been worked through and starting to see new activity, says Vito Sperduto
December 23, 2025 • 4m 33s
Bill Griffeth (Anchor)
00:00.350
but
what
other
kind
of
companies
and
industries
may
also
be
at
play
let's
talk
about
it
with
vito
sperduto
he
is
the
head
of
RBC
capital
markets
US
global
head
co
global
head
of
M
and
A
vito
great
to
have
you
on
thanks
for
having
Vito Sperduto (Head of RBC Capital Markets U.S.)
00:13.590
me
so
Bill Griffeth (Anchor)
00:14.070
what
is
the
the
deal
making
setup
heading
into
twenty
twenty
six
sure
Vito Sperduto (Head of RBC Capital Markets U.S.)
00:19.950
look
if
i
look
back
a
year
ago
we
thought
the
first
half
was
going
to
be
a
little
slower
just
as
people
got
used
to
the
administration
and
the
new
policies
and
that's
what
played
out
and
then
the
second
half
of
the
year
we
expected
a
fair
amount
of
activity
it
certainly
has
Vito Sperduto (Head of RBC Capital Markets U.S.)
00:33.070
exceeded
what
our
expectations
were
coming
year
but
if
you
think
about
the
US
i
i
call
it
a
great
acceleration
that
just
happened
in
twenty
five
we
are
basically
flat
in
the
first
quarter
and
then
ended
up
about
up
fifty
nine
percent
yes
it
was
driven
by
large
scale
mega
deals
Vito Sperduto (Head of RBC Capital Markets U.S.)
00:50.710
but
all
sectors
participated
i
think
what
we're
seeing
now
is
that
people
have
kind
of
worked
through
the
deals
that
were
in
the
pipeline
and
we're
starting
to
see
new
activity
Bill Griffeth (Anchor)
01:00.630
how
is
that
activity
is
it
strong
is
it
mid
level
where
where
do
we
stand
with
you
know
the
churning
ahead
of
the
possible
deals
Vito Sperduto (Head of RBC Capital Markets U.S.)
01:07.950
yeah
i
i
think
the
the
activity
level
is
across
the
board
in
terms
of
sizes
certainly
TMT
health
care
life
sciences
are
leading
the
way
financial
services
after
that
i
think
everybody
's
focused
on
them
and
you
just
talked
about
the
alphabet
transaction
right
they
were
an
Vito Sperduto (Head of RBC Capital Markets U.S.)
01:25.310
investor
in
the
company
ahead
of
the
acquisition
they
are
are
clearly
buying
greater
capacity
and
energy
resilience
and
if
you
think
about
the
AI
play
it's
no
longer
about
the
technology
and
necessarily
the
availability
of
capital
because
there's
plenty
there
it's
really
the
Vito Sperduto (Head of RBC Capital Markets U.S.)
01:43.760
energy
constraint
as
you
just
showed
from
that
chart
which
illustrates
it
perfectly
and
so
folks
are
trying
to
buy
that
greater
capacity
greater
diversity
of
energy
production
and
certainly
that's
a
big
play
for
the
sort
of
the
AI
centric
opportunities
and
then
when
you
look
at
Vito Sperduto (Head of RBC Capital Markets U.S.)
02:01.030
the
other
sectors
you've
always
got
the
healthcare
companies
looking
at
patent
cliffs
and
trying
to
figure
out
how
do
i
continue
to
diversify
my
pipeline
add
to
it
and
build
to
it
you're
starting
to
see
the
healthcare
companies
reacting
to
how
the
government
is
changing
some
of
Vito Sperduto (Head of RBC Capital Markets U.S.)
02:17.070
the
policy
and
you
know
they're
they're
fairly
resilient
and
they're
going
to
get
there
yeah
Kelly Evans (Anchor)
02:22.630
i
think
that
you
know
it
was
actually
a
surprisingly
busy
year
this
past
year
we
just
didn't
have
a
lot
of
those
high
profile
big
deals
and
then
of
course
along
came
the
WD
one
at
year
end
to
kind
of
just
put
it
put
a
banner
on
things
so
it
sounds
like
it
it
should
be
pretty
Kelly Evans (Anchor)
02:35.710
busy
and
do
we
get
finally
this
IPO
wave
where
it's
like
OK
we
move
from
just
the
private
equity
backed
exits
to
the
ones
that
are
a
little
bit
more
in
these
hot
spots
like
AI
you're
mentioning
i
Vito Sperduto (Head of RBC Capital Markets U.S.)
02:44.950
i
think
there's
incredible
thirst
for
the
IPO
environment
to
to
continue
to
grow
if
you
look
at
it
december
this
month
is
going
to
be
equal
to
what
we
had
in
september
which
are
the
two
largest
volume
IPO
months
of
the
year
but
over
seven
billion
of
the
volume
this
month
is
from
Vito Sperduto (Head of RBC Capital Markets U.S.)
03:02.070
medline
which
is
about
eight
point
six
so
seven
out
of
eight
point
six
and
you
can
tell
so
i
think
going
into
the
year
there's
a
fair
amount
of
companies
on
the
sidelines
waiting
to
access
the
markets
and
we're
looking
at
some
very
notable
large
scale
situations
but
that
just
Vito Sperduto (Head of RBC Capital Markets U.S.)
03:17.190
improves
the
environment
because
again
it's
just
another
opportunity
for
them
to
have
a
different
exit
alternate
what
are
Bill Griffeth (Anchor)
03:22.670
they
waiting
for
Vito Sperduto (Head of RBC Capital Markets U.S.)
03:25.540
i
i
think
the
it's
become
easier
to
stay
private
longer
and
so
it's
really
making
that
decision
to
access
the
markets
and
do
i
want
to
put
myself
out
there
in
terms
of
the
volatility
that
i'm
going
to
experience
the
size
of
the
companies
that
are
going
public
has
gotten
bigger
Vito Sperduto (Head of RBC Capital Markets U.S.)
03:44.320
it's
you
know
what
we
used
to
experience
like
i've
been
doing
this
for
thirty
five
years
what
we
had
you
know
ten
twenty
thirty
years
ago
in
terms
of
what
made
sense
to
go
public
is
certainly
not
the
same
scale
that
you
need
today
i
mean
today
you
need
a
much
larger
scale
to
get
Vito Sperduto (Head of RBC Capital Markets U.S.)
03:58.070
public
and
i
think
private
capital
and
and
the
sort
of
ease
of
staying
private
and
having
more
liquidity
alternatives
has
made
it
a
longer
timeline
but
you're
you
know
certainly
we're
going
to
see
if
i
think
a
fairly
robust
IPO
calendar
going
into
next
year
and
and
if
we
look
at
Vito Sperduto (Head of RBC Capital Markets U.S.)
04:15.630
the
private
equity
portfolios
there's
a
lot
of
assets
in
those
portfolios
that
need
to
be
monetized
as
we
think
about
the
lifespan
of
those
companies
pursuing
all
sorts
of
alternatives
beyond
just
the
specific
sale
of
the
companies
i
think
the
IPO
market
is
going
to
provide
them
Vito Sperduto (Head of RBC Capital Markets U.S.)
04:31.670
another
opportunity
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