M&A Trends

Transaction activity, valuation multiples, deal structures and where we are in the M&A cycle, by sector and geography.

Macro & Rates · Capital Markets · Sector Intelligence · Deal Mechanics

17 articles

• From Record to Reversal: Q3 2026 Breaks the $1trn Streak as Megadeals Collapse from 27 to 9 — Global M&A value rose 15% year-on-year between January and August 2026, with 37 megadeals above $10bn. Then the third quarter broke a six-quarter run above $1trn: LSEG data to 18 September show global volume down 49% and deal count down 39% quarter-on-quarter. The recovery was never broad — it was concentrated, and concentration is fragile.
• Sponsors Queue for UK plc: £20.9bn of Offers in a Single August and the Biggest Code Deal Since 2018 — August 2026 produced five firm UK Takeover Code offers worth £20.88bn at an average premium of 36.9%, headlined by Prologis's recommended £14.3bn offer for SEGRO — the largest Code deal since 2018 — plus competing sponsor bids for easyJet, Bodycote and Gamma. Dry powder is finding the discount on UK-listed assets faster than boards can defend it.
• Monte dei Paschi's €34bn Counter-Bid: Defensive M&A and the Two Speeds of European Banking Consolidation — On 21 August 2026 Monte dei Paschi launched twin exchange offers for Banco BPM (€25.3bn) and Banca Generali (€8.72bn) — a €34bn defensive move against Intesa Sanpaolo aiming at an €80bn Italian group. Set against the collapse of BBVA's €17bn Sabadell bid, it shows European bank consolidation advancing at two very different speeds.
• Mega-Deals Without a Mega-Market: Q2 2026 M&A Volume Surges While LBO Counts Hit a Five-Year Low — Global announced M&A reached $1.3-1.6tn in Q2 2026 depending on the data provider, with 26 deals above $10bn and record US volume. Yet transaction counts fell and LBO activity hit a five-year low. Value is concentrating at the very top — and the mid-market is running a different market entirely.
• OpenAI and Anthropic Launch Enterprise AI Joint Ventures Backed by Blackstone, H&F and Goldman — On May 4, 2026, Anthropic and OpenAI announced parallel joint ventures to deploy enterprise AI services, anchored by Blackstone, Hellman & Friedman and Goldman Sachs. The structure reshapes how AI capabilities will be acquired, integrated and monetized across the Fortune 1000.
• The Great Rewiring: Supply Chain Reconfiguration Drives a New M&A Mega-Trend — Tariff wars, geopolitical shocks, and the Iran crisis are accelerating supply chain rewiring at an unprecedented pace. Nearshoring, friend-shoring, and vertical integration deals reached $120B in Q1 2026—a record for supply chain-motivated M&A.
• India's Rise as a Global M&A Powerhouse: $180B Deal Pipeline and Structural Tailwinds — India's M&A market has reached a record $180B pipeline, driven by digital infrastructure buildout, manufacturing reshoring, and the world's fastest-growing large economy at 7.2% GDP growth.
• Japan's Corporate Governance Revolution: Record M&A as Activists Force Change — Japan's M&A market hit record levels in 2025 driven by TSE governance reforms and activist pressure. Cross-border acquisitions and management buyouts are transforming Japan's corporate landscape.
• Reshoring M&A Wave: $320B in Supply Chain Acquisitions Reshape Global Trade — Companies have deployed $320B on reshoring and nearshoring acquisitions since 2023, fundamentally altering global supply chain architecture and creating new M&A corridors.
• The Take-Private Surge: Undervalued Publics and the $250B Buyout Pipeline — Take-private transactions are surging as PE sponsors target undervalued public companies trading below intrinsic value, with a $250B pipeline of potential targets identified.
• The ESG Premium in M&A: From Compliance to Value Creation — ESG-compliant companies now command a measurable acquisition premium. CSRD implementation in Europe is creating both opportunities and risks for dealmakers navigating the sustainability landscape.
• Corporate Carve-Outs Surge to $380B: Conglomerates Slim Down for Shareholder Value — Corporate divestitures and carve-outs reached $380B in 2025 as activist pressure and portfolio simplification drive conglomerates to shed non-core assets at attractive valuations.
• Hostile Takeovers Return: Unsolicited Bids Hit 15-Year High as Valuations Diverge — Unsolicited takeover bids have reached a 15-year high as acquirers exploit valuation disconnects between strategic and market values, particularly in European markets.
• M&A Outlook 2026: Recovery Momentum and Strategic Imperatives — Harvard Law Forum analysis shows M&A recovering in 2025 with momentum building for 2026. Deal values rising even as volume remains constrained.
• Valuation Multiples Reset: Sector Analysis and Transaction Implications — EV/EBITDA multiples have normalized from 2021 peaks across most sectors. Understanding the new valuation landscape is essential for realistic deal expectations.
• Cross-Border M&A Resurgence: Navigating Complexity in Global Transactions — Cross-border M&A activity is rebounding as acquirers pursue international growth opportunities. Currency dynamics and regulatory complexity require sophisticated execution.
• Regulatory Landscape Evolution: Antitrust Scrutiny and Deal Approval Challenges — Antitrust enforcement has intensified globally, creating new challenges for deal approval. Understanding regulatory dynamics is essential for transaction planning.