2026年全球并购市场报告（英文版）

GlobalM&AReport2026

HowreinventionsparkedthegreatM&Arebound

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GlobalM&AReport2026

Contents

LetterfromtheLeadersofBain’sM&APractice 2

StateoftheMarket 3

LookingBackatM&Ain2025:BehindtheGreatRebound 4

LookingAheadto2026:GettingaBoostfromtheGreatRebound 14

M&ACapabilityforaNewEra:FiveWaysAIIsCreatingMoreValue

inM&ARightNow 20

WheretheDealsAre:2025’sTopM&AMarkets 24

Industries 30

M&AinAutomotiveandMobility:NewStrategicMovesandBoldBets 31

BankingM&A’sModernizationMoment:ADoubleHelixofScaleandScope 35

M&AinBuildingProducts:MakingtheRightBetsinaCyclicalIndustry 39

M&AinConsumerProducts:SearchingfortheParentingAdvantage 43

M&AinDefense:WhyAllEyesAreonEurope 46

M&AinMachineryandEquipment:TheStrategicRiseofSoftware 52

High-FidelityDiligenceIsCriticalinMedia’sHotM&AMarket 55

M&AinMedtech:TheBoominPortfolioReshaping 57

It’sTimeforMiningCompaniestoGetMoreSeriousAboutM&A 60

M&AinEnergyandNaturalResources:TheRiseoftheOil

andGasSerialAcquirer 66

M&AinPharmaceuticals:Bigger,Bolder,andFarMoreStrategic 72

M&AinSoftware:FiveSecretstoCreatingRealValueWhen

AcquiringAIAssets 78

TelecomM&A:HereAretheLatestDealTrendsWorldwide 82

Methodology 85

KeyContactsinBain’sGlobalM&AandDivestituresPractice 87

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GlobalM&AReport2026

LetterfromtheLeadersofBain’sM&APractice

Dearfriends,

WepublishourannualM&AreporttohelpbusinessleadersgetbetteratM&Aanddivestitures.

In2025,dealvaluerosedramaticallytodeliverthesecond-highestyearonrecordinabroad-basedreboundthatspannedallindustries.Behindthisresurgenceistheurgentneedforcompaniestoreinventthemselvestogetoutaheadofthebigforcesoftechnologydisruption,apost-globalizationeconomy,andshiftingprofitpools.

ButwhethercompaniesareturningtoM&AtogaincapabilitiesthatgivethemacompetitiveedgeintheAIrevolution,createtheagilityrequiredtosucceedinpost-globalization’sfragmentedmarkets,orpursuenewsourcesofgrowthinrapidlychangingindustries,theynowcandrawonnewtoolsandapproaches

tohastenvaluecreation.

Readontolearnhowvariousindustriesareadaptingtotoday’sM&Amarket,dealtrendsbymarket,andhowmorecompaniesaredeployingAItoimprovetheirM&Acapabilities.

Stateof

theMarket

LookingBackatM&Ain2025:BehindtheGreatRebound 4

LookingAheadto2026:GettingaBoostfrom

theGreatRebound 14

M&ACapabilityforaNewEra:FiveWaysAIIsCreating

MoreValueinM&ARightNow 20

WheretheDealsAre:2025’sTopM&AMarkets 24

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STATEOFTHEMARKET

LookingBackatM&Ain2025:

BehindtheGreatRebound

WhatwecanlearnfromtheresurgenceinM&A.

BySuzanneKumar,DaleStafford,KaiGrass,DavidHarding,andKristenStikeleather

AtaGlance

Abroad-basedreboundboosteddealvalueby40%,ledbyresurgenttechM&A.

Megadealsgreaterthan$5billionrepresentedmorethan73%ofincrementaldealvalueasinfrequentacquirerscameoffthesidelines.

Despitethereboundinactivity,therelativeshareofcapitalallocatedtoM&Aisatalowof7%.

Scopedealsaccountedfor60%ofbigdeals,makingitthebiggestyearonrecordfordealsdrivenbyrevenuegrowth.

Inayearmarkedbyartificialintelligence’srampantadvancement,shiftingtradepolicies,andtepidglobalvolumegrowth,companiesacrossindustriessawtheurgentneedtorebootstrategy.Andformany,that

meantareturntoM&A.Theyear2025isontracktobecomethesecond-highestindealactivity:up40%invalue,toanestimated$4.9trillion,and7%involume(seeFigure1),withsimilargainsacrossstrategic,privateequity(PE),andventurecapital(VC)acquirers.

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GlobalM&AReport2026

Figure1:Afteranextendeddowncycle,dealvaluesurged40%in2025,withashifttowardlargerdealsizes

M&Adealmarketvalue,intrillionsofUSdollars

StrategicFinancialinvestorsVenturecapital/corporateventurecapital

5.6

Percentage

change,

2024to2025

AllM&A:

40%

4.9

4.6

4.5

4.2

4

Venturecapital/corporate

3.9

3.9

3.7

3.6

venturecapital:

3.6

3.5

3.5

25%

3.1

3

2.7

2.6

2.6

2.8

2.1

Financialinvestors:

36%

Strategic:

42%

20062010201520202025

M&Adealmarketcountfordealsgreaterthan$30million,inthousandsStrategicFinancialinvestorsVenturecapital/corporateventurecapital

11.3

Percentage

change,

2024to2025

AllM&A:

7%

9.2

8.6

7.888.18.27.77.6

Venturecapital/corporate

7.7

7.6

7.1

7.5

venturecapital:

7.1

7.2

6.8

6.7

6.5

6.4

13%

5.2

Financialinvestors:

0%

Strategic:

6%

20062010201520202025

Notes:StrategicM&AincludescorporateM&Adealsandprivateequityportfolioadd-ons;somedealsshowas$0Tduetorounding;bartotalsmaynotequalsumofsegmentsduetorounding

Source:Dealogic

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GlobalM&AReport2026

Whenweunpackedthereboundof2025,wefoundtwotrendswithparticularlybroadimplications.First,itwasayearofmanybigbetsmadebycompaniesthattraditionallymakefewdeals.Willthatlackof

experienceimpedevaluecreation?Inaddition,despitetheoverallrobustmarket,M&Aactuallytooka

backseattootherinvestmentsin2025.CompaniesdevotedsubstantiallylessoftheircapitaltoM&Athantheyinvestedinotheravenuesforgrowth,namelycapexandR&D.Howdocompaniesgainconfidenceinthevaluecreationofanyindividualdealagainstanever-risingbarandcompetingdemandsforcapital?

What’sbehindtherebound?

Thereboundof2025isnotablybroad-basedacrossindustriesandgeographies.Allregionsandindustriesgrewbydoubledigits.TechM&Aisback,upby77%,propelledbydealsforAI-relatedassetssuchas

Alphabet’s$32billionpurchaseofWizandPaloAltoNetworks’$25billionacquisitionofCyberArk,

nottomentionavarietyoflarge-ticketminorityinvestmentssuchasSoftbank’s$40billioninvestmentinOpenAIorMeta’s$14.3billioninvestmentinScaleAI.Almosthalfofstrategictechnologydealvaluefordealsgreaterthan$500millioncamefromAInativesordealsthatcitedAIbenefitsin2025.

TheadvancedmanufacturingandservicessectorwasalsoamajorcontributortostrategicM&Agrowthin2025,withheadlinemergerdealssuchasUnionPacificandNorfolkSouthern’s$88billiontie-uporAirbus,Leonardo,andThales’three-wayarrangementtocreateascaleplayerfromtheEurope,MiddleEast,and

Africaregioninthegrowingspacesector(seeFigure2).

Figure2:Thebroad-basedreboundwasledbyadvancedmanufacturingand

servicesandtechnology

Note:StrategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons,excludesconglomeratesandservices

Source:Dealogic

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GlobalM&AReport2026

Figure3:Dealvaluegrewacrossregionsin2025

Notes:Dealsclassifiedbytargetregionandcountry;strategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons

Source:Dealogic

Thereboundisglobal.DealsforUStargetspoweredglobalgrowthandaccountedfornearlyhalfoftotalstrategicdealvalue.GreaterChina,thesecond-largestmarket,ledindealcount,drivenbyarobust

domesticmarketthataccountedformorethan80%ofGreaterChinadealvalue.Meanwhile,Japan’sM&Amarketdoubledinvaluetobecomethethird-largestgloballywhilealsoincreasingitsnumberofdealsbydoubledigits.Europe,theMiddleEast,andAfricaalsoexperiencedstrongM&Avaluegrowthaidedby

megadealactivity,buttheregion’soveralldealcountremainedflat(seeFigure3).

Ahostoffactorsinfluencedthedecisiontobuytogrowandrespondtochangesinprofitpoolsin2025.

Manyoftheheadwindsofthepost-pandemicyearscalmeddown.Regulationsareeasing.Thecostof

capitaliseasing.Thebuyer-sellergapiseasing,withvaluationsrisingslightlyandsellersperhapsless

tiedto2021peakvaluations(seeFigure4).Moreexecutivesrealizedthatitnolongermadesensetowaititout.Formany,itwasadecisionmadeeasieramidthekeylessonofAI’sdisruption:Youneedtoreinventyourselforreacttowhat’shappening.

Indeed,AI’sroleindealmakingiseverywhere.Accordingtoourrecentsurveyofmorethan300M&A

executives,AIadoptionforM&Amorethandoubled,to45%ofpractitioners,anditsusageismore

widespreadacrosscompanytypesandwithintheM&Avaluechain.Whilesourcingandscreeningstill

areAI’smainuses,moredealmakershavebegunrelyingonthetechnologyforotherfunctions—planningandexecutingintegration,forexample.Andmanymoreacquirersnowviewduediligenceasan

opportunitytoscrutinizeAI’spotentialrisksandopportunitiesinatarget.Indeed,oneinfivestrategicdealmakerstellusthattheyhavewalkedawayfromadealbecauseoftheanticipatedimpactofAIonthetarget’sbusiness.

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GlobalM&AReport2026

Figure4:Valuationshavetickedupbutremainbelow2021peaklevelsformostindustries

Notes:Mediandealmultiplesforannouncedstrategicdealsinwhichvaluationdatawasavailable;strategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons

Source:Dealogic

M&AexecutivescitedthecentralroleofstrategyastheNo.1reasonforsustainingorincreasingtheirdealactivityin2025,andmorethan85%saidthattheyrefreshedtheirM&Apipeline,pointingtoshiftsintechnologyandstrategy.AsanindicationoftherapidlygrowingrelianceonM&Aforstrategicshifts,40%ofmegadealsvaluedatmorethan$5billionduringthefirst10monthsof2025arecategorizedastransformative,meaningthattheyrepresentmorethan50%oftheacquirer’smarketcap.

That’snottosaythattherearen’tcompetingforcesatplay.Forexample,PEandVCfirmsstillhavealotofinvestmentsintheirportfoliosthatthey’veyettobringtomarket.UnrealizedvalueinPEportfoliosisatrecordhighs.Andlingeringaboveeverything,thereremainstheshadowofmacroeconomicuncertainty.

What’snotsubstantiallyinfluencingdealactivity?

Earlyintheyear,uncertaintyinthewakeofUStariffannouncementsinAprilsloweddeal-making

activity,butthepullbackwasshort-lived.MomentumamongbothcorporateandPEbuyersandsellerssteadilygainedoverthecourseoftheyear.

Likewise,therewasconcernthatuncertaintyontradepolicieswouldencourageacquirerstoadopt

adomesticfocus.Butthat,too,hasn’thappened.Therateofcross-borderdealshasn’tsubstantially

changedin2025.WhenwepolledM&Aexecutivesontheissue,lessthanhalfsaidthattraderestrictionsimpactedtheiroverallM&Aplans,and70%saidthatthepolicieswouldnotaffecttheirdivestitureplans.

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GlobalM&AReport2026

Whilepost-globalizationdidn’thaveabigimpactonM&Ain2025,westillthinkitwillovertime.

We’realreadyseeingthefirsthints.Onbalance,non-UScompaniesnowhavelowerappetitefor

US-basedassets,accordingtoourresearch,whileUSbuyersaremorelikelytopursueadomesticdealbecauseoftariffs.

M&Aprovidesoptionalityandaccesstomarketsasglobaltradepatternsfragmentalongregionallines.

We’renowseeingmorearm’s-lengthmovesbetweenthetwobiggestdealmarkets:USandChina.For

example,in2025,StarbucksannounceditwouldsellacontrollingstakeinitsChinaretailoperations

toBoyuCapital,aChineseinvestmentfirm,tocreateajointventurebetterpositionedtocompeteintheChinamarket.Atthesametime,WesterncompaniesseekingtobenefitfromChina’sworld-classpipelineofpharmaceuticaltherapiesarepursuingcreativepartnershipstructuresthatenableaccessandlearningifnotcontrol.China’sshareofglobalpharmalicensingdealshasdoubledsince2020.

Meanwhile,thereisthecapitalallocationissue.Overthepastdecade,M&Ahaslostsharetoother

formsofcashexpendituresbyS&PWorldIndexcompanies,reachingalowof7%in2025(seeFigure5).Asapercentageofgrossdomesticproduct,M&Ahasregainedground,butitstilllagspreviouspeaks.

Ouranalysisofcapitalallocationsmadebynearly700companiesshowsthatwhiletheregenerallyis

amplecashonhand,moreisbeingspentoncapexorR&DthanM&Aascompaniesinvestineverythingfromfactoriestorobotstoenergyfarms.Amongthebiggestnon-M&Acapitalallocation:Inthefirstthreequarters,theMag7combinedtoinvestalmost$500billionincapexandR&Dthroughthethirdquarterof2025.

Figure5:Overthepastdecade,M&Ahaslostsharetootherformsofcash

expenditures,reachingalowof7%in2025

Note:DataisasubsetofS&PWorldIndexCompanies(n=685)

Source:S&PWorldIndexdatafromS&PCapitalIQ

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GlobalM&AReport2026

Wepredictthatinsteadoffuelingdealsandinfluencingthetypesofdealsgettingdone,theriseof

protectionistmeasureswillcontinuetohaveagreaterimpactoncapitalallocation.Buildingback

resiliencyintosupplychainswillbeexpensiveascompaniestakeontheincrementalcostofnotonly

movingbutaddingplants.Moreimportant,companiesacrosssectorswillneedtoinvestinAIcapabilities,physicalautomation,andmodernizingtheirtechstack.WhatthismeansforM&AexecutivesisevenmorescrutinyonregularcapitalallocationstoM&AaswellasahigherbarfortheROIofanypotentialdeal.

Moreboardswillaskifthey’regettingtheintendedvalueoutofdeals.Companieswillneedrobustdiligencetobuildconvictioninadealandtheconfidencetoexecute.

Bigbets

Megadealsvaluedatgreaterthan$5billionarefuelingtheresurgenceinM&A,representingmorethan73%oftheincreaseindealvaluein2025.Butitgetsmoreinterestingwhenyoudigdowntoseewhoismakingthem.Infrequentacquirersaccountedforabout59%ofmegadeals.Andmanyofthosearebigbetstotransformthebusiness,asevidencedbythedealvaluecomprising50%ormoreoftheacquirer’smarketcap(seeFigure6).Thisgivesuspause.

Figure6:Manymegadealswerebigbetsaimedattransformingthebusiness

Notes:Megadealsincludestrategicacquisitionsgreaterthan$5billionindealvalueannouncedbetweenJanuary1,2025,andNovember15,2025,excludespin-offs(n=78);marketcapitalizationdetermined20dayspriortodeal

announcement;privateacquirersincludeprivatelyheldandgovernment-ownedentities;frequentacquirersmade10ormoreacquisitionsoverthepast10years;strategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons

Sources:Dealogic;S&PCapitalIQ

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GlobalM&AReport2026

Often,big-betdealsturnouttobecomemake-or-breakmoves.ThelasttimeglobalM&Adealvalue

exceeded$4trillion,someofthebiggestdealswereoutsizedsuccesseswhileothersweremassive

failures,accordingtoouranalysisoftopdealsfrom2021.We’vehadafront-rowseatforenough

megadealstoknowthatbigbetsgroundedinsoundstrategycantransformthebusinessandset

anewgrowthtrajectory.Ontheotherhand,dealsmadeforless-strategicreasonscanbecomearecipeforvaluedestruction.

Large-ticketdealsarealwaysrisky.Absorbinga$5billion,$10billion,or$50billionbusinesscanbeachallengewhenitcomestopreservingandamplifyingvalue,evenformega-capcompanies.Anditcanbeevenmoredifficultwhenthedealapproachesbeingamergerofequalsoranysituationthatcan

changetheacquirerasmuchasthetarget.It’simpossibletooverstatetheimportanceofgettingtheorganizationinorderasafirstgiantstep.

Whilediligencecanhelpidentifytherisksaswellasthevaluecreationpotential,ultimately,bigbetsareboldstrategymovesbytheCEOandboardthatrequireclearandearlyanswerstofundamentalquestionsthattoooftenfailtogetasked.Whatisoursharedvision?Whatisouroperatingmodel?Howwill

decisionsgetmade?Whatkindofculturedowewant?Canourenterprisetechnologyinfrastructuresupportthecombinedcompany?Arewetrulypreparedforthedauntingchangemanagementatbothcompanies?Howdoweexecute?

Sure,frequentacquirerswillhavesomeedgeinexecution.Butnoexperiencecurvewillprotecta

companyfrombadoutcomesifthestrategicbetisn’trightandthesebig,basicquestionsaren’taskedandansweredthoroughlyandwithurgency.

Whilediligencecanhelpidentifytherisksaswellasthevaluecreationpotential,ultimately,bigbetsareboldstrategymovesbytheCEOandboardthatrequireclearandearlyanswersto

fundamentalquestionsthattoooftenfailtogetasked.

Aswingtowardscopedeals

Anotherbigthemeof2025istheswingtowardscopedeals.Inthefirstninemonthsoftheyear,60%ofthedealsvaluedatgreaterthan$1billionwerescope,puttingtheyearontrackforthehighestrateof

scopedealmaking.Lastyear’sswingtoscalereflectedafocusonnear-termcostsynergiesbycompanieswithhighfixedcostsamidhighmacroeconomicuncertainty.Thedramaticshifttowardscopedeals,

asevidencedbythereboundintechdealvolumeaswellasthestrategicshiftsexperiencedwithinindustries,reflectsmoreconfidenceintop-line-drivendealmaking(seeFigure7).

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GlobalM&AReport2026

Figure7:60%oflargedealswerescopethusfarin2025,thehighestrateofscopedealmakingobserved

Breakdownofsignificantstrategicdeals

ScopeandcapabilitydealsScaledeals

48%

(Averagepercentageofscopeandcapabilitydeals,2015to2024)

2025(Q1toQ3)60%40%

202445%55%

202348%52%

202251%49%

202149%51%

202051%49%

201952%48%

201850%50%

201750%50%

201646%54%

201541%59%

Notes:Analysisincludesstrategicdealswithvaluegreaterthan$1billion,excludesrealestateandservices;strategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons

Source:Bain&Company

Financialservicesandtheadvancedmanufacturingandservicessectors,bothtraditionally

scale-focused,haveeachrevealedagrowingappetitefornewmarketsandcustomersegments

throughM&A(seeFigure8).Forexample,homeownershipfirmRocketCompaniespursuedavertical

integrationstrategythroughitsacquisitionsofmortgageservicerMr.CooperGroupandhomesearch

platformRedfin.ActivescopedealmakinginthebuildingproductssectoralsorepresentsthisuseofM&Atoaccessnewcategories,customers,andchannels.JamesHardie’sacquisitionofAzekopenedupaccesstohigher-marginsegmentsinexterioranddeckingproducts,andLowe’spurchaseofFoundationBuildingMaterialsexpandeditsaccesstoprofessionalcustomersandspecialtydistributionareas.

Aswe’veseenfromtrackingM&Aformorethantwodecades,eachyearbringswithitdifferentwaysinwhichindustriesusedealstodeliveronstrategyandcreatevalue.Inpharma,executivesstartedturningtoM&Atodefinetheirfuturelessbysizealoneandmorebyidentifyingthepartsofthevaluechainthattheytrulyneededtoowntostayahead.Fortheirpart,oilandgascompaniesconsolidatedinrecord

numbers,aimingtocapturescale,cutunitcosts,andfurtherintegratevaluechainstogetoutaheadof

everythingfromdecliningoilpricestoall-timehighdemandfornaturalgas.Inbanking,companiesare

increasinglylookingfordealswithelementsofbothscaleandscope—namely,dealswithefficienciesandcostsynergiesaswellasthebenefitsofcomplementarycapabilities.Andinconsumerproducts,large

playersaretakingahardlookattheirportfoliosanddivestingassetsthatdon’tfittheirdesiredstrategyandgrowthprofile.

Inourfullreport,wetakeanindustry-by-industrylookathowcompaniesarechangingtheirapproachestodealmakingandreportonthekeytrendsthatM&Apractitionersarelikelytoexperience.

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GlobalM&AReport2026

Figure8:Advancedmanufacturingandservices,telecommunications,andconsumerproductsledtheswingtowardscopedealsin2025

Percentageofsignificantdealsthatwerescalevs.scope,Q12025toQ32025

ScopeandcapabilitydealsScaledeals2015to2024averagedealdistributionpercentageOverall

40%

60%

Technology

6%

94%

Healthcareandlifesciences

14%

86%

Consumerproducts

17%

83%

Advancedmanufacturingandservices

36%

64%

Telecommunications

46%

54%

Financialservices

60%

40%

Media

67%

33%

Retail

69%

31%

Energyandnaturalresources

70%

30%

Notes:Analysisincludesstrategicdealswithvaluegreaterthan$1billion,excludesrealestateandservices;strategicM&AincludescorporateM&Aandprivateequityportfolioadd-ons

Source:Bain&Company

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STATEOFTHEMARKET

LookingAheadto2026:GettingaBoostfromtheGreatRebound

Whymorecompanieswillmovefromawarenesstoaction.

ByDaleStafford,KaiGrass,SuzanneKumar,andDavidHarding

AtaGlance

2025markedanear-recordreboundinM&A,withglobaldealvaluerising40%,to$4.9trillion.

In2026,companieswillshiftfromreactingtothreepowerfulforcestoproactivelyreshapingstrategyandportfoliosaroundthem.

CompetingdemandsforcapitalareraisingthebarforM&A,makingdisciplinedreinventionandvaluecreationessential.

Theyear2025markedanear-recordreboundinM&A,withglobaldealvaluerising40%,to$4.9trillion.TotalM&AasapercentageofnominalGDPgrewfrom3.2%to4.2%(seeFigure1).Thereboundof2025wasnotablybroad-basedacrossindustriesandgeographies,anditwasfueledbyaresurgencein

megadealsvaluedatgreaterthan$5billion(see“LookingBackatM&Ain2025:BehindtheGreatRebound”).Thewavemaynothavecrested.

Oursurveyofmorethan300M&Aexecutivesfoundthat80%expecttosustainorincreasedealactivityin2026.Theingredientsareinplace:improvingmacroconditions,agrowingbacklogofprivateequityandventurecapitalassetsreadyforexit,andawidespreadrecognitionthatmanytraditionalbusiness

models—frommediatoconsumerproductstolegacymanufacturing—havereachedthelimitsoftheirhistoricalgrowthengines.

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GlobalM&AReport2026

Figure1:TheM&Amarketreboundedin2025,growing40%yearoveryear,to$4.9trillion

TotalM&AaspercentageofnominalGDPTotalM&Adealvalue

GlobalM&Adealmarketvalue,intrillionsofUSdollars

6

4

2

GlobalM&Adealvalue/globalGDP(nominal)

10%Up40%

yearoveryear

8%

6%

4%

2%

02000200520102015202020250%

Note:TotalM&AdealvalueincludesstrategicM&A(whichincludescorporatebuyersandprivateequityadd-ons),financialinvestors,andventurecapital/corporateventurecapital

Sources:Dealogic;S&PCapitalIQ

And2025wastheyearwhenthethreegreatforcesreshapingbusiness—namely,technologydisruption,

post-globalization,andshiftingprofitpools—becameimpossibletoignore.AI’soperationalbenefitsbegantomaterializeevenasnewmodelsandchipsextendedthetechnologicalfrontier.Tariffshocksgavewaytoadeeperunderstandingofhowfragmentationwillreshapeflowsofgoods,capital,IP,andlabor.And

profitpoolsshiftedinwaysthatpushedcompaniestoquestionlong-standingassumptionsaboutwhereandhowtheycompete.

In2026,theseforceswillmakecompaniesmovefromawarenesstoaction.Leaderswillrevisit

foundationalstrategicassumptions,rethinkportfolioboundaries,andmakebigger,bolderdecisions

aboutwhatcapabilitiestheymustownvs.access.M&Awillplayacentralroleinthisreinvention—butitwillalsohavetoworkharder,andcompanieswillhavetoworkharderatit.

Amongthebighurdles:CapitalallocationstoM&Ahita30-yearlowthroughthethirdquarterof2025

asmoreofthecashflowedtowarddividends,buybacks,capex,andR&D.Interestratesremainrelatively

high,andanyeconomicslowdownwillintensifyscrutinyoninvestmentchoices.ThebarforM&Areturnsisrising,forcingcompaniestopursueonlythedealsthatdeliverconcretevaluecreation.

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GlobalM&AReport2026

HowreinventionwillspurM&Ain2026

Intoday’sfast-changingworld,companiesneedtoadapt.Ascompaniesacceptthattechnologydisruption,post-globalization,andshiftingprofitpoolsarepermanentfeaturesofthecompetitivelandscape,the

strategicquestionshiftsfromwhethertoreinventtohowquicklytheycandoso.M&Awillbeacritical

toolfortranslatingstrategicshiftsintoaction,enablingcompaniestorepositionportfolios,accesscriticalcapabilities,andmoveaheadofstructuralchangesthatcannolongerbedeferred.

Let’sstepbackandlookathowthethreegreatforceswillshapeM&A.

Technologydisruption:TheimpactoftechnologyadvancementsfromAItoroboticstoquantum

computingarenascent,buttheimplicationsforfirmstrategies,productofferings,andoperationsare

profound.DealssuchasOpenAI’sacquisitionofioanditshardwareplatformandServiceNow’spurchaseofMoveworksforitsnaturallanguageplatformwillcontinueastechnologycompaniesraceto

strategicallyintegrateAIintotheirproductsandworkflows.

AlmosthalfofalltechnologydealsalreadyhaveanAIangle,atrendthatwillaccelerateasindustry

playerspursueassetsforAItalentandtechnology(see“M&AinSoftware:FiveSecretstoCreating

RealValueWhenAcquiringAIAssets”).Dealsfortechnologywillcontinuetoflourishoutsideoftech.

Inmachineryandequipment,forexample,nearlyoneinfivedealsarefortechnologyassetstobuildouthardwareandsoftwaresolutions(see“M&AinMachineryandEquipment:TheStrategicRiseofSoftware”).

Post-globalization:Growingconstraintsaroundtheglobalmovementofproducts,capital,andpeoplearefragmentingm