2026年二季度全球并购报告2026

Q2

2026

GLOBAL

M&AReport

Sponsoredby

ApitchBooK

Contents

Overview4

Valuationmetrics6

AwordfromLibertyGTS9

Dealmetrics11

EuropeanM&A12

NorthAmericanM&A13

AwordfromRSM14

AntitrustM&Aupdate16

Sectormetrics21

Industrymetrics23

B2B26

B2C27

Energy28

Financialservices29

Healthcare30

IT31

Materials&resources32

References33

Sponsoredby

InstitutionalResearchGroup

StevenBuibish,CFA

Director,USPrivateEquity

steven.buibish@

JinnyChoi

SeniorResearchAnalyst,PrivateEquity

jinny.choi@

GarrettHinds

SeniorResearchAnalyst,

PrivateEquity

garrett.hinds@

NicolasMoura,CFA,CAIA

SeniorResearchAnalyst,

EMEAPrivateCapital

nicolas.moura@

HarrisonWaldock

SeniorDataAnalyst

pbinstitutionalresearch@

PublishedonJuly9,2026

2Q22026GLOBALM&AREPORT

Noteveryfrog

isaprince

savvydeal-makersknow

thatstoriesdon'talways

havehappyendings.That's

whytheyneedtransactional

riskinsurancefromtrusted

advisers.kisswisely.

yourworldisourworld

www.libertygts.com

LibertyGlobalTransactionsolutions(GTS)isatradingnameoftheLibertyMutualInsuranceGroup(LMIG).policiesareunderwrittenbyLMIGcompaniesorourLloyd'ssyndicate.when

weofferinsuranceproductswewillstateclearlywhichinsurerwillunderwritethepolicy.Anydescriptionofcoverinthisdocumentdoesnotincludeallterms,conditionsandexclusions

Boston,MAO2116.

Sponsoredby

RSM

ApitchBooK

4Q22026GLOBALM&AREPORT

Overview

b

M&Aactivityyquarter

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

202120222023202420252026

Dealvalue($B)DealcountEstimateddealcount

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Source:PitchBook•Geography:Global•AsofJune30,2026

Softermarketmaskedbymegadeals

GlobalM&AinQ22026representedanextremelytop-heavy

marketledbystrategicacquirers.Totaldealvaluereached

anestimated$1.3trillion,downsharplyfromthefirstquarter

thoughstillaremarkablystrongquarterbyhistoricalstandards.Atthesametime,dealcountbarelymoved,whichsignalsa

relativelysteady—ifnotslightlyweakening—broadermarketastotalvalueisdrivenoverwhelminglybyafewverylargedeals.

Theestimated$1.3trillioninglobalM&Avaluewasup35.3%

against$965.7billionrecordedinthesamequarterof2025

butdown18.4%fromQ12026’s$1.6trillion.Dealcount,

includingestimatesforlate-reportingtransactions,held

broadlysteadyat11,880—up3.4%YoYanddownjust2.4%QoQ.Thereconciliationofthosetwosignalsliesintheverylargesttransactions:Dealsof$5billionormoreaccountedfor$553

billionofvalueacrossjust34transactions,closeto42%ofthetotalM&Avalueforthequarter.Thisdemonstratesamarketwherevaluepooledatthetopwhiletheunderlyingdealbasestayedintact,withhigher-for-longerfinancingweighingmostheavilyonthedealsthatdependondebt.

QuarterlyM&Avalue($B)bysizebucket

$5B+

$1B-$5B

$500M-$1B

$250M-$500M$100M-$250M<$100M

Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1

202120222023202420252026

Source:PitchBook•Geography:Global•AsofJune30,2026

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

5Q22026GLOBALM&AREPORT

QuarterlyshareofM&Avaluebytype

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1

202120222023202420252026

M&A

Buyout/LBO

Source:PitchBook•Geography:Global•AsofJune30,2026

Strategicsstepupassponsorsretreat

Thewideninggapbetweenstrategicandfinancialacquirers

wasanotherkeythemeinQ2,withprivateequity(PE)retreatingasvolatilitypickedupandinflationbecameagrowingconcern.TheFederalReservehelditspolicyrateasrateexpectations

increasedbetweentheMarchandJunemeetings,andthe

EuropeanCentralBankreversedcoursetohikeratesforthe

firsttimesince2023.1,2Together,thosemovesmadethe

mathunderpinningleveragedbuyoutshardertopencilout,

andsponsorsleanedtowardsmalleradd-onsratherthan

transformationalplatformbets.Strategicsfilledthevacuum,

executingseveraltransactionsabove$10billionandpushingstrategicdealvaluewellaheadofsponsoractivity.Corporatebuyersappeartohavereadamorepermissiveantitrustpostureasaninvitationtopursuescale,movingondealsthatwould

havedrawngreaterregulatoryresistanceinprioryears.3

Buyoutvaluefellto$287.3billion,down35.7%QoQandwellbelowitscyclepeak.StrategicM&Avalueheldupfarbetterat$892.7billion.Sponsorshadshownanappetiteforlarge

EuropeanM&Aactivitywithnon-Europeanacquirers

2,284

2,214

1,990

1,710

1,679

1,757

1,752

1,488

1,877

1,921

$360.9

$325.4

$424.2

$344.6

$358.3

$438.0

$386.5

$261.8

$273.9

$384.3

$207.6819

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Dealvalue($B)Dealcount

Source:PitchBook•Geography:Europe•AsofJune30,2026

dealsasrecentlyastheElectronicArtstake-privateinQ32025andtheAESutilityacquisitioninQ12026,butconditionsdid

notsupportsuchanappetiteinQ2.Theresultwasaperiod

inwhichcorporates,fundingdealsfrombalancesheetsand

stock,heldastructuraladvantageoversponsorsdependentoncreditmarkets.

Cross-borderflowscontinuedtotilttowardNorthAmericaevenastheregion’sownactivitydeclined.OnaYTDbasis,North

Americantargetsacquiredbynon-NorthAmericanbuyers

drew$276.7billionacross645deals,whileEuropeantargetsacquiredbynon-Europeanbuyersattracted$207.6billion

across819deals.NorthAmericaremainstheprimarymagnetforglobalcapital,astatusreinforcedbytheconcentration

oflargeUSstrategictransactionsinQ2.TheMay2026

implementationoftheUS-EUtariffframework,whichcaps

mostUSdutiesonEUgoodsat15%whileeliminatingEU

tariffsonUSindustrialgoods,hasreducedonesourceof

transatlanticuncertaintyevenasitintroducesnewcomplianceconsiderationsforacquirersmodelingsupply-chainexposure.4

6Q22026GLOBALM&AREPORT

Valuationmetrics

MedianM&Aenterprisevalue(EV)/EBITDAmultiple

10.2x

TTM

10.2x

2025

10.0x

2017

10.1x

2018

9.7x

2024

9.8x

2019

9.5x

2020

9.4x

2016

9.1x

2023

8.8x

2022

10.5x

2021

Dealcountfallsinthequarter,butpricingremainssteady

Themoststrikingaspectofthequarter’svaluationdatais

whatdidnothappenwithit.EvenasaggregatedealvaluewasliftedbyahandfulofmegadealsinQ2,themedianEV/EBITDAmultipleheldat10.2xonatrailing12-month(TTM)basis,wellwithinitslong-runrange.Inhindsight,the2021-to-2023periodmarkedatemporaryshift—initiallyup,thenreversingbelow

themean—andthemarketnowlookslikeitisbacktoasteadystateonpricing.Thestabilitysuggeststhatsellersarerefusingtorepricedownwardandbuyersaretransactingonlywhere

theycanjustifyentrymultiples,adisciplinethatkeepsoverallpricingintact.TheYTDaverageEV/EBITDAmultipleof14.5x,skewedbylargertransactions,sitswellabovetheYTDmedianandfurtherdemonstrateshowpricingpowerisconcentratedinthebiggestdeals.

Gapbetweencorporatesandsponsorscontinuestoclose

BeneaththeflatTTMaggregateliesanarrowinggapbetweensponsorsandcorporateacquirers.OnaTTMbasis,themedianbuyoutEV/EBITDAmultipleranat12.2xagainst9.3xfor

corporates,agapofroughlythreeturns.Thatpremiumreflectsboththelarger,morematuretargetsthatsponsorspursue

andtheirwillingnesstounderwriteoperationalimprovement,

Source:PitchBook•Geography:NorthAmericaandEurope•AsofJune30,2026

MedianM&AEV/EBITDAmultiplebytype

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

14x

12x

10x

8x

6x

4x

2x

0x

CorporateledPEled

Source:PitchBook•Geography:NorthAmericaandEurope•AsofJune30,2026

althoughwithdebtcostselevated,themathonentryis

tightening.Nonetheless,thegaphasnarrowedfrom4.6turnsin2024ascorporatemultiplessolidifiedandbuyoutmultipleseasedfromtheir2024peakof12.9x,evidenceofmore

disciplinedsponsorunderwriting.

7Q22026GLOBALM&AREPORT

MedianM&AEV/EBITDAmultiplebysector

16x

14x

12x

10x

8x

6x

4x

2x

0x

HealthcareITFinancialB2Cservices

20242025

Materials&resources

TTM

Energy

B2B

Source:PitchBook•Geography:Global•AsofJune30,2026

Sectordispersioniswiderstill.Healthcarecarriedthehighestmedianmultipleofanysectorat12.6xonaTTMbasis,anditsaverageof20.4xisthehighestlevelin20years,areflectionofintensecompetitionforde-riskedclinicalassets.Informationtechnology(IT)followedat12xandfinancialservicesat11.7x,withB2Cclosebehindat11.4x,afreshhighforthesector.

Attheotherextreme,energyremainedthelowest-pricedsectorataTTMmedianof8x,roughly10%belowitspriorpeak,as

buyerspressedcostdisciplinedespiteasurgeinenergydeal

value.B2Bsatjustabovethisat8.6x,andIT,thoughsecond

highestamongsectors,stillranabout17%belowits2021

peakasthesoftwarerepricingofrecentquarterscontinued

tobite.Thedivergencebetweentheresilienceinhealthcare

andthedisciplineinenergyistheclearestevidencethatQ2

representedasectorrotationratherthanauniformcontraction.

MedianM&AEV/EBITDAmultiplebyregion

12x

10x

8x

6x

4x

2x

0x

20242025TTM

EuropeNorthAmerica

Source:PitchBook•Geography:EuropeandNorthAmerica•AsofJune30,2026

Thegapbetweenprivate-marketandpublic-marketvaluationsframesthestrategicbackdrop.Comparedwiththe10.2xTTMmedianM&AEV/EBITDAmultiple,theS&P500tradedata

trailingprice/earningsrationear24.7xandaforwardratio

around20xatquarter-end,sittingathistoricallyfullvaluations.Thatdivergencekeepspublicequitiesexpensiverelativeto

theprivatetransactionsclearingatmoredisciplinedmultiples,anditpressuresthetake-privatemath:Acquirersmustpay

acontrolpremiumontopofalready-elevatedpublicprices.TheEV/revenuesplitbyacquirertypereinforcesthesponsorpremium,withbuyoutsatamedian2.2xmultipleagainsta

medianof1.4xforcorporatedealsonaTTMbasis.Whetherpublicmultiplescompresstowardprivate-marketdisciplineorprivatemultiplesre-rateupwardwillshapethetake-privatepipelineheadingintothesecondhalfoftheyear.

8Q22026GLOBALM&AREPORT

MedianM&AEV/EBITDAmultiplebysizebucket

16x

14x

12x

10x

8x

6x

4x

$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M<$100M

2025TTM

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

S&P500versusM&AmedianEV/EBITDAmultiple

16x

14.4x

14x

8x

6x

S&P500M&A

10.2x

10x

14.2x

10.0x

12x

Source:PitchBook•Geography:NorthAmericaandEurope•AsofJune30,2026

Source:PitchBook•Geography:NorthAmericaandEurope•AsofJune30,2026

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

S&P500versusM&AmedianEV/revenuemultiple

5x

4x

3x

2x

1x

0x

4.0x

1.7x

3.9x

1.5x

S&P500

M&A

Source:PitchBook•Geography:NorthAmericaandEurope•AsofJune30,2026

Sponsoredby

ApitchBooK

9Q22026GLOBALM&AREPORT

AWORDFROMLIBERTYGTS

AIinM&Aduediligence:Aninsurer’sperspective

ExperimentationwithAItoolscontinuesapace,whether

ancillarytooracriticalcomponentofabusiness’score

proposition.Intheworldofmergers&acquisitions,AIis

increasinglybeingemployedinthetransactionaldue-diligenceprocess,becominginsomerespectsastapleofthework

underpinningdealanalysis.AdvisorsaredeployingAItoolstoquicklyextractandorganizecriticaldatafromlargevolumesofinformationatscale—worknormallyrequiringsignificanttimeandhumanresources.WithAIconsideredtobemoreefficientandcost-effectivethanhumanswhenundertakingcertain

tasks,lawfirmsandotheradvisorshaveinvestedheavily

intheirAIcapabilities.YetforcounterpartiesandtheM&A

insurersunderwritingthesetransactionsthroughwarranty&indemnity(W&I)/representations&warranties(R&W)policies,clarityisneededaroundhowAItoolsareused,whattheir

limitationsare,andhowtheiroutputsarevalidated.

ClientandadvisordemandforcostandefficiencysavingswillcontinuetodriveAIinnovationinthedue-diligence

space,raisingquestionsabouthowmuchdiligencework

AIwilleventuallyhandleandwhethercurrentsystemsare

deployedinatransparent,controlledmannerandsubjectto

experthumanjudgment.Fromaninsurer’sperspective,the

fundamentalconsiderationsfitintotwocategories:(1)howwecanconfidentlysupportanAI-drivendue-diligenceapproach,and,closelyrelated,(2)theextenttowhichAIisusedandrelieduponbytargetcompaniesthemselves.

TheadvantageofAIinduediligence

AIinitscurrentformismosteffectivewhenanalyzing

largevolumesofinformation—suchascontracts,emails,

andreports—toidentifyand/orsummarizeirregularities

andpatternsthatmanualreviewscanmiss.Inaddition

toperformingspecificdue-diligencetasks,AItoolsare

beingusedeffectivelybycommercialadvisorstoassessa

targetcompany’sstrategicpositioning,product-marketfit,

competitivedynamics,and—increasingly—thepotentialforAIitselftodisruptthetarget’sbusinessmodel.UsingAItoscreencounterpartiesagainstsanctionslists,politicallyexposed

persondatabases,andregulatoryrecordsisalsoincreasinglycommon;thisworkhastraditionallyrequiredsignificant

ThomasRainey

UnderwritingManager,UK,CEE&MEA,LibertyGlobalTransactionSolutions

TomistheunderwritingmanagerfortheLibertyGTSUK,CEE,and

MEAteam,joiningthecompanyin2021.Priortothis,Tomworkedasaseniorassociatefor

Philadelphia-basedlawfirmDuaneMorrisLLP,specializinginM&Atransactionsacrossmultiplejurisdictionsand

sectorsandadvisinginstitutionalinvestors,corporates,

andmanagementteams.TomhasaBachelorofLawsfromNewcastleUniversityandaMasterofLawsfromEdinburghUniversityandtooktheLegalPracticeCourseattheLondonCollegeofLaw.

manualeffortbyinternalorexternallegalfunctions.Overall,AIisallowingsomeadvisorstoconductbroaderdiligenceinshortertimeframes,insomecasesenablingmorethoroughexploration,with(intheory)nomaterialincreaseincostorheadcount.

Andthedisadvantages

OverrelianceonflawedAIsystemsmayleadtoAI-generated

mistakesoromissions,creatingexposurethathasthepotentialtobecomesystemic.Therearealsoethicalconcerns,with

autonomoustoolsrequiringcarefulcomplianceoversightto

preventunethicalorerroneousdecision-making.AI-specific

procedures,processes,andguardrailsarenecessaryto

addressinherentriskssuchasintellectualpropertybreaches,algorithmicbias,andongoingcompliancewithevolvingAI

regulations.SeriousissuesmayarisefromtheAIprocessingofsensitiveorproprietarydata,which,ifrobustsafeguardsarenotinplace,couldbevulnerabletothird-partymisuse.

PotentialdisruptionissuesandethicalconcernsmustthereforebecarefullyevaluatedandmanagedbyadvisorsusingAIin

Sponsoredby

ApitchBooK

10Q22026GLOBALM&AREPORT

theirdiligencework.Also,giventhespeedwithwhichAIhas

becomeembeddedinmanyprocesses,itremainsunclearinallcaseswhetheranadvisor’sprofessionalindemnityinsurance,whichcoverserrors,omissions,and/ornegligence,willcoverliabilitiesrelatingtoAI-generatedwork.

Conditionsforinsurersupport

EarlyengagementwithM&Ainsurersisacriticalfactorin

theirabilitytoconfidentlysupportaheavilyAI-informeddue-

diligenceapproach.TheyneedtoknowhowAIwasused,to

whatextent,andinwhichareasofreview,allofwhichthe

scoping/basis-of-preparationsectionsofdue-diligencereportsshouldexpresslyconfirm.ThedetailsoftheAItechnology

providersinvolvedandtheadvisors’experiencewithusing

thetoolsbeingdeployedareotherimportantfactors,with

assurancesneededthatAIoutputswill,inanyevent,beverifiedbyaqualifiedexpert.

Whileproficientinprocessingandsummarizinglargevolumesofinformation,AIislesscapableoftasksrequiringjudgment,interpretation,orcriticalanalysis.ThereisabroadconsensusthatAIis,atpresent,unsuitableforcomplex,technicalareasofreviewwheresubjectiveinterpretationisnecessary,suchastypicallyscopedtaxdiligence,financialdiligence,orspecialistareasoflegalduediligence.TosupportanAI-assisteddue-

diligenceprocess,M&Ainsurersthereforeneedadvisorstoprovideaclear,coherentrationaleforwhatAIwasusedfor.AIshouldbeemployedinademonstrablylogicalandsupplementarycapacity:toassistareview,nottoleadit.

WithAInowarelevantfactorinalmosteverydeal,theextenttowhichAIisusedandrelieduponbythetargetcompanyisasecondkeyconsiderationforM&Aunderwriters,themainissuesbeinghowcentralitistothebusiness’soperations

andtherisksthatarisefromthatlevelofreliance.Fromanunderwritingperspective,thisrequiresacombinationoflegalandtechnicalanalysis,includingscrutinyofdata

rights,intellectualpropertyownership,regulatoryanddata

protectioncompliance,andpotentialexposuretocyberrisks.Inaddition,attentionneedstobepaidtohowAIsystems

aredevelopedandmaintained,includinganythird-party

licensingarrangementsandtheextenttowhichexpertise

isconcentratedinkeyindividualsand/orteams.AIisan

increasinglysignificantfactorinassessingbothvalueandrisk,withthedepthofinquiryultimatelydrivenbyhowmaterialAIistoagiventargetcompanyandtheextenttowhichthetargetactuallyownselementsofthetoolsituses.

InlightofthefactthatAIinitscurrentguiseremainsa

relativelynascenttoolformanybusinesssectorsaswellas

professionaladvisors,historicalclaimsdatadirectlyrelatedtoitsusageislimited.However,thepotentialforAI-relatedW&I/R&Wclaimsisaliveconcernforinsurers,withfuturelosses

potentiallystemmingfromanAIhallucinationormiscalculationatafundamentallevel.Thiscouldgivefalsereadingsabout

criticalaspectsofabusiness’shealthordata,uponwhich

wider(inaccurate)due-diligenceassumptionscouldbebased.

Generally,insurersaresupportiveofAI-assisteddue-diligenceprocesses,providedadvisorscandemonstratehowthe

relevanttoolswereusedandthattheprocesswasrobustly

governed.Cautionremainsaroundtheextenttowhichthis

evolvingtechnologyisused,withAIexpectedtosupportratherthanreplaceestablisheddiligenceprocesses,andwithaclearemphasisontransparency,definedscope,intent,andexperthumanoversight.AsAItoolsdevelopandtheirusebecomesmoreembeddedandstandardized,theseparameterswilllikelyevolve,informedpartlybyclaimsexperience,asandwhenit

emerges.Overtime,thereishugepotentialforAItoprovidebroaderandmorecomprehensiveinsightsthancurrent,

manual-onlydue-diligenceprocessescanfeasiblydeliver.

Fornow,confidencewilldependonthesamefundamentalsthatunderpinanydiligenceexercise:clarityofapproach,

accountabilityforoutcomes,andthereliabilityoftheworkonwhichriskisultimatelyassessed.

Sponsoredby

RSM

ApitchBooK

11Q22026GLOBALM&AREPORT

Dealmetrics

ShareofM&Acountbytype

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

M&A

Buyout/LBO

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:PitchBook•Geography:Global•AsofJune30,2026

ShareofM&Acountbysector

Materials&resources

IT

HealthcareFinancialservices

Energy

B2C

B2B

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:PitchBook•Geography:Global•AsofJune30,2026

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

ShareofM&Avaluebytype

M&A

Buyout/LBO

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:PitchBook•Geography:Global•AsofJune30,2026

ShareofM&Avaluebysector

Materials&resources

IT

HealthcareFinancialservices

Energy

B2C

B2B

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:PitchBook•Geography:Global•AsofJune30,2026

12Q22026GLOBALM&AREPORT

EuropeanM&A

M&Aactivitybyquarter

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

6,000

5,000

4,000

3,000

2,000

1,000

0

202120222023202420252026

Dealvalue($B)——DealcountEstimateddealcount

Source:PitchBook•Geography:Europe•AsofJune30,2026

NicolasMoura,CFA,CAIA

SeniorResearchAnalyst,EMEAPrivateCapital

InQ22026,EuropeanM&Aactivityslowedafterthree

consecutivequartersofgrowth.Geopoliticsshowedupinthedata,withtheconflictintheMiddleEastleavingdealmakersuncertainaboutwhetherinflationandinterestrateswouldriseasaresult.Dealvaluefell6.4%QoQinEurope,amoremodestdeclinethanthe24.3%droprecordedinNorthAmerica.Dealcounttickedup0.9%QoQinEurope,whereasitdeclinedby

7.3%inNorthAmericaonanestimatedbasis.

Thisrelativeresiliencehasbeenayearinthemaking,as

sponsorsandcorporatesalikehaveincreasinglylookedto

Europeforalphageneration.Europeisfragmented,requires

localizedspecialization,andhaslowerentrymultiplesthan

NorthAmerica.ManyEuropeancountries,suchasItalyand

Spain,alsostillhavelargefamily-owned-businessbasesthat

remainunderpenetratedbyPE.AttheSuperReturnInternationalconferenceinJune,RobLucas,CVCCapitalPartners’CEO,

saidthattheUSandEuropehavedeliveredbroadlysimilar

PEreturnsoverthepastdecade;however,inEurope,roughlyone-thirdofthatreturnisgenuinealpha,whereasintheUS,itisalmostentirelybeta.Europeancompaniesarealso10to15yearsbehindtheUSoncorporateITspendingperemployee,

creatingbothalargergaptocloseandagreateralpha

opportunityforGPsthatcandrivedigitalandAIadoption.5Assuch,inQ2,M&AdealvalueintheEuropeanITsectorincreased51.1%QoQ.

TheB2BsectorinEuropehaditsstrongestquartereverin

termsofdealvalue,whichrose35.6%QoQ.Twomegadeals

accountedforroughlyathirdofEuropeanB2Bdealvaluein

Q2.FinnishelevatormakerKoneagreedtobuyGermanrival

TKElevatorfor$34.3billion.Ifthedealcloses,itwillcreatetheworld’slargestelevatormaker,overtakingUSrivalOtis.The

othermegadealsawproduct-testingfirmIntertektakenprivatebyEQTfor$14.6billion,representinga62%premiumonthe

listedshares.6ThecommondenominatorofthesetwodealsisPE:TKElevatorwassoldbyPEfirms,whileIntertekwasboughtbyone.

InJune,theEuropeanCentralBank(ECB)becamethefirst

G7centralbanktoraiseinterestratesinresponsetothe

energyshockstemmingfromtheconflictintheMiddleEast.

EuropeanM&Aremainshealthy,butmonetarypolicytighteningandgeopoliticaluncertaintywilldeterminewhetherthis

holdsinH2.

13Q22026GLOBALM&AREPORT

NorthAmericanM&A

$1,200

$1,000

$800

$600

$400

$200

$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

202120222023202420252026

Dealvalue($B)DealcountEstimateddealcount

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

M&Aactivitybyquarter

Source:PitchBook•Geography:NorthAmerica•AsofJune30,2026

NorthAmericanM&AledtheglobalmegadealstoryinQ2

whileitsaggregatedealvaluedeclined,acombinationthat

capturesthequarter’sessentialtension.Regionaldealvalue

reached$787billion,down24.3%fromthefirstquarter.The

aggregatevaluewasproppedupbyarareconcentrationof

verylargetransactions.Dealsof$5billionormoregenerated$424.4billionofNorthAmericanvalue,meaningsingle

transactionscarriedanoutsizedshareoftheregion’stotal.

Twodealsdominated:theacquisitionsofDominionEnergyat$118.5billionandCursorat$60billion.Stripthosetwofrom

thetotalandthepicturesoftensconsiderably,underscoringtheconcentrationofthequarter’svalueinafewnames.

Beneaththemegadeals,the