2026 M&A Report

BCG

Research

72 Pages

BCG examines the global M&A recovery and where dealmaking heads next. Aggregate deal value has climbed 15% this year, yet activity stays concentrated in megadeals while the middle market lags. The firm also maps an emerging playbook for AI acquisitions and how companies outside tech can win at buying AI capabilities.

Key Takeaways

Megadeals lead: Aggregate deal value rose 15% through August while volume fell 16%, with 37 deals above $10 billion topping the 2021 record.
Sentiment below average: The BCG Sentiment Index sits at 83, under its 100 average, with Europe at 100 and Asia Pacific at 51.
Buyers outside tech: Markets reward acquirers from outside tech buying AI targets with +0.84% announcement returns, nearly triple the average for all AI deals.
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