After dealmaking slowed momentarily in early 2025, global M&A activity had a strong finish to the year. Deal value finished the year up 43% to $4.7 trillion, from $3.3 trillion a year earlier—20% higher than the ten-year average of $3.9 trillion.
2026 M&A Trends
McKinsey & Company
Research
166 Pages
Key Takeaways
Global Momentum: Global M&A activity landed at 4.2% of total market value for all of 2025, up from 3.3% a year earlier and 3.5% in 2023.
Acquirers: Corporate acquirers in established industries accounted for 33% of deal value involving arena targets, up from 24% five years ago; financial sponsors increased their investment in arena targets to 24% from 18 percent over the same period.
Mega Deals: The number of deals clearing the $10 billion mark swelled to 60—the most since the M&A peak in 2021 after the COVID-19 pandemic.
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