Global Market: M&A hits record $2.8 trillion in H1 2026 as mega-deals dominate activity

Global mergers and acquisitions (M&A) surged to a record high in the first half of 2026, driven by a wave of mega-deals worth more than $10 billion, as companies capitalised on a more favourable regulatory environment and readily available financing to pursue transformative acquisitions, according to Reuters, citing LSEG data.

The total value of announced deals reached $2.8 trillion during the first six months of the year, marking a 48% increase from the same period last year and the highest year-to-date total since LSEG began tracking the data in 1980. Despite the sharp rise in deal value, the number of announced transactions fell 9% to around 24,000, the lowest first-half tally in six years, highlighting a market increasingly dominated by large-scale transactions.

Mega-deals played a pivotal role, with 47 transactions valued above $10 billion collectively exceeding $1.3 trillion and accounting for nearly half of total global M&A volumes, an all-time high. Among the largest transactions were NextEra Energy's $66.8 billion merger with Dominion Energy and SpaceX's acquisition of Cursor for roughly $60 billion.


Investment bankers told Reuters that corporate executives have remained confident despite persistent geopolitical tensions, macroeconomic uncertainty and fluctuating interest rates. Companies are increasingly pursuing long-planned strategic acquisitions to strengthen market positions, while abundant financing has enabled buyers to undertake larger transactions.

Advisers also noted that companies see greater value in pursuing large acquisitions, as the effort required to complete a multi-billion-dollar transaction is often comparable to that needed for smaller deals. Investors have also continued to reward companies with greater scale and stronger competitive advantages, encouraging boards to approve transformative acquisitions.

Dealmakers expect the momentum to continue through the remainder of the year. Easing regulatory hurdles in several major markets has improved confidence, with policymakers in Europe proposing reforms aimed at creating regional champions, while the U.S. administration is viewed as more receptive to large corporate combinations. In Japan, proposed governance reforms encouraging more efficient use of corporate cash are also expected to spur acquisitions by cash-rich companies.

Bankers told Reuters that cross-border strategic deals have accelerated in recent weeks, with a growing pipeline of transactions suggesting global M&A activity could potentially surpass the record levels seen after the pandemic in 2021.

Corporate restructuring has also emerged as a major driver of dealmaking. Companies are increasingly pursuing spin-offs and asset sales to sharpen their strategic focus as investors show less appetite for diversified conglomerates. High-profile examples include Comcast's planned spin-off of NBCUniversal, Honeywell's three-way breakup, and Unilever's sale of its foods business to McCormick & Co.

Technology remained the world's largest M&A sector during the first half of 2026, with announced transactions totalling $649 billion, Reuters reported, citing LSEG data. Bankers said artificial intelligence and AI-related businesses continued to attract strong interest, while investment also flowed into infrastructure-intensive industries considered less vulnerable to technological disruption.

Financing conditions remained highly supportive, with global investment-grade corporate debt issuance reaching $3.4 trillion during the first half, up 10% from a year earlier and the highest first-half total on LSEG records, according to Reuters.

Cross-border M&A activity also strengthened significantly, climbing 62% year-on-year to $893 billion, marking the strongest start to a year since 2018. United States accounted for a quarter of all cross-border transactions, followed by Britain, while advisers noted that an increasing number of UK companies are now actively pursuing overseas acquisitions rather than remaining takeover targets themselves.

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