Global M&A market hits new high as bigger deals dominate
NEW YORK, Oct. 08, 2026 (GLOBE NEWSWIRE) -- M&A deal value increased 23.9% in the first nine months of the year, rising from US$1.33 billion to US$1.65 billion compared with the same period in 2025, according to completed deals data from leading global advisory, broking and solutions company, WTW’s (NASDAQ: WTW) Quarterly Deal Performance Monitor (QDPM) 1.
Mega deals valued at over US$10 billion delivered their strongest nine-month start to a year, with 24 completed transactions surpassing the highs of the previous boom. According to WTW data produced in partnership with the M&A Research Centre at Bayes Business School, this also represents the largest nine-month rolling period on record. Momentum accelerated in the most recent quarter, with nine mega deals completed, up sharply from three in the previous quarter.
Reported year-to-date deal volume rose to 614, up from 529 transactions completed during the same period in 2025, representing a 16.1% increase. However, the number of large transactions (valued between US$1 billion and US$10 billion) softened in the third quarter of 2026, declining to 45, from 48 in the previous quarter. Overall deal volume also eased slightly at 200 transactions, compared with 202 during the same period.
The M&A data also indicates that dealmakers are accelerating transaction timelines, with quick deals (completed within 70 days of announcement) accounting for 43% of third-quarter transactions, up from 35% in the previous quarter. Over the same period, complex cross-sector deals, often pursued to support rapid inorganic growth or embed new technologies, rose to 35% of transactions, compared with 25% in the previous three months.
David Dean, Senior Managing Director, M&A Consulting, WTW, said: “Large-scale transactions are continuing to transform the global M&A landscape, with companies acting decisively to expand their scale, address capability gaps and gain access to critical technologies in an increasingly competitive market.
“The faster pace of dealmaking reflects an M&A environment being reshaped by AI-driven transformation, geopolitical tensions and macroeconomic uncertainty. But moving quickly cannot mean compromising thorough due diligence. Companies that put speed ahead of discipline may weaken long-term value creation and face greater challenges after a deal closes.”
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1 The M&A research tracks the number of completed deals over $100m and the share price performance of the acquiring company against the MSCI World Index, which is used as default, unless stated otherwise.
Of the 200 deals completed during the most recent quarter, 121 transactions, representing 60.5%, underperformed the index, while 79 acquirers, or 39.5%, outperformed.
Based on share price performance, global dealmakers underperformed companies not engaged in M&A for the second consecutive quarter. Deals valued above US$100 million and completed during the past three months underperformed the index by 10.3pp (percentage points).
Regional performance remained under pressure in the third quarter of 2026, with acquirers in North America, Europe and Asia-Pacific all underperforming their respective regional indices. North American dealmakers underperformed by 13.8pp, completing 109 deals during the quarter, up from 103 in the previous three-month period.
European acquirers underperformed their regional index by 5.0pp in the third quarter of 2026, completing 37 deals. This marks the fourth consecutive quarterly decline in European deal volume since 47 transactions were completed in the third quarter of 2025. By contrast, UK buyers bucked the broader regional trend, delivering a strong outperformance.
Asia-Pacific acquirers underperformed their regional index by 18.7 percentage points in the third quarter of 2026, completing 43 deals compared with 51 in the previous three-month period. Chinese buyers, however, recorded a notable increase in activity, completing 21 deals, up from seven in the second quarter of 2026.
“Corporate acquirers have demonstrated considerable resilience as market pressures persist. Despite higher interest rates, elevated energy costs and uncertainty surrounding the November U.S. midterm elections, dealmakers are likely to continue pursuing transactions that advance their strategic objectives, particularly at the larger end of the market.
“As organizations increasingly use M&A to build scale, integration planning must begin during due diligence. Addressing it early will be essential to realizing value from complex transactions and supporting sustainable growth over the long term,” said Dean.
WTW QDPM Methodology
- All analysis is conducted from the perspective of the acquirer.
- Share-price performance within the quarterly study is measured as a percentage change in share price from six months prior to the announcement date to the end of the quarter.
- All deals where the acquirer owned less than 50% of the shares of the target after the acquisition were removed, hence no minority purchases have been considered. All deals where the acquirer held more than 50% of target shares prior to the acquisition have been removed, hence no remaining purchases have been considered.
- Only completed M&A deals with a value of at least $100 million which meet the study criteria are included in this research.
- Deal data sourced from LSEG.
About WTW M&A
WTW’s M&A practice combines our expertise in risk and human capital to offer a full range of M&A services and solutions covering all stages of the M&A process. We have particular expertise in the areas of planning, due diligence, risk transfer and post transaction integration, areas that define the success of any transaction.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
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