Global mergers and acquisitions (M&A) hit a record $2.8 trillion in the first six months of 2026, representing a 48% increase from the same period last year. This surge made it the strongest first half for M&A activity since LSEG began tracking deals in 1980. The primary driver behind this record value was the prevalence of "mega-deals," with 47 transactions exceeding $10 billion each, collectively accounting for over $1.3 trillion and nearly 50% of the total global M&A volume. Notable examples include NextEra Energy's $66.8 billion merger with Dominion Energy and SpaceX's approximately $60 billion purchase of Cursor.
Despite the record-breaking value, the total number of M&A deals actually fell by 9% to approximately 24,000, marking a six-year low. This indicates a strategic shift where buyers are favoring fewer but larger transactions. Technology remained the leading sector for dealmaking, with announced transactions totaling $649 billion in the first half. Cross-border M&A also saw significant growth, reaching $893 billion, a 62% increase from the previous year and the best annual start since 2018. The United States attracted the most cross-border interest, accounting for 25% of these transactions, with Britain a close second.
Financing for these large acquisitions was readily available, with global investment-grade corporate debt issues totaling $3.4 trillion, a 10% increase year-on-year. Bankers suggest that simpler regulatory environments for larger deals, combined with companies' pursuit of scale and competitive advantage, encouraged boards to pursue “dream deals.” Analysts like Ivan Farman, co-head of Global M&A at Bank of America, noted that larger companies with stronger competitive advantages are trading at better multiples, pushing CEOs to pursue large transactions as they can take as much time as smaller ones. PwC projects that global M&A could reach $4 trillion for the full year 2026, which would make it the strongest year since 2021.
