Global M&A Slows in 3Q26 After Record First Half

Event summary

Global M&A reached USD 4.44tn in 9M26, with 72% of volume in 1H26.
North America accounted for 53% of global deal volume, but 3Q26 saw a 23% drop.
EMEA recorded its strongest year-to-date performance since 2007, driven by large-cap deals.
Technology remained the top sector, with USD 1.1tn in deal volume across 7,987 deals.
Private equity investments fell 11% year-on-year, while exits rose 12%.

The big picture

The slowdown in global M&A momentum in 3Q26 reflects broader macroeconomic and geopolitical uncertainties. Despite this, technology remains a key driver, and EMEA's push for large-cap deals highlights regional strategies to strengthen supply chains and create 'European champions'. The shift in private equity investments towards exits signals a more selective approach to dealmaking in the current environment.

What we're watching

Geopolitical Risk: Whether uncertainty around growth, geopolitics, and financing conditions will prevent deals from closing in 4Q26.
Regional Dynamics: How EMEA's focus on large-cap deals and 'European champions' will impact global M&A strategies.
Sector Trends: The pace at which technology M&A, particularly in AI and robotics, will continue to drive global deal volume.