Global M&A enters "gigadeal" era as 1H26 volumes jump 44%

NEW YORK, July 8, 2026 /PRNewswire/ -- Global M&A entered a new "gigadeal" era in 1H26, with six deals worth more than USD 50bn accounting for 16 percent of total deal volume. Overall volume rose 44 percent year-on-year to USD 3.16tn, the highest level on record, according to the 1H26 M&A Highlights report from Mergermarket, an ION service.

Megadeals remained a defining feature in 1H26, with 48 transactions accounting for 42 percent of activity as large-cap businesses pursued scale. Technology led all sectors for a tenth consecutive quarter, posting a 76 percent rise year-on-year, led by OpenAI's USD 122bn funding round. Utilities & energy reached a record USD 328bn across 177 deals, as demand for AI infrastructure and energy security accelerated.

Strategic buyers took the lead globally, accounting for 76 percent of total deal volume, as financial sponsor buyout activity declined. The EMEA region bucked this trend, where sponsor investments and exits rose by 90 percent and 100 percent respectively in aggregate value, compared to 1H25.  

Key insights from the report

• Global M&A values surge: Global M&A activity rose 44 percent Y-o-Y to USD 3.16tn across 21,340 deals, compared with USD 2.19tn over 21,978 deals in 1H25. This represents the highest first half deal volume on record. Three of the top five transactions were announced in May, which recorded a historic high in monthly deal volume at USD 664bn across 3,246 deals.
  
  
• North America continues momentum: North America remained the dominant region in1H26, contributing 56 percent of global M&A volume worth USD 1.78tn, marking a 66 percent increase Y-o-Y. The period ranks as the region's strongest first half by deal volume. Megadeals valued at USD 10bn-plus continued to remain a key driver, totaling USD 958bn and accounting for 54 percent of the region's total volume.
  
  
  
• EMEA sees best performance since 2007: EMEA M&A volume rose 87 percent Y-o-Y, reaching USD 847.5bn against USD 452bn in 1H25, the best first half since 1H07. The region recorded 16 megadeals, a record high for the half year period. The largest deal announced was McCormick's USD 42.7bn acquisition of Unilever's food business.
  
  
• APAC remains subdued: APAC volumes continued their downward trend from 1H26, as deal volume declined 24 percent to USD 474.1bn across 5,220 deals. This was primarily driven by a 43 percent drop in large cap deals, greater than USD 1bn, compared with 1H25, alongside weaker deal activity in China over the past year.
  
  
  
• Private equity stalls as firms recalibrate to market conditions: Global financial sponsor investment activity declined 6 percent in 1H26 to USD 333.2bn, from USD 354.5bn in 1H25, as investors became more selective in their capital allocation and rising costs made fundraising more challenging. Exit volume was up by 7 percent to USD 386.7bn.

Lucinda Guthrie, Head of Mergermarket, says: "The quest for scale has pushed M&A into gigadeal territory. These bets are often responding to the race for AI dominance and mask an overall market fragility caused by geopolitical and macro volatility."

"Corporates have responded to these pressures by rethinking supply chains and using M&A as a tool to execute on this – especially in the US-EU corridor. Meanwhile, there is a continued appetite from investors in unlocking value in listed European corporates."

To download the full report, click here.

All data correct as of 1 July 2026.

About ION

ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/

About Mergermarket

Mergermarket is the premier provider of global proprietary M&A intelligence, data, and predictive analytics. With access to coverage of 1.4 million companies, almost 3,000 sponsors, and powered by 300 journalists and analysts globally, we bring transformative M&A insight and a competitive edge to capital markets professionals, shaping the future of M&A. For more information, visit https://info.mergermarket.com/

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