Behind the Deals:
LSEG Deals Intelligence Insights
Report | The State of Global M&A 2026
An M&A super-cycle begins?
Global M&A reached $4.6 trillion during 2025, a 49% increase from 2024 and a level only surpassed once in more than forty years of recorded data. As 2026 gets underway, there is a strong case that we are now entering an M&A super-cycle. Our new report explores the emerging forces driving this momentum, offering a comprehensive review of 2025 dealmaking alongside a forward‑looking analysis of the trends set to shape the M&A landscape around the world in 2026.
What’s Inside: The State of Global M&A 2026
- How the US reasserted old-school dominance at the centre of global M&A activity in 2025.
- The rise of the mega-deal, driving activity in new industries and old.
- The impact of artificial intelligence, a significant catalyst for transactions across many sectors.
- The role of abundant capital in sustaining elevated levels of dealmaking.
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Authors
Matthew Toole
Director Deals Intelligence
Elaine Tan
Senior Manager, Deals Intelligence
Lucille Jones
Senior Manager, Deals Intelligence
Vianca Sanchez
Analyst, Deals Intelligence
