Global mergers and acquisitions activity surged 22% in the first half of 2026 compared to the same period last year, reaching $2.4 trillion in total deal value, according to preliminary data from Refinitiv. The rebound marks a decisive shift from the dealmaking slowdown that characterised much of 2024 and early 2025, as corporate boards gain confidence in a more stable interest rate environment.
Cross-border transactions have been the standout driver, accounting for 41% of all announced deals — the highest proportion since 2018. Technology and healthcare continue to dominate sector activity, together representing 38% of deal value, but analysts note a broadening of activity into industrials, energy, and financial services. “We are seeing a return to strategic, conviction-led M&A rather than opportunistic consolidation,” said Helena Morrissey, senior M&A partner at Baker McKenzie. “Companies that spent two years preserving cash are now deploying it with purpose.”
The technology sector alone recorded $312 billion in announced deals, driven by consolidation in enterprise software and cybersecurity. Notable transactions included the $28 billion acquisition of cloud security provider Wiz by a consortium led by Thoma Bravo, and Oracle’s $14 billion purchase of several AI infrastructure firms. Private equity firms, sitting on an estimated $2.8 trillion in dry powder according to Preqin, have also stepped up activity, participating in 34% of all deals globally.
Regulatory headwinds, which chilled dealmaking throughout 2024, have eased somewhat. The US Federal Trade Commission under new leadership has signalled a more pragmatic approach to merger review, while the European Commission has accelerated its approval timelines. However, heightened scrutiny remains in sensitive sectors including semiconductors, AI, and defence, where national security reviews continue to add months to deal completion timelines.
Looking ahead, dealmakers point to several tailwinds: stabilising borrowing costs, strong corporate balance sheets with S&P 500 companies holding an aggregate $4.1 trillion in cash and equivalents, and a growing pipeline of private equity exits. “The conditions for a sustained M&A cycle are the best we have seen since before the pandemic,” noted David Kostin, chief US equity strategist at Goldman Sachs. “The question is not whether deal volumes will continue to rise, but at what pace.”