M&A Outlook 2026: Expectations Are High Again (Boston Consulting Group)

Summary

• Global M&A value reached $3.0 trillion in 2025, up 31% from the previous year and slightly above the ten-year average of roughly $2.9 trillion.p.2
• Aggregate deal value in the second half of 2025 was 40% higher than in the first half.p.2
• There were approximately 33,000 majority M&A deals in 2025, compared with approximately 33,800 in 2024.p.2
• A total of 39 transactions valued at more than $10 billion were announced in 2025, compared with 28 in 2024.p.4
• Deals involving North American targets totaled $1.9 trillion, up approximately 58% versus 2024.p.3
• European M&A totaled $524 billion, a 1% decrease versus 2024.p.3

Key insights

1. The industrial sector posted the strongest gains in deal value in 2025, rising by 91%.p.4
2. Health care deal value rose 68% and TMT deal value grew by 49%.p.4
3. Approximately 900 deals valued at or above $500 million were completed in 2025, more than 100 above 2024.p.4
4. Global private equity deal value rose by 59% in 2025 compared with 2024.p.5
5. Venture capital funding climbed by approximately 60% globally, according to Crunchbase data.p.6
6. Paramount Skydance tendered an offer valuing Warner Bros. Discovery at $74.3 billion, surpassing Netflix's offer of $69.9 billion.p.5
7. The Europe sentiment index rose to 96 in December 2025, well above the value of 66 recorded in February 2025.p.6
8. US targets accounted for 60% of overall global M&A activity.p.3