Global M&A activity reached a record US$2.8 trillion in the first half of 2026, driven by a surge in mega-deals worth more than US$10 billion. While the overall number of transactions declined, companies across media, technology, energy and healthcare are increasingly pursuing larger acquisitions to gain scale, strengthen capabilities and secure long-term growth.
The global mergers and acquisitions market is experiencing one of its strongest years on record.
According to LSEG data reported by Reuters, announced M&A activity reached US$2.8 trillion during the first half of 2026, representing a 48% increase year-on-year and marking the strongest first-half performance since records began in 1980. While the number of transactions fell to a six-year low, dealmakers continued to pursue increasingly ambitious acquisitions. A total of 47 transactions valued above US$10 billion accounted for nearly half of all announced deal value during the period.
The figures point to a clear shift in corporate strategy. Rather than pursuing large numbers of smaller acquisitions, many companies are focusing on transformative deals capable of expanding market share, accelerating growth and strengthening competitive positioning.
The Numbers Behind the Mega-Deal Boom
| Metric | H1 2026 |
|---|---|
| Global announced M&A activity | US$2.8 trillion |
| Year-on-year growth | 48% |
| Deals valued above US$10 billion | 47 |
| Share of total deal value from mega-deals | Nearly 50% |
| Record status | Strongest first half since 1980 |
The Deal Everyone Is Talking About
One of the most closely watched transactions of the year is Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, valued at approximately US$110 billion.
The transaction received clearance from UK authorities in August, removing a significant regulatory hurdle. If completed, the deal would combine some of the world’s most recognisable media and entertainment assets, reflecting the growing importance of scale in an increasingly competitive content and streaming market.
The proposed merger has become one of the defining examples of 2026’s dealmaking environment, where companies are pursuing transformational acquisitions rather than incremental expansion.
Why Media Companies Are Getting Bigger
The media industry has become a major driver of large-scale transactions as companies seek broader content libraries, stronger streaming platforms and greater global reach.
Intense competition for audiences, rising production costs and pressure to improve profitability are encouraging businesses to pursue consolidation. The proposed US$110 billion Paramount Skydance–Warner Bros. Discovery transaction is one of the clearest examples of this trend, bringing together major film studios, television networks and streaming assets in a bid to create a stronger global media platform. For many media companies, scale is increasingly viewed as a strategic necessity rather than a competitive advantage.
Artificial Intelligence Is Influencing Deal Strategy
Artificial intelligence is emerging as an important factor in corporate acquisition strategies.
Across industries, organisations are seeking access to specialised technology, skilled talent and digital capabilities that can accelerate innovation. As AI adoption expands, companies are increasingly evaluating acquisitions as a way to strengthen technology capabilities and reduce the time required to bring new solutions to market. Among the year’s headline transactions is SpaceX’s approximately US$60 billion acquisition of AI coding platform Cursor, a deal that highlights the growing strategic value attached to AI capabilities and software talent.
Technology Remains a Key M&A Sector
Technology continues to account for a significant share of global deal activity. Companies are investing in software platforms, digital infrastructure and emerging technologies that can support long-term growth and operational efficiency.
The sector remains one of the most active areas for strategic acquisitions as businesses adapt to rapid technological change. Many of 2026’s largest transactions have been linked directly or indirectly to digital transformation, artificial intelligence and data-driven business models, reflecting technology’s continued influence on corporate strategy and investment decisions.
Energy and Infrastructure Are Back in Focus
Energy and infrastructure assets have also attracted strong interest from buyers and investors.
Growing demand for power, increased investment in digital infrastructure and long-term energy security considerations are contributing to renewed deal activity across the sector. As economies continue to modernise and digitise, infrastructure assets are becoming increasingly important strategic investments. One of the year’s most significant energy transactions is NextEra Energy’s US$66.8 billion merger with Dominion Energy, a deal that underscores growing interest in energy assets as electricity demand rises alongside AI adoption, data centre expansion and electrification initiatives.
Healthcare Continues to Generate Deal Activity
Healthcare remains an active area for mergers and acquisitions as organisations seek operational efficiencies, broader service capabilities and access to growing markets.
Long-term demographic trends, increasing healthcare demand and ongoing innovation continue to support strategic investment across the sector. While healthcare has not produced transactions on the scale of the year’s largest media and energy deals, the sector continues to attract strategic acquisitions aimed at expanding capabilities, improving operational efficiency and strengthening market presence in an increasingly competitive healthcare landscape.
Why Companies Are Choosing Fewer but Bigger Deals
One of the defining characteristics of 2026’s M&A market is the preference for larger transactions.
For many organisations, transformational acquisitions offer a faster route to growth than organic expansion. Large-scale deals can provide immediate access to customers, markets, technologies and operational capabilities that might otherwise take years to develop internally.
The result is a growing focus on transactions capable of fundamentally reshaping competitive positioning.
Cross-Border Transactions Remain Important
Many of today’s largest companies operate globally, making cross-border acquisitions an important component of growth strategies.
International transactions can provide access to new markets, diversify revenue streams and strengthen global footprints. However, they also introduce additional complexity, including regulatory reviews, foreign investment approvals and compliance requirements across multiple jurisdictions.
Regulatory Scrutiny Remains a Key Risk
Despite the resurgence in dealmaking, regulatory oversight remains a significant challenge for large transactions.
Competition authorities around the world continue to closely examine mergers involving major market participants, particularly in sectors such as technology, media and infrastructure. Antitrust concerns, consumer impact assessments and national interest considerations can all influence deal timelines and outcomes.
The Paramount–Warner Bros. Discovery transaction demonstrates how regulatory review remains a central part of modern M&A activity, even as companies pursue increasingly ambitious combinations.
Looking Ahead
The first half of 2026 has demonstrated that global dealmaking is being driven by scale.
Record transaction values, a surge in mega-deals and growing interest in transformational acquisitions suggest that companies are increasingly willing to make bold strategic moves to secure future growth.
The first half of 2026 has already become one of the strongest periods for global dealmaking on record. While regulatory scrutiny and economic uncertainty remain important considerations, the momentum behind large-scale transactions highlights the growing importance of scale, strategic capabilities and market positioning in an increasingly competitive business environment.
