Global M&A Q2 2026 Market Update
Strategic Buyers Remain Dominant in a Selective Market
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July 27, 2026
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Global M&A activity remained measured in the second quarter of 2026, with disclosed deal volume declining 5.3% quarter-over-quarter and 10.4% year-over-year to 10,296 announced transactions. Strategic buyers remained the dominant acquirer group, accounting for 83.6% of global disclosed transactions, while a limited number of large announced transactions continued to influence aggregate market value.
Despite lower overall activity, the continued dominance of strategic buyers and the concentration of deal value among a limited number of large announced transactions underscore a disciplined M&A market in which buyers remain focused on strategic priorities.
Global Market Overview
Strategic buyers remained the primary drivers of global M&A activity during the second quarter, accounting for 83.6% of disclosed transactions. Financial buyers represented 15.1% of announced deals, while transactions involving both strategic and financial buyers accounted for the remaining 1.4%.
Figure 1 - Disclosed Deal Count by Acquirer Type (#)
(2Q26)
Source: Capital IQ, FTI Consulting analysis
Sector Performance – Volume
Sector-level activity remained uneven during the second quarter. Industrials remained the most active sector globally, accounting for 28.0% of disclosed transactions, followed by Information Technology at 18.0% and Financial Services at 11.2%. Together, these sectors accounted for 57.2% of global disclosed deal activity.
Figure 2 - Disclosed Deal Count by Sector (#)
(2Q26)
Source: Capital IQ, FTI Consulting analysis
Quarter-over-quarter performance continued to diverge across sectors. Energy (+18.4%), Financial Services (+9.4%) and Utilities (+8.7%) were the only sectors to record increases in disclosed deal count, while Consumer Staples (-18.3%), Communication Services (-17.4%) and Industrials (-12.6%) experienced the largest declines. The results highlight continued variation in sector-level activity rather than broad-based market momentum.
Figure 3 - Change in Average Disclosed Deal Count by Sector (%)
(2Q26)
Source: Capital IQ, FTI Consulting analysis
Sector Performance – Value
Aggregate deal value during the second quarter continued to be influenced by a limited number of large announced transactions. NextEra Energy’s acquisition of Dominion Energy, KONE’s acquisition of TK Elevator, Equity Residential’s merger with AvalonBay Communities and Shell’s acquisition of ARC Resources were among the largest announced transactions of the quarter and contributed significantly to aggregate market value.
Despite the impact of several megadeals, smaller transactions continued to account for most global M&A activity. Small transactions (less than $50 million) represented 64.6% of disclosed deals, while medium-sized transactions ($50 million to less than $500 million) accounted for 25.1%. Large transactions ($500 million or more) represented 10.3% of global disclosed deals, highlighting that a relatively small number of large transactions continue to account for a disproportionate share of overall market value.
Figure 4 - Share of Deals by Transaction Size (%)
(2Q26)
Small (<$50M) | Medium ($50M to <$500M) | Large (≥$500M)
Source: Capital IQ, FTI Consulting analysis
Looking Ahead
Global M&A activity remained selective during the second quarter, with strategic buyers continuing to lead the market despite lower overall deal volume. Sector-level activity remained uneven, while a limited number of large strategic transactions continued to influence aggregate market value. Together, these trends reinforce a disciplined M&A environment heading into the second half of 2026.
Key themes to monitor include:
- Whether overall deal activity stabilizes during the second half of 2026
- The continued influence of large strategic transactions on aggregate market value
- Sector-level shifts in deal activity and buyer interest
- Strategic buyer activity as market conditions continue to evolve
Definitions:
Domestic transactions are transactions in which both the target and buyer are incorporated in the same country. Cross-border transactions are transactions in which the target and buyer are incorporated in different countries. Global transactions are transactions spanning major world regions, including North America, Europe, Asia, Africa, the Middle East, Latin America and the Caribbean. Deal size categories are defined as follows: Small transactions are less than $50 million, medium transactions are $50 million to less than $500 million and large transactions are $500 million or greater. Cancelled transactions are excluded. Transactions not classified within a specific sector are included in overall totals.
Related Insights
Published
July 27, 2026
Key Contacts
Senior Managing Director, Leader of Merger Integration & Carve-Outs
Senior Managing Director, Leader of Financial Due Diligence
Senior Managing Director, Global Head of M&A