According to Bain's M&A Midyear Report 2026, published on Wednesday, the global M&A market is on track for another exceptionally strong year following the robust performance of 2025. If the current pace continues, worldwide deal volume could exceed USD 5,3 trillion in 2026. The all-time record of USD 5,6 trillion was set in 2020.

Mega Deals Drive Growth

The market's momentum is being driven primarily by large-scale transactions. The number of deals valued at more than USD 10 billion has increased by 52 percent since the beginning of the year, while their aggregate value has risen by 53 percent.

«The strong M&A recovery in 2025 was not a short-lived phenomenon. The strategic drivers have become even stronger since then,» said Suzanne Kumar, Executive Vice President and Head of Bain & Company's Global M&A Practice.

Private Equity More Cautious

According to the report, the recovery has been broad-based across regions and industries. Energy and natural resources, industrials, and healthcare & life sciences recorded particularly strong growth. The value of strategic acquisitions has increased by 36 percent since the start of the year, while valuations have remained broadly stable, with a median enterprise value-to-EBITDA multiple of 11,6x. By contrast, the number of transactions has risen by only 2 percent.

Private equity investors have taken a more cautious approach. The value of their acquisitions was 9 percent below the level recorded a year earlier at the end of May. Venture capital, by contrast, has seen significantly stronger momentum. Investment volume surged by 206 percent, driven in part by OpenAI's USD 122 billion funding round.

Europe Posts Strong Growth

According to Bain, the M&A market in Europe, the Middle East and Africa (EMEA) has been particularly dynamic. Transaction volume in the region rose 77 percent year-on-year through the end of May, largely driven by several multi-billion-dollar deals.

Among the largest announced transactions, Bain highlights the USD 24 billion offer by Orange, Bouygues and Iliad for Altice France, Unicredit's renewed takeover attempt of Germany's Commerzbank, and the USD 34,4 billion bid by Finnish elevator and escalator manufacturer Kone for TK Elevator.

AI Changes the Rules of the Game

Alongside the increase in mega deals, Bain believes companies are facing another major challenge. The consultancy refers to a new «Winner's Paradox»: companies must execute complex post-merger integrations while simultaneously accelerating their artificial intelligence transformation.

«Companies are pursuing bold acquisitions to secure the scale and capabilities required in a rapidly changing world,» Kumar continued. «At the same time, the AI boom, which is driving this trend far beyond the technology sector, has created a new paradox: it has never been more difficult to execute large and complex transactions successfully – yet they also offer the greatest opportunities for sustainable value creation.»

A Delicate Balancing Act

According to Bain, this creates a demanding balancing act for companies. They must realise the value of multi-billion-dollar acquisitions while simultaneously accelerating their AI transformation. The consultancy therefore recommends closely aligning M&A strategies with investments in artificial intelligence, process modernisation and organisational change.

«Integrations have always involved both risks and opportunities. AI increases both at the same time,» Kumar said. «Successful companies use a transaction as an accelerator for their AI transformation.»