Upcoming Mergers and Acquisitions + Recent Big Deals

M&A activity started the year 2026 with real momentum once again. The megadeal returned in 2025, and confidence returned as financing conditions stabilized. Buyers became comfortable underwriting growth in a market driven by AI. Predictable policy also helped. And that’s the tone set for 2026, a year when boards will act quickly and efficiently.

Deal volume will likely skew to fewer deals with larger price tags. Strategic buyers will focus on scale in areas that are difficult to organically grow, and sponsors will focus on quality in areas where public market pricing still offers room for value creation. Buyers will focus on targets that provide clear growth opportunities through the products they offer or control of critical infrastructure such as data centers and security.

In the blog, the major mergers and acquisitions that are yet to happen in the year 2026 and the major mergers and acquisitions that took place in the years 2024 and 2025 will be discussed.

1. Eli Lilly’s Acquisition of Ventyx Biosciences

• Projected Date: H1 2026
• Value: $1.2 billion
• Industry: Pharmaceuticals

Eli Lilly’s acquisition of Ventyx Biosciences is an all-cash deal worth $1.2 billion. It’s the latest acquisition made by the pharmaceutical firm to increase its presence in the pharmaceutical market beyond its flagship metabolic products. It’s also an expansion of the firm’s interest in treating diseases related to inflammation and the immune system.  

Ventyx Biosciences is a firm that specializes in the development of oral therapies for treating chronic inflammatory diseases, including Crohn’s disease, ulcerative colitis, cardiometabolic diseases, and neurodegenerative diseases. It also has a pipeline that’s primarily focused on NLRP3 inflammasome inhibitors, which have the capability to interrupt the inflammatory process. This class of medication has shown promise in various therapeutic areas.  

As for the strategic significance of the acquisition, the acquisition is good news for Eli Lilly, particularly because the firm is interested in the immunology and cardiometabolic disease areas. Moreover, the acquisition is important for the firm because of the gap that the firm’s pipeline currently faces. Moreover, the acquisition is a small bet on emerging inflammation targets that have high growth potential.  

In general, the acquisition is part of the usual trend that’s being witnessed in the pharmaceutical and biotechnology market, where pharmaceutical firms acquire other firms to diversify their pipeline and gain access to differentiated science without the need for the commencement of significant clinical proof. In 2026, the acquisition trend is expected to remain one of the major factors that shape the pharmaceutical and biotechnology market. 

2. Boston Scientific’s Acquisition of Penumbra

• Projected Date: H2 2026
• Value: $14.5 billion
• Industry: Medical Devices and Cardiovascular Technology

Boston Scientific has agreed to acquire Penumbra in a deal that will see the company acquire the medical device company in an all-cash and stock deal worth $14.5 billion, according to a press release by Boston Scientific on the 3rd of January 2023. The acquisition is expected to be concluded in 2026, pending the approval of the company’s shareholders. Penumbra’s shareholders will receive $374 in cash and stock per share, with 73% of the deal in cash and 27% in Boston Scientific’s stock. 

This deal will help the company enter new markets where it has limited operations, with limited product overlaps with Penumbra’s product portfolio. This is part of the company’s expansion into new markets that are growing, such as the cardiovascular market and the neurovascular market. 

Penumbra’s medical devices will help the company improve its relations with vascular surgeons while at the same time improving its technology portfolio in the mechanical thrombectomy segment. This acquisition is expected to improve Penumbra’s growth prospects as well as Boston Scientific’s growth prospects in the long term.

3. Hg Capital’s Acquisition of OneStream

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• Projected Date: H1 2026
• Value: $6.4 billion
• Industry: Enterprise Software, Fintech

Hg Capital has agreed to buy OneStream through an all-cash deal valued at $6.4 billion. The acquisition is expected to take the company private, two years after it went public through an initial public offering. The acquisition is expected to be completed by mid-2026, subject to regulatory approvals and shareholder approvals by the company’s shareholders.

The acquisition is considered a classic private equity deal in the enterprise software industry. OneStream is a software company that provides corporate performance management software to finance departments.

Hg is a company that has specialized in acquiring software companies that have recurring revenues and have been successful in retaining their customers. OneStream is a company that has all these characteristics, and it’s acquiring it at a premium to its current trading price, which indicates that they expect it to do well in the long term, regardless of how it’s doing currently.

4. Netflix’s Acquisition of Warner Bros. Discovery

• Projected Date: TBD (pending regulatory approval)
• Value: $83 billion
• Industry: Media and Entertainment 

Netflix has made an offer to buy Warner Bros. Discovery through an acquisition deal worth almost $83 billion. The acquisition will be made through cash and stocks, depending on what structure is included in the latest offer. There’s already an existing offer by Paramount to buy Warner Bros. Discovery, which has forced Netflix to come up with an amended offer to buy it through cash and gain board approval over the deal.

This deal is still to go through regulatory approval. This deal has received mixed reactions, and there has been a decline in Netflix’s stocks. There has been a high level of doubt regarding the deal’s strategic and financial logic.

Netflix is a leading company in the streaming industry, but it doesn’t have the necessary infrastructure in the traditional media sector. Warner Bros. Discovery has a high level of infrastructure and content, but it’s also facing a high level of debt and a decline in traditional TV. This deal will solve the problem of debt and traditional TV decline for Warner Bros. Discovery, and Netflix will get the necessary infrastructure in the traditional media sector.

5. Charter Communications’ Merger with Cox Communications 

• Projected Date: TBD (pending regulatory approval)
• Value: $34.5 billion
• Industry: Telecommunications

Charter Communications and Cox Communications have agreed to a deal in which the two will merge in a transaction worth $34.5 billion. This deal will create a company with the highest number of subscribers in the cable and broadband network industry. However, the merger is pending approval from the Federal Communications Commission (FCC) and antitrust regulators, who Charter and Cox must convince that the deal won’t diminish competition in the industry. 

The transaction in this case is a defensive merger, not a growth-driven acquisition. Cable companies are increasingly using mergers as a way to sustain their margins in the industry. The merger between Charter Communications and Cox Communications has been seen as part of a wider trend of telecom industry consolidations, fueled by the decline in linear TV ad revenues and the rise in capital expenditures for network upgrades.

However, the merger has also been opposed on the grounds that it will have a negative effect on competition and will lead to higher prices in regional markets. On the other hand, the two parties have also pointed out the potential benefits of the merger, citing the potential to increase investments in the network and provide consumers with a choice in the form of bundled services and other broadband and wireless services. However, the outcome of this proposed merger will not only shape the future of these two companies, but it will also shape the future of the US cable industry consolidation in 2026.

6. SoftBank’s Acquisition of DigitalBridge

• Projected Date: H1 2026
• Value: $4 billion
• Industry: Technology, Data Centers

SoftBank has agreed to acquire DigitalBridge at a valuation of about $4 billion. This acquisition deal is expected to be completed in the first half of 2026, subject to the satisfaction of some customary conditions. This acquisition deal would provide SoftBank access to the data centers sector, which would benefit from the increased demand for AI compute and connectivity services.

This acquisition deal would provide SoftBank access to physical infrastructure that would be used to provide services to AI workloads and clouds, which would be a significant benefit to the company. This acquisition deal would also provide a new direction to SoftBank, shifting from a traditional venture capital business model to a more stable business model for the development of AI services.

7. Sanofi’s Acquisition of Dynavax Technologies

• Projected Date: Q1 2026
• Value: $2.2 billion
• Industry: Biopharma, Vaccines 

Sanofi has agreed to acquire Dynavax Technologies in an all-cash transaction worth $2.2 billion. This acquisition deal is expected to be completed in the first quarter of 2026, subject to the satisfaction of some customary conditions. Sanofi has agreed to acquire Dynavax Technologies at a price of $15.50 per share, a significant premium to its current market value.

This acquisition is expected to improve the presence of Sanofi in the market for adult immunization. Dynavax Technologies has developed a vaccine for hepatitis B. It also has a vaccine candidate for shingles. Analysts have considered this acquisition to be strategic and logical. Sanofi has relied on strategic deals after facing challenges in the development of its drugs.

8. GSK’s Acquisition of RAPT Therapeutics 

• Projected Date: Q1 2026
• Value: $1.9 billion
• Industry: Biopharma, Immunology

GSK is acquiring RAPT Therapeutics in an all-cash deal worth $2.2 billion. This acquisition includes an upfront cash payment of $1.9 billion, which is net of cash. This acquisition is a tender offer followed by a second-step merger, which is different from a merger of equals. This acquisition is expected to be closed in the first quarter of 2026 after meeting certain conditions. 

This acquisition is for Ozureprubart, which is a long-acting anti-IgE antibody in the phase IIb stage for the prevention of food allergy. GSK believes that Ozureprubart has the potential to be the best in class with a reduced dosing regimen compared to the existing therapy and a huge unmet need for the treatment of food allergy. This acquisition will expand GSK’s respiratory, immunology, and inflammation research and development pipeline. It will also strengthen GSK’s presence in the food allergy area, which has a high prevalence rate and lacks effective treatment options.  

9. Allegiant’s Acquisition of Sun Country Airlines

• Projected Date: H2 2026
• Value: $1.5 billion
• Industry: Airlines

Allegiant is acquiring Sun Country Airlines in an all-cash and stock deal worth $1.5 billion, including the company’s debt. This acquisition is expected to be closed in the second half of 2026, subject to the approval of the shareholders and the government agencies. The merged airline will be based in Las Vegas and will continue to operate under the Allegiant name.

The routes of both Allegiant Airlines and Sun Country Airlines overlap minimally, thus greatly reducing the chances of any possible antitrust issues, which may arise as a result of the merger. The new airline will cover approximately 175 cities, offering over 650 routes, with 195 planes in the fleet.

The acquisition will also see Allegiant save approximately $140 million annually by the third year after the acquisition is completed. The structure of the acquisition also indicates that the shareholders of Allegiant will own approximately two-thirds of the new entity, whereas the shareholders of Sun Country Airlines will own approximately one-third of the new entity.

The acquisition is part of a growing trend in the US aviation industry, where consolidation of players in the industry is being implemented as a defense strategy in the face of increasing costs, competition from other major players, and the impact of the increasing demand for leisure flights in the US, which is likely to be affected by the increasing costs of fuel in the US.

10. EGH Acquisition Corp.’s Acquisition Merger with Hecate Energy

• Projected Date: Mid-2026
• Value: $1.2 billion
• Industry: Energy Infrastructure and Renewables

EGH Acquisition Corp. has agreed to a merger deal with Hecate Energy in a SPAC deal worth $1.2 billion, which will see the company go public. The new entity will be listed on the Nasdaq stock exchange under the ticker symbol HCTE.

Hecate Energy is an energy infrastructure developer based in the United States that specializes in the development of utility-scale solar, battery, wind, and thermal energy-related projects. The company has developed a considerable pipeline of energy-related projects and has sold over 12 gigawatts of its developed projects, in addition to having discussions for more projects.

The merger will combine Hecate's development portfolio and the funds of the SPAC of EGH Acquisition Corp. This will lead to the creation of a publicly traded company that has the potential to scale up its development activities. The merger agreement is set to close in mid-2026, pending approval by shareholders and other authorities.

The merger is a testament to the increasing demand for power infrastructure, driven by the requirement for data centers and artificial intelligence workloads. The increasing demand for power has led to a higher level of interest in organizations that own renewable and hybrid power plants. Going public will give Hecate Energy access to the capital markets sooner compared to the traditional route of going public through an initial public offering.

11. PIF, Silver Lake, and Affinity Partners’ Acquisition of Electronic Arts

• Projected Date: Mid-2026
• Value: $55 billion
• Industry: Interactive Entertainment, Video Games

A consortium led by Saudi Arabia's Public Investment Fund, Silver Lake, and Affinity Partners has agreed to acquire Electronic Arts in a $55 billion leveraged buyout transaction, which will take the company private. In this transaction, the consortium will pay $210 per share in an all-cash transaction, representing a premium of about 25 percent to the company's unaffected share price. This will be the largest leveraged buyout in history and the second largest acquisition in the gaming sector, after the oft-rumored Microsoft and Activision Blizzard deal.

The deal is expected to be concluded in the first quarter of EA’s fiscal year 2027 (mid-2026). However, the approval of the deal by the shareholders and other regulatory approvals, such as those related to foreign investments, is necessary for the completion of the deal.

12. SoftBank’s Acquisition of ABB Robotics

• Projected Date: Mid-to-Late 2026
• Value: $5.4 billion
• Industry: Robotics, Industrial Automation

SoftBank is planning to acquire ABB’s robotics division in a deal worth an estimated $5.4 billion. The acquisition is a major deal for SoftBank in terms of industrial automation and artificial intelligence-based hardware products. Under the acquisition agreement, SoftBank is to purchase a new entity formed by ABB’s division of its robotics business outright.

The acquisition of ABB Robotics by SoftBank is a strategic move by the company to utilize artificial intelligence along with hardware products. ABB Robotics is a renowned industrial robotics company in the world and is part of the global ‘Big 4’ robotics manufacturers. The company generates an annual revenue of $2.3 billion and has around 7,000 employees worldwide.

The acquisition of ABB’s Robotics business by SoftBank will provide the company with a platform for entry into manufacturing automation and other related applications of robotics, which is a vital part of artificial intelligence-based productivity.

13. Union Pacific’s Merger with Norfolk Southern

• Projected Date: Likely 2027 (pending regulatory approval)
• Value: $85 billion
• Industry: Freight Rail and Logistics

Union Pacific Corporation and Norfolk Southern Corporation have agreed to merge in an all-stock and cash transaction that amounts to approximately $85 billion. This is an important move towards the creation of one rail service that can operate across the country. This is because the merged firm will form a coast-to-coast freight railroad in the US. The announcement of the deal was made in 2025, and the filing of the application was made towards the end of 2025. However, the initial target for the deal’s closure was changed to 2027 due to the complex nature of working with regulators.

The combined entity will cover more than 50,000 miles in 43 US states. Further, the entity will link about 100 ports. With the formation of the single entity, Union Pacific will be able to compete favorably with road transporters and their counterparts in Canada. The formation of the single entity is a step in the right direction for Union Pacific Corporation because it will be able to operate across the US and speed up freight transport.

However, in January 2026, the US Surface Transportation Board rejected the merger between Norfolk Southern Corporation and Union Pacific Corporation in the absence of sufficient details regarding the entities’ market shares. This doesn’t prevent the merger from being approved, but delays it significantly.

14. AstraZeneca’s Acquisition of Modella AI 

• Projected Date: 2026
• Value: Financial terms undisclosed
• Industry: Biopharma

AstraZeneca has agreed to buy Modella AI in a strategic move to hasten the development of oncology treatments using the company’s application of AI technologies. The acquisition was announced in January 2026, although the financial details of the acquisition were not disclosed to the public. Modella AI will be part of the oncology organization of AstraZeneca, thus enhancing the partnership between the two companies.

The acquisition of Modella AI by AstraZeneca is also a continuation of the overall trend in the industry, whereby drug manufacturers acquire companies whose technologies have the potential to reduce the time spent in the development of new treatments, considering the high cost of R&D in the industry.

15. Google’s Acquisition of Wiz

• Projected Dae: 2026
• Value: $32 billion
• Industry: Cybersecurity, Cloud Security

Google has agreed to acquire Wiz through an all-cash deal amounting to $32 billion, the highest deal announced by Alphabet Inc. to date. The deal was announced in March 2025, although the deal is expected to be completed in 2026 after satisfying the customary conditions. The company will become a subsidiary of Google Cloud after the completion of the deal.

Google's move to acquire Wiz follows intensifying competition in the cloud market between Google Cloud Platform, Microsoft Azure, and Amazon Web Services. Wiz is expected to help Google bolster its cloud security offerings as demand for comprehensive security across multicloud infrastructures increases with the expansion of AI workloads. The cybersecurity startup has experienced significant growth since its founding, achieving wide adoption across Google, AWS, and Microsoft Azure.

The U.S. Department of Justice approved the deal in March 2025. The companies expect the transaction to close in 2026 following approvals in additional jurisdictions. The acquisition agreement includes a breakup fee of more than $3.2 billion, one of the largest in tech history.

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1. ConocoPhillips Acquisition of Marathon Oil

• Deal Value: $22.5 billion
• Date Closed: November 22, 2024
• Industry: Energy

In late April 2024, ConocoPhillips closed its acquisition of Marathon Oil for $22.5 billion in stock. The transaction is one of the largest energy M&A deals of the year and allows ConocoPhillips to significantly increase its position in the Permian Basin as well as its overall exposure to prolific U.S. shale regions.

The combined company will have greater inventory of low-cost drilling locations as well as better geographic concentration in the Permian, Eagle Ford, and Bakken plays. Additionally, ConocoPhillips is looking for material cost savings on the back of overlapping acreage, shared infrastructure, and streamlined development planning.

With its expanded asset portfolio, ConocoPhillips can put its capital to work more efficiently and grow production at a faster clip without increasing its disciplined spending outlook. The acquisition is further example of how oil supermajors are pursuing M&A to establish longer-term resource depth.

2. Swisscom Acquisition of Vodafone Italia

• Deal Value: $8.6 billion
• Date Closed: December 31, 2024
• Industry: Telecommunications

Swisscom Italia announced the completion of its acquisition of Vodafone Italia for approximately $8.6 billion. One of Europe’s largest telecom transactions of 2024, the transaction will combine Vodafone Italia with Fastweb, the Italian subsidiary of Swisscom.

The combined entity will trade under the brand name Fastweb + Vodafone. With this acquisition, Swisscom has reshaped the Italian broadband and mobile landscape, creating one of the country’s largest integrated telecommunications players.

3. Permira Acquisition of Squarespace

• Deal Value: $7.2 billion
• Date Closed: October 17, 2024
• Industry: Tech

Permira has acquired Squarespace, which is a website building company, through an all-cash deal valued at about $7.2 billion, making it one of the largest deals in the tech industry in 2024, taking the company private after over a decade of being listed on the stock exchange.

The subscription-based model of Squarespace, along with its customer base, made it an attractive acquisition for Permira, which specializes in growing consumer and enterprise software companies. This will allow Permira to take Squarespace private and make necessary investments in product development and growth, as well as operational improvements, without the burden of quarterly earnings pressure.

4. Home Depot's Purchase of SRS Distribution

• Deal Value: $18.3 billion
• Date Closed: March 28, 2024
• Industry: Retail

Home Depot’s acquisition of SRS Distribution, a leading distributor of roofing materials and building materials, is a strategic acquisition as part of the overall plan to expand its presence in the construction materials industry.

The $18.3 billion acquisition provided Home Depot with a boost to its supply chain and product offerings. The acquisition will also allow Home Depot to further leverage its relationships with contractors and builders, further solidifying its position in the home improvement and construction markets.

5. Diamondback Energy's Merger with Endeavor Energy Partners

• Deal Value: $26 billion
• Date Closed: July 18, 2024
• Industry: Energy

Diamondback Energy has announced a merger with Endeavor Energy Partners, a $26 billion deal. This is one of the biggest megadeals of 2024 and further cements its position in the energy market in the United States.

The acquisition has resulted in the expansion of Diamondback Energy’s asset base in the Permian Basin, further strengthening its position in the energy market.

6. Johnson & Johnson's Acquisition of Shockwave Medical

• Deal Value: $17 billion
• Date Closed: May 31, 2024
• Industry: Healthcare

An increase in growth has been seen in the healthcare sector with the deal between Johnson & Johnson and Shockwave Medical, amounting to a deal value of $17 billion. Shockwave Medical is a company that is renowned for the innovative products it offers in the field of intravascular lithotripsy (IVL) treatments for complex cardiovascular diseases.

The deal is expected to generate tremendous growth for Johnson & Johnson through the incorporation of the advanced technology offered by Shockwave Medical. The deal also shows the significance of the growth of companies such as Johnson & Johnson through acquisitions to sustain their growth in the market.

7. Roark Capital's Acquisition of Subway

• Deal Value: $9.6 billion
• Date Closed: August 24, 2024
• Industry: Food & Beverage

The acquisition deal between Roark Capital and Subway is a strategic deal. Roark Capital has taken advantage of the M&A deal to enhance growth in the face of the volatile stock exchange and the fluctuations in interest rates.

With the focus on revitalizing Subway's presence in the world market and enhancing the operational efficiency of Subway, Roark Capital is set to generate growth for Subway despite the challenging times faced by the world economy. The acquisition deal between Roark Capital and Subway shows the success with which M&A deals are being executed by companies to enhance their growth in the key markets of the world.

8. Honeywell's acquisition of Carrier Global

• Deal Value: $18.6 billion
• Date Closed: September 10, 2024
• Industry: Industrial & Manufacturing

The acquisition deal between Honeywell and Carrier Global in the industrial and manufacturing sector for $18.6 billion shows how mergers and acquisition deals are reshaping the industry in the context of technological advancements and changing market requirements.

The deal shows the significance of the deal for companies like Honeywell to expand their business and improve their operational efficiency and profitability.

Frequently Asked Questions

What is mergers and acquisitions?

Mergers and acquisitions are a type of business transfer. Mergers and acquisitions involve the combination of two companies into one company. This type of business transfer is done to expand the market size of the company.

What are the biggest mergers and acquisitions deals that are set to happen in 2026?

Some of the biggest mergers and acquisitions deals that are set to happen in 2026 are as follows:

• Eli Lilly acquiring Ventyx Biosciences for $1.2 billion in the pharmaceutical sector
• Boston Scientific acquiring Penumbra for $14.5 billion in the medical sector
• Hg Capital acquiring OneStream for $6.4 billion in enterprise software
• Google acquiring Wiz for $32 billion in cloud security
• Netflix acquiring Warner Bros. Discovery for $80+ billion in the media sector
• Charter Communications acquiring Cox Communications for $34.5 billion in the telecommunications sector
• Union Pacific acquiring Norfolk Southern for $85 billion in the rail sector
• SoftBank acquiring DigitalBridge for $4 billion in the data center sector

Some of the biggest mergers and acquisitions deals made in 2025 and 2026 are as follows:

• Capital One acquiring Discover Financial Services for $35 billion
• Synopsys acquiring ANSYS for $35 billion
• Hewlett Packard Enterprise acquiring Juniper Networks for $14 billion
• Lowe’s acquiring Foundation Building Materials for $8.8 billion
• Dick’s Sporting Goods acquiring Foot Locker for $2.4 billion
• Capgemini acquiring WNS for $3.3 billion
• CPP Investments, GIP acquire Allete – $6.2 billion
• T-Mobile acquires US Cellular wireless assets – $4.4 billion

The above deals indicate that large-scale deal-making is back, and it’s happening across sectors.

Why is the trend of M&A increasing again in 2026?

The trend of M&A is increasing again in 2026 due to stabilizing conditions and strategic needs to change.

What are the reasons for the trend of M&A increasing again in 2026?

The trend of M&A is increasing again in 2026 due to the following reasons:

• Stabilization of interest rates
• Increase in the adoption of AI
• Gap between public markets and private markets
• Reshaping the portfolios of companies

The trend of M&A is increasing again in 2026, and companies are preferring to do M&A deals, not incremental growth.

Which sectors are witnessing the most mergers and acquisitions in 2026?

The trend of M&A is increasing again in 2026, and the sectors that are witnessing the most mergers and acquisitions are as follows:

• Technology/AI infrastructure
• Energy/power
• Healthcare/biopharma
• Financial services/payments
• Telecommunications/media

The trend of M&A is increasing again in 2026, and the mergers and acquisitions are happening in the sectors where scale, data, and infrastructure are the determining factors.

How do mergers and acquisitions benefit companies?

M&A deals are beneficial to companies as they help the companies expand, reduce costs, and increase their value.

How do mergers and acquisitions benefit companies?

M&A deals are beneficial to companies as they help the companies:

• Increase their market share
• Enter new markets
• Improve their efficiency
• Gain access to new technology
• Strengthen their competitiveness

M&A deals are beneficial to companies, helping the companies expand, reduce costs, and increase their value.

What challenges do companies face during M&A deals?

M&A deals pose various challenges to companies, including:

• Regulatory hurdles
• Cultural differences
• Valuation differences
• Post-merger integration

M&A deals between Swisscom and Vodafone Italia are under review by European regulators.

What’s the role of technology in M&A deals?

Every step of the M&A process is impacted by technology. Companies use technology to manage their M&A pipeline, speed up their due diligence, and improve integration. M&A technology platforms, such as the DealRoom M&A Platform, can aid M&A teams in streamlining their M&A process.

How do investment firms contribute to M&A deals?

Private equity continues to be the main driver of take-private transactions, whereas sovereign wealth funds and infrastructure investors are increasingly engaging in mega-deals, particularly in the technology and energy sectors.

What’s the overall outlook for M&A deals in 2026 and beyond?

The outlook for M&A transactions is positive, with deal-makers predicting that M&A transactions will increase in terms of size and strategic complexity, particularly in the areas of AI, infrastructure, healthcare, and financial services. The upcoming M&A cycle will not be characterized by universal expansion, but rather selective consolidation, building platforms, and competing for key assets.

Key Takeaways

• M&A deals picked up pace in 2025, gearing up steam into 2026, with a trend of fewer, larger deals being driven by AI, infrastructure, and strategic scale, rather than incremental growth.
• Buyers and investors are moving quickly, even in the face of continued headwinds of regulation, rates, and geopolitics, with a focus on high-quality assets where consolidation, technology, and valuation create outsized opportunities.

Deal-making has increased in all sectors and regions in 2025. Moreover, Europe has also seen active M&A deals, such as the acquisition of Vodafone Italia by Swisscom, which shows that consolidation is still an option despite intense regulatory pressures.

Nevertheless, the headwinds of rates, regulations, and geopolitics continue to impact M&A. Buyers and sellers are adjusting to these changes while executing the M&A process. This shows that the M&A pipeline is gearing up for a strong 2026.

Investment banking firms play a vital role in managing M&A deals, especially when the deals are intricate in nature. This helps businesses overcome hurdles while executing the M&A process.

As the M&A process is changing, it’s imperative that businesses stay ahead of the curve. The DealRoom M&A Platform is a platform that can help businesses execute mergers and acquisitions. This platform can help businesses overcome all M&A process hurdles while executing a smooth M&A process.

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