The largest merger announced in the third quarter of 2026 was Prologis' (PLD) offer for UK warehouse owner SEGRO, valued at about £14.0 billion, or about $18.8 billion at the exchange rate of August 4 [1][9]. It was followed by Aon's (AON) $17.0 billion purchase of insurance broker USI from KKR and other owners, announced August 31, and Uber's (UBER) offer for Delivery Hero at an equity value of $14.8 billion, announced July 16 [2][3]. Every deal in the quarter's top group was far smaller than the megadeals of the first half, when global M&A reached a record of about $2.7 trillion [8].
What were the biggest deals announced in Q3 2026?
The table lists the largest deals announced from July to September 2026 that were confirmed in company filings with the SEC. Values are the headline figures the companies disclosed.
| Announced | Buyer | Target | Value | Sector | Expected closing |
|---|---|---|---|---|---|
| Aug 4 | Prologis | SEGRO (UK) | £14.0 billion (about $18.8 billion) | Logistics real estate | Subject to shareholder and court approvals |
| Aug 31 | Aon | USI Insurance Services | $17.0 billion | Insurance brokerage | Fourth quarter of 2026 |
| Jul 16 | Uber | Delivery Hero (Germany) | $14.8 billion equity value | Food delivery | Tender offer |
| Sep 2 | Nvidia | Hugging Face | About $11.9 billion, plus up to $1.0 billion retention | AI software | First half of 2027 |
| Sep 8 | GE Aerospace | Consolidated Precision Products | $11.75 billion | Aerospace parts | Second half of 2027 |
| Jul 6 | Vertex Pharmaceuticals | Crinetics Pharmaceuticals | About $10.0 billion equity value | Biotech | Shareholder vote held Aug 28 |
| Aug 3 | Curium | Lantheus Holdings | Up to $8.0 billion | Radiopharmaceuticals | First half of 2027 |
Source: company announcements and SEC filings [1][2][3][4][5][6][7]; SEGRO value converted at the Federal Reserve's August 4, 2026 rate of $1.3456 per pound [9].
What do the biggest Q3 2026 deals tell us?
Real estate and logistics: Prologis and SEGRO
Prologis, a US owner of logistics real estate, agreed to buy SEGRO, a UK-listed owner of warehouses and industrial property, mostly with shares [1]. SEGRO shareholders are offered 0.0920 new Prologis shares for each SEGRO share, valuing each SEGRO share at 1,031.7 pence, with a partial cash option of up to about £3.5 billion in total [1]. Because it is a UK takeover, it requires approval by at least 75% in value of the SEGRO shares voted, as well as other conditions [1].
Insurance brokerage: Aon and USI
Aon agreed to pay $17.0 billion for USI, a US broker serving middle-market businesses, and said the deal would add $395 million a year of revenue and cost synergies and be accretive to adjusted earnings per share in 2028 [2]. USI's chief executive, Mike Sicard, is to become president of Aon after closing [2]. It builds on Aon's earlier purchase of broker NFP [2].
Delivery: Uber and Delivery Hero
Uber offered €41.50 per share in cash for all of Delivery Hero, the Berlin-based food delivery company, an equity value of $14.8 billion, or $13.7 billion after counting the stake Uber already bought [3]. Uber said the combined company would operate in 99 markets with pro forma gross bookings of $236 billion in 2025, and that Prosus has irrevocably committed to tender its shares [3].
AI and aerospace: Nvidia and GE Aerospace
Nvidia (NVDA) agreed on September 2 to buy Hugging Face, which runs a widely used platform for sharing open-source AI models, for about $11.9 billion plus an employee retention program of up to $1.0 billion [4]. GE Aerospace (GE) agreed to buy Consolidated Precision Products, a maker of castings for jet engines, for $11.75 billion, about 18 times expected 2027 earnings before interest, taxes, depreciation and amortization including synergies, financed with cash and new debt [5].
Health care: Vertex and Curium
Vertex (VRTX) agreed to pay $85 a share in cash for Crinetics, a total equity value of about $10.0 billion, to add an approved drug for acromegaly and a late-stage drug for congenital adrenal hyperplasia [6]. Curium, a private radiopharmaceutical company, agreed to buy Lantheus (LNTH) for up to $114.50 a share, $102.50 in cash at closing plus contingent value rights of up to $12.00, a premium of 38% to Lantheus' 60-day average price [7].
How are these deals structured?
The quarter's deals show the main ways buyers pay. Prologis is paying mainly in its own shares, so SEGRO shareholders will own part of the combined company and share in its future gains or losses [1]. Uber and Vertex are paying cash, which gives target shareholders a fixed price but requires the buyer to use cash on hand or borrow; Vertex lined up $4.5 billion of committed bridge financing [3][6]. Curium's offer for Lantheus combines cash at closing with contingent value rights, extra payments of up to $12.00 a share that depend on the performance of Lantheus' products [7].
Timelines are long. Nvidia and Curium expect their deals to close in the first half of 2027 and GE Aerospace in the second half of 2027, reflecting regulatory reviews [4][5][7]. A DataPorium explainer covers how to read the premium, payment and conditions in a merger announcement [11].
How does Q3 2026 compare with the first half?
The first half of 2026 set a record. Axios reported global M&A of about $2.7 trillion through late June, up 47% from a year earlier according to preliminary LSEG data, with more than half of the volume coming from deals of $5 billion or more [8]. The number of deals, however, was down 10% from a year earlier, the lowest first-half count since 2020 [8].
The third quarter's largest deals were smaller than the record-setting transactions of the first half. They were struck as borrowing costs rose: the 10-year Treasury yield rose from 4.44% to 5.29% during the quarter, and high-grade corporate bond yields rose with it, DataPorium data show [10]. Several of the quarter's buyers are paying mostly in stock (Prologis) or with cash on hand and new debt (Vertex, GE Aerospace) [1][5][6].
The biggest Q3 2026 deals were Prologis-SEGRO at about $18.8 billion, Aon-USI at $17.0 billion and Uber-Delivery Hero at $14.8 billion, all far smaller than the first half's megadeals.
Frequently asked questions
What was the biggest acquisition in Q3 2026?
Prologis' recommended offer for SEGRO, announced August 4, 2026, which values SEGRO at about £14.0 billion, or about $18.8 billion [1][9].
How much is Aon paying for USI?
Aon agreed to pay $17.0 billion for USI, buying it from KKR and other shareholders; it expects the deal to close in the fourth quarter of 2026 [2].
Is Uber buying Delivery Hero?
Yes. On July 16, 2026, Uber agreed to make a cash offer of €41.50 per share for Delivery Hero, an equity value of $14.8 billion, with the support of Delivery Hero's boards [3].
Did Nvidia buy Hugging Face?
Nvidia agreed on September 2, 2026 to acquire Hugging Face for about $11.9 billion, with closing expected in the first half of 2027 [4].
Sources & References
- [1] Prologis, Form 8-K on the recommended offer for SEGRO plc (August 4, 2026)
- [2] Aon, Aon to acquire USI (Form 8-K exhibit 99.1, August 31, 2026)
- [3] Uber Technologies, announcement of business combination agreement with Delivery Hero (Form 8-K exhibit 99.1, July 16, 2026)
- [4] NVIDIA, Form 8-K on the agreement to acquire Hugging Face (September 2026)
- [5] GE Aerospace, GE Aerospace to acquire Consolidated Precision Products, investor presentation (September 8, 2026)
- [6] Crinetics Pharmaceuticals, Vertex to acquire Crinetics (press release, July 6, 2026)
- [7] Lantheus Holdings, Curium and Lantheus definitive agreement (press release, August 3, 2026)
- [8] Axios, Global dealmaking reaches new record (June 25, 2026)
- [9] Federal Reserve Bank of St. Louis, FRED, US dollar to UK pound exchange rate (DEXUSUK)
- [10] DataPorium Interest Rates (Treasury yields and corporate bond yields)
- [11] DataPorium article, How to read a merger announcement: premium, payment, conditions and timeline explained
