M&A in the first half of 2026 set a value record while the number of deals fell. Mergermarket counted $3.16 trillion of global deals across 21,340 transactions, up 44% in value from the first half of 2025, and LSEG counted $2.8 trillion, up 48%, on about 24,000 deals, down 9% [1][2]. DataPorium's own records for January through April show the same shape: M&A value up 35% year over year on almost the same number of deals [3]. As of July 8, 2026, technology, utilities and energy, and healthcare were the busiest sectors by value.
How big was M&A in the first half of 2026?
The two main industry trackers use different methods, so their totals differ, but they agree on the direction:
| Measure (1H 2026) | Mergermarket | LSEG |
|---|---|---|
| Global deal value | $3.16 trillion | $2.8 trillion |
| Change in value vs 1H 2025 | +44% | +48% |
| Number of deals | 21,340 (vs 21,978) | about 24,000 (down 9%) |
| Largest deals | 48 megadeals, 42% of value | 47 deals above $10 billion, over $1.3 trillion |
Both sources describe the highest first-half value on record [1][2]. Mergermarket reports that six deals above $50 billion made up 16% of global volume, and that May alone reached $664 billion across 3,246 deals, a monthly record [1]. LSEG notes that the deal count was the lowest for a first half in six years [2]. Fewer but much larger transactions explain both facts at once.
What DataPorium's deal records show
DataPorium's transaction database runs through April 2026, which covers two thirds of the half. The table below compares January through April of each year [3].
| January to April | 2025 | 2026 | Change |
|---|---|---|---|
| M&A deals | 11,276 | 11,401 | +1.1% |
| M&A value | $1.43 trillion | $1.94 trillion | +35.1% |
| Private equity and venture deals | 8,584 | 7,559 | minus 11.9% |
| All transactions (incl. offerings) | 24,449 | 23,928 | minus 2.1% |
February stands out. DataPorium records $663.6 billion of M&A value that month, of which $250 billion came from the all-stock combination of SpaceX and xAI [3]. Excluding that single deal, February still recorded about $414 billion, in line with the other months of the year.
Which sectors were the busiest for M&A in 2026?
Technology led by value in every source. LSEG put technology deals at $649 billion in the first half, the largest sector [2]. Mergermarket reported a 76% rise in technology deal value, the tenth quarter in a row that the sector led, and a record $328 billion across 177 deals in utilities and energy, driven by power demand from data centers [1].
DataPorium's industry codes give a more detailed view for January through April, measured across all deal types [3]:
- Business services, which includes software and AI companies: $758.7 billion, up from $613.6 billion a year earlier, even though the number of deals fell from 7,846 to 7,278.
- Chemicals and allied products, which includes pharmaceuticals: $204.2 billion, up from $129.6 billion.
- Electric, gas and sanitary services (utilities): $162.8 billion, up from $130.8 billion.
- Oil and gas extraction: $123.6 billion, driven by deals such as Devon Energy's (DVN) stock merger with Coterra Energy.
- Metal mining: 1,313 deals, up from 1,091, one of the few sectors where the count rose clearly.
Why fewer deals but higher values?
Three forces explain the record. First, large companies are buying scale. Mergermarket notes that strategic (corporate) buyers accounted for 76% of volume, while financial sponsor investment fell 6% to $333.2 billion [1]. Second, stock has become a common currency for very large deals, which lets buyers with high share prices make purchases without heavy borrowing. Third, the report on LSEG data points to a more favorable regulatory environment for large strategic deals [2]. Clearer rules lower the cost of planning a big transaction, and that supports private investment.
There is a fair counterpoint. A market led by a few gigadeals is fragile: if two or three large transactions fail, headline values drop quickly. Mergermarket itself warns that the gigadeal trend may mask broader weakness caused by macro volatility [1]. Mid-market activity, the deals below $1 billion that most companies use, has not grown at the same pace, as the flat deal counts show.
Regional picture
North America produced $1.78 trillion, or 56% of global volume, up 66% from a year earlier [1]. Cross-border M&A rose 62% to $893 billion, the strongest start to a year since 2018 [2]. Readers can track individual deals by region, stage and type in DataPorium's M&A and investment screener.
M&A in the first half of 2026 reached record value on fewer deals, because a small number of very large strategic transactions carried the market.
Key takeaways
- Global M&A reached $3.16 trillion (Mergermarket) or $2.8 trillion (LSEG) in the first half of 2026, up 44% to 48%.
- The number of deals fell, to 21,340 on Mergermarket's count and about 24,000 on LSEG's, the lowest first half in six years.
- DataPorium data for January to April show M&A value up 35.1% on deal counts up only 1.1%.
- Technology, utilities and energy, and pharmaceuticals were the busiest sectors by value.
- Corporate buyers drove the market, with 76% of volume, while private equity investment fell 6%.
Frequently asked questions
How much M&A was announced in the first half of 2026?
Mergermarket counted $3.16 trillion of global M&A in the first half of 2026, up 44% from a year earlier, and LSEG counted $2.8 trillion, up 48%. Both describe it as the highest first-half total on record.
Did the number of M&A deals increase in 2026?
No. Deal counts fell slightly, to 21,340 on Mergermarket's count and about 24,000 on LSEG's, down 9%. The value record came from a small number of very large transactions.
Which industry had the most M&A activity in 2026?
Technology led by value, with $649 billion of deals in the first half according to LSEG. Utilities and energy set a record of $328 billion across 177 deals, according to Mergermarket.
Why is M&A so strong in 2026?
Large companies are pursuing scale in AI, power and healthcare, many deals are paid in stock, and advisers point to a more favorable regulatory environment. Private equity activity, by contrast, declined.
Sources & References
- [1] ION Analytics (Mergermarket): Global M&A enters gigadeal era as 1H26 volumes jump 44 percent, July 8, 2026
- [2] Yahoo Finance: Mega-deals propel global M&A to record first half (LSEG data), July 3, 2026
- [3] DataPorium M&A and Investment Screener (monthly deal reports, January to April 2025 and 2026)
