In 2026, the global mergers and acquisitions (M&A) market has entered a new phase of structural transformation, driven by the proliferation of mega-deals—those exceeding $5 billion—and the growing weight of investments in Artificial Intelligence (AI). The report Global M&A Market Trends 2026, prepared by PwC, highlights an uneven and polarized growth pattern, showing a “K-shaped” evolution: activity is concentrated in large-scale transactions led by financially strong buyers and focused on a small number of countries and sectors, primarily the United States and the technology industry.
Mega-Deals, Capital Concentration, and Uneven Recovery
Confidence has returned to the upper segment of the M&A market, but recovery remains uneven. Global deal value surged in 2025 by 36%, reaching $3.522 trillion, driven by the resurgence of mega-deals, while overall transaction volume remained largely stable.
This K-shaped dynamic is particularly evident in the return of mega-deals. In 2025, 111 deals exceeding $5 billion were announced—a 76% increase compared to 63 the previous year. Although this number is still below the 2021 peak, driven then by the pandemic, the resurgence of large-scale transactions has been enough to boost total market value, even as overall activity remains contained. This suggests that the M&A recovery is being led from the top of the market rather than through a broad-based volume increase.
Sectoral dynamics reinforce this polarization, with mega-deal activity increasingly concentrated in a few sectors tied to scale, innovation, and long-term growth trends. While technology continues to be a key pillar, mega-deals are also gaining prominence in banking, industry, energy and utilities, as well as in pharmaceuticals and life sciences, where consolidation and structural investment priorities are driving M&A activity.
AI as a Catalyst for Transactions
Artificial intelligence continues to expand across all sectors. It is estimated that between $5 trillion and $8 trillion will be needed over the next five years to finance AI and its enabling infrastructure—data centers, semiconductors, networks, and new power generation capacity—representing one of the largest capital allocation challenges in history.
AI is also accelerating sector convergence, blurring traditional boundaries and redefining transactional activity. For instance, tech companies are investing directly in energy infrastructure, while industrial and healthcare companies are acquiring data, analytics, and software capabilities to integrate AI into operations and R&D processes.
AI is playing an increasingly central role in the strategic rationale behind transactions. Analysis of the 100 largest corporate M&A deals in 2025 shows that roughly one-third mentioned AI as part of their strategic justification. Technology, industrial, and energy & utilities sectors are where AI features most frequently, reflecting the demand for AI-enabled capabilities and the required investment volumes. Within technology, nearly all large deals announced in 2025 referenced AI in their rationale.
Spain: Global Trends with Local Features
The Spanish M&A market largely mirrors global patterns: transaction value rebounds thanks to lower interest rates and renewed appetite for transformational deals, while also showing distinctive characteristics. Spain experienced a decline in deal volume but strong growth in value, reflecting larger transactions and a more liquid environment for quality assets.
The unique feature of Spain’s market is the magnitude of this rebound: in 2025, capital deployed grew significantly compared to 2024, even though the number of deals fell. This combination—higher value with fewer deals—is more pronounced in Spain than in Europe, highlighting a midmarket segment particularly sensitive to the emergence of mega-deals, which generate a strong knock-on effect.
Distinct Sectoral Patterns
Beyond parallels with global dynamics—digital infrastructure, AI-enabled technology, and private equity divestment pressure—Spain exhibits distinctive sectoral patterns. Real estate leads activity with 705 transactions, up 3%, and carries a much higher relative weight than in other European countries. Looking ahead to 2026, experts anticipate particularly strong activity in digital infrastructure, AI-enabled technology, healthcare, education, and financial/fintech services, supported by private equity divestment pressure and credit recovery
Carlos Fernández Landa,Partner, Head of Transactions atPwC
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