The global M&A market has entered a new phase of structural transformation.

In PwC’s report Global M&A Market Trends: Outlook for 2026, we analyze the key drivers of this new cycle:

  • 111 megadeals announced in 2025, representing a 76% increase compared to the previous year.
  • Growth led by large transactions, financially strong buyers, and strategic sectors.
  • 1 in 3 major deals already incorporates AI into its strategic rationale; in the technology sector, almost all of them do.

In Spain, as highlighted by Carlos Fernández Landa, Head of Transactions at PwC, “2025 has confirmed an M&A market with higher value but lower volume: deployed capital increased by nearly 20% despite a decline in the number of transactions, driven by higher average ticket sizes and several large deals, with real estate leading in activity and technology as a cross-cutting theme.”

“Looking ahead to 2026, the priority will be to anticipate and execute with agility in verticals such as digital infrastructure, healthcare, defense, and energy transition, where Spain will continue to attract capital.”

Discover the full report at this link

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