Global M&A activity remained resilient during the first half of 2026, as IMAP completed 141 transactions worth over USD 10 billion. Selective buyers, AI-driven due diligence, cross-border dealmaking, and increasing pressure on private equity exits are shaping the future of the global M&A market.
Global M&A in H1 2026: Capital Is Available, but Execution Has Become the Real Differentiator
For years, the mergers and acquisitions market was fuelled by abundant liquidity and a favourable environment for dealmaking. The first half of 2026, however, confirms that the market has entered a new phase. Capital remains available, strategic appetite is intact, and companies continue to pursue growth through acquisitions. Yet successfully completing a transaction has become considerably more challenging.
This is one of the key conclusions emerging from IMAP’s H1 2026 Global Deal Summary. During the first six months of the year, IMAP advisers completed 141 transactions worldwide with a combined value exceeding USD 10 billion, making it one of the strongest first-half performances in the partnership’s history. While activity remains healthy, the market is increasingly rewarding preparation, discipline, and flawless execution over momentum alone.
Growth Alone Is No Longer Enough
One of the most significant shifts in today’s market is the evolving investment mindset.
Where investors once focused primarily on growth prospects and revenue expansion, the conversation has become much more nuanced. Buyers are now looking closely at resilience, adaptability, and long-term sustainability. In particular, artificial intelligence has emerged as a central topic during due diligence processes, especially in technology-related transactions.
The question is no longer simply how fast a company can grow. Increasingly, investors want to understand whether a business model is capable of withstanding and leveraging the transformative impact of AI. As a result, resilience to AI disruption has become one of the first areas of evaluation in many transactions, influencing both valuation expectations and investment decisions
A Market Defined by Selectivity
Despite headlines being dominated by large strategic acquisitions, the broader M&A landscape tells a more complex story.
Activity remains concentrated around the best-prepared companies and the most attractive assets. While well-capitalised strategic buyers continue to pursue acquisitions, many mid-market transactions face longer timelines, more intensive scrutiny, and greater valuation discipline.
At the same time, traditional competitive auction processes are becoming less common. Buyer pools have narrowed, valuation gaps remain in many sectors, and bilateral negotiations are increasingly replacing broad sale processes. In this environment, preparation has become a decisive competitive advantage. Companies that enter the market with a clear strategy, a compelling equity story, and robust financial visibility are significantly better positioned to attract investor interest and close successful transactions.
The Sectors Driving Global Deal Activity
Looking beneath the surface of global M&A activity reveals where investors continue to see opportunity.
Industrials led IMAP’s transaction volume during H1 2026, driven by infrastructure-related demand and growing interest in industrial technologies that benefit from advances in automation and artificial intelligence. Consumer-facing businesses, food and beverage companies, and business services also remained highly active, reflecting continued interest in businesses with strong market positions and resilient cash flows.
Technology remains a strategic priority for many buyers, although investment approaches have become increasingly selective. As the implications of AI continue to reshape competitive landscapes, investors are reassessing traditional valuation frameworks and placing greater emphasis on a company’s ability to maintain relevance and differentiation over time.
Private Equity Faces Rising Exit Pressure
Another important theme shaping the market is the growing pressure on private equity firms to return capital to investors.
After several years of accumulating portfolio companies, many sponsors are reaching or exceeding their intended holding periods. While the long-anticipated wave of exits has yet to fully materialise, the pressure to deploy capital and realise returns is steadily increasing.
In the meantime, much of the market’s activity continues to be driven by add-on acquisitions. Private equity-backed businesses are pursuing bolt-on transactions to strengthen existing platforms, expand capabilities, and create additional value before ultimately seeking an exit. This trend is particularly evident across North America and Europe, where portfolio optimisation remains a key strategic priority for sponsors.
Cross-Border M&A Continues to Gain Importance
Despite geopolitical uncertainty and economic volatility in several regions, cross-border transactions remain an important source of deal activity.
More than one-third of IMAP’s transactions during the first half of 2026 involved international buyers or sellers, highlighting the increasingly global nature of corporate growth strategies. Companies continue to look beyond their domestic markets to access new technologies, strengthen capabilities, acquire talent, and expand into attractive geographies.
Across Europe, North America, Asia, and Latin America, the underlying message is consistent: the most strategic buyer is not always the closest one. As markets become more interconnected, identifying the right international partner has become a critical driver of value creation.
Looking Ahead: Opportunity Remains, but Execution Is Critical
The outlook for the second half of 2026 remains cautiously optimistic.
Across virtually every region covered in the report, IMAP partners highlight healthy pipelines, available capital, and continued buyer appetite. However, transaction success increasingly depends on execution. Investors are demanding more information, due diligence processes are becoming more comprehensive, and geopolitical uncertainty continues to influence decision-making.
Looking forward, several themes are expected to shape the market: ongoing industry consolidation, increasing cross-border activity, succession-driven transactions, and a growing need for private equity firms to deliver exits. At the same time, artificial intelligence will continue to influence how businesses are assessed, valued, and positioned for future growth.
The conclusion is clear: opportunities remain abundant across the global M&A market. The challenge is no longer finding deals. The real differentiator is executing them successfully.
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Global M&A activity remained resilient during the first half of 2026, ...
