Megadeals are reshaping the global M&A landscape. Global mergers and acquisitions are on track to reach $4 trillion in total deal value in 2026, marking the strongest performance since 2021. Transactions valued at more than $5 billion now account for almost half of total M&A value, according to PwC's Global M&A Trends Mid-Year Review 2026.
The global M&A market is increasingly becoming a market of scale. Overall deal value is being driven by a relatively small number of very large transactions, while broader market activity remains comparatively subdued. PwC estimates that global deal value will reach approximately $4 trillion in 2026, up 13% year over year, despite the number of transactions expected to decline by 13%, to around 42,000 deals for the full year.
This divergence reinforces the K-shaped market identified in our report at the beginning of the year. Transactions exceeding $5 billion now account for 48% of global M&A value, nearly doubling their share compared with just two years ago. In 2025, deals above $5 billion represented 39% of total market value, compared with 26% in 2024. Excluding these megadeals, total global M&A value would actually decline by 4%.
The Americas account for 61% of global deal value, despite representing only 28% of total deal volume. This concentration is primarily driven by U.S. megadeals, which now represent 64% of total U.S. deal value, up from 54% in 2025, even as the number of transactions has fallen. At the upper end of the market, well-capitalized buyers continue to pursue scale, resilience and strategic transformation.
Across Europe, the Middle East and Africa (EMEA), deal value has increased on the back of several large transactions, while deal volumes have remained broadly stable.
Asia-Pacific presents a different picture. Deal volume has risen to 37% of the global total, driven by stronger activity in China, Japan and parts of Southeast Asia, while total deal value has declined to 16%. This reflects a smaller number of megadeals and lower average transaction sizes than in the Americas and EMEA. In addition, the AI investment supercycle has had a more limited impact than in the United States, where capital continues to flow aggressively into data centers, power generation and network infrastructure.
Many investors and mid-market participants remain constrained by geopolitical uncertainty, valuation gaps between buyers and sellers, slower economic growth, persistent inflation, elevated interest rates and the continued slowdown in private equity exits.
Artificial intelligence has become one of the principal forces driving this transformation. Capital is increasingly being directed toward the infrastructure and capabilities that will underpin the AI economy, including data centers, power generation, electricity grids, cooling systems, connectivity and specialized components.
At the same time, AI is prompting acquirers to reassess industries and business models that may be more exposed to technological disruption, including software, technology services, professional services and certain areas of financial services.
Artificial intelligence is beginning to reshape M&A execution itself.
Deal teams are increasingly using AI-powered tools to accelerate target identification, data room analysis, commercial due diligence, valuation modelling and value creation planning. The opportunity lies in achieving greater speed while improving analytical depth.
The deals of the future will be completed faster and with greater transparency. Nevertheless, strategic decision-making will continue to depend on human judgment, trust, critical thinking and accountability. The future of M&A will be built on the combination of artificial intelligence and human expertise.
PwC also highlights several additional themes expected to influence global M&A activity during the remainder of the year:
cloud technology axon
Avant Devices has launched an investment round on Startupxplore, Spain...
