LONDON, December 3, 2025 — Global mergers and acquisitions (M&A) outclassed companies not involved in dealmaking during the first nine months of this year, according to WTW research based on share price performance. In partnership with the M&A Research Centre at Bayes Business School, the data shows that the M&A market is on track to achieve its best performing year since the dealmaking boom that followed the pandemic slowdown, paving the way for a stronger year ahead.
5 M&A trends for 2026
Pent-up demand, stock market highs and steady interest rates have fuelled a surge in M&A activity that gives buyers hope of a strong finish to 2025. Jana Mercereau, Head of Europe M&A Consulting at WTW, looks at five key trends companies should track for 2026:
01
Finding the upside of uncertainty
“After a turbulent start to 2025 marked by aggressive tariff policies and geopolitical tensions, the recent M&A surge suggests a recalibration in the market. Buyers have learned to normalise and move through uncertainty, supported by lower financing costs and increased confidence in future growth prospects.
“At the same time, tariff volatility, geopolitical rifts and regulatory hurdles will persist in the months ahead. With more companies going for scale, early integration planning during the due diligence phase may prove one of the toughest tests for buyers looking to lock in gains and drive long-term, sustainable growth.”
02
Return of big deals sparks optimism
“Eight megadeals (valued over $10 billion) closed in the third quarter of 2025, the highest since the final three months of 2018. With a similar rise in large deals (valued over $1bn), this uptick signals growing optimism in the market.
Next year, large-scale M&A will be underpinned by a drive to de-conglomerate in order to ‘buy and build’ in the pursuit of portfolio optimisation”
Jana Mercereau | Head of Europe M&A Consulting at WTW
“Next year, large-scale M&A will be underpinned by a drive to de-conglomerate in order to ‘buy and build’ in the pursuit of portfolio optimisation - rather than higher risk, one-off transformative deals. With a focus on core strengths, this back-to-basics approach will gain traction, particularly in mid-market deals, as buyers make smaller, complementary acquisitions to achieve rapid expansion, synergies and integrate critical technologies.
“Energy, defence, biopharma and technology assets will continue to attract healthy interest in 2026. While cost of living pressures have taken the shine off consumer-focused businesses, an improved pipeline of deals is anticipated as the tariff fog clears in the coming year.”
Mercereau said: “The M&A outlook is optimistic, with forecasts indicating increased activity driven by larger deals focused on scale, innovation and market expansion. While volatility remains a persistent challenge and CEOs should be prepared to plan longer timelines, history shows that periods of turbulence can offer the greatest potential to create value.”
About WTW M&A
WTW’s M&A practice combines our expertise in risk and human capital to offer a full range of M&A services and solutions covering all stages of the M&A process. We have particular expertise in the areas of planning, due diligence, risk transfer and post transaction integration, areas that define the success of any transaction.
About WTW
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