Mega deals valued at over US$10 billion delivered their strongest nine-month start to a year, with 24 completed transactions surpassing the highs of the previous boom. According to WTW data produced in partnership with the M&A Research Centre at Bayes Business School, this also represents the largest nine-month rolling period on record. Momentum accelerated in the most recent quarter, with nine mega deals completed, up sharply from three in the previous quarter.
Reported year-to-date deal volume rose to 614, up from 529 transactions completed during the same period in 2025, representing a 16.1% increase. However, the number of large transactions (valued between US$1 billion and US$10 billion) softened in the third quarter of 2026, declining to 45, from 48 in the previous quarter. Overall deal volume also eased slightly at 200 transactions, compared with 202 during the same period.
The M&A data also indicates that dealmakers are accelerating transaction timelines, with quick deals (completed within 70 days of announcement) accounting for 43% of third-quarter transactions, up from 35% in the previous quarter. Over the same period, complex cross-sector deals, often pursued to support rapid inorganic growth or embed new technologies, rose to 35% of transactions, compared with 25% in the previous three months.
Jana Mercereau, Head of Europe M&A Consulting, WTW, said: “Mega deals continue to reshape the global M&A landscape, as companies move decisively to build scale, close capability gaps and secure critical technologies in an increasingly competitive market.
“While faster deal execution reflects the increasingly dynamic nature of today’s M&A environment, shaped by AI-driven transformation, geopolitical tensions and macroeconomic uncertainty, speed must not come at the expense of rigorous due diligence. Companies that prioritise pace over discipline risk undermining long-term value creation and increasing the likelihood of post-closing challenges.”
Of the 200 deals completed during the most recent quarter, 121 transactions, representing 60.5%, underperformed the index, while 79 acquirers, or 39.5%, outperformed.
Based on share price performance, global dealmakers underperformed companies not engaged in M&A for the second consecutive quarter. Deals valued above US$100 million and completed during the past three months underperformed the index by 10.3pp (percentage points).
Regional performance remained under pressure in the third quarter of 2026, with acquirers in North America, Europe and Asia-Pacific all underperforming their respective regional indices. North American dealmakers underperformed by 13.8pp, completing 109 deals during the quarter, up from 103 in the previous three-month period.
European acquirers underperformed their regional index by 5.0pp in the third quarter of 2026, completing 37 deals. This marks the fourth consecutive quarterly decline in European deal volume since 47 transactions were completed in the third quarter of 2025. By contrast, UK buyers bucked the broader regional trend, delivering a strong outperformance.
Asia-Pacific acquirers underperformed their regional index by 18.7 percentage points in the third quarter of 2026, completing 43 deals compared with 51 in the previous three-month period. Chinese buyers, however, recorded a notable increase in activity, completing 21 deals, up from seven in the second quarter of 2026.
Mercereau said: “Corporate buyers continue to show remarkable resilience despite persistent market headwinds. Even amid rising interest rates, surging energy costs and November’s US midterm elections, dealmakers are expected to press ahead with strategic transactions, particularly at the upper end of the market.
“As more companies pursue scale, early integration planning during the due diligence phase will be critical to capturing value from complex deals and driving long-term, sustainable growth.”
WTW’s Quarterly Deal Performance Monitor (QDPM)
(1)The M&A research tracks the number of completed deals over $100m and the share price performance of the acquiring company against the MSCI World Index, which is used as default, unless stated otherwise.
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