M&A transactions of $10 billion or more have hit an all-time record in the first three months of 2026, according to research on completed deals from WTW’s Quarterly Deal Performance Monitor (QDPM). A total of 12 mega deals closed in the first quarter of 2026, the highest figure for any quarter since 2008. In contrast, only two such deals were completed in the prior three months.
The higher share of transactions exceeding $10 billion also propelled the value of completed deals in the first quarter of 2026 to a five-year high of $438 billion – a dramatic jump of 155% compared to the same period in 2025. In the first quarter of 2026, 56 large deals (valued over $1 billion) were completed, marginally higher than the previous quarter and an increase from 40 deals in the first three months of 2025.
Run in partnership with the M&A Research Centre at Bayes Business School, the data also shows that a total of 215 deals valued over $100 million were completed worldwide during the first three months of 2026. This is a 32% increase in volume compared to the 163 transactions closed in the same period last year, and the fifth consecutive quarterly rise.
Based on share price performance, global dealmakers achieved a market outperformance, as companies making M&A deals outclassed the wider market by +2.5pp (percentage points) for acquisitions valued over $100 million completed between January and March 20261. This is a marked improvement compared to the previous quarter when acquirers underperformed the MSCI World Index by -13.9pp.
Jana Mercereau, Head of Europe M&A Consulting, WTW, said: “Mega transactions have re-emerged with a vengeance. Well-capitalised dealmakers have returned to the market with renewed confidence, taking advantage of improved M&A conditions to pursue large strategic transactions to scale operations, bridge capability gaps and secure critical AI-enabling technologies.”
European dealmakers led the M&A sector with a strong performance during the first quarter of 2026. Based on share price performance, European buyers outclassed companies not involved in M&A activities by an impressive +6.0pp (percentage points), with 40 completed deals. UK acquirers mirrored the wider European trend with a positive performance.
In contrast, Asia-Pacific buyers were -3.4pp below their regional index with 49 deals completed in the first quarter of 2026. With 21 transactions already closed in the first three months of 2026, Chinese buyers maintain their current form of increased deal activity following the record lows of 2024. North American acquirers also underperformed their index by -5.4pp, with 117 deals completed in the last three months, compared to -16.1pp and 96 deals in the final quarter of 2025.
Mercereau said: “Pent-up demand, a favourable regulatory environment and healthy balance sheets have reawakened animal spirits, driving the value of dealmaking close to all-time highs. The duration and scale of the Middle East conflict, however, risks denting deal momentum, with corporate executives likely to stretch timelines and deepen due diligence.
“Boardroom confidence remains strong, for the time being at least, as dealmakers normalise heightened geopolitical risk and appear resolved to ride through the bumps and persist with strategic deals.”
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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