'Mega deals' reach record numbers in early M&A activity for 2026
Global mergers and acquisitions activity has surged in early 2026, with so-called “mega deals” reaching record levels and pushing total transaction values to a five-year high, according to new research.
Data from WTW’s latest Quarterly Deal Performance Monitor (QDPM) shows that 12 transactions valued at more than $10bn were completed in the first three months of the year.
This marks the highest quarterly total for deals of that scale since 2008 and represents a sharp increase from just two such deals in the previous quarter.
The spike in high-value transactions helped drive the total value of completed deals to $438bn in the first quarter, a 155% jump compared to the same period in 2025.
Activity across the broader market also strengthened, with 56 deals worth more than $1bn completed during the quarter, up from 40 in the first three months of last year.
The report, compiled in partnership with the M&A Research Centre at Bayes Business School, also highlights a sustained rise in overall deal volume.
A total of 215 transactions valued above $100m were completed globally between January and March, a 32% increase year-on-year and the fifth consecutive quarterly rise.
Performance data suggests that dealmaking is once again being rewarded by investors.
Companies undertaking acquisitions outperformed the wider market by 2.5 percentage points during the quarter, a significant turnaround from the previous three months when acquirers lagged behind the MSCI World Index by 13.9 percentage points.
Jana Mercereau, Head of Europe M&A Consulting at WTW, said the return of large-scale transactions signals renewed confidence among well-capitalised companies.
“Mega transactions have re-emerged with a vengeance,” she said.
“Dealmakers are taking advantage of improved conditions to pursue strategic acquisitions that help scale operations, close capability gaps and secure key technologies, particularly in AI.”
European buyers were among the strongest performers in the quarter, outperforming non-acquiring companies in the region by 6 percentage points across 40 completed deals.
UK firms followed a similar trend, contributing to the region’s overall strength.
Elsewhere, performance was more mixed.
In Asia-Pacific, acquirers underperformed their regional index by 3.4 percentage points despite completing 49 deals.
Chinese buyers continued to show signs of recovery, with 21 transactions completed, maintaining momentum after a subdued period in 2024.
North American acquirers also lagged their benchmark, underperforming by 5.4 percentage points, although this marked an improvement on the previous quarter.
A total of 117 deals were completed in the region, up from 96 in the final three months of 2025.
Despite the strong start to the year, geopolitical risks remain a concern.
Jana Mercereau, head of Europe M&A consulting for WTW.
Mercereau noted that ongoing conflict in the Middle East could slow deal momentum, as companies extend timelines and apply greater scrutiny to transactions.
Nevertheless, she said boardroom confidence remains resilient.
“Dealmakers appear willing to navigate geopolitical uncertainty and continue pursuing strategic opportunities,” she said
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