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Global M&A Hits $2.8 Trillion in H1 2026, Industrial Deals Reach $173 Billion

Global M&A hit a record $2.8 trillion in H1 2026, up 48% YoY, as mega-deals and AI infrastructure spending reshaped the landscape. Industrial M&A alone reached $173 billion, with mega-deals now accounting for 56% of value, up from 18%.

OurAlpha

27 Jul 2026 — 4 min read

Global M&A hits a record in H1 2026, with industrial mega-deals surging.

Global M&A hit $2.8 trillion in H1 2026, up 48% YoY — the highest first-half total since records began in 1980. Industrial M&A reached $173 billion over the past year, up 28% YoY, with mega-deals over $5 billion jumping from 18% to 56% of total deal value.

Global M&A value: $2.8 trillion in H1 2026, up 48% YoY, a record high.^{[MarketScale]}
Deal count: ~24,000 transactions in the period, down 9% YoY — the lowest in six years.^{[MarketScale]}
Mega-deals: 47 deals over $10 billion, totaling more than $1.3 trillion — nearly half of global M&A value.^{[MarketScale]}
Industrial M&A: $173 billion over the past year, up 28% YoY, with mega-deals accounting for 56% of value.^{[MarketScale]}
Average deal size: In industrial M&A, the average deal rose from $155 million in FY2024 to $288 million in FY2025, and to $375 million in the latest year — a 139% increase in two years.^{[MarketScale]}
Strategic buyers dominate: They accounted for 86% of industrial M&A value over the past 12 months.^{[MarketScale]}

The first half of 2026 saw a concentrated surge in global M&A, driven by mega-deals and AI infrastructure investment. According to Reuters, citing LSEG data, total announced M&A reached $2.8 trillion, up 48% from the same period last year — the highest first-half total since records began in 1980.^[^MarketScale^] However, deal count fell 9% YoY to roughly 24,000, the lowest in six years, underscoring a shift toward fewer, larger transactions. BCG’s independent analysis confirms the trend, showing that global completed and announced M&A in H1 2026 totaled about $1.6 trillion, up roughly 28% YoY, with 31 mega-deals over $10 billion versus just 17 a year earlier.^[^MarketScale^]

Mega-Deals Dominate, Industrial M&A Surges

The core driver of this M&A wave is mega-deals. Data shows 47 deals over $10 billion, totaling more than $1.3 trillion — nearly half of global M&A value, a record concentration.^[^MarketScale^] Landmark deals include NextEra Energy’s $66.8 billion acquisition of Dominion Energy and SpaceX’s roughly $60 billion acquisition of Cursor.

Industrial M&A has also heated up significantly. According to PwC’s mid-2026 outlook report, the sector saw $173 billion in M&A over the past year, up 28% from $135 billion in FY2025.^[^MarketScale^] The deal structure has fundamentally changed: deals over $5 billion now account for 56% of industrial M&A value, versus just 18% in FY2024.^[^MarketScale^] Even excluding these mega-deals, the average deal size grew 31% from $155 million in FY2024 to $169 million. PwC data shows the average deal value rose from $155 million in FY2024 to $288 million in FY2025, and to $375 million in the latest year — a 139% increase in two years.^[^MarketScale^]

AI Infrastructure and Strategic Buyers Reshape Deal Logic

The core driver of this M&A wave is AI infrastructure investment. BCG notes that AI is reshaping competitive landscapes faster than most companies can build capabilities internally, increasing the urgency to acquire rather than build.^[^MarketScale^] PwC data also shows that AI infrastructure, grid modernization, and defense/resilience spending are competing for the same limited industrial supply base — a "convergence" driving the highest premiums.^[^MarketScale^]

By buyer type, strategic acquirers — not private equity — are the main force behind this wave. According to PwC, strategic buyers accounted for 86% of industrial M&A value over the past 12 months and 86% of deal volume year-to-date in 2026.^[^MarketScale^] Private equity remains active in the upper mid-market but is not dominating large deals.

Other M&A Activity: Consulting and Financial Deals Heat Up

In the broader M&A market, notable deals also emerged in consulting and finance. Supply chain and operations consultancy Maine Pointe announced that its management has completed a buyout from Geneva-based testing and certification firm SGS, returning to independent status.^[^{Consulting.us}^] Maine Pointe CEO Joseph Esteves said: "As an independent company, we can move faster, invest more aggressively in AI and digital innovation, expand our world-class talent base, and focus entirely on one thing: helping clients drive rapid, measurable results."^[^{Consulting.us}^]

In finance, PGIM, the asset management arm of Prudential Financial, has agreed to acquire the remaining 25% stake in Deerpath Capital, taking full ownership. The deal will strengthen PGIM’s direct lending platform, bringing its AUM to $16 billion with 55 investment professionals.^[^{Financial Times}^] Matt Harvey, PGIM’s head of global middle-market direct lending, said: "We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors."^[^{Financial Times}^]

Separately, Spanish insurer Mapfre’s $1.54 billion acquisition of U.S. insurer Safety has drawn legal advisors, with Hogan Lovells, Cadwalader, and DLA Piper advising on the deal.^[^Law.com^]

As of 6:30 PM ET on July 27, 2026 (after hours), Walmart (WMT) was trading at $111.74, up 2.07% (+$2.27) from its prior close of $109.47. During the session, shares ranged between $109.89 and $112.51, opening at $109.92.