Key Takeaways:
Global transaction values surged about 30% year over year to $2.6 trillion in the first half of 2026, fueled by a regulatory environment that bankers and executives describe as the most permissive in decades.
The tally, compiled by Bloomberg, marks the strongest opening six months for dealmaking since 2021 and reflects what Bloomberg's Ryan Gould called "a Trump-induced M&A boom." The pace accelerated sharply in the second quarter, with seven transactions exceeding $10 billion announced in June alone, according to data from EY and Bloomberg.
"We're in the midst of a Trump-induced M&A boom," Gould said on Bloomberg Businessweek. "If you go into a boardroom, you're looking at boards and management teams and their advisors who are saying, 'It's here for the taking.'"
Mitch Berlin, EY-Parthenon and EY Americas vice chair, said the combination of a deal-friendly Federal Trade Commission and Justice Department — which has blocked only one transaction this cycle, later renegotiated rather than killed — and corporate urgency to transform has created a unique window. "Companies need to transform themselves, and the quickest way to transformation is through a transaction," Berlin said. "The fact that these large deals are happening — just this month alone, probably seven deals over $10 billion — shows how bold companies and boards are being, knowing they're probably not going to get stopped."
The corporate-led surge masks a divergence beneath the headline numbers. About 70% of global deal value originated in the U.S., where corporate acquirers — not private equity firms — drove the bulk of activity. Private equity deal volume was flat to slightly negative in the first half, constrained by elevated borrowing costs, according to EY's deal tracker. The firm expects PE activity to remain flat for the full year, implying a pickup in the second half.
Cross-border appetite also strengthened. Non-U.S. and Canadian acquirers completed 30 deals for North American targets in the first half, up from 23 a year earlier, while the combined value of those transactions more than tripled to $15.9 billion from $4.8 billion, per EY data.
The midterm election clock is adding urgency. With control of the House and Senate up for grabs in November, dealmakers are racing to announce and close transactions before the political landscape potentially shifts. Antitrust reviews for large transactions can stretch 18 to 24 months, meaning deals announced now would clear under the current administration's framework.
"The proximity to the midterms is one of those things," Gould said. "You don't want to be running up into that period and end up having to pay things like breakup fees."
Globally, financial services firms disclosed 1,137 deals in the first half, a 3% increase from 1,101 a year earlier, though total disclosed value fell to $134.5 billion from $191.3 billion as megadeal activity slowed. Just 25 transactions exceeded $1 billion, down from 37 in the same period last year, though those 25 still accounted for 80% of total deal value.
In Europe, M&A activity rose 7% half-on-half to 375 deals, with wealth and asset management the standout sector: deal count climbed to 134 from 108, and value jumped to $31.1 billion from $2.6 billion, driven largely by a single $13.4 billion transaction. Asia and Oceania moved in the opposite direction, with deal volume down 14% to 147 transactions and value slipping to $15.8 billion from $17.8 billion.
Berlin said the window for U.S. dealmaking in particular is likely temporary. "The current regulatory backdrop is increasingly pro-growth and enabling — but it's likely temporary, and firms looking at M&A for strategic transformation would be well placed to act in the near-term."
This article is for informational purposes only and does not constitute investment advice.
