2026 M&A Outlook: Thinking Big, Building Bigger

“If I had to characterize 2026 in three words, it's going to be technology, globalization, and ambition,” says Stephan Feldgoise, global head of M&A.

The back half of 2025 contributed to what was an exceptional M&A year rivaling record volumes in 2021 and driven by open financing markets, strategic activity, elevated private equity activity, and a ubiquity of capital.

Going forward, Feldgoise notes that AI will affect not just the global landscape economically and geopolitically, but will have a massive impact on the M&A market. It's not just AI companies or hyperscalers thinking about transactions-- it's the software, data centers, semiconductors, real estate, power, transmission, and more.  

Companies are being forced to reimage their portfolios as innovation reshapes industries and capital awaits deployment. Those who think strategically and act boldly will set the course for what comes next.