2026 M&A Report

2026 M&A Report

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Note From the Editor

This year’s M&A Report offers a detailed review of the global M&A market, including an analysis of market activity across key geographies and industry sectors. We examine how easing interest rates, shifting macroeconomic conditions, and regulatory developments helped propel a worldwide recovery in 2025, led by growth in larger transactions valued at a billion dollars or more, and we analyze the factors shaping the market outlook for 2026.

We discuss a recent change in the tender offer rules and its potential impact on market practice generally, and public M&A in particular. And we take a closer look at common takeover defenses available to public companies and how market and investor pressures continue to influence governance practices.

We also review trends in VC‑backed company M&A deal terms, examining how deal structures, indemnification practices, earnouts, and the use of representation and warranty insurance have evolved in recent years as companies and investors navigate a changing deal environment.

Please subscribe to our mailing lists to stay up to date on the latest developments related to M&A. And don’t forget to check out WilmerHale’s IPO Report and Venture Capital Report for additional insights.

— Andrew Bonnes, Partner and Co-Chair, Mergers and Acquisitions Practice

M&A Activity

Global reported M&A deal value increased by 42% to $3.98 trillion in 2025, driven by a rise in very large transactions. The number of reported deals rose 1% to 44,817. Average deal size was up 40% at $88.9 million.

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Market Review and Outlook

2025 was a recovery year for M&A. The macroeconomic headwinds that have buffeted the market since 2022 started to subside, and total deal value increased significantly compared to 2024, surging toward the end of the year—particularly in the United States. These positive trends were not evenly distributed, however, and on closer inspection the picture was more complicated, with mixed storylines playing out in different sectors of the market throughout the year.

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