Mega deals have ‘reemerged with a vengeance’ as M&A reaches all-time high in Q1 2026

Global M&A transactions of $10bn (£7.6bn) or more have hit an all-time record in the first three months of 2026.

This is according to research on completed deals from WTW’s ’Quarterly Deal Performance Monitor’, which revealed that a total of 12 mega deals closed in Q1 2026, the highest figure for any quarter since 2008.

This also propelled the value of completed deals in Q1 2026 to a five-year high of $438bn (£346bn), a dramatic jump of 155% compared to the same period in 2025.

In Q1 2026, 56 large deals valued over $1bn (£746m) were completed, marginally higher than the previous quarter and an increase from 40 deals in the first three months of 2025.

Jana Mercereau, head of Europe M&A consulting at WTW, said: “Mega transactions have reemerged with a vengeance.

”Well-capitalised dealmakers have returned to the market with renewed confidence, taking advantage of improved M&A conditions to pursue large strategic transactions to scale operations, bridge capability gaps and secure critical AI-enabling technologies.”

‘Reawakened animal spirits’

European dealmakers led the M&A sector with a strong performance during Q1 2026 – a trend mirrored by UK acquirers.

Based on share price performance, European buyers outclassed companies not involved in M&A activities by +6.0 percentage points, with 40 completed deals. 

Mercereau added: “Pent-up demand, a favourable regulatory environment and healthy balance sheets have reawakened animal spirits, driving the value of dealmaking close to all-time highs.

”The duration and scale of the Middle East conflict, however, risks denting deal momentum, with corporate executives likely to stretch timelines and deepen due diligence. Boardroom confidence remains strong, for the time being at least, as dealmakers normalise heightened geopolitical risk and appear resolved to ride through the bumps and persist with strategic deals.”