Inside the Strategy Room 292. 2026 M&A Trends: Navigating a rapidly rebounding market
18 snips
Feb 25, 2026 
Mieke Van Oostende, McKinsey senior partner who co-leads M&A in Europe, and Jake Henry, McKinsey senior partner focused on M&A in healthcare and tech, discuss 2025’s surprising deal rebound and five trends driving 2026. They cover regional recoveries, why large deals and private equity returned, rising divestitures, and how AI and geopolitics are reshaping deal strategies.
AI Snips
Chapters
Transcript
Episode notes
2025 Rebound Was Large And Backloaded
- 2025 rebound made it a top-two M&A year with ~4.7 trillion in deal value and ~8,000 deals.
- Activity concentrated in second half (60%) and large deals lifted aggregate value toward pre-COVID levels (4.2% market value).
Mega Deals Drove 2025 Numbers
- 2025 saw an exceptional number of mega-deals: 66 deals over $10bn, eight over $40bn, and two over $80bn.
- Sectors leading big-ticket activity were financial institutions, TMT, and industrials across regions including EMEA and APAC.
Private Equity Came Off The Sidelines
- Private equity returned strongly in 2025 with massive pickup in activity and $2.3tn of dry powder re-entering markets.
- Big PE transactions increased, with deals over $10bn up five percentage points and IPOs expected to reopen exit paths.