A recent survey of M&A executives found that business leaders are likely to “revisit foundational strategic assumptions” and make “bigger, bolder decisions” about their assets.
The M&A market roared in the second half of 2025, after early-year sluggishness brought on by tariff concerns gave way to a buying binge, driving annual deal value to its second-highest level on record.
The aggregate global value of strategic deals worth $1 billion or more shot up 40% over 2024, to an estimated $4.9 trillion, according to an analysis by Bain & Co. Megadeals valued at $5 billion fueled the surge, representing 73% of the deal-value growth.
The wave may not have crested, according to the report. The firm surveyed 300-plus M&A executives, 80% of whom said they expect to sustain or increase deal activity in 2026. In the report, Bain identified three great forces driving the M&A surge in 2026.