M&A deals worth $10bn or more reached a record in the first quarter of 2026, with 12 mega transactions completed, the highest quarterly total since 2008, according to WTW.
WTW’s Quarterly Deal Performance Monitor said the larger share of deals above the $10 bn mark pushed the value of completed transactions in Q1 2026 to a five-year high of $438 bn. That total was up 155% from the same period in 2025.
The broader market also picked up. In the first quarter, 56 large deals valued above $1bn were completed, slightly above the previous quarter and up from 40 deals in Q1 2025.
Jana Mercereau, Head of Europe M&A Consulting at WTW, said mega deals have returned with force. She said well-capitalised buyers have come back into the market with stronger confidence, using better M&A conditions to pursue large strategic transactions, expand operations, close capability gaps, and secure AI-related technologies.
Mega transactions have re-emerged 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.
Jana Mercereau, Head of Europe M&A Consulting, WTW
European buyers led the market in Q1 2026 and delivered the strongest performance. According to WTW, European acquirers outperformed non-M&A companies by 6 percentage points based on share price performance and completed 40 deals during the quarter. UK buyers showed a similar pattern.
Asia-Pacific buyers moved the other way. They underperformed their regional index by 3.4 percentage points while completing 49 deals.
Chinese buyers kept momentum going with 21 transactions, extending the recovery in deal activity seen after the post-2024 lows.
North American acquirers also lagged their benchmark, underperforming by 5.4 percentage points despite completing 117 deals in the first quarter of 2026.
That still marked an improvement from the fourth quarter of 2025, when the region posted a 16.1 percentage point underperformance and completed 96 deals.
Mercereau said pent-up demand, a more supportive regulatory backdrop, and healthy balance sheets have revived dealmaking appetite and pushed transaction values close to historic 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.
She also warned that the length and scale of the Middle East conflict could slow momentum by forcing executives to stretch deal timelines and run deeper due diligence. Even so, she said confidence in the boardroom remains solid for now, with dealmakers adjusting to heavier geopolitical risk and staying committed to strategic transactions.
