Corporate executives and private equity professionals are approaching the mergers and acquisitions landscape with guarded enthusiasm as 2026 unfolds, according to a mid-year analysis from Deloitte. The professional services firm’s new Pulse Survey highlights a market where participants remain engaged but prioritize careful planning amid persistent economic uncertainties.
Conducted in April 2026 among 500 senior leaders actively involved in deal-making, the research study captures current sentiments and forward-looking views.
Respondents hailed from companies with annual revenues exceeding $250 million, spanning sectors such as technology, consumer goods, energy, finance, healthcare, and life sciences, as well as private equity firms.
The findings point to sustained interest in transactions, tempered by a more realistic assessment of challenges.
A majority of participants expressed positive expectations for deal flow.
Roughly 67 percent anticipate closing a higher number of transactions over the coming six months, while 69 percent foresee growth in overall deal values.
Despite these upbeat projections, the outlook has cooled compared to late 2025. Expectations for moderate increases in volume fell by 19 percentage points, shifting toward steadier activity levels rather than aggressive expansion.
This shift underscores a broader trend of discipline in response to market fluctuations.
Cross-border deals emerge as a particularly promising avenue for expansion. About 65 percent of those surveyed predict a rise in international acquisitions during the next year.
Strategic priorities driving these moves center on achieving broader market reach and bolstering internal capabilities, cited as high or medium priorities by 75 percent.
Additional goals include improving financial structures (65 percent) and spreading out operational risks (60 percent).
Interest in overseas opportunities varies, however.
Only 20 percent of leaders reported strong enthusiasm for pursuing such transactions soon, while 35 percent adopted a neutral stance or anticipated flat or reduced activity.
Execution hurdles, including regulatory compliance, supply chain complexities, taxation issues, and capturing revenue benefits, remain key concerns that could determine success.
The United Kingdom stands out as the preferred destination for foreign growth, attracting 52 percent of corporate respondents and 43 percent of private equity leaders.
This preference reflects its appeal as a stable entry point into European and global markets.
Adam Reilly, Deloitte’s national managing partner for merger and acquisition services, noted that the survey reflects ongoing prudence among dealmakers.
“While participants continue to pursue opportunities, they do so with greater focus and structure,” he observed.
He emphasized that cross-border efforts carry strong potential but require robust risk oversight to deliver expected returns.
The report also echoes patterns observed in early 2026, where a small number of mega-deals drove a significant share of total transaction value.
The top 10 deals represented 43 percent of Q1 activity, illustrating a “tale of two markets” dynamic.
Larger players with strong resources can capitalize on volatility, while others adopt wait-and-see approaches.
Deloitte’s analysis suggests that while macroeconomic pressures and geopolitical tensions create headwinds, well-prepared organizations can uncover meaningful prospects.
Success and measurable progress will most likely hinge on integration planning, thorough due diligence, and adaptive strategies that balance ambition with prudence. The update from Deloitte has concluded that as the year 2026 progresses, those who navigate these complexities effectively stand to gain key advantages through both domestic and international deals.