Global mergers and acquisitions activity in the second quarter of 2026 reached an estimated $1.3 trillion, according to PitchBook’s latest research. This figure represented a solid 35.3% year-over-year increase from $965.7 billion in Q2 2025, yet it marked an 18.4% decline from the record $1.6 trillion posted in the first quarter of the year.
The research report added that overall deal volume remained largely flat, with approximately 11,880 transactions completed — up just 3.4% from the prior year and down slightly quarter-over-quarter.
The quarter was defined by its top-heavy nature. A relatively small number of very large transactions drove much of the headline value.
Deals valued at $5 billion or more totaled $553 billion across 34 transactions, accounting for 42% of overall deal value.
This concentration masked steadier but less dynamic activity in the mid-market and smaller deal segments.
North America led regional performance, recording $787 billion in deal value — though this was down 24.3% from the previous quarter.
Megadeals provided significant support here, including major transactions in the energy and technology spaces.
Europe saw a modest slowdown in deal value after three consecutive quarters of growth, with activity falling 6.4% quarter-over-quarter, though deal count edged up slightly.
Cross-border interest in European targets remained healthy year-to-date.Sector performance showed clear rotation.
Energy stood out with exceptional strength, surging to $217 billion in value — up dramatically year-over-year and posting its second-highest quarterly total on record.
Healthcare also delivered robust growth, reaching roughly $165 billion with double-digit gains both year-over-year and sequentially.
Business-to-business (B2B) deals contributed $344.9 billion, supported by strength in Europe.
In contrast, technology (IT) deal value fell 38.7% quarter-over-quarter to $262.2 billion despite a modest year-over-year increase, while financial services declined sharply.
Private equity activity retreated amid higher borrowing costs.
Buyout value dropped 35.7% quarter-over-quarter to $287.3 billion as leveraged transactions became more challenging to finance.
Strategic (corporate) acquirers proved far more resilient, contributing the majority of deal value at approximately $893 billion.
The valuation gap between private equity and corporate buyers narrowed, with median trailing twelve-month EV/EBITDA multiples at 12.2x for sponsors and 9.3x for corporates.
Overall global median multiples remained disciplined at 10.2x.A more permissive regulatory environment in key jurisdictions supported larger transactions.
In the United States, early terminations of Hart-Scott-Rodino reviews and other policy shifts reduced friction for big deals.
European and UK regulators also signaled greater openness to consolidation in certain sectors.
PitchBook’s analysis highlights that while headline numbers appear healthy, the market’s reliance on megadeals signals caution among many buyers and sellers outside the largest transactions.
Stable valuations and shifting sector momentum suggest dealmakers are selectively pursuing opportunities in areas such as energy infrastructure and healthcare consolidation, even as broader mid-market activity remains measured. The report underscores how macroeconomic factors, including interest rate dynamics and regulatory tone, continue to shape the pace and character of global M&A.