Mergers and acquisitions worldwide delivered steady results in the opening quarter of 2026, with PitchBook estimating total deal value at $1.6 trillion. According to the insights from the researchers, this figure represents an 8.8 percent quarter-over-quarter gain and a striking 50.6 percent year-over-year surge, establishing a fresh quarterly benchmark.
PitchBook also indicated that transaction volume climbed to 13,877 deals, advancing 18.3 percent annually and maintaining near-record activity levels.
PitchBook pointed out that North America dominated the landscape, generating $1,022.2 billion in deal value—an all-time high that rose 22.8 percent sequentially and 60.2 percent from the prior year.
The region completed 5,539 transactions, up 19.2 percent year-over-year.
A single outsized transaction, the $250 billion related-party acquisition of xAI by SpaceX, heavily influenced information technology totals and underscored the market’s tilt toward large-cap activity.
Europe also posted robust gains, with deal value reaching $350.3 billion. This reflected a 5.3 percent sequential increase and a 42 percent annual jump, propelled by several blockbuster transactions.
Key examples include the $44.8 billion sale of Unilever’s food business to McCormick, the $13.5 billion Nuveen-Schroders combination, and the $10.9 billion Zurich-Beazley tie-up.
Financial services consolidation stood out, alongside carve-out activity and sponsor involvement in deals such as EQT’s $3.7 billion purchase of Coller Capital.
Cross-border flows remained active, with North American buyers directing $117.5 billion into Europe across 300 deals, outpacing the reverse direction ($100 billion across 228 transactions).
Monetary conditions provided a mixed backdrop: the ECB held its deposit rate at 2 percent, while the Federal Reserve’s rate stood at 3.50–3.75 percent following a December cut, creating a 150–175 basis-point differential that favored euro-denominated borrowing.
Currency fluctuations, driven partly by Middle East tensions, saw the euro-dollar pair swing from €1.20 to €1.1453 before settling near €1.18. Sector momentum varied sharply.
Energy activity surged 59.8 percent quarter-over-quarter, and business-to-consumer deals rose 38.6 percent.
In contrast, information technology value (excluding the xAI deal) fell 52.5 percent, healthcare declined 21.4 percent, financial services dropped 32.2 percent, and materials and resources plunged 55.9 percent.
Sponsor-backed buyers accounted for roughly 40 percent of global deal count and 50 percent of value, underscoring private equity’s steady influence through transactions such as the $33.4 billion AES take-private and secondary buyouts in aerospace and waste management.
PitchBook added in the research report that valuation trends signaled strong buyer appetite at the premium end.
The global median EV/EBITDA multiple expanded to 10.7 times on a trailing twelve-month basis—the highest level since 2021 and above the 2017–2019 average.
Corporate-led deals reached 9.8 times (up sharply from 2024), while private equity multiples held at 12.6 times.
Deals larger than $5 billion commanded 13.9 times, compared with roughly 8 times for those under $100 million.
The U.S. maintained a clear premium over Europe (11.6 times versus 9.9 times), driven by deeper credit markets and technology-healthcare momentum.
PitchBook also noted that a companion note from Liberty GTS highlighted rising demand for tax liability insurance amid intensified IRS enforcement, artificial intelligence-assisted audits, and new US regulations under the OBBBA that tightened foreign entity rules on clean energy credits.
Transferable tax credits introduced in 2022 continue to drive deal flow, with insurance mitigating disallowance risks in an environment of stable pricing and growing capacity.
Collectively, the data portray a resilient marketplace that has absorbed geopolitical friction, financing volatility, and selective pricing pressures to produce its strongest quarterly performance in years. PitchBook has concluded in the research report that while megadeals and high-quality assets fueled the surge, participants remain disciplined, setting the stage for sustained but measured activity through the remainder of 2026.
