Global M&A hits record $2.6 trillion in first half as deal sizes swell

Global merger activity reached a record $2.6 trillion in the first half of 2026 as companies pursued larger acquisitions, with analysts expecting dealmaking to broaden into smaller targets in the months ahead.

The total surpassed the previous first-half record of $2.5 trillion set in 2021, according to data compiled by Bloomberg. Deal values rose across most sectors, driven by a handful of mega-transactions that reshaped the media, healthcare and technology landscapes.

"The scale of these transactions reflects a fundamental shift in how companies are thinking about growth — they're choosing to buy rather than build, and they're willing to pay up for scale," said Tom Brennan, M&A analyst at Edgen. "The question now is whether this momentum can sustain into the second half as financing conditions evolve."

The headline figure was heavily concentrated. In the US alone, media and adtech M&A reached $134.2 billion through June 23, PitchBook data shows, though that total was dominated by Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery. Excluding that single deal, US media M&A falls to roughly $24.2 billion. The median US media deal this year was just $2.3 million, against an average near $3.98 billion — illustrating a market of a few strategic mega-deals and a long tail of small ones.

Healthcare was another major driver. Biopharma companies struck 52 M&A transactions in the first half, up from about 30 in the same period of 2025, according to BioSpace. Eli Lilly was the most acquisitive, committing more than $25 billion across nine deals. Gilead Sciences spent $14.8 billion and GSK offered $13.5 billion. Sun Pharma's $12.6 billion purchase of Organon was the largest single healthcare deal of the half.

Mega-deals reshape media and telecom

The media sector saw the largest single transaction of the half with Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery, a deal backed by private equity firms KKR and RedBird Capital Partners. Comcast also announced plans in November to spin off its NBCUniversal and Sky businesses, a move that revived speculation about further consolidation in legacy media.

Private equity firms have been selective participants. While Silver Lake closed its $13 billion take-private of Endeavor (now WME Group) and TPG acquired DirecTV for $7.6 billion, PE has largely focused on smaller, cash-generative assets tied to data, marketing services and media infrastructure rather than Hollywood content libraries, PitchBook data shows.

In Asia, dealmaking topped $750 billion despite geopolitical disruptions in parts of the region, Bloomberg reported. The total reflects strong cross-border activity and continued consolidation in technology and financial services.

Outlook for the second half

Analysts expect the pace of dealmaking to broaden into smaller companies as strategic buyers and private equity firms shift focus from mega-deals to bolt-on acquisitions. The record first-half total has already eclipsed full-year figures for every year since 2018, when global M&A reached $4.1 trillion.

The key risk to the second-half outlook is financing costs. While central banks in the US and Europe have begun cutting interest rates, the pace of further easing remains uncertain. Higher-for-longer rates could slow leveraged buyout activity and push some pending deals to reprice.

Still, the pipeline remains active. With corporate balance sheets strong and private equity dry powder estimated at more than $2 trillion globally, the conditions for continued dealmaking are in place — provided valuation expectations between buyers and sellers continue to converge.

This article is for informational purposes only and does not constitute investment advice.