Deal value rose 23.9% in the first nine months of 2026 as record mega transactions drove activity, although acquirers continued to underperform wider equity markets
Global mergers and acquisitions (M&A) activity accelerated during the first nine months of 2026, with record mega-deal activity and a 16.1% increase in completed transactions, according to Willis.
The re/insurance broking group’s Quarterly Deal Performance Monitor recorded some 614 completed deals worth at least $100m during the period.
That was up from 529 a year earlier, while average deal value increased 23.9% from $1.33bn to $1.65bn.
Mega deals valued at $10bn or more recorded their strongest nine-month start on record, with 24 transactions completed compared with 11 during the equivalent period of 2025.
The YTD deal data chart (bottom of article) shows how activity has shifted towards larger transactions, with 149 deals between $1bn and $10bn also completed during the first nine months, up from 134 a year earlier.
Jana Mercereau, head of Europe M&A Consulting at WTW, said: “Mega deals continue to reshape the global M&A landscape, as companies move decisively to build scale, close capability gaps and secure critical technologies in an increasingly competitive market.”
Nine mega deals were completed during the third quarter alone, compared with three in the previous quarter.
Overall quarterly deal volume remained broadly flat at 200 transactions, compared with 202 in Q2.
Regional performance deteriorates
Despite increased activity, acquirers continued to underperform companies not involved in M&A, according to WTW’s analysis.
The Q3 2025 versus Q3 2026 regional performance chart (right) illustrates a sharp reversal across all three major regions.
North American acquirers went from outperforming their regional index by 9.8 percentage points in Q3 2025 to underperforming by 13.8 points this year.
Europe shifted from an 11.6-point outperformance to a five-point underperformance.
Meanwhile Asia-Pacific moved from outperforming by 17.8 points to underperforming by 18.7 points.
Globally, 121 of the 200 third-quarter transactions, or 60.5%, underperformed their respective index.
Deals worth more than $100m underperformed the wider market by 10.3 percentage points during the quarter.
Faster deals, greater complexity
Dealmakers are also completing transactions more quickly, WTW suggested.
Quick deals, defined as those completed within 70 days of announcement, represented 43% of third-quarter transactions, up from 35% during Q2.
At the same time, cross-sector deals increased from 25% to 35% of transactions.
The deal type analysis (right) shows cross-sector transactions underperformed the index by 14.5 percentage points during Q3, compared with 7.4 points for intra-sector deals.
Quick deals underperformed by some 9.6 points, according to WTW, while slower transactions lagged by 11.6 points.
Mercereau said: “While faster deal execution reflects the increasingly dynamic nature of today’s M&A environment, shaped by AI-driven transformation, geopolitical tensions and macroeconomic uncertainty, speed must not come at the expense of rigorous due diligence.”
She added: “As more companies pursue scale, early integration planning during the due diligence phase will be critical to capturing value from complex deals and driving long-term, sustainable growth.”
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