Global merger and acquisition activity hit record levels in the first half, led by a surge in “mega” deals, according to new data from LSEG Data & Analytics.
The value of M&A through the first six months of 2026 reached US$2.85 trillion, which was up 50% from the same period last year, and represents the highest first half total on record, according to LSEG.
The record-setting deal value came amid a 9% decline in the number of transactions, it noted.
In the second quarter, the total value of dealmaking came in at US$1.6 trillion, which was up by 31% from the first quarter, and marked a quarterly record too.
The strong deal value was driven by so-called “mega” deals (transactions worth at least US$10 billion) — there were 48 mega deals in the first half, totalling US$1.3 trillion.
By region, the U.S. market led the way, with deals involving U.S. targets accounting for US$1.5 trillion of the first half deal activity. The value of U.S. dealmaking was up 80% compared with the first half of 2025, and accounted for 54% of global M&A, up from 45% last year.
Additionally, the value of European M&A came in at US$676 billion in the first half, more than double the total recorded in the same period last year — whereas the Asia Pacific region saw a 2% dip in dealmaking to US$360 billion.
The tech sector was the top source of M&A in the first half, accounting for almost a quarter (24%) of deal value, LSEG reported, as the value of tech M&A rose by 90% from 2025 — followed by the industrials sector, which saw deal activity rise 57% and the energy and power sector that gained 41%.
As for the M&A league tables, Goldman Sachs continues to dominate as the top global advisor, with a 38.4% market share, followed by Morgan Stanley and JP Morgan in a near-dead heat for second place, with 24.2% and 24.1% shares, respectively. BofA Securities took fourth spot and Lazard jumped to fifth in the global rankings from 14th place last year, knocking Citi down to sixth place.
TD Securities Inc. also leaped up the global league tables, taking 15th place in the rankings, up from 35th spot in 2025. TD edged out RBC Capital Markets, which came in at 16th position, up one spot from a year ago.