The number of M&A transactions by listed companies in September 2026 was 127, down 6 from the same month a year earlier but remaining at a high level. Transaction value, however, fell approximately 49% to ¥456.3 billion, affected by declines in transactions involving funds and overseas deals.
The number of M&A transactions in September 2026 was 127 on a timely-disclosure basis, down 6 from the same month a year earlier but remaining above 100 for the 14th consecutive month. Transaction value, meanwhile, fell approximately 49.2% year on year to ¥456.3 billion, marking the fourth consecutive month of year-on-year decline. The decrease was affected by fewer overseas transactions and transactions involving funds.
The number of transactions involving funds fell to 8 from 10 in the same month last year, while the average transaction value per deal declined to approximately ¥31.1 billion. Cross-border transactions also fell by 6 year on year to 17, with their value dropping sharply to ¥119.7 billion. The breakdown was 8 outbound and 9 inbound transactions, indicating limited international activity.
The largest transaction by value was Dai-ichi Life Group's acquisition of New Zealand life insurer Fidelity Life to make it a subsidiary, with an acquisition price of approximately ¥59.6 billion. The second-largest was Kadoya Sesame Mills' acceptance of Integral's tender offer and delisting, at approximately ¥58.0 billion. The third-largest was Kanematsu Electronics' acquisition of IDAJ as a subsidiary, at approximately ¥50.4 billion.
The top 10 M&A transactions by value in September 2026 also included several other large deals, with activity concentrated in growth sectors such as housing development, automobiles and semiconductors. Among the leading companies, there were moves aimed at expanding overseas markets and increasing the overseas share of their business portfolios.