BCG’s global M&A activity from January through August 2026 saw total deal value rise 15% year on year, while the number of megadeals reached a record high. The Japanese market remains firm, with the number of deals in 2026 expected to increase 2.8% year on year.
Global M&A deal value increased 15% year on year in the January–August 2026 period, outpacing its long-term average growth rate. Meanwhile, the number of megadeals valued at more than $10 billion reached 37, surpassing the previous record of 32 set in 2021.
The M&A Sentiment Index, a measure of market conditions, stood at 83 in the January–August 2026 period, up from 79 at the start of the year, but remained below its long-term average of 100. Financials and real estate recorded the highest readings, followed by healthcare and energy, while industrial goods, consumer goods and technology remained at low levels.
In Japan, deal activity remained firm, with the number of deals forecast to increase 2.8% in full-year 2026 from 2025. Factors behind this include demands for stronger corporate governance and improved capital efficiency, healthy balance sheets and activist investor activity. The three themes identified for 2025, business development, global expansion and industry consolidation, are expected to continue in 2026, while successful tender offers and acquisition proposals have emerged as new areas of interest.
Takashi Yokotaki (横瀧 崇), co-author of the report and Japan leader, cited the successful tender offer for Toyota Industries and Denso’s acquisition proposal for ROHM, and said it would be important going forward to treat M&A as a management agenda for creating corporate value.