2026年全球并购市场报告

How reinvention sparked the great M&A rebound Acknowledgments This report was prepared by the leadership team of Bain & Company’s Global M&A and Divestiturespractice, with special direction from Les Baird, partner; Suzanne Kumar, practice executive vice president;Dale Stafford, partner; Kai Grass, partner; David Harding, advisory partner; Kristen Stikeleather, associatepartner; and an editorial team led by David Diamond. The authors wish to thank the many members of theBain leadership team who contributed articles to this year’s report. We also wish to thank the following colleagues for their valuable contributions to this report: Bain PartnersColleen von Eckartsberg, Peter Horsley, and Harshveer Singh; Practice Manager Milind Sachdev; PracticeOperations Manager Anna Nowak-Dzialak; Practice Marketing Director Sonia Castela; Senior ManagerAlex Gilkenson; Consultants Bryce Chung, Lili Johnston, and Trevor Lopes; Associate Consultant DylanVila; Bain Results Talent Network’s Richard Fromm and Ankit Sheth; the editorial team, including JeffBauter Engel, John Campbell, Gail Edmondson, Dave Sims, Sean McDade, Jesse Nunes, Brooke Dunn,Jitendra Pant, Daniel Robinson, Shahnaz Islam, Alexa Meirelles, and Stephen Anderson; and BainCapability Network’s Roopam Kalra, Sanya Kataria, Shruti Daliya, and Rimmalapudi Viswa Teja. Global M&A Report 2026 Contents Letter from the Leaders of Bain’s M&A Practice2 State of the Market3Looking Back at M&A in 2025: Behind the Great Rebound4Looking Ahead to 2026: Getting a Boost from the Great Rebound14M&A Capability for a New Era: Five Ways AI Is Creating More Valuein M&A Right Now20Where the Deals Are: 2025’s Top M&A Markets24 M&A in Automotive and Mobility: New Strategic Moves and Bold Bets31Banking M&A’s Modernization Moment: A Double Helix of Scale and Scope35M&A in Building Products: Making the Right Bets in a Cyclical Industry39M&A in Consumer Products: Searching for the Parenting Advantage43M&A in Defense: Why All Eyes Are on Europe46M&A in Machinery and Equipment: The Strategic Rise of Software52High-Fidelity Diligence Is Critical in Media’s Hot M&A Market55M&A in Medtech: The Boom in Portfolio Reshaping57It’s Time for Mining Companies to Get More Serious About M&A60M&A in Energy and Natural Resources: The Rise of the Oiland Gas Serial Acquirer66M&A in Pharmaceuticals: Bigger, Bolder, and Far More Strategic72M&A in Software: Five Secrets to Creating Real Value WhenAcquiring AI Assets78Telecom M&A: Here Are the Latest Deal Trends Worldwide82Methodology85 Key Contacts in Bain’s Global M&A and Divestitures Practice87 Global M&A Report 2026 Letter from the Leaders of Bain’s M&A Practice Dear friends, We publish our annual M&A report to help business leaders get better at M&A and divestitures. In 2025,deal value rose dramatically to deliver the second-highest year on recordin a broad-basedrebound that spanned all industries. Behind this resurgence is the urgent need for companies to reinventthemselves to get out ahead of the big forces of technology disruption, a post-globalization economy, andshifting profit pools. But whether companies are turning to M&A to gain capabilities that give them a competitive edge in theAI revolution, create the agility required to succeed in post-globalization’s fragmented markets, or pursuenew sources of growth in rapidly changing industries, they now can draw on new tools and approachesto hasten value creation. Read on to learn how various industries are adapting to today’s M&A market, deal trends by market,and how more companies are deploying AI to improve their M&A capabilities. Les Baird Leader of Bain’s M&A Practice Suzanne Kumar Executive Vice President of Bain’s M&A Practice State ofthe Market Looking Back at M&A in 2025: Behind the Great Rebound4 Looking Ahead to 2026: Getting a Boost fromthe Great Rebound14 M&A Capability for a New Era: Five Ways AI Is CreatingMore Value in M&A Right Now20 Where the Deals Are: 2025’s Top M&A Markets24 STATE OF THE MARKET Looking Back at M&A in 2025:Behind the Great Rebound What we can learn from the resurgence in M&A. By Suzanne Kumar, Dale Stafford, Kai Grass, David Harding, and Kristen Stikeleather At a Glance A broad-based rebound boosted deal value by 40%, led by resurgent tech M&A Megadeals greater than $5 billion represented more than 73% of incremental dealvalue as infrequent acquirers came off the sidelines Despite the rebound in activity, the relative share of capital allocated to M&A is at a low of 7% Scope deals accounted for 60% of big deals, making it the biggest year on recordfor deals driven by revenue growth In a year marked by artificial intelligence’s rampant advancement, shifting trade policies, and tepid globalvolume growth, companies across industries saw the urgent need to reboot strategy. And for many, thatmeant a return to M&A. The year 2025 is on track to become the second-highest in deal activity: up 40%in value, to an estimated $4.9 trillion, and 7