2026年并购趋势：驾驭快速反弹的市场

Navigating a rapidlyrebounding market February 2026 Copyright © 2026 McKinsey & Company. All rights reserved. Cover and 2026 M&A trends images by James Newman Industry deep dives images © Getty Images:Advanced industries: SweetBunFactoryDefense: Colin Anderson Productions pty ltdConsumer packaged goods: alvaro gonzalezFinancial services: Nico De Pasquale PhotographyGlobal energy and materials: bjdlzxInsurance: Jinda NoiphoLife sciences: owngardenPrivate capital: shomos uddinTravel, logistics, and infrastructure: Jorg GreuelUS healthcare: Morsa ImagesTechnology, media, and telecommunications: Dragunov1981Technology M&A: Weiquan Lin M&A insights images © Getty Images:Five steps: Jorg GreuelHow strategic buyers: Jorg GreuelUnlocking merger value: Jorg GreuelExcellence in M&A communications: Flavio CoelhoBeating the odds: Jorg GreuelTwo can be better than one: Jorg GreuelGen AI in M&A: Jorg Greuel These dynamics are setting the tone for 2026.The environment remains complex, shaped bygeopolitical tensions, regulatory intervention,and uneven macroeconomic conditions acrossregions. Yet fewer companies now position M&Aas discretionary. Instead, they’re increasinglyusing transactions to address rapid change, unlocknew sources of growth, strengthen resilience,streamline portfolios, and reposition for sectorand regional shifts. We’re pleased to share2026 M&A Trends:Navigating a rapidly rebounding market. The question for dealmakers over the past few yearswasn’t whether opportunities existed but whetherthe moment was right to pursue them. Strategicconsiderations alone were rarely enough. Capitalcosts, regulatory uncertainty, and geopolitical riskchanged the calculus of transactions, and many thatappeared compelling in theory struggled to gatherthe conviction required to move forward. McKinsey is privileged to work with many of theworld’s leading business and financial executivesas they address these decisions. We supportclients across M&A, separations and IPOs, andjoint ventures and alliances and throughout thedeal life cycle—from strategy and sourcing throughdiligence, integration, and separation execution.Increasingly, we’re helping organizations build thecapabilities that they require to execute moreconsistently and effectively rather than pursuingone-off successes. As 2025 unfolded, the picture became clearer.While M&A activity in the first half of the yearremained uneven, momentum built in the secondhalf. Hesitation gave way to pragmatism, and activityaccelerated in many sectors and regions notbecause uncertainty receded but becausecompanies adjusted to operating within it. Boardsgrew more willing to act without perfect visibility,investors recalibrated expectations, and dealmakersbegan to move again, selectively and with intent—ashift that’s carrying into 2026. This report reflects that perspective. Throughindustry deep dives and M&A insights, we examinehow dealmaking evolved in 2025 and how leaderscan build on those trends to convert renewedmomentum into durable value in the years ahead.We’re grateful to the colleagues who contributedto this work, to our clients for their continued trust,and to our readers for their engagement with ourresearch and perspectives. We hope this reportproves useful as you navigate a market that’s movingagain—and increasingly rewarding those preparedto act. What has emerged is a market that’s rebounding ondifferent terms than before. In some industries,leading companies are once again pursuing scalethrough large transactions, including megadeals. Inothers, momentum is coming from more targeted,capability-led acquisitions—particularly intechnology and AI, where success relies on theability to integrate capabilities and reshapeworkflows. Private capital, gradually recoveringconfidence, is reentering with clearer conviction.Across the market, however, there is less and lesstolerance for loose strategies and uneven execution. Jake Henry Mieke Van Oostende Senior partner, ChicagoGlobal coleader,McKinsey’s M&A Practice Senior partner, BrusselsGlobal coleader,McKinsey’s M&A Practice Contents 32026 M&A TrendsNavigating a rapidlyrebounding market13The Americas16Asia–Pacific19Europe, the Middle East,and Africa 63Life sciencesDealmaking gainsmomentum as strategicpressures intensify70Private capitalConfidence returns aftera period of measuredrecovery76Travel, logistics, andinfrastructureA fragile reset paves wayfor M&A momentum82US healthcareCompanies continue tocreate value throughdiversification89Technology, media, andtelecommunicationsBuilding the future onedeal at a time96Technology M&AAI enters its industrialphase M&A strategy and due diligence 111How strategic buyers canoutperform financialinvestors by building a‘synergy muscle’ Integrations 123Unlocking merger valuethrough operating modeldesign131Excellence in M&Acommunications: Frompreannouncement topostclose 25Industry deep dives 26Advanced industriesGeopolitics, economics,and technology drive M&A31DefenseShifts