通过并购、分拆与合资创造持久价值：2026并购展望

In 1988,Interbrandpioneeredtheprocess of assigning a monetaryvaluation to the previously intangibleasset of brand – a program of workthatfundamentally transformed howcompanies were appraisedby financialmarkets, transforming the merger andacquisition landscape. We know what it takesto accomplish M&Aactivity that standsthe test of time Whether economic conditions areturbulent or favorable, top brands areconstantly seeking expansion andincreased equity—and we have a richhistory of partnerships that turn targetsinto tangible business results. If you’re questioning or preparing for aMerger or Acquisition, Interbrand is hereto support with the insights and clarityneeded to make your next move a success. 2026 is shaping up tobe a bumper year forM&A Activity. Recovery is long overdue. Over the last three years,global M&A as a percentage of GDP has sat at anear 30-year low1. However, ongoing globalconcerns around U.S.-based tariffs and their impacthas resulted in a fall in both deal quantity andvolume, with April 2025 YOY deal volume decliningby nearly 25%2. alike—creating a market ripe with opportunity tocreate outsized growth. In fact, deals done in arecession are often the most successful long-term3.Spin-offs in particular create opportunity forcompanies to uniquely address new problems andaudiences by excelling in one industry, as opposedto remaining part of a diversified portfolio. Building on increased momentumin 2025, expert analystsis arepredicting a much-needed bump inMerger & Acquisition activity. © INTERBRANDAs we closed out 2025, there was a sharp increasein M&A and Spin-off Activity. Across the 4thquarter, deal volume increased c.36% and totalvalue increasing c.159% - driven by majortransactions and high value strategic deals,including significant announcements aroundWarner Bros. Discovery, Solstice, Kenvue, andHeinz Kraft. This significant global volatility has forcedbusinesses to reassess their structure, oftenresulting in streamlining portfolios and divestingnonessential businesses. While this may seem anunfortunate effect of a difficult market, this activityresults in a plethora of spin-offs and acquisitions In this report, we explore how brands can use M&Aactivity to build brand equity, resulting in bothimmediate and long-term gains. Opportunity is stillabound for those who know how to uncover it. M&A Forecast 2026 With renewedoptimism comesincreased risk:It is estimated 75%of M&A deals fail. M&A deals across theglobe over the last 40years, approximatelythree in every four fail.Published findings ofBaruch Lev and Feng Gu.June 202440,000 Why is a business activitythat is widely consideredto be a growth mechanisminstead resulting infinancial losses These common failures, however,should not be viewed as adeterrent to exploring a mergeror acquisition—rather, creatingsolutions and mitigationstrategies in the early days of adeal can help build the roadmapto a merger or acquisition thatmakes waves. A few widely observed causes: An unclear business and brandstrategy and wasted time? Lack of a clear, strategic planfor becoming market-ready Not considering the risks tocurrent key revenue streams Overlooking internal culturalintegration that could leadto low talent retention Failure to identify brand equitiesand sources of growth Limited evaluation andconsideration of customeralignment with the brand promise M&A Forecast 2026 1Mergers Mergers occur when two companies,often similar in size and scale, combineto form an entirely new operating entity. In a merger, both companies legally dissolve, and assetsand liabilities of the former companies are combined.Shareholders exchange shares of the existing entitiesfor shares in the new combined entity, in turn resultingin changes to ownership and control. Mergers aretypically seen to be mutually beneficial for both parties. What does this mean for the brand? A merger can build brand equity in two ways: eitherthrough a new, distinct brand (New Equity), or bybringing together two brands’ existing value(Consolidated Equity).Whether two companies mergeto create one stronger, unified brand or choose toleverage existing brand equity, company cultures andworkstreams must be aligned accordingly. When donewell, this creates a new brand and culture aligned withthe brand’s new ambition. © INTERBRAND 2Acquisitions An acquisition occurs when one companypurchases a controlling interest in another– assuming control of operations. Typically, this happens when a larger companypurchases a smaller entity. The ownership and controlof the target firm passes to the acquiring firm, with theshareholders of the target firm being compensated incash, stock or a combination of the two. Often anacquiring firm imposes its operating model and systemson the target business. What does this mean for the brand? When an acquisition occurs, the goal is always tocreate new brand equity. This can be accomplishedin several ways, relying on either the brand acquiringanothe