2026年一季度全球并购报告（英）2026

Contents Overview4 Institutional Research Group Valuation metrics6 Steven Buibish, CFADirector, US Private Equitysteven.buibish@pitchbook.com A word from Liberty GTS 10 Jinny Choi Senior Research Analyst,Private Equityjinny.choi@pitchbook.com Deal metrics12 European M&A 13 Garrett Hinds Senior Research Analyst,Private Equitygarrett.hinds@pitchbook.com North American M&A14 Antitrust M&A update Kyle Walters Research Analyst, Private Equitykyle.walters@pitchbook.com Sector metrics John MacDonagh Senior Research Analyst,Carbon & Emissions Tech andClean Energy Techjohn.macdonagh@pitchbook.com A word from DFIN Industry metrics Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com B2B B2C27 Benny WongSenior Research Analyst, Energybenny.wong@pitchbook.com Energy Financial services Ben ZercherSenior Research Analyst,Biotech & Pharmaben.zercher@pitchbook.com Healthcare Harrison Waldock IT36 Senior Data Analyst pbinstitutionalresearch@pitchbook.com Materials & resources38 Published on April 29, 2026 References Overview The loudest quarter on record In Q1 2026, global M&A dealmakers powered throughgeopolitical headwinds, from trade policy uncertainty and AIdisruption risk to armed conflict and energy inflation, to drive ahistoric level of activity. Total deal value reached an estimated$1.6 trillion, up 8.8% QoQ and 50.6% YoY, a new quarterly high inour data series. The total was weighted toward the upper endof the market and included the largest single transaction onrecord (xAI’s acquisition). Deal count came in at an estimated13,877 transactions, up 18.3% YoY and landing at the samerecord levels we saw in Q4, underscoring the strength of theM&A market. Financing was abundant early in the quarter, and conditionswere ripe for high levels of activity. However, the situationworsened in the latter part of the quarter after concernsemerged around private credit and the Iran war impactedinflation. While deals were still getting done—and some verylarge deals at that—investors have been selective and pricinghas increased. High-quality companies can still get financing,while lower-rated credits may need to wait out the storm. TheUS forward rate curve has already shifted upward, thoughpublic equity markets have so far shrugged off the signal andcontinue reaching new highs. That complacency may not last, and private market investors, who are more sensitive tofinancing costs, will likely feel the squeeze first. Q1 activity wasespecially strong in North America, where large-cap deals liftedaggregate value. Deal count hit levels not seen since Q1 2022,demonstrating the breadth of activity in the quarter. Sector activity reflected a rotation in investor priorities. Energyled with outsized strength, with value up 59.8% QoQ, followed byB2C at 38.6% QoQ. The headline figures for IT were strong, butthe xAI transaction, a $250 billion related-party sale to SpaceXwith clear shared ownership, inflates the picture considerably.Exclude that single deal and IT value was down 52.5% QoQ,a sharp reset driven by AI disruption concerns weighing onsoftware company valuations and persistent difficulty securingdebt backing for large transactions. The private credit marketremains under strain: Redemption requests have made it harderto underwrite the funding needs of megacap software LBOs,even where PE sponsors have identified attractive targets.Once that pressure subsides, we expect IT deal flow to recover,though that looks more like a second-half story than a Q2 story.Beyond IT, the laggard sectors were healthcare (down 21.4%QoQ) and financial services (down 32.2% QoQ), followed bymaterials & resources (down 55.9% QoQ). North American M&A activity with non-NorthAmerican acquirer Europe favored for cross-border M&A Cross-border deal flows between North America andEurope tilted sharply in one direction during Q1 2026. NorthAmerican acquirers deployed $117.5 billion into Europeantargets, $17.5 billion more than the $100 billion that Europeanbuyers directed at North America over the same period. Dealcount told the same story: 300 North America-into-Europetransactions versus 228 in the other direction, a gap of 72deals. That imbalance persisted despite the euro spendingmuch of the quarter strengthening against the dollar, makingEuropean assets more expensive for dollar-funded buyers.Factors beyond currency are pulling capital eastward acrossthe Atlantic: compressed valuations on European targets,sector-specific opportunity, or more accommodative financing. The monetary backdrop reinforces the asymmetry. Over thesix months ended March 2026, the Federal Reserve (the Fed)and European Central Bank (ECB) converged on a sharedposture of inaction but arrived there from very different startingpoints. The ECB completed its easing cycle in June 2025,landing at a 2% deposit facility rate, and held that rate steadythrough every subsequent meeting. The Fed squeezed outone final 25