Although activity has somewhat slowed in the third quarter, by the end of September M&A transactions were recorded at $3.9 Trillion, an increase of 28% year-on-year. The record is in value, not in the number of transactions, which fell by almost 10% year-on-year. The average value of mergers and acquisitions grew by 23.9% in the first nine months of the year, rising from $1.33 billion to $1.65 billion compared to the same period in 2025, according to the completed transaction data from the Quarterly Deal Performance Monitor (QDPM) by WTW.
The mega deals - those valued at over $10 billion - have recorded the best nine-month start in their history, with 24 completed transactions surpassing the highs of the previous bull cycle. According to data from WTW compiled in collaboration with the M&A Research Centre at Bayes Business School, this period also represents the highest nine-month total ever recorded. The momentum accelerated in the most recent quarter, with nine mega deals completed, compared to only three in the previous quarter.
The cumulative volume of transactions so far this year reached 614, compared to 529 transactions completed in the same period of 2025, representing a 16.1% increase. However, the number of large deals moderated in the third quarter of 2026, falling to 45 from 48 in the previous quarter. Additionally, the total volume of transactions also slightly declined, with 200 transactions compared to 202 in the equivalent period.
Similarly, M&A data also indicates that buyers are shortening execution timelines: fast transactions - completed in less than 70 days from the announcement - accounted for 43% of transactions in the third quarter, compared to 35% in the previous quarter. In the same period, complex transactions across different sectors - typically aimed at driving inorganic growth or incorporating new technologies - rose to 35% of the total, up from 25% in the previous three months.
Jana Mercereau, Head of M&A Consulting for Europe at WTW, states: “Mega deals continue to redefine the global M&A landscape, as companies act decisively to gain scale, close capacity gaps and secure critical technologies in an increasingly competitive market.”
60% of transactions underperformed the index
Of the 200 transactions completed in the most recent quarter, 121 transactions, 60.5% of the total, underperformed the index, while 79 buyers, 39.5%, outperformed it.
Measured by stock market performance, global buyers underperformed compared to companies that did not engage in M&A transactions for the second consecutive quarter. Transactions over $100 million completed in the last three months recorded a performance 10.3 percentage points below the index.
Furthermore, regional performance remained under pressure in the third quarter of 2026, with buyers in North America, Europe and Asia-Pacific below their respective regional indices.
In the case of North American buyers, they achieved a performance 13.8 percentage points below the index, completing 109 transactions during the quarter, compared to 103 in the previous period. On the other hand, European buyers were 5 percentage points below their regional index in the third quarter of 2026, completing 37 transactions. This result marks the fourth consecutive quarter of declining transaction volume in Europe since 47 transactions were completed in the third quarter of 2025. In contrast, British buyers went against the regional trend and recorded a solid performance above the index.
