'Cautious optimism' could be the motto of Americas M&A right now. Chasing growth for growth's sake - that's just so pre-pandemic. Dealmakers now have their eyes very firmly on the long term. And that means laying in stores, fixing roofs, building bridges, and all the other metaphors for future-proofing portfolios. 

This sea change from growth-seeking to risk-reducing has been evident for a while, but it really hits the spotlight in Deal Drivers: Americas 2026 Outlook, the end-of-year report produced by Datasite in partnership with Mergermarket. With uncertainties prevailing across the continent, from high interest rates to industrial shifts, multiple sectors and regions are choosing the SUV over the sports car - to travel not faster, but farther.

What does 'resilience' look like?

As we move into 2026, it's resilience that is attracting the highest bids, and accounting for those stellar deal values even in the face of muted volumes. So what is it? 

Firstly, we're seeing an emphasis on infrastructure. Like the founders of the original Pacific Railroad, buyers are snapping up the building blocks of tomorrow's high-tech, clean energy economy. That means minerals from Canada, copper from Chile, and AI from Silicon Valley (and beyond). 

Resilience is also coming from sectors with predictable demand and non-cyclical revenue streams, such as consumer essentials, services, and healthcare/biotech. Not least resilience also means securing longer-term supply chains, which recent tariffs and US onshoring policies may have disrupted. 

Building to last - and hedging the bets

Traditional patterns are shifting as dealmakers recalibrate for longevity over quick returns. A case in point is Canada, where the traditional EMU powerhouse (still going strong) is now rivalled by consumer deals, accounting for 28 of 101 stories. Food, value retail, health, and non-discretionary categories are all seen as less vulnerable to market sentiment, rates, or political cycles. 

Similar diversification is even more evident in the US, where the Northeast corridor boasts around 35% of all Americas deal stories (624) yet with no particular sector focus. Instead, there's a healthy-looking spread across TMT, pharma/biotech, consumer, industrials, and business services.

Meanwhile, TMT is stretching its limbs. Though this sector's dominance is nothing new, it has largely been concentrated in the Western US. That dynamic has dramatically altered. The Northeast has actually overtaken the West as the leading TMT hub, while the South is also emerging as a credible tech-plus-capital ecosystem. The growing role of new technologies such as AI across virtually every other sector makes TMT very much a trump card. To say 'No tech, no deal' might be a stretch - but it's certainly the glue holding the market together. How sturdy this glue proves to be is a whole different question - the rush for AI carries uneasy echoes of the dot-com boom - but this anxiety only drives the quest for the most risk-proof assets. 

Buyers beware - a market reshaped by caution

The Deal Drivers report suggests a broad M&A mindset that favors long-term market positioning and supply-chain security over 'growth at any cost'. PE firms, still hindered by high borrowing rates, have been forced to become more selective, and are likewise focused on downside mitigation. As for due diligence, it's placing greater emphasis on the risks posed by national or state policies, regulatory concerns, and (notably in Brazil) major upcoming elections. Such risks are also affecting the timing and structure of deals, especially cross-border. 

And so we arrive at 2026 in a curious paradox: a generally strong economy and positive outlook, tempered by wary and highly selective dealmaking. The premium values are coming from those assets that promise both dependability and durability. Resilience is no longer a purely defensive posture, but a source of value in itself. The M&A winners of 2026 will be those who can identify such resilience swiftly and astutely - and judge its true worth when the bidding begins.