Global M&A has moved beyond the first half of 2026. But H1 still matters.

The Deal Drivers HY 2026 reports from Datasite and Mergermarket capture announced transactions from January through June. They show where deal value concentrated, where strategic activity was strongest, and which sectors had momentum before the second half began.

Datasite Insights adds another layer. Drawing on more than 15,000 hosted projects per year, it shows activity below the line: deals that are undisclosed, active but unannounced, on hold, or abandoned. Together, the two views offer a fuller picture of the market dealmakers face through the rest of 2026.

That picture is active, but selective. The Americas and EMEA saw announced deal value climb sharply as megadeals carried the market. APAC moved in the opposite direction, with both announced value and volume down. Yet across all regions, deal kickoffs rose, indicating continued deal preparation activity beneath announced transactions.

For dealmakers planning pitches, exits, acquisitions, or financing conversations through H2, the question is not whether activity exists. It is where conviction is strongest.

The hidden pipeline is moving

Announced deals only tell part of the story.

Datasite Insights shows global deal kickoffs rose 31% year-on-year in H1 2026. The Americas led with a 52% increase, while EMEA rose 13% and APAC increased 4%.

That matters for the rest of the year. While announced M&A data shows a selective, value-led market, kickoff activity points to continued preparation behind the scenes. Not every process will close. But more projects are entering motion.

Outcomes were mixed. Successful closures held steady globally at 45%, while failed deals increased 2 percentage points. Deals on hold fell 2 percentage points, suggesting more processes are reaching a decision point, even when that decision is not always positive.

Speed is also improving. Median global prep time fell two days to 12 days, while diligence time was broadly flat at 181 days. Faster launches can create momentum, but only when the deal story, data room, and diligence materials are ready to withstand scrutiny.

Megadeals carry the market

The Americas remained the global center of gravity for large-scale transactions in H1 2026. The region recorded 7,954 deals worth US$1.95tn, with volume up just 1.6% year-on-year while value surged 59.6%. Q2 was especially strong, with aggregate value reaching a record US$1.1tn.

AI was a defining force. OpenAI’s US$122bn March financing became the largest private financing in history. But the AI theme extended beyond software. NextEra’s US$118.8bn acquisition of Dominion showed how power availability has become central to the AI infrastructure buildout, while Honeywell’s US$85bn aerospace separation reflected the continued push for scale and sharper strategic focus.

EMEA told a similar value-over-volume story. The region recorded 9,445 announced deals worth €783bn in H1 2026. Volume fell 10% year-on-year, but value jumped 51.8%, making it the strongest half for aggregate value on record.

Major transactions shaped the picture. McCormick’s US$37bn combination with Unilever’s foods business captured the ongoing reshaping of European consumer portfolios. Intesa Sanpaolo’s bid for Banca Monte dei Paschi di Siena tested Europe’s more open stance toward banking consolidation. Kone’s €29.4bn acquisition of TKE Elevator created the world’s largest elevator and escalator company by revenue.

The takeaway is clear. Capital remains available for assets with scale, strategic relevance, and strong conviction.

APAC shows a different kind of selectivity

APAC was the clear regional outlier. The region generated 5,171 deals worth US$490bn in H1 2026, down 11% by volume and 23.9% by value year-on-year. It was the only major region to see both measures fall.

The pressure was macro as much as transactional. APAC’s dependence on imported energy made the region especially exposed to disruption around the Strait of Hormuz. Weaker consumer demand in China also weighed on activity, even as industrial policy continued to support consolidation in strategic sectors.

Still, the market was not without momentum. Industrials and chemicals led APAC’s forward pipeline, with 304 “companies for sale” stories. Greater China accounted for nearly 60% of that sector total, supported by Beijing’s shift from expansion toward capability-building and consolidation. TMT followed with 258 stories, helped by semiconductor demand, data center growth, and AI infrastructure.

India remained a bright spot. Vedanta’s US$20.7bn five-way demerger was APAC’s largest transaction of the half. CPPIB and Sumant Sinha’s US$9.3bn take-private of ReNew Energy Global underlined investor appetite for Indian energy transition assets. And KKR and Singtel’s US$9bn acquisition of STT GDC reflected demand for AI-ready data center capacity.

Private equity also diverged from the broader market. APAC sponsors completed 1,372 buyouts worth US$119.7bn, with volume up 3.5% and value up 78.2% year-on-year. Fundraising remains uneven, but dry powder is still moving where platform quality, infrastructure demand, and defensible cash flows are clear.

Sector conviction matters more than broad recovery

H1 2026 reinforced a global pattern: activity remains selective, and conviction is concentrated.

In the Americas, TMT led announced deal activity by value, reaching US$667.4bn in the first half. Energy, mining and utilities followed, supported by the growing power needs of AI infrastructure and data centers. Pharma, medical and biotech also remained active as companies looked to fill pipeline gaps and secure growth.

In EMEA, industrials and chemicals led the forward pipeline, closely followed by TMT and consumer. Carve-outs, consolidation, energy security, telecoms scale, and industrial resilience all played a role. The region’s policy backdrop is becoming more supportive of strategic combinations, even as financing conditions remain demanding.

In APAC, activity centered on industrial consolidation, technology, healthcare, energy transition, and data centers. But the region’s uneven macro picture means buyers are likely to stay disciplined through the rest of the year.

The below-the-line data points in the same direction. Datasite Insights shows healthcare led global kickoff growth at 32%, followed by industrials and energy & power, both up 25%. These sectors are seeing measurable increases in both kickoff activity and strategic interest.

What to watch through H2

The rest of 2026 will test whether H1’s megadeal momentum can broaden.

If financing conditions ease, more mid-market assets may come forward. If valuation gaps narrow, private equity exits could pick up. And if policy support continues to build around AI infrastructure, energy security, industrial resilience, and healthcare capacity, those sectors may keep drawing interest even if the wider market stays uneven.

But the bar remains high. Buyers are still focused on pricing discipline, earnings visibility, regulatory risk, and execution certainty. Sellers will need more than a good asset. They will need a clear story, clean preparation, and the confidence to move when buyers are ready.

The first half of 2026 does not tell dealmakers exactly what comes next. But it does show where capital and strategic interest have been most concentrated.

Through the rest of the year, momentum is likely to favor assets tied to AI infrastructure, energy security, industrial resilience, healthcare demand, and corporate portfolio reshaping.

Read the Deal Drivers HY 2026 reports for the Americas, APAC, and EMEA, and explore H1 2026 Datasite Insights, to see the announced and below-the-line trends shaping M&A through the rest of the year.