Deal Drivers: EMEA provides an in-depth review of M&A activity in the first half of 2026 and an outlook for the rest of the year.

Policy shifts as megadeals carry the market

The M&A market across EMEA at large generated 9,445 announced deals worth €783bn in H1 2026 – a 10% decline in volume year-on-year, but a 51.8% leap in value. That makes it the strongest half for aggregate value on record, even if a broad revival in activity is still lacking.

Concentrated bets

That same concentration theme runs through EMEA’s private equity market. H1 buyout activity fell to 1,564 transactions worth €165bn, a 10.1% decline in volume year-on-year but a 25.4% rise in value. Q2 saw just 711 buyouts, the lowest quarterly total in years, while the mean deal size climbed to €111m, up 41% year-on-year.

Reassembly line

McCormick’s US$37bn combination with Unilever’s foods business is EMEA’s largest transaction of H1 and the archetypal European staples reshaping deal. The combined entity will generate around US$20bn in revenue, creating a global flavor and packaged food leader. Unilever will now focus on its beauty, personal care, and wellness businesses.

Published in association with Datasite. The report is also available on datasite.com.