Global M&A activity flirted with record levels in the first nine months of 2026, although a marked third-quarter slowdown and stagnant deal count exposed an uneven market.

Deal volume rose 27% year-over-year to USD 4.44tn in 9M26, up from USD 3.48tn a year earlier, according to Mergermarket data. The total came within touching distance of 9M21’s record USD 4.55tn haul.

But while M&A volume surged, deal count declined 1% to 32,419 transactions. The divergence suggests confidence in striking larger transactions remains strong, while smaller deals are taking longer to complete amid geopolitical and macroeconomic uncertainty.

Megadeals valued at USD 10bn or more accounted for a record 35% of global volume, reaching USD 1.54tn across 60 transactions.

Activity also spread below the very top of the market, with a record 380 transactions valued at USD 2bn or more accounting for USD 2.81tn.