Datasite’s Deal Drivers HY 2026 reports, produced in partnership with Mergermarket, offer a midyear view of the trends shaping global M&A across the Americas, EMEA, and APAC.
The first half points to an active but increasingly selective market, with capital concentrating around larger transactions and high-conviction sectors.
Meanwhile, Datasite Insights shows deal preparation continuing to build beneath announced activity.
Together, the data suggest M&A momentum is growing, but strategic fit, asset quality, and execution confidence remain critical to getting deals done.
Regional performance highlights
Americas: value accelerates
The Americas remained the center of large-scale M&A activity in H1, recording 7,954 deals worth US$1.95 trillion.
While deal volume increased just 1.6% year-over-year, aggregate value surged 59.6%, with Q2 reaching a record US$1.1 trillion.
Large transactions across technology, energy, and infrastructure drove much of that growth. AI remained a major catalyst, but its impact increasingly extended beyond technology itself as demand for data centers, power, and supporting infrastructure influenced investment across adjacent sectors.
Below the line, activity was even stronger. Datasite-tracked deal kickoffs increased 52%, suggesting the region has a substantial pipeline of potential transactions still in preparation.
EMEA: fewer deals, greater value
EMEA followed a similar value-over-volume pattern.
The region recorded 9,445 announced deals worth €783 billion during H1. Transaction volume declined 10% year-over-year, while aggregate value increased 51.8%, making it the strongest first half for deal value on record.
Large strategic transactions and corporate portfolio reshaping contributed significantly to activity, particularly across consumer, financial services, industrials, and technology.
Meanwhile, Datasite-tracked deal kickoffs increased 13%, indicating that preparation activity continued to build even as announced deal counts declined.
APAC: selective activity creates pockets of strength
APAC was the regional outlier, with 5,171 announced deals worth US$490 billion. Volume declined 11% and value fell 23.9% year-over-year.
Despite the broader slowdown, activity remained concentrated around sectors benefiting from long-term structural demand. Industrials, semiconductors, data centers, energy transition, and technology infrastructure continued to attract investor interest.
Private equity was particularly resilient. APAC sponsors completed 1,372 buyouts worth US$119.7 billion, with buyout value increasing 78.2% year-over-year.
Datasite-tracked deal kickoffs also increased 4%, suggesting transaction preparation remained positive despite weaker headline M&A activity.
Capital is following conviction
Across all three regions, H1 reinforced a pattern that has been built throughout 2026: capital is flowing toward specific themes rather than the market as a whole.
Several areas stand out:
- AI and technology infrastructure: TMT led announced deal value in the Americas, while demand for data centers, semiconductors, and computing infrastructure continued to influence activity globally.
- Energy and power: The growing infrastructure requirements associated with AI are increasing the strategic importance of power availability and energy assets.
- Healthcare: Healthcare led global deal kickoff growth at 32%, reflecting continued strategic interest and demand for growth.
- Industrials: Consolidation, supply-chain resilience, and infrastructure investment continued to support activity, with industrial deal kickoffs rising 25%.
The result is a market where broad economic recovery matters less than the strength of the individual investment thesis.
Buyers are willing to deploy capital, but valuation, earnings visibility, strategic fit, and long-term growth potential remain critical.
Private capital remains active, but disciplined
Private equity continues to be an important source of deal activity, even as deployment remains selective.
APAC provides the clearest example: sponsor buyout value rose 78.2% despite declines in the region’s broader M&A market.
Across markets, private capital continues to favor opportunities with resilient cash flows, strong platform characteristics, infrastructure exposure, and clear paths to operational value creation.
Financing conditions will remain important throughout the remainder of the year. If borrowing costs ease and valuation expectations between buyers and sellers move closer together, additional sponsor-backed transactions and exits could come forward.
For now, however, dry powder alone is not enough to drive activity. Investors are prioritizing quality and conviction over deployment for deployment’s sake.
Execution readiness matters more as the pipeline grows
The increase in deal kickoffs creates another important consideration for deal teams: execution. Median global deal preparation time fell by two days to 12 days during H1, while median diligence time remained broadly unchanged at 181 days.
Deals may be getting to market faster, but buyer scrutiny remains high.
Successful closures held steady globally at 45%, while failed deals increased by two percentage points. Deals placed on hold declined by two points, suggesting more processes are reaching an outcome rather than remaining in limbo.
For sellers, that puts greater emphasis on being prepared before a process begins. Clear positioning, organized diligence materials, reliable data, and the ability to respond quickly to buyer questions can all help maintain momentum.
In a selective market, execution quality is increasingly part of the investment proposition itself.
H2 2026 outlook
The second half of the year will test whether H1’s strength at the top of the market begins to broaden.
The Americas and EMEA generated significantly more transaction value without comparable growth in deal volume. APAC declined at the headline level, while private equity and strategic sectors remained active.
However, deal kickoffs continued to rise across all three regions,
The defining takeaway from H1 is that M&A momentum is building, but it remains selective. Capital is available for compelling opportunities, and a growing pipeline suggests more deals are being prepared behind the scenes.
Want the full picture? Read the complete Deal Drivers HY 2026 reports:
Source: Datasite Deal Drivers HY 2026
