Trends in Global M&A 2025-2026: Outlook Remains Strong Despite Headwinds
IMAP is pleased to present the Trends in Global M&A 2025–2026 Report, developed in collaboration with Capstone Partners – IMAP USA.
Based on insights from over 100 senior IMAP advisors across 54 countries, the report examines global mid-market M&A conditions in 2025 and provides a forward-looking outlook for 2026. It explores market activity, valuation dynamics, sell-side considerations, and the growing influence of geopolitical, trade, and macroeconomic factors on deal execution.
The findings point to a market that has proven resilient but increasingly selective. While uncertainty related to geopolitics, trade policy, and economic volatility continues to shape transaction timing and structure, advisor confidence for 2026 remains strong. Nearly three-quarters of respondents expect M&A volumes to increase, supported by easing inflation, improving financing conditions, and significant pent-up demand from strategic buyers and private equity sponsors.
At the same time, the report highlights a more disciplined deal environment—one in which realistic valuations, recurring revenue, defensible cash flows, and careful preparation are critical to successful outcomes.
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Jurgis V. Oniunas
IMAP Chairman
At the start of the year, the outlook for Q1 was highly optimistic, with expectations of slowing inflation, lower interest rates, and improving growth projections. Unfortunately, we live in interesting times. Early in the year, speculation around the disruptive impact of AI on traditional SaaS business models triggered a significant revaluation in parts of the Software sector. More recently, escalation in the Middle East conflict has introduced fresh volatility – pushing oil prices higher, adding upward pressure on inflation, and creating supply-chain uncertainties. While it is too early to tell how these new shocks will eventually affect the global M&A market, we can be sure that our dealmakers around the world are on the ground every day – negotiating, re-evaluating, adjusting positions, and adapting to whatever the environment throws at them to deliver the best outcomes for their clients. They've done it for over 50 years, and that's exactly what they'll continue to do, no matter the conditions.
