Key Market Trends & Projections
- Bullish Outlook: According to the Gladstone Place Partners survey, 51% of dealmakers expect M&A volume to rise modestly over 2025 — which already stood as the second-best year for deals on record.
- The "Trump Factor": A significant 47% of attendees identified the current administration's policies as the primary macro factor impacting deals. Former Delaware Chief Justice Leo Strine noted a shift toward protectionism and a departure from "neutrally applicable principles of law," creating a climate where dealmakers face unprecedented legal and regulatory hurdles.
- Activism on the Rise: Experts from Paul Weiss anticipate that the recovery in M&A activity over the past 12 months will trigger a significant uptick in shareholder activism throughout 2026.
- Private Equity Momentum: The environment is described as "constructive" for sponsors, with record-breaking paces for take-privates and carveouts.
"51% of dealmakers expect M&A volume to rise — building on 2025, which already stood as the second-best year for deals on record."
Notable Deals & Sector Activity
The current heat in the market is driven by massive valuations and strategic consolidations across tech, food, and defense:
| Company | Target / Deal | Value | Strategic Driver |
|---|---|---|---|
| Unilever | Food Business (to McCormick) | $33B | Strategic offloading; structured as a tax-free Reverse Morris Trust. |
| Savvy Games | Moonton Studio | $6B | Saudi Arabian expansion into mobile gaming assets. |
| Ecolab | CoolIT Systems | $4.75B | Infrastructure for AI data centers (cooling technology). |
| Nexstar | Tegna | $3.5B | Large-scale media consolidation following an FCC rule waiver. |
| Novartis | Synnovation Therapeutics | $3B | Strengthening oncology pipeline via experimental drug acquisition. |
M&A Market Overview · Tulane Corporate Law Institute, 2026
The "New Normal"
As Goldman Sachs M&A head Stephan Feldgoise noted, the industry has accepted uncertainty as the baseline. While war in the Middle East and fluctuating energy prices remain background concerns, they have not yet dampened the "ebullient" vibes of the dealmaking community.
The focus has shifted from navigating traditional economic cycles to managing regulatory unpredictability and protectionist policies, all while chasing high-growth sectors like AI infrastructure and defense.