M&A Insights

2026 M&A trends: Navigating a rapidly rebounding market

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After dealmaking slowed momentarily in early 2025, global M&A activity quickly assumed a grand scale—delivering big gains for the year—with momentum continuing.
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Reigniting growth through M&A: A playbook for paper and packaging companies
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A through-cycle mindset and a focus on programmatic dealmaking can help paper and packaging companies withstand cyclical disruption in the industry and increase returns.
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Unlocking the power of communication in integrations
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Effective deal communication helps leaders manage change, inspire confidence, and mobilize teams to achieve greater outcomes.
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Transforming an underperforming business before separation
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How do top performers get the most for their lackluster assets? A systematic review of an asset’s full business potential, bottom-up planning, and transformation implementation are critical.
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Rich in resilience: Dealmakers deliver strong first-half results in M&A
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Nerves of steel or “same old, same old”? Either way, dealmakers stared down volatility, leading to higher global M&A activity in the first half of this year.
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M&A Annual Report: Is the wave finally arriving?
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Powerful forces favor a resurgence in M&A, especially in North America, but dealmakers still have plenty of challenges to stare down.
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When separating businesses, people are the key to unleashing value
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By developing strong operating models, matching talent to the right roles, and clearly articulating the “why,” separation leaders can ensure that existing and new businesses thrive.

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M&A Strategy & Due Diligence

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Uncertainty in M&A: Postcards from the new normal
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Unprecedented shocks are affecting M&A activity and dealmaker behavior. Different analyses help bring uncertainty into focus—and...
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CEOs in M&A: Five actions only the chief executive can take
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McKinsey research and interviews with global leaders reveal the activities and discussions that CEOs should be directly involved...
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Gen AI: Opportunities in M&A
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Generative AI is already making its way into the day-to-day world of M&A, and more use cases are emerging. How should companies...
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The portfolio management imperative and its M&A implications
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Several trends are creating a new imperative for strong portfolio management of businesses. Companies need six capabilities to...

Integration

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Why managing culture is critical for value creation in M&A
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Executives can take three important actions to integrate parent and target company cultures more smoothly and generate the intended...
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Retain, integrate, thrive: A strategy for managing talent during M&A transactions
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Keeping top talent in the fold and engaged before, during, and after a large deal closes is critical for creating value from...
A man in a black suit and bowler hat looks at art in a gallery.
The culture compass: Using early insights to guide integration planning
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The huge impact of culture on M&A performance means that culture should be factored into integration planning from the start....
Jenny Johnson
How an acquisition invigorated an asset management leader
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Jenny Johnson, president and CEO of Franklin Templeton, explains how the firm’s acquisition of Legg Mason positions it...

Separations & IPOs

A group of diverse individuals engaged in a business meeting.
When separating businesses, people are the key to unleashing value
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By developing strong operating models, matching talent to the right roles, and clearly articulating the “why,” separation...
A clear, blue sphere rests above a matching, transparent ring, while an orange half-sphere hovers just below them. It seems as though the shapes have separated and taken on their own distinct forms.
What it takes to make separations a competitive difference-maker
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Companies that are effective at separations can significantly outperform their peers. Our latest survey highlights the opportunities,...
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McKinsey Quarterly
The power of goodbye: How carve-outs can unleash value
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Separations can be a once-in-a-lifetime opportunity to create value for the remaining and separated companies. The secret? Get...
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McKinsey Quarterly
When bigger isn’t always better
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The recent spate of spin-off announcements reveals the limits of diversification as well as some of the potential value-creating...

Joint Ventures & Alliances

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Technology, media, and telecommunications: Software deals and creative partnerships will carry the day
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Multiple trends will likely fuel M&A growth across technology, media, and telecommunications in 2025, with an increase in...
Checking the health of your business partnerships
Checking the health of your business partnerships
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Frequent, systematic assessments of joint ventures and alliances can reveal hidden problems and opportunities to create more...
Improving the management of complex business partnerships
Improving the management of complex business partnerships
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Adhering to four key principles can help companies increase the odds that their collaborations will create more value over their...

Capability building

Against a vivid blue background, a vibrant, multicolor brushstroke of paint gracefully curves upwards.
Why managing culture is critical for value creation in M&A
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Executives can take three important actions to integrate parent and target company cultures more smoothly and generate the intended...
A group of small, blue, human-shaped figures arranged in a circle on a light blue background.
Retain, integrate, thrive: A strategy for managing talent during M&A transactions
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Keeping top talent in the fold and engaged before, during, and after a large deal closes is critical for creating value from...
Five 3d squares of varying shades of blue and white are arranged in a diagonal line against a light blue background. Each blue square is progressively more opaque and features a subtle iridescent sheen, while small blue and yellow spheres accent the first and last squares respectively.
CEOs in M&A: Five actions only the chief executive can take
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McKinsey research and interviews with global leaders reveal the activities and discussions that CEOs should be directly involved...
Colorful geometric shapes, primarily cylinders and rectangular prisms in varying heights and shades of vibrant colors. These shapes are nestled within a swirling, layered landscape of undulating blue ribbons, creating a sense of depth and movement.
Uncertainty in M&A: Postcards from the new normal
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Unprecedented shocks are affecting M&A activity and dealmaker behavior. Different analyses help bring uncertainty into focus—and...

Sector-Focused Insights

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Gen AI in M&A: From theory to practice to high performance
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Gen AI helps companies cut costs and close M&A deals faster, positioning them for the next wave of innovation.
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How CHROs can win hearts and minds in a buy-side carve-out
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Culture, organization, and talent risks often arise when assets are carved out. Here’s how people leaders can address them....
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How buyers can successfully navigate integrating a carve-out
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Integration leaders on the buy-side of a carve-out face three primary tasks to successfully bring new assets into the fold.
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Global energy and materials: Overall deal value remains stable, but some segments are gaining share
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A range of factors suggests an increase in M&A activity among energy and materials companies in 2025, despite uncertainties...
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Financial services: Dealmakers adapt to a shifting landscape
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In 2024, deals mostly stayed within national borders. In 2025, banking, wealth and asset management, fintech, payments, and...
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Life sciences: Primed for an increase
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M&A activity in the life science sector fell in 2024, but several factors, including pent-up demand and the state of companies’...
A low-angle view of a complex of telecommunication towers against a clear blue sky.
Technology, media, and telecommunications: Software deals and creative partnerships will carry the day
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Multiple trends will likely fuel M&A growth across technology, media, and telecommunications in 2025, with an increase in...
A large, bright industrial workspace with a prominent yellow robotic arm in the foreground. The robot appears to be working within an automated manufacturing system, surrounded by other machinery, parts, and storage racks.
Advanced industries: New technologies and supply chain shifts are driving key portfolio and investment decisions
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A number of trends, including reduced interest rates and the emergence of new technologies, software, and ecosystems, point to...
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Consumer goods: Seeking market expansion and growth
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The broad downward trend of interest rates, coupled with consumer-packaged-goods companies’ cash-rich balance sheets, could lead...
A cargo plane has its front end open as a sizable pallet is being loaded onto it.
Travel, logistics, and infrastructure: Firms are finding opportunities in technology, changing consumer demographics, and global trade
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M&A among travel companies has been soft, but travel dynamics are changing, presenting growth opportunities. In logistics,...
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Dealmaking through challenges: Lessons from the automotive industry
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Sometimes, M&A can pose particularly difficult challenges. The automotive industry offers creative examples of how deals...

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