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As of October, 2026, the largest M&A deal announced this year is SpaceX's all-stock acquisition of xAI, reported at about $250 billion and completed in February; neither company disclosed a value. The largest with a disclosed value is Paramount Skydance's $110 billion enterprise-value acquisition of Warner Bros. Discovery, announced February 27 and closed October 6 after a settlement with the twelve states that had sued to block it. The largest completed deal with a company-stated value before that was the Equity Residential and AvalonBay merger of equals, closed August 17 as Vivmark Residential at about $70 billion of enterprise value. Global M&A reached $3.9 trillion in the first nine months of 2026, up 28% on the same period of 2025, according to LSEG, after a $4.6 trillion 2025. This page tracks 65 of the largest deals announced since 2024, with the announcement date, current status and the basis of every value.
The interactive tracker below lists 65 deals announced since 2024, 29 of them still pending, with the announcement date, current status and the basis of each value. Click any column heading to sort, or filter by year, status and industry.
2026 M&A by the Numbers
Global M&A reached $3.9 trillion in the first nine months of 2026, up 28% on the same period of 2025, according to LSEG, with the United States accounting for about $2 trillion, more than half the global total. LSEG counted 57 deals above $10 billion in the period, worth $1.4 trillion between them.
Third-quarter volume was $993 billion, down 41% from the second quarter and the first quarter below $1 trillion since the second quarter of 2025, as higher borrowing costs slowed the mega-deal pace: ten deals above $10 billion were announced in the third quarter against 26 in the second.
The first half of 2026 was the strongest on record at $2.8 trillion, up 48% year over year, and full-year 2025 reached $4.6 trillion, up 49% on 2024 and the highest annual total since 2021.
The largest deal announced in 2026 is SpaceX's all-stock acquisition of xAI, reported at about $250 billion and closed in February 2026; neither company has disclosed the value. The largest with a disclosed value is Paramount Skydance's $110 billion enterprise-value acquisition of Warner Bros. Discovery, announced February 27, 2026 and completed October 6, 2026.
The largest deal to complete in 2026 with a company-stated value is Paramount Skydance / Warner Bros. Discovery ($110 billion enterprise value, October 6), followed by the Equity Residential and AvalonBay merger of equals, closed August 17 as Vivmark Residential at about $70 billion of enterprise value, the $55 billion take-private of Electronic Arts (August 4), Charter's $34.5 billion enterprise-value acquisition of Cox Communications (August 20) and Google's $32 billion purchase of Wiz (March 11).
By sector, the largest deals announced in 2026 are SpaceX / xAI in technology, Paramount / Warner Bros. Discovery in media, Equity Residential / AvalonBay in real estate, NextEra / Dominion in utilities (no value disclosed), McCormick / Unilever Foods in consumer ($44.8 billion enterprise value), Monte dei Paschi / Banco BPM and Banca Generali in banking (about €34 billion), the GIP and EQT take-private of AES in energy ($33.4 billion enterprise value), Schneider Electric / PTC in industrial software ($22.6 billion equity value) and Boston Scientific / Penumbra in healthcare ($14.5 billion enterprise value).
Two of the year's ten largest deals are mergers of equals with no purchase price: Equity Residential / AvalonBay and Devon / Coterra. The figures usually quoted for them, $70 billion and $58 billion, are the combined enterprise value of the merged company, not an amount paid, and this tracker labels them that way.
What Changed Since the Last Update
Updated October 14, 2026. Since August 7, eight deals on this tracker have closed: Paramount Skydance / Warner Bros. Discovery ($110 billion enterprise value, October 6, now trading as Skydance), Nuveen / Schroders (£9.9 billion, October 1), AbbVie / Apogee Therapeutics ($10.9 billion, September 3), Martin Marietta / Lhoist North America ($13.5 billion, August 21), Charter / Cox ($34.5 billion, August 20), Santander / Webster Financial ($12.2 billion, August 20), Equity Residential / AvalonBay (about $70 billion combined, August 17, now Vivmark Residential) and SpaceX / Cursor (about $60 billion, August 14). Also completed in the period: Skyworks / Qorvo (about $22 billion, October 5), Shell / ARC Resources ($16.5 billion enterprise value, September 2) and Vertex / Crinetics ($10 billion, September 1). Solstice Advanced Materials and Element Solutions terminated their $14.5 billion merger on August 27. The largest new announcements are Schneider Electric / PTC ($22.6 billion equity value, October 5), Monte dei Paschi's all-share offer for Banco BPM and Banca Generali (about €34 billion combined, August 21), Aon / USI Insurance Services ($17.0 billion, August 31) and Nvidia / Hugging Face ($12.9 billion, September 3). The Union Pacific / Norfolk Southern merger moved from abeyance to a merits review at the Surface Transportation Board on August 18, with opposition comments due November 18.
You can also look into the future with our free upcoming M&A tracker.
The 10 Largest M&A Deals Announced in 2026
Ranked by announced value as of October 14, 2026. Where a deal is a merger of equals or the parties disclosed no value, the basis is stated and the ranking uses the figure the companies or the trade press use.
1. SpaceX / xAI, about $250 billion
SpaceX acquired xAI in an all-stock transaction announced and completed on February 2, 2026. Neither company disclosed a value, exchange ratio or structure; the roughly $250 billion figure for xAI, and the $1.25 trillion combined valuation, were reported by CNBC and Reuters from people familiar with the terms. SpaceX went public on June 12, 2026, so any description of the deal as a combination of two private companies is out of date.
Source: Reuters and CNBC, February 2, 2026 (press-reported).
2. Paramount Skydance / Warner Bros. Discovery, $110 billion enterprise value
Paramount Skydance acquired Warner Bros. Discovery for $31.00 a share in cash plus a small daily accrual, $81 billion of equity and $110 billion of enterprise value, under an agreement signed February 27, 2026 after WBD dropped a prior deal with Netflix. The Justice Department cleared it without conditions on June 12, 2026; twelve state attorneys general and the Writers Guild sued to block it and had a trial set for March 2027. Paramount settled with all of them, the court approved the settlement on September 30 and the deal closed on October 6, 2026. The combined company trades as Skydance.
Source: Warner Bros. Discovery, September 30, 2026.
3. Equity Residential / AvalonBay (Vivmark Residential), about $70 billion combined enterprise value
Equity Residential and AvalonBay Communities completed their all-stock merger of equals on August 17, 2026 and now trade as Vivmark Residential (NYSE: VMRK). AvalonBay holders received 2.793 Equity Residential shares each. There is no purchase price: the companies put the combined enterprise value at about $70 billion and the equity market capitalisation at about $51 billion at closing, against the $69 billion combined figure used at announcement on May 21, 2026.
Source: 8-K exhibit 99.1, August 2026.
4. NextEra Energy / Dominion Energy, value not disclosed
NextEra Energy agreed on May 18, 2026 to acquire Dominion Energy for 0.8138 NextEra shares per Dominion share plus $360 million of aggregate cash. Neither company disclosed a transaction value; the $66.8 billion used by Reuters and LSEG is derived from the exchange ratio. Both shareholder votes passed on September 3, 2026, and the companies expect to close in the second half of 2027 after FERC, NRC and state utility-commission approvals.
Source: Dominion Energy merger updates.
5. SpaceX / Cursor (Anysphere), about $60 billion
SpaceX acquired the AI coding company Cursor in an all-stock deal announced June 16, 2026, four days after its IPO, and completed on August 14, 2026, issuing 389,289,254 Class A shares. The $60 billion value comes from SEC filings rather than a company release and should be cited that way.
Source: SpaceX 8-K, August 14, 2026.
6. Kimberly-Clark / Kenvue, $48.7 billion enterprise value
Kimberly-Clark agreed on November 3, 2025 to acquire the Johnson & Johnson consumer-health spin-off for $3.50 in cash plus 0.14625 Kimberly-Clark shares per Kenvue share, $48.7 billion of enterprise value at announcement. Shareholder approvals and US antitrust clearance are done, and the European Commission approved on October 14, 2026 on condition that Kimberly-Clark divests its feminine-care brands in the European Economic Area. Kimberly-Clark expects to close in the fourth quarter of 2026. It is included here because it is the largest pending deal with a disclosed price, although it was announced in late 2025.
Source: Kimberly-Clark 8-K, October 13, 2026.
7. McCormick / Unilever Foods, $44.8 billion enterprise value
McCormick agreed on March 31, 2026 to combine with Unilever’s foods business at 13.8 times FY2025 EBITDA, paying $15.7 billion in cash plus stock that gives Unilever 65% of the combined company. The FTC granted early termination on October 5, 2026 and the UK Competition and Markets Authority opened a Phase 1 review on September 17 with a November 11 deadline. McCormick repeated on October 1 that it expects to close by mid-2027.
Source: McCormick 425 filing.
8. Banca Monte dei Paschi / Banco BPM and Banca Generali, about €34 billion
Monte dei Paschi announced an all-share offer for Banco BPM and Banca Generali on August 21, 2026: 1.567 new MPS shares per Banco BPM share, valuing it at €25.3 billion with no premium, and 6.958 per Banca Generali share, valuing it at €8.7 billion at a 10% premium, plus a €4 billion special dividend for its own holders. MPS filed its offer documents with Consob on September 10 and expects to complete by mid-February 2027 subject to approvals.
Source: MPS press release, August 21, 2026.
9. GIP and EQT consortium / AES, $33.4 billion enterprise value
A consortium led by Global Infrastructure Partners and EQT, with CalPERS and the Qatar Investment Authority, agreed on March 2, 2026 to take AES private at $15.00 a share, $10.7 billion of equity and $33.4 billion of enterprise value including debt. Stockholders approved on June 26, 2026 and the Public Utilities Commission of Ohio approved on September 17. AES guides to a close in late 2026 or early 2027.
Source: AES 8-K, September 2026.
10. Devon Energy / Coterra Energy, about $25 billion consideration
Devon and Coterra completed their all-stock merger of equals on May 7, 2026, with Coterra holders receiving 0.70 Devon shares each. The $58 billion often attached to the deal is the combined enterprise value of the merged company; the implied consideration for Coterra was about $25 billion. The deal was announced February 2, 2026.
Source: Devon Energy closing release, May 7, 2026.
Just outside the ten: the three-way carve-up of SFR (€20.4 billion, June 6, 2026), Schneider Electric / PTC ($22.6 billion equity value, October 5, 2026), Fox / Roku ($22 billion enterprise value, June 15, 2026), Skyworks / Qorvo (about $22 billion, closed October 5, 2026) and Engie / UK Power Networks (£15.8 billion enterprise value, closed May 7, 2026). Every one of them, and 50 more, is in the tracker above.
Key M&A Trends Shaping 2026
The M&A activity in 2026 is affected by a number of factors, including macro and micro factors, in addition to changes in the regulatory environment. The key M&A trends that are defining 2026 are:
AI and Automation: The Biggest Driver of Tech M&A
The most dominant driver of mergers and acquisitions in the technology sector is artificial intelligence. CB Insights counted 266 AI M&A deals in Q12026, up 90% year over year and found big tech buyers are acquiring AIcompanies an average of 4.5 years after founding, against 7.6 years across allAI M&A.
The acquisitions in the technology sector are mostly in data infrastructure, LLM Ops, and AI security with the aim of incorporating intelligent automation technology.
Cross-Border Deals Making a Resurgence
The supply chain was disrupted for firms in the aftermath of the global economic crisis. However, with the improvement in the economic environment, cross-border M&A deals are making a resurgence.
The clean energy sector, semiconductor manufacturing sector, and logistics sector in 2026 are seeing the highest number of cross-border M&A deals building on the surge that began in 2025.
In addition to that, acquisitions are taking place with the aim of diversifying supply chains.
Private Equity Is Making a Resurgence with a Twist
The private equity firms took a cautious approach in the recent past in terms of M&A activity. However, since 2025, private equity firms have been making a comeback in M&A activity with a twist a trend that has accelerated into 2026.. The acquisitions are not taking place at the same scale as in the past.
The size of these acquisitions is small. The idea behind these acquisitions is to add value to the existing portfolio firms. Additionally, the increase in carve-outs and divestitures that began in 2025 has continued into 2026.
Family-owned firms are also seeing an increase in acquisitions. These acquisitions are seen in the healthcare sector, manufacturing sector, and industrial services sector.
M&A in the Climate Tech and Sustainability Sector
The sector of sustainability continues to remain a key strategic priority. M&A in this sector is seen to boost ESG strategies. M&A in climate technology, which includes EV charging stations, carbon capture technology, and water conservation technology, is seen to gain momentum.
These acquisitions are helping companies meet regulatory and investor demands. Additionally, these acquisitions are creating opportunities for new business models in clean energy and sustainable business.
Healthcare Consolidation
The healthcare sector continues to remain a key sector for M&A in 2026. Vertical integration in the sector is seen to gain Healthcare M&A: Pharma's Patent-Cliff Era Drives 2025-2026 Consolidation
Healthcare M&A in 2025-2026 is dominated by big pharma acquiring clinical-stage biotechs to refill pipelines. Between 2025 and 2030, over $300 billion in prescription drug revenues will lose exclusivity, according to Evaluate. The deals fall into three buckets.
Biotech bolt-ons by big pharma ($1B-$10B)
- Eli Lilly / Centessa Pharmaceuticals — $7.8B (Mar 2026). Sleep-disorder therapies pipeline.
- Eli Lilly / Kelonia Therapeutics — $7B (Apr 2026). Cancer cell-therapy platform.
- Gilead Sciences / Tubulis — $3.15B upfront + $1.85B milestones (Apr 2026). Antibody-drug conjugate (ADC) oncology.
- Sanofi / Dren Bio (DR-0201) — $0.6B + milestones (Mar 2025, closed). Single-asset deal for a B-cell engager in autoimmune.
- UCB / Neurona Therapeutics — up to $1.15B (Apr 2026). Cell therapy for neurological disorders.
- Novartis / Anthos Therapeutics — $3.1B (Feb 2025, closed). Anti-thrombotic Factor XI inhibitor — Novartis re-acquired the asset it spun out.
Mid-cap pharma combinations ($10B-$15B)
- Sun Pharma / Organon — $11.75B (Apr 2026). Largest biotech deal of 2026 to date. Sun Pharma gains established Organon women's health and biosimilars portfolio.
- Mallinckrodt / Endo Pharmaceuticals — $6.7B (Aug 2025, closed). Two restructured specialty-pharma names combined to scale post-bankruptcy.
- Angelini Pharma / Catalyst Pharmaceuticals — $4.1B (Apr/May 2026). Italian privately-held Angelini's first major US footprint, focused on rare disease.
Med-tech and devices ($1B-$15B)
- Boston Scientific / Penumbra — $14.5B (announced 2025, expected close 2026). Stroke and peripheral interventional platform.
- Stryker / Inari Medical — $4.9B (Feb 2025, closed). Venous thromboembolism (VTE) market entry.
- Johnson & Johnson / Shockwave Medical — $17B (May 2024, closed). J&J's largest med-tech deal — calcium-modification for coronary artery disease.
The constant across all three buckets: buyers aretypically paying 25–50% over the prior close, with outliers approaching 80%, signaling that strategic buyers see the patent cliff as forcing them to act fast rather than wait for assets to mature.
Strategic Portfolio Rebalancing
Large firms are seen to have been rethinking their business portfolios. Companies are seen to have been shedding businesses that are not core to their business.
Additionally, companies are seen to have been acquiring businesses that are strategically important for their digital transformation strategies. These have created spin-offs, carve-outs, and acquisitions in businesses that are in a state of flux.
The companies are looking to invest in those businesses that have good growth prospects in the areas of digital services, cloud infrastructure, and customer experience technology to boost relative competitiveness.
Regulatory Headwinds
Antitrust and regulatory pressure has been one of the major factors that has been affecting M&A in 2025.
In the US and Europe, M&A deals that have the potential to reduce competition in the industry have come under significant pressure from the government and have been called 'killer acquisitions.'
Therefore, M&A deals have been structured in a manner to avoid such pressure by either doing a minority deal or a strategic alliance that has less probability of attracting the ire of the government.
Focus on Operational Synergies
Since 2025, the focus of M&A has shifted to operational efficiency and real-time value creation.
The buyers are looking to focus more on the importance of integration planning, cost savings, and EBITDA improvements.
In the place of strategic M&A, the buyers are looking to create value on a real-time basis in the business, which is changing the parameters of the success of M&A deals.
Frequently Asked Questions
What is the largest M&A deal of 2026 so far?
SpaceX’s all-stock acquisition of xAI, reported at about $250 billion and completed in February 2026, is the largest deal of the year, although neither company disclosed a value. The largest with a disclosed value is Paramount Skydance’s $110 billion enterprise-value acquisition of Warner Bros. Discovery, announced February 27, 2026 and completed October 6, 2026. Both figures are as of October 14, 2026.
What was the biggest M&A deal to close in 2026?
By company-stated value, Paramount Skydance / Warner Bros. Discovery, which closed on October 6, 2026 at $110 billion of enterprise value. Next is the Equity Residential and AvalonBay merger of equals, completed August 17, 2026 as Vivmark Residential at about $70 billion of enterprise value, then the $55 billion Electronic Arts take-private on August 4. SpaceX / xAI, completed in February at a press-reported $250 billion, would rank above all three if the undisclosed figure is accepted.
How much M&A activity has there been in 2026?
Global M&A totalled $3.9 trillion in the first nine months of 2026, up 28% on the same period of 2025, according to LSEG, after a record $2.8 trillion first half. The third quarter slowed to $993 billion, down 41% from the second quarter and the first quarter under $1 trillion since mid-2025. The United States accounted for about $2 trillion of the nine-month total.
Which sectors have seen the largest M&A deals in 2026?
Technology and media lead on value: SpaceX / xAI (about $250 billion, reported), SpaceX / Cursor (about $60 billion) and Paramount / Warner Bros. Discovery ($110 billion enterprise value). Real estate follows with the $70 billion Vivmark merger, utilities with NextEra / Dominion (value undisclosed), consumer with McCormick / Unilever Foods ($44.8 billion enterprise value), banking with Monte dei Paschi’s roughly €34 billion offer for Banco BPM and Banca Generali, energy with the $33.4 billion AES take-private and healthcare with Boston Scientific / Penumbra ($14.5 billion enterprise value).
What is the largest technology acquisition of 2026?
SpaceX / xAI, at a reported $250 billion, completed February 2026. The largest technology deal with a value in a company filing is SpaceX / Cursor, about $60 billion in stock, completed August 14, 2026. Schneider Electric’s $22.6 billion equity-value cash offer for PTC, announced October 5, 2026, is the largest all-cash technology deal of the year on this tracker, and Skyworks / Qorvo (about $22 billion) is the largest technology deal to close since the summer, on October 5.
What is the largest healthcare M&A deal of 2026?
Boston Scientific’s $14.5 billion enterprise-value acquisition of Penumbra, announced January 15, 2026 and still pending as of October 2026, is the largest healthcare deal announced this year on this tracker. The largest to complete is AbbVie’s $10.9 billion purchase of Apogee Therapeutics, closed September 3, 2026, just ahead of GSK / Nuvalent ($10.6 billion, July 15) and Vertex / Crinetics ($10 billion, September 1).
Which 2026 mergers were mergers of equals, and why is their value stated differently?
Equity Residential / AvalonBay (closed August 17, 2026) and Devon / Coterra (closed May 7, 2026) were all-stock mergers of equals, so no purchase price exists. The figures attached to them, about $70 billion and $58 billion, are the enterprise value of the combined company. Comparing them to a cash purchase price, such as Paramount’s $110 billion for Warner Bros. Discovery, overstates them; the Devon / Coterra consideration, for example, was about $25 billion.
Key Takeaways
Global M&A reached $3.9 trillion in the first nine months of 2026, up 28% year over year (LSEG), with 57 deals above $10 billion; the third quarter slowed to $993 billion as borrowing costs rose.
The largest deal announced in 2026 is SpaceX / xAI at a reported $250 billion; the largest with a disclosed value is Paramount Skydance / Warner Bros. Discovery at $110 billion enterprise value, closed October 6, 2026.
Eight deals on this tracker closed between August 14 and October 6, 2026, led by Paramount / WBD, Charter / Cox ($34.5 billion) and the Equity Residential / AvalonBay merger of equals (about $70 billion combined); 29 deals remain pending.
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