Q3 2026 global M&A, equity issuance by the numbers

Global dealmaking and equity issuance lost momentum in the third quarter amid a tougher economic backdrop. M&A retreated from its peak as megadeals thinned, especially in the US, and equity issuance fell sharply as investors grew more selective.

Still, the third-quarter pullback looks more like a pause than a reversal as year-to-date issuance remains well ahead of 2025 and US IPO proceeds this year are at their highest level since 2021.

Appetite for capital markets activity, healthy pipelines and a favorable regulatory backdrop could set the stage for a rebound, though its timing likely hinges on clearer visibility into rates, growth and earnings.

M&A activity cools from recent peak amid quieter megadeal landscape

Global M&A value fell to $781.46 billion, the lowest since early 2025. Deal volume dipped below 10,000 for the first time since at least 2024.

Valuations held up better. The median transaction value-to-EBITDA multiple eased just 2% to 13.93x.

The US, which accounts for nearly 46% of global deal value, saw value drop 44.6% as megadeals faded. Its largest deal, Aon North America Inc.'s $17 billion bid for USI Advantage Corp., was smaller than all six second-quarter deals that topped $20 billion. The top 10 US deals totaled $90.74 billion, down from more than $350 billion in the second quarter.

Industrials bucked the trend, with deal value up more than 60% to $67.27 billion across 689 deals. General Electric Co.'s $11.75 billion bid for Consolidated Precision Products Corp. was the sector's largest. TMT value fell 62.4% to $57.77 billion, led by NVIDIA Corp.'s $12.93 billion acquisition of Hugging Face Inc.

European deal count fell to a two-year low of 2,819, and value dropped 31.2% to $223.58 billion. Asia-Pacific recorded 2,364 deals worth $131.08 billion, down 7.8% in count and 9.2% in value.

Cross-border deals fell 10.6% to 2,436, worth $307.18 billion, with industrials in the lead. Blackstone Inc.'s $25.23 billion HSBC Bank Australia Ltd. loan portfolio purchase was the quarter's standout.

Equity issuance dips, transaction values plummet

Global equity issuance fell 46% to $134.31 billion but rose nearly 26% year over year. IPO proceeds dropped to $51.82 billion. Year-to-date IPO proceeds of $251.75 billion are more than double 2025's pace even though deal count barely moved, meaning offerings got larger rather than more numerous.

European IPO proceeds fell to $2.75 billion even as deal count rose to 46, the most since 2023.

US IPOs raised $13.37 billion, down from $125.26 billion, but year-to-date proceeds of $160.03 billion are the highest since 2021. Csquare Inc. and Jersey Mike's Subs Inc. led the quarter.

Blank-check companies made up about 48% of traditional US IPOs. Year to date, 142 raised $28.32 billion, up from 89 deals and $19.7 billion a year earlier.

US equity issuance totaled $72.34 billion. TMT accounted for 35% of that, and Intel Corp.'s $23 billion offering made up more than 90% of the sector's total. Financials led by deal count.