Global Industry M&A Trends Q1 2026: Sector Led, Value Driven Dealmaking

Oil & gas dealmaking remained selective but impactful

A handful of multibillion-dollar deals shaped oil and gas M&A in the first quarter, driving total transaction value to $41.13 billion and surpassing both the previous quarter and the same period in 2025. This occurred despite a sharp drop in deal volume to just 58 whole-company and minority-stake transactions. The trend indicates that market volatility is accelerating consolidation among well-capitalized players focused on portfolio optimization and high-quality assets, rather than pursuing growth for its own sake. Asset deals, meanwhile, were more muted, reflecting a cautious approach to portfolio adjustments.

Metals & Mining: Rebounded with a focus on scale and core commodities

M&A activity in the metals and mining sector saw a strong rebound, with total deal value jumping 63% quarter-over-quarter to $26.28 billion—the second-largest quarterly total since late 2013. Corporate-level transactions far outpaced asset acquisitions, totalling $22.93 billion. The quarter's largest transaction was the proposed $10.03 billion acquisition of BlueScope Steel Ltd. by SGH Ltd. and Steel Dynamics Inc. This, along with major deals in gold and copper, highlights how buyers are seeking either immediate scale or strategic positioning in assets deemed core to long-term supply chains.

TMT showed a clear divide between infrastructure and discretionary tech

The technology, media, and telecommunications (TMT) sector presented a bifurcated M&A landscape. While strategic deals in digital infrastructure and connectivity supported value—highlighted by SpaceX's record-setting $250 billion acquisition of X.AI LLC in February—discretionary tech and media faced headwinds. In North America, IT M&A value fell to $6.97 billion in March, a significant drop from the prior year. Likewise, North American media and telecom M&A value was just $700 million in March 2026, down from $16.15 billion in March 2025, underscoring the divergence between "non-optional" technology like datacenters and more cyclical segments.

Banking M&A: Transformative deals amidst low volume

Bank M&A activity slowed in volume terms, but value was dominated by a handful of transformative transactions. In the US, 35 deals were announced, but Banco Santander SA's $12.23 billion agreement to acquire Webster Financial Corp. accounted for 78.2% of the quarter's total $15.64 billion deal value. A similar pattern appeared in Europe, where Banca Monte dei Paschi di Siena SpA's pending acquisition of a stake in Mediobanca Banca di Credito Finanziario SpA for €1.92 billion accounted for over half the region's value in a quarter with a four-year low in volume.

 Insurance M&A: Value concentrates in a landmark deal

The North American insurance sector provides the clearest example of value concentration, with a single megadeal pushing quarterly totals to a four-year high. Aggregate transaction value surged to $24.05 billion, almost entirely due to Corebridge Financial Inc.'s proposed $22 billion acquisition of Equitable Holdings Inc. This occurred even as the number of deals fell to 129, the lowest in any quarter over the past four years. The trend highlights a focus on fewer, more consequential deals that achieve balance-sheet simplification and strategic repositioning.

Real Estate M&A: Private Capital Hunts for NAV Discounts

M&A activity involving US publicly traded real estate investment trusts (REITs) continued to accelerate in early 2026, with four new deals totaling $16.77 billion announced by mid-April. Three of these were privatizations, reflecting a key market driver: the persistent discount to net asset value (NAV) at which public REITs are trading. With the US REIT sector closing Q1 at a median 19.3% discount to consensus NAV estimates, private capital continues to see an opportunity to acquire quality assets below their intrinsic value.

How S&P Capital IQ Pro Supports Sector‑Led M&A Analysis

In a market defined by fewer but more consequential deals, decision‑makers need to connect sector dynamics with regional risk and transaction context. S&P Capital IQ Pro supports this by enabling users to:

• Track M&A trends across power and utilities, oil and gas, TMT, banking, insurance and real estate in a single framework
• Asset‑level M&A data provides the granularity needed to assess deal quality, enabling users to move beyond aggregate value and understand which assets — by stage, commodity and cash‑flow profile — are attracting capital.
• Connect sector trends to macro, regulatory and geopolitical drivers
• Link transaction data to standardized, industry-specific financial and market data templates for in-depth analysis and comparisons

Move from deal tracking to decision-grade strategic insight with the sector‑first dynamics shaping dealmaking.

Gain the complete picture of our sector and regional M&A analysis for Q1’26. Download the full report.

What the data shows about Q1 2026 global M&A trends

Why is M&A value up but volume down? +

Global M&A deal value is rising because a small number of large, strategic transactions are compensating for weak mid-market activity. Capital is concentrating in sectors like energy and insurance, where M&A is viewed as strategically necessary.

What is driving M&A in the energy sector? +

M&A in the energy sector is driven by strategic consolidation. In power and utilities, the focus is on acquiring regulated networks for the energy transition, while in oil and gas, well-capitalized players are buying quality assets.

Why is TMT M&A considered a "two-speed" market? +

TMT M&A is a "two-speed" market because investment is flowing into essential digital infrastructure and AI, while discretionary tech and media segments are slowing due to valuation pressure and economic uncertainty.

What is the main trend in banking M&A? +

The main trend in banking M&A is value concentration. Overall deal volume is low due to regulatory scrutiny, but single, transformative acquisitions are driving headline value as banks pursue scale or strategic diversification.

How did one deal impact the insurance M&A market in Q1? +
Corebridge Financial's proposed $22 billion acquisition of Equitable Holdings pushed North American insurance M&A value to a four-year high. It demonstrates a market focused on fewer, more consequential deals.

Why is private capital interested in public real estate (REITs)? +
Private capital is targeting publicly traded REITs because many are trading at a significant discount to their net asset value (NAV). This allows investors to acquire portfolios of real estate assets for less than their perceived intrinsic worth.