2026年全球并购展望报告_分拆之年_42页_3mb

2026 Global M&A Outlook Summary

Core Content

The 2026 Global M&A Outlook highlights a significant shift in the M&A landscape, emphasizing that execution capability is now the defining factor in deal success, surpassing strategic intent. The report outlines how the M&A environment is becoming more complex due to geopolitical fragmentation, regulatory volatility, technological acceleration, and portfolio reconfiguration. These factors are driving a new approach to M&A, where carve-outs are emerging as a central mechanism for portfolio reshaping.

Main Points

1. Execution Capability as a Key Differentiator

• Execution capability is becoming a durable institutional asset in a more complex and uncertain environment.
• Organizations that can separate, integrate, and scale effectively are better positioned to capture value.
• Discipline, repeatability, and adaptability under sustained uncertainty are critical for success.

2. The Year of the Carve-Out

• Carve-outs are no longer a byproduct of other strategies but a structural mechanism for portfolio simplification.
• Boards are proactively separating non-core assets to improve resilience, strategic focus, and capital efficiency.
• Expected increase in carve-out activity (50% expect moderate/significant increase) reflects structural rather than cyclical drivers.

3. A Multi-Speed Global Market

• The US is leading M&A activity due to economic resilience, capital availability, and strategic urgency.
• Outside the US, dealmakers face greater macroeconomic, regulatory, and geopolitical complexity, leading to a more measured outlook.
• The global market is becoming uneven, with deal momentum concentrated among those best able to absorb risk and execute efficiently.

4. Diverging Risk Appetites

• Private equity firms are more confident and aggressive in their M&A approach compared to corporate acquirers.
• PE firms have greater dry powder, investment horizons, and execution infrastructure, enabling a more aggressive deal cadence.
• Corporates are balancing M&A with enterprise transformation priorities, leading to targeted acquisitions with lower execution risk.

5. AI-Driven Transformation

• AI is reshaping the M&A lifecycle, from sourcing to execution, with tools now supporting diligence, modeling, and integration planning.
• AI enables deeper benchmarking, exhaustive contract review, and early risk identification, enhancing deal confidence and speed.
• The cost of intelligence is declining, and autonomous capabilities are expanding, altering investability across sectors.

Key Information

Survey Data Overview

• 700 dealmakers across 20 countries and 10 sectors were surveyed between December 2025 and January 2026.
• Corporate respondents (519) are distributed as:
  • 55% in the Americas
  • 31% in EMEA
  • 13% in APAC
• Private equity respondents (181) are focused in:
  • 55% on Technology
  • 55% on Healthcare
  • 50% on Industrial manufacturing

Deal Involvement and Company Size

• Deal involvement across sectors includes:
  • 75% in Deal strategy
  • 65% in Diligence
  • 82% in Deal structuring
  • 62% in Negotiation
  • 49% in Deal closing and Day-1 planning/execution
  • 43% in Post-close strategy and design
  • 38% in Post-close value creation
• Company revenue for corporate respondents:
  • 17%: US$100M – $999M
  • 35%: US$1B – US$4.9B
  • 17%: US$5B – US$9.9B
  • 11%: US$10B – US$19.9B
  • 20%: US$20B or more

Strategic Focus and Value Creation

• Portfolio simplification is becoming a structural value lever.
• Organizations are sharpening strategic focus to concentrate capital and capabilities in areas with durable advantage.
• Cross-border M&A is becoming more intentional, with a focus on operational familiarity, regulatory confidence, and clear integration pathways.

Conclusion

The 2026 M&A environment is more complex and less predictable, driven by structural forces rather than cyclical trends. Carve-outs are becoming a central mechanism for portfolio reconfiguration, and execution capability is increasingly seen as a decisive source of advantage. The integration of AI into deal execution is enhancing speed, depth, and confidence, while diverging risk appetites between private equity and corporate buyers are reshaping deal structures and competition. As a result, disciplined execution and strategic coherence are the keys to success in this new M&A era.