AI investments and an explosion of megadeals are creating a K-shaped M&A market
Diegem, 29 January 2026 - Momentum heading into 2026 suggests that global M&A is entering a new phase, shaped less by cyclical recovery and more by structural change. In its latest Global M&A Industry Trends - Outlook 2026, PwC reports a resurgence of megadeals, combined with accelerating investment in AI and enabling infrastructure, driving higher deal values even as volumes remain muted. “This divergence highlights the emergence of a K-shaped M&A market, where activity is increasingly concentrated among large, well-capitalised buyers and select markets and sectors,” says Veronique Gilles, Partner PwC Belgium.
The semi-annual publication PwC’s Global M&A industry trends gives some clear insights on how the multitrillion-dollar AI capital expenditure supercycle is reshaping capital allocation decisions. In the near term, this wave of investment may divert funding away from some acquisitions. Over the medium term, however, PwC reports AI’s potential to drive productivity and innovation is expected to reignite dealmaking, as companies use M&A to accelerate transformation, acquire capabilities and reposition portfolios, according to PwC. For dealmakers, the implication is clear: M&A is reopening, but unevenly. Success in 2026 will depend on conviction, capital access and strategic clarity rather than waiting for perfect conditions.
Megadeals are driving value in a polarised market
Global M&A values rose 36% in 2025, driven by a sharp increase in megadeals. PwC is seeing the same trend in Belgium: Belgian M&A values rose approximately 90% in 2025, after a fallback in 2024, driven by a few megadeals. Global and local deal values are being lifted by a relatively small number of large transactions, while mid-market activity remains constrained by valuation gaps, execution risk and uncertainty—reinforcing a K-shaped M&A recovery.
Veronique Gillis, Partner and Deals Leader, PwC Belgium says:
“As we head into 2026, the resurgence of megadeals is signalling a renewed sense of confidence across global M&A. With valuation gaps narrowing, capital re‑engaging and rates trending positively, momentum should continue to build. Decisive dealmakers, rather than those waiting for ideal conditions, will be best placed to capture opportunities.”
About PwC’s Global M&A industry trends: 2026 outlook
PwC’s Global M&A industry trends is a semi-annual publication providing forward-looking analysis of global deals trends across eight industries—consumer markets; energy, utilities and resources; financial services; health industries; industrials and services; private equity and principal investors; real estate and real assets; and technology, media and telecommunications.
About the data
Deal data is based on officially announced transactions provided by LSEG and PwC analysis. Figures exclude rumoured or withdrawn transactions. All amounts are in US dollars. Megadeals are defined as transactions more than $5bn in value. For information on other data sources used, please refer to the “about the data” section of the respective industries web pages.
About PwC
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com.
