Global M&A Expected to Hit Five-Year High This Year... AI Mega-Deals Drive Market Recovery

Publication of “2026 Second Half M&A Market Outlook” Report
“Investment Priorities Should Be Readjusted Toward Strategic Assets”
“Attention on the Role of the National Growth Fund in Korea”

With the acceleration of industry restructuring centered on artificial intelligence (AI), it is projected that the total value of global mergers and acquisitions (M&A) transactions this year will reach USD 4 trillion (approximately KRW 5,686 trillion), recording the largest scale since 2021. The trend of ‘selective investment’, which concentrates capital on assets with strong growth potential and strategic value, is becoming more pronounced.

On August 6, Samil PricewaterhouseCoopers (Samil PwC) announced the publication of its report titled “2026 Second Half M&A Market Outlook,” which contains these insights.

Large-Scale Deals Lead First-Half Market Growth

In the first half of this year, the number of global M&A transactions stood at 20,835, representing a 10% decrease compared to the same period last year. However, the total transaction value increased by 42% to USD 2.03 trillion. Although the number of deals is at its lowest in recent years, the surge in large-scale deals driven by the need to secure AI competitiveness has led to a structural recovery in the market, centered on large-cap transactions. Notably, megadeals worth USD 5 billion or more accounted for 40% of the total transaction value.

Mid-Year M&A Market Diagnosis. Samil PricewaterhouseCoopers

The domestic M&A market also showed signs of recovery, primarily in terms of transaction value. The number of domestic transactions in the first half stood at 718, maintaining a similar level to last year, but the transaction value increased by 27% to USD 26 billion (approximately KRW 39 trillion). Strategic, large-scale deals aimed at business portfolio restructuring and securing future growth engines have driven this recovery in the market.

The Variable of the KRW 200 Trillion National Growth Fund

The report projects that investment flows will continue to be concentrated in AI, energy, and infrastructure in the second half as well, bringing the global M&A deal value to a new high since 2021. Data centers, power grids, and semiconductors—which are core AI infrastructures—are emerging as major investment areas. However, due to higher capital-raising costs, the polarization, whereby funds flow to proven assets, is expected to persist.

In the domestic market, the KRW 200 trillion National Growth Fund is a key variable. By serving as a capital source for national strategic industries such as AI, semiconductors, and robotics, the National Growth Fund is expected to provide a relatively stable funding environment.

Junseon Min, Head of Deals at Samil PricewaterhouseCoopers, said, “The M&A market in the second half will see industry structures change around AI, as competition to secure strategic assets intensifies. Companies need to re-prioritize their investment strategies based on future growth potential and business synergies.”

Min added, “As the pace of technological change accelerates, it is increasingly difficult to secure competitiveness through in-house investment alone. Taking a proactive approach by utilizing strategic M&A will therefore become even more important.”

This content was produced with the assistance of AI translation services.