The Global M&A Market Holds Up Despite Uncertainty. However, Investors Are Significantly More Select

 

How the global M&A market developed in the first half of 2026 and why transaction activity varies significantly between regions

Why the number of completed transactions in CEE is increasing, even as the number of expected opportunities is decreasing

How investor requirements are changing and why quality financial data, realistic valuation and preparation for due diligence are becoming increasingly important

 

Geopolitical tensions, trade barriers and economic uncertainty have not disappeared from the global mid-market M&A market. However, they have changed the environment in which decisions are made. Investors are considering risks more, capital is being directed more selectively, and differences between individual regions are opening up more significantly. This is shown by this year's two editions of the global BDO M&A Horizons 2026 study.

After a weaker 2025, a more cautious start came

The first edition of this year's BDO M&A Horizons showed that the global mid-market entered 2026 after a period of decline in transaction activity. Geopolitical tensions and uncertainty associated with, among other things, customs policy complicated long-term planning for companies and were reflected in the willingness to conclude transactions.

Nevertheless, the market did not enter the new year without potential. The current global Heat Chart records 5,844 announced or upcoming transaction opportunities. The amount of capital available for investment also remains an important factor.

It was the combination of sufficient liquidity and resilience of medium-sized companies that created the prerequisites for a gradual recovery of the market. North America remained the largest centre of expected activity.

The first half of the year shows a more resilient M&A market

The second edition of BDO M&A Horizons, published in the summer, already captures the shift. Global mid-market M&A is maintaining activity despite ongoing geopolitical and economic pressures. The number of completed transactions in the first half of 2026 fell by less than 4% compared to the previous half of the year, and the Global Heat Chart records 5,844 announced or upcoming transaction opportunities.

However, behind the relatively stable global number, there are significantly different regional stories.

The biggest positive shift was recorded in North America, where the number of completed transactions increased by 16.5% compared to the previous half of the year, from 1,754 to 2,044. Private equity and a strong pipeline of technology transactions contributed to the return of activity. North America also represents the largest expected market with 2,352 opportunities monitored.

Europe, on the other hand, is sending significantly more mixed signals. In the DACH region, the number of completed transactions decreased by 15% compared to the previous half of the year to 165. In the United Kingdom and Ireland, it decreased by 9% year-on-year to 367 and in Southern Europe by approximately 21.4% compared to the previous half-year to 411.

Central and Eastern Europe: more transactions, but caution remains

From the point of view of Czech companies and investors, developments in Central and Eastern Europe are particularly important. The current Heat Chart lists 274 planned or planned transactions compared to 403 opportunities identified for the first half of 2026, a decrease of approximately 32%.

However, this does not mean that the market has stopped. The number of completed mid-market transactions in the region during the first half of the year increased by 18% compared to the second half of 2025 to 199, but remained 9% lower year-on-year. At the same time, however, factors that may hinder further development persist.

The development of CEE thus illustrates the current shape of the global M&A market: opportunities exist, but investors are approaching them much more selectively and their expectations regarding further development are also changing.

Capital has not disappeared from the market. However, the demands on quality transactions are increasing

Both editions of BDO M&A Horizons this year show that 2026 is not a story of a blanket return of M&A activity. Rather, the market is rearranging. Investors are making more distinctions between regions, sectors and individual assets, and the ability of a transaction to actually create value is increasingly playing a role in decision-making.

For companies that are considering a sale, acquisition or investor entry, this means higher demands on preparation. In an environment where buyers assess risks more carefully and have the opportunity to choose, the quality of financial data, realistic valuation, readiness for due diligence and a clearly formulated investment story become increasingly important.

At the same time, the current conditions do not preclude successful transactions. On the contrary. A stable global pipeline and continued investor activity show that capital is still present on the market. However, the quality of a particular opportunity and the ability to properly time and prepare the entire transaction process determine its acquisition more than before. At the same time, the outlook for 2027 appears to be very active, given the new mandates and the growing number of client demands.

BDO M&A Horizons: a global view of the development of the transaction market

BDO M&A Horizons regularly monitors the development of mid-market M&A across global regions and brings BDO experts' views on current transaction activity, expected market developments and factors influencing investor decision-making.

This year's first and second editions of BDO M&A Horizons 2026 offer a detailed look at each region and allow you to compare how market expectations change throughout the year.