Fewer Deals, Higher Stakes: M&A Trend Is Mirroring The Equity Market

Global M&A activity in 2026 shows fewer deals but higher values, with strategic capital flowing into critical commodities, energy, and infrastructure. Metals and mining saw a 63% quarter-over-quarter jump to $26.28 billion in Q1 2026, while oil and gas consolidation became more selective despite rising transaction values. The trend reflects a shift toward platform consolidation and defensive positioning rather than expansion.