DealLawyers.com Blog

This WTW article notes that during the first quarter of 2026, 12 deals valued in excess of $10 billion closed, representing the highest quarterly number of “mega deals” WTW’s tracked since 2008. Furthermore, the first quarter saw 215 transactions above $100 million completed worldwide. That’s a 32% volume increase and represents the fourth consecutive quarterly rise in deals this size. WTW contends that these aren’t isolated data points, but indicators that the market has recalibrated, and identifies two factors driving the shift toward larger deals:

What is driving this resurgence? Our analysis reveals two converging forces reshaping the M&A landscape:

Balance sheet confidence returns. Corporate balance sheets have reached unprecedented strength levels. Organizations aren’t just spending money on new products, they are investing in new companies that will help them grow in the next ten years. The mega deals we’re tracking aren’t opportunistic; they’re deliberate moves by leadership teams with conviction about their strategic direction.

Operational scale as competitive advantage. In an environment where efficiency and scale increasingly determine market leadership, transformational deals offer a path to consolidate market positions and achieve the operational leverage that drives sustainable advantage. The mega deals closing today reflect a calculated bet that size and capability, when combined strategically, create defensible competitive moats.

WTW says that the most encouraging sign for dealmakers about the Q1 experience is that companies completing M&A transactions outperformed the market by 2.5% during the quarter. That’s a dramatic reversal from Q4 of 2025, where they underperformed the market by13.9%, and WTW believes that it demonstrates that markets are rewarding well-executed strategic deals.

– John Jenkins