2025 was a record-breaking year for those in M&A consulting. Global M&A deal value increased by 31%, reflecting a strong appetite for both scale and strategic value of transactions.
Even in a varied market environment, opportunities continue to emerge. As we move further into 2026, several M&A consulting trends are beginning to shape the landscape.
General Optimism Is Warranted
The growth of 2025 doesn’t appear to be a blip – at least not according to many of those who know the market best. McKinsey’s article from February noted that “powerful trends should support global M&A momentum in the year ahead”.
The firm cites several factors underpinning continued M&A activity:
- The search for new sources of growth
- The sustained interest in large deals
- The continued drive to consolidate fragmented sectors
While the unexpected can always happen, the structural drivers behind dealmaking remain strong as we move into the new financial year.
Continued Consolidation In Healthcare
One of the main M&A consulting trends we expect to see this year got off to an early start with Pharmacy2U’s acquisition of Care Quality Pharmacy in January. Pharmacy2U was already the largest online pharmacy in the UK, and this move showed an interest in expanding into care home pharmacy.
Across healthcare, we see the continuing consolidation across fragmented platforms, including mental health services, digital health platforms, and specialist providers. These previously disparate entities are becoming increasingly consolidated platforms – giving strong reason for optimism going forward regarding both the volume and the quality of transactions.
AI Investment Becomes More Selective
Analysts at JPMorgan have highlighted the growing circularity of AI investment and noted its similarity to previous tech booms. Whilst analysts stop short of calling it a bubble, the longevity and sustainability of AI is being discussed in similar ways as the dot-com bubble – discussed at the World Economic Forum, and by senior executives at major technology firms such as Google.
As expectations shift from speculation to implementation, investors appear increasingly focused on companies capable of delivering measurable gains from AI adoption.
The shift may not lead to a reduction in AI investment, but it could lead to greater selectivity in transactions and valuations.
Energy Infrastructure And AI Demand
The expansion of AI infrastructure is also driving increased demand for data centres. JLL estimates that global capacity will double by 2030, reflecting the scale of investment required to support AI workloads. However, this investment has wider implications.
Data centre infrastructure requires significant cooling and power to run efficiently, whilst regulatory scrutiny around the energy consumption of AI continues to build.
As AI adoption accelerates, the relationship between the future of energy and AI seems increasingly interlinked.
Deployment of Private Equity Dry Powder
Private equity has a lot of capital waiting to be deployed. KPMG estimates that private equity capital is at record levels, while the British Private Equity & Venture Capital Association estimates that UK-based companies have £190bn available to invest.
This is expected to increase competition for high-quality assets, support higher valuations, and provide employment opportunities for those capable of getting these deals done.
Much of this capital has built up gradually – McKinsey estimates that 40% has been available and undeployed for two years or more. Financing is more expensive now, and buyers are selective – but the pressure to deploy is increasing. The capital that was developed post-COVID is reaching the end of its lifecycle, and investors are expecting returns.
Increased Regulatory Scrutiny
This has been one of the most definitive M&A consulting trends for some years now, and the oversight is only going to become greater. More interventions are happening, partly for reasons of national security, partly for reasons of avoiding monopolies.
Naturally, additional regulatory requirements and demand for more extensive documentation will lead to an increasing demand for specialist advisers across legal, regulatory, and financial disciplines.
As a result, deals are likely to become more complex and more time-intensive, and in some sectors, regulatory review processes are becoming a decisive factor in whether deals proceed at all. Transaction strategy has naturally been affected, as buyers structure deals to reduce raising red flags or incurring regulatory risks.
The Continuing Impact Of The War In Iran
It is impossible to talk of 2026 without touching on the war in the Middle East. As this is a development that is volatile and developing daily, it is almost impossible to project what will happen tomorrow, let alone in the months to come. That volatility may be why Bloomberg suggests companies are delaying M&A activity rather than completely derailing it.
But political unrest often impacts market confidence, and there are suggestions from UK companies such as DSW Capital that March – a usually prosperous month in M&A – has been greatly hit by the war. With the complications regarding the Strait of Hormuz still unsettled, and the daily negotiations at an impasse, this will likely be a scenario that has to continue to be reacted to rather than prepared for.
Looking Ahead
At Gambit Search, we are always looking ahead to the next steps of M&A consulting trends that are shaping dealmaking. As these trends develop, so too does demand for experienced corporate finance professionals to work across complex transactions.
Whatever the future of M&A holds, Gambit Search will connect the best corporate finance professionals with the best opportunities within the field.
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