2026年全球并购展望：分拆之年

The yearof the carve-out KPMG. Make the Difference. Foreword What distinguishes the current environment is not thattransactions are more complex than in prior cycles—complexity has always been present—but that the drivers ofcarve-out activity are increasingly structural. Rising riskconcentration in non-core portfolio “tails,” shifting trade andtax regimes and accelerating capability reconfiguration areprompting boards to act more decisively and morepersistently. This Global M&A Outlook examines how these forces areconverging. Drawing on global survey data and practitionerinsight, it shows how the sources of advantage in M&A areevolving—and why execution capability is emerging as adurable institutional asset in an increasingly complex dealenvironment. Execution capability has become thedefining factor in M&A outcomes. Over successive deal cycles, evidence has shown that M&Aoutcomes are shaped as much by execution capability as bystrategic intent. The conditions confronting dealmakers todaysuggest that this relationship is becoming even morepronounced. At the same time, advances in analytics and artificialintelligence are reshaping how deals are sourced, evaluatedand executed. While technology alone does not determineoutcomes, its integration into decision-making and executionprocesses is altering the speed, depth and confidence withwhich dealmakers assess risk and opportunity. In alandscape where regulatory and economic assumptions canchange rapidly, modeling capability and execution readinessare becoming central to sustained performance. The 2026 M&A environment is accelerating this reality.Dealmakers are operating amid geopolitical fragmentation,legislative and regulatory volatility, accelerating technologicalchange, and intensifying pressure to focus capital andleadership attention where advantage can be sustained.Portfolio separation activity, including carve-outs, divestituresand staged ownership structures, is no longer a byproduct ofother strategic choices. It has become a structuralmechanism for reshaping portfolios in response to a moredynamic and less durable external environment. Professor Scott Moeller Founder, M&A Research CentreBayes Business SchoolCity St George’s, University of London Tableof contents0209 23AI-driventransformation ofdeal execution 5 drivers shapingthe 2026 M&Aenvironment 30Execution disciplineas a decisive sourceof advantage 04About the research 10Strategic focus in afragmented world 14Diverging riskappetites betweenbuyers 05Executivesummary 34Industry-specificdynamics 18Portfolio simplificationas a value creationstrategy 37Implications fordealmakers 072025 retrospectiveand 2026 outlook About theresearch Geographic distribution Industry sector—corporate respondents 21%Industrial manufacturing17%Technology15%Energy, natural resources and chemical13%Asset management11%Consumer and retail11%Healthcare9%Life sciences9%Insurance6%Banking1%Media and telecommunication4%Other 55%Americas31%EMEA13%APAC Company revenue—corporate respondents 17%US$100M–$999M35%US$1B–US$4.9B17%US$5B–US$9.9B11%US$10B–US$19.9B20%US$20B or more The findings in this report are based on a global survey of700 M&A dealmakers across 20 countries and jurisdictions,fieldedbetween 19 December 2025 and 27 January 2026.Respondents are senior executives across 10 sectors withresponsibility for, or involvement in, M&A decision-making.519181 Corporate respondents Industries in which private equity funds invest Respondents fromprivate equity firms 55%Technology55%Healthcare50%Industrial manufacturing44%Consumer and retail32%Banking22%Energy, natural resources and chemical20%Insurance17%Media and telecommunications13%Asset management11%Life sciences3%Other Deal involvement 75%Deal strategy65%Diligence82%Deal structuring62%Negotiation49%Deal closing and Day-1planning/execution43%Post-close strategy and design38%Post-close value creation In addition to the global survey, the analysis incorporatesqualitative interpretation from senior transaction advisorsto contextualize how these trends are shaping dealexecution. Firm type 26%Private equity firm26%Privately held company36%Publicly traded company11%PE-owned company1%Other Executive summary Global M&A momentum is rebuilding, but the foundations of the market have shifted in ways that will likely reshape how dealsareexecuted and wherevalue is created Deal activity regained momentum through 2025 and surveyfindings indicate that many organizations expect pipelines toexpand further in 2026. Yet this recovery is unfolding in astructurally more complex environment. Legislative andregulatory volatility, evolving trade regimes andtransformational changes in global tax frameworks arereshaping forward-looking cost structures and return profiles. Diverging risk appetites reshaping competitionfor assets A multi-speed global market, led by the US Deal momentum is strengthening globally, but unevenly. US-based organizations report higher confide