2026年一季度全球并购报告（英）2026

Contents Overview4 Institutional Research Group Steven Buibish, CFADirector, US Private Equitysteven.buibish@pitchbook.com Jinny ChoiSenior Research Analyst,Private Equity European M&A Garrett HindsSenior Research Analyst,Private Equity North American M&A14 Antitrust M&A update Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Sector metrics John MacDonagh Senior Research Analyst,Carbon & Emissions Tech andClean Energy Tech A word from DFIN Industry metrics23 Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capital B2B25 B2C27 Benny WongSenior Research Analyst, Energybenny.wong@pitchbook.com Energy29 Ben ZercherSenior Research Analyst,Biotech & Pharmaben.zercher@pitchbook.com Financial services32 Healthcare34 Harrison WaldockSenior Data Analyst IT36 pbinstitutionalresearch@pitchbook.com Materials & resources38 Published on April 29, 2026 Overview The loudest quarter on record In Q1 2026, global M&A dealmakers powered throughgeopolitical headwinds, from trade policy uncertainty and AIdisruption risk to armed conflict and energy inflation, to drive ahistoric level of activity. Total deal value reached an estimated$1.6 trillion, up 8.8% QoQ and 50.6% YoY, a new quarterly high inour data series. The total was weighted toward the upper end Financing was abundant early in the quarter, and conditionswere ripe for high levels of activity. However, the situationworsened in the latter part of the quarter after concernsemerged around private credit and the Iran war impactedinflation. While deals were still getting done—and some very last, and private market investors, who are more sensitive tofinancing costs, will likely feel the squeeze first. Q1 activity wasespecially strong in North America, where large-cap deals lifted Sector activity reflected a rotation in investor priorities. Energyled with outsized strength, with value up 59.8% QoQ, followed byB2C at 38.6% QoQ. The headline figures for IT were strong, butthe xAI transaction, a $250 billion related-party sale to SpaceXwith clear shared ownership, inflates the picture considerably.Exclude that single deal and IT value was down 52.5% QoQ,a sharp reset driven by AI disruption concerns weighing onsoftware company valuations and persistent difficulty securingdebt backing for large transactions. The private credit market Europe favored for cross-border M&A Cross-border deal flows between North America andEurope tilted sharply in one direction during Q1 2026. NorthAmerican acquirers deployed $117.5 billion into Europeantargets, $17.5 billion more than the $100 billion that Europeanbuyers directed at North America over the same period. Dealcount told the same story: 300 North America-into-Europe The monetary backdrop reinforces the asymmetry. Over thesix months ended March 2026, the Federal Reserve (the Fed)and European Central Bank (ECB) converged on a sharedposture of inaction but arrived there from very different startingpoints. The ECB completed its easing cycle in June 2025,landing at a 2% deposit facility rate, and held that rate steady a high near 1.20 in late January to a low of 1.1453 on March 18,the day of the Fed’s March decision, before recovering to 1.18by mid-April. The volatility owed largely to Middle East energy Valuation metrics Valuation multiples reflect the high levels of enthusiasm in themarket, moving swiftly past the recovery phase and firmly intoexpansion territory. The global M&A trailing 12-month (TTM)median enterprise value (EV)/EBITDA multiple now stands at10.7x, up from 9.8x in full-year 2024 and sustaining full-year2025’s pace as the highest level since the 2021 peak of 10.5x. Corporate buyers re-enter with force The resurgence of corporate acquirers has been one of themost consequential shifts in the market. The median EV/EBITDA multiple for corporate-led deals jumped from 8.3x in2024 to 9.8x on a TTM basis. In the US, the move was evensharper, from 9.3x to 11.4x. After several years of tight creditand volatile equities keeping strategics on the sidelines, they America and Europe held steady at roughly 12.6x, but thenarrowing gap means GPs face a more competitive biddingenvironment where operational value creation is increasingly Multiple expansion concentrated at the top The largest transactions are driving the expansion in headlinemultiples. Deals above $5 billion traded at a TTM medianof 13.9x EV/EBITDA, up from 12.7x in 2024, with deal countclimbing to 56 from 37 between those periods. The $1 billionto $5 billion bracket was close behind at 13.8x, with volumealso rising. Meanwhile, deals below $100 million remain US-Europe valuation gap widens The transatlantic valuation divergence continued to widenin Q1. The median US EV/EBITDA multiple reached 11.6x ona TTM basis, compared with 9.9x for Europe—a gap of 1.7turns and the widest spread since 2022. On an EV/revenuebasis, the divergence is even starker: The US TTM multiple of2.1x is roughly 50% higher than E