Corporate and private equity leaders are maintaining a measured approach to mergers and acquisitions as the second half of 2026 approaches, according to Deloitte's midyear M&A Trends Pulse Survey. The report, based on responses from 500 senior dealmakers at companies with revenues above $250 million and PE firms, indicates that while deal appetite remains robust, the exuberance of late 2025 has tempered.
Sixty-seven percent of respondents expect the number of deals they complete to increase over the next six months, and 69% anticipate a rise in total deal value. However, the share of those expecting a moderate increase dropped 19 percentage points from the fall 2025 survey, falling to 48%. More dealmakers now anticipate flat activity rather than acceleration, signaling a shift toward caution.
Adam Reilly, Deloitte's national managing partner for merger and acquisition services, described the prevailing mood as disciplined rather than paralyzed. “Our new M&A Pulse Survey indicates cautious optimism is persisting in the market, and while dealmakers are still leaning in, they're doing so with more discipline,” he said. He noted that cross-border activity, in particular, requires careful management of execution risks around compliance, supply chains, taxes, and revenue synergies.
Cross-border transactions are a focal point of the survey. Sixty-five percent of dealmakers expect international activity to rise over the next 12 months, though only 20% expressed significant interest in pursuing such deals. Growth and market expansion remain the primary drivers, cited by 75% of respondents as a high or medium priority. Financial optimization ranked second at 65%, followed by risk diversification at 60%.
The United Kingdom emerged as the top destination for both corporate and PE leaders seeking international expansion, cited by 52% of corporate respondents and 43% of PE leaders. This interest in cross-border deals comes amid ongoing tariff turbulence, which has prompted some firms to look beyond domestic headwinds for growth opportunities. For advisors, this trend may influence portfolio allocations and client discussions about international exposure, as noted in a recent analysis of gold's diversification role amid inflation concerns.
The concentration of deal value at the top of the market, a hallmark of late 2025, has persisted into 2026. The ten largest transactions accounted for 43% of total deal value in the first quarter, underscoring that scale and execution discipline are critical. This dynamic aligns with findings from a separate AssetMark study that operational discipline, not market gains, drives top advisory firm growth.
Respondents spanned technology, media, telecom, consumer, energy, financial services, and life sciences sectors. The survey's findings suggest that while dealmakers are not retreating, they are increasingly selective, prioritizing quality over volume. This cautious optimism reflects broader market conditions, where tariff uncertainty and inflation persist, as highlighted in a recent analysis of AI-led market fragility.
For financial advisors, the survey's implications are twofold: clients with private equity or corporate interests may face a more disciplined deal environment, while the growing focus on cross-border transactions could open new opportunities for international diversification. However, as Deloitte's data shows, realizing value in such deals will depend on rigorous risk management.
