Horizons H2 2026

BDO M&A Horizons

BDO’s global view of mid-market deal activity

Welcome to the mid-year edition of Horizons 2026, written by our own BDO M&A partners around the world.

As we move through 2026, the dealmaking landscape continues to evolve at pace. Economic uncertainty, geopolitical shifts, technological disruption, and changing investor priorities are creating both challenges and opportunities for businesses around the world. Yet amid this complexity, we are seeing remarkable resilience, innovation, and strategic ambition from organisations determined to create value and drive growth. In this second issue of BDO Horizons, we explore the trends shaping today's M&A Advisory environment. Drawing on insights from across the BDO network, we examine market activity, emerging opportunities, sector developments, and the factors influencing investor confidence in key regions around the globe. We hope this edition provides valuable perspectives on the forces shaping the market today and the opportunities that lie ahead. Thank you for your continued interest in BDO Horizons, and we look forward to supporting you through the remainder of 2026 and beyond.

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GLOBAL MID-MARKET M&A

In a global market of bewildering activity and endless choices, we provide some of the context necessary to navigate it.

BDO Horizons 2026 Issue 2

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Deal Advisory

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Global view

Global mid-market M&A defies geopolitical turbulence as deal activity holds firm

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Guggenheim Museum Bilbao alongside Nervión River under a cloudy sky. Curved metallic building contrasts with modern glass tower and riverside walkway filled with pedestrians.

Our Deals

21% to 40%

1% to 20%

-20% to 0%

-40% to -21%

-60% to -41%

Key % movement

Deal volume rebounds as PE activity returns and tech-led pipeline remains strong

North America: 24%

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5,844 rumoured transactions

Global