BDO M&A Horizons
BDO’s global view of mid-market deal activity
Welcome to the first edition of Horizons in 2026, written by our own BDO M&A professionals around the world.
We start the year looking back at 2025 to help us draw the perspectives for the year ahead. The overall data shows that activity in the mid-market has suffered a drop in volume among a turmoil of geopolitical tension, which has not helped executives plan for the long term.
The number of rumoured transactions for the months ahead hovers close to 6,000, which is similar to the previous 2 years and we expect North America to continue being the hotspot of activity.
With geopolitical tensions and tariffs still being the key themes of our current environment, we approach 2026 with caution, but with hope, due to the high levels of available cash to invest and the inherent resilience of the mid-market.
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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 1
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Global view
Deal volume falls in the second half of the year but aggregate deal value is up
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Our Deals
>31%
21% to 30%
11% to 20%
1% to 10%
0%
-10% to -1%
<-11%
Key % movement
Deal volume declines due to tariff-related uncertainty
North America: -17%
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5,836 predicted mid-market deals for the next few months
Global
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Dealmaking steadies as natural resource-rich continent remains ripe for investment
Latin America: -23%
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Dealmaking falls but remains focused on structurally resilient sectors
Africa: 0%
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M&A in H2 2025: Capital concentrates as deal value outpaces volume
Middle East: 38%
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M&A deal activity slows but is expected to pick up in 2026
Central & Eastern Europe: 34%
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Fewer deals and bigger tickets support M&A value
Israel: 162%
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Dealmaking holds firm as market stabilises
Southern Europe: -4%
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DACH: -1%
Market recalibrates with fewer, larger deals and more selective decision-making
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Benelux: -15%
Deal numbers and value slow in H2 2025
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Mid-market M&A demonstrates resilience and growth
United Kingdom and Ireland: 65%
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Deal activity softens as strategic buyers pause and sponsors adapt
Nordics: 26%
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Resilient year for M&A despite challenges
India: -1%
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Greater China: -1%
M&A market shows signs of revival
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High-value private equity deals lift deal activity
South East Asia: -8%
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Mid-market M&A continues to improve despite trade and economic uncertainty
Australasia: -6%
North America
Latin America
Africa
Australasia
South East Asia
India
Greater China
Southern Europe
United Kingdom & Ireland
Nordics
DACH
Central & Eastern Europe
Middle East
Israel
Benelux
Map colouring illustrates the movement of expected transactions compared to the predicted transactions from H2 2025.