Global M&A Deal Rush Fades in Third Quarter as Rising Borrowing Costs Bite

Global M&A Activity Falls Below $1 Trillion as Borrowing Costs Rise

Global mergers and acquisitions totaled $993 billion in the third quarter, marking the first quarterly total below $1 trillion since the second quarter of 2025. Higher borrowing costs weighed on deal activity even as AI and technology investment continued to support major transactions.

Global M&A deal rush fades in Q3 on higher borrowing cost

Global merger and acquisition activity in the third quarter totalled $993 billion, down 41% compared to the prior quarter, marking the first quarter to fall below $1 trillion since the second quarter of 2025.

Global M&A deal rush fades in third quarter as rising borrowing costs bite

Global M&A activity in the third quarter totalled $993 billion, down 41% compared to the prior quarter, marking the ​first quarter to fall below $1 trillion since the second quarter of 2025, according to LSEG data.

Global Dealmaking Cools in Third Quarter

Fragile artificial-intelligence sentiment and higher borrowing costs helped dampen merger-and-acquisition activity in the third quarter, but giant AI deals mean 2026 is still on track to be the second-highest-volume year for global M&A ever, according to Mergermarket data.