A global perspective: Key corporate M&A trends for 2026

What does global M&A really look like as we head into 2026?

Partners from across our key international financial centres share what they’re seeing on the ground – from where the deal activity is gaining momentum, to how structure, sectors and regulations are shifting.

Each jurisdiction brings a different perspective, but the picture that emerges is a market that continues to adapt and, in many areas, thrive.

Bermuda

Partner Rachel Nightingale says:

As a leading domicile for (re)insurance, Bermuda is expected to see strong M&A activity in 2026. Consolidation among global carriers, sustained private equity investment in capital-efficient platforms and other insurance vehicles will continue to drive transactions. With several mergers scheduled to close early in the year, Q1 is likely to be particularly active for the insurance sector.

Following the introduction of Bermuda’s corporate income tax regime in 2025, 2026 is expected to bring increased certainty as the regime becomes fully embedded into structuring and operational decision-making. Alignment with OECD Global Minimum Tax Rules enhances Bermuda’s credibility as a substance-based jurisdiction, supporting redomiciliations, group reorganisations and transactional activity. Multinational insurance, shipping, energy and maritime groups are expected to benefit from Bermuda’s regulatory sophistication, tax transparency and long-term stability.

Fintech activity is also set to remain strong, driven by institutional adoption, improved regulatory clarity in the US and continued sector maturation. These factors are likely to spur consolidation through M&A and selective exits. Bermuda is well-positioned to capitalise on these trends, with a robust ecosystem of digital asset players established under its progressive regulatory framework.

British Virgin Islands (BVI)

Partner Alex Drysdale says:

As the leading investment hub for holding companies with reach across major financial centres, BVI vehicles are expected to feature prominently in cross-border M&A and capital markets transactions in 2026. Their corporate flexibility makes them ideal for use as listed companies, SPACs and other acquisition vehicles.

BVI issuers listed on US stock exchanges can rely on home-country corporate governance practices, while the jurisdiction’s merger regime – modelled on Delaware law – is well suited to complex cross-border transactions. Combined with a regulation-light, tax-neutral environment, these features position the BVI as an attractive structuring option for global dealmakers.

While the BVI remains sector-agnostic, its flexibility and efficiency continue to make it a preferred choice for transactions spanning multiple industries.

Cayman Islands

Partner Michael Beck says:

US IPO and SPAC activity gained pace through 2025 and that momentum is expected to carry into 2026. As in previous years, Cayman Islands companies are set to remain the preferred route for SPACs and foreign issuers seeking smooth entry into US capital markets.

As North American market conditions stabilise and financing becomes more accessible, a backlog of M&A transactions is likely to progress. Cayman structures are likely to continue playing an important role as clients pursue sophisticated solutions to facilitate cross border acquisitions, joint ventures and carve outs.

Dubai

Partners Tom Cochrane and Regard Smith say:

Corporate and M&A activity across the GCC is expected to remain high in 2026. A favourable economic outlook, supportive regulatory changes and an influx of global asset managers are all helping to sustain momentum, with regional and international buyers continuing to target high-quality assets.

Alongside a number of high-profile IPOs proposed for 2026, private markets are set to remain active. The 2025 Property Finder transaction – in which Property Finder, a leading property platform in the MENA region, raised significant additional capital from General Atlantic, Permira and Blackstone – is a strong indicator of the type of dealmaking we expect to see more of this year.

Similar partnerships between leading global asset managers and regional industry champions are anticipated as the Middle East further strengthens its position as an important global financial hub. As a result, we expect the most active sectors to include technology, digital infrastructure and financial services.

Guernsey

Office managing partner Matt Sanders says:

M&A activity in Guernsey is expected to continue to perform strongly in 2026. For international deals, Guernsey's M&A market is driven in large part by the state of the UK economy. With UK inflation stabilising, and with the potential for further cuts in interest rates by the Bank of England this year, we expect to see continued strength in deal activity.

The trend of Guernsey private equity funds looking to make full or partial exits to continuation funds is likely to continue into 2026. Restructurings or take-privates involving Guernsey schemes of arrangement are also expected to form an important part of the toolkits for M&A lawyers to use this year, and we thus expect to see further schemes being used accordingly.

We remain hopeful that IPO activity in the UK will return in greater numbers in 2026, with Guernsey continuing to be a leading jurisdiction to incorporate vehicles listed on the LSE.

For more domestically focused deals, consolidation within and strategic co-investment deals in the regulated financial services sector are expected to continue into 2026. There still appears to be a strong appetite for acquisitions for fund and corporate services providers in particular. A number of businesses are still actively looking to acquire smaller market participants with operations in Guernsey and elsewhere.

Hong Kong

Partner Kevin Ho says:

Hong Kong has long been seen as a gateway to China, and increasingly now, a gateway for China. Activity in 2025 reflected priorities set out in the PRC’s 14th Five-Year Plan (2021–2025), particularly its emphasis on technological and economic self-reliance.

The ‘Made in China 2025’ initiative drove investment in high-tech sectors such as semiconductors, AI and electric vehicles. Chinese businesses were encouraged to seek foreign capital for international expansion, illustrated by a surge in dual listings on the Hong Kong Stock Exchange. The Hang Seng Index’s strongest performance since 2017 also spurred take-private transactions, with private equity firms and strategic buyers seeking value in a recovering market.

Fundraising and investment in deep tech – including AI, semiconductors, quantum technology, biotech and medtech, and EVs – are expected to remain strong in 2026. Capital markets activity is also set for another buoyant year, with a healthy IPO pipeline and positive market sentiment.

The 15th Five-Year Plan is due for approval in March this year and is expected to maintain focus on high-tech sectors. Meanwhile there has been signals of a potential shift towards modernising traditional industries such as manufacturing, mining, agriculture and construction to boost domestic consumption. If US interest rate cuts continue as forecast, we anticipate increased dealmaking across these sectors throughout 2026.

Ireland

Partner Eoin Ryan says:

Analysts and advisers in Ireland are signalling guarded optimism for the Irish M&A market in 2026. Deal activity has carried through from 2025, and despite global political uncertainty, both deal volume and value are expected to rise. Key drivers include easier access to finance, lower interest rates and growing pressure on institutional investors to deploy capital or ‘dry powder’.

Technology, renewable energy, healthcare and professional services are set to see the most deal activity. While regulatory scrutiny continues to lengthen completion times, artificial intelligence is helping to streamline processes. Ireland remains a leading hub for cross-border transactions, requiring close collaboration between global, multi-disciplinary deal teams.

Jersey

Partner Kevin McQuillan says:

While geopolitical uncertainty is expected to influence dealmaking in 2026, activity is likely to remain strong and comparable to 2025. Sectors such as defence and commodities are expected to attract continued attention, alongside less volatile areas with annuity income streams – notably financial services – which should remain buoyant throughout the year. Jersey too is establishing a strong fintech ecosystem, with dynamic companies looking to make the most of technical advancements and a receptive regulatory environment.

Recent amendments to the Companies (Jersey) Law 1991 could also come into effect as early as June, which will only bolster the Island's position as a reliable and pragmatic jurisdiction for incorporating transaction structures and listing vehicles.

UK-listed companies have for some time been appealing to overseas sponsors and strategic buyers, and this trend is set to continue in 2026. Assets acquired during the Covid-era boom are reaching the end of their hold periods, creating significant opportunities in the secondaries market. This could also pave the way for significant IPO activity both in the UK and the US.

London

Partner Neil McDonald says

There has been a notable increase in M&A transactions, accompanied by a rise in the use of more innovative acquisition structures such as equity rollovers and stub equity alternatives where target shareholders retain all or part of their equity in the target or receive equity in the acquiring vehicle.

‘Green shoot’ indicators suggest that IPOs could feature more prominently in 2026. This follows a surge in IPO activity during the final quarter of 2025, pointing to renewed appetite for public listings as an exit route for investors.

There is no doubt that high levels of M&A involving AI, fintech and digital assets-focused companies will continue to shape the landscape, with more transactions already in the pipeline. These sectors remain magnets for investment as businesses continue to seek innovation and scalability.

Singapore

Partner Michael Kenny says:

After a cautious 2025 shaped by macroeconomic uncertainty and geopolitical headwinds, M&A activity across Southeast Asia is expected to strengthen in 2026. Singapore continues to solidify its position as the region’s leading M&A and financial hub, offering stability and connectivity for global investors.

The region is increasingly critical for global trade and foreign investment, driven by strong economic integration, population growth and strategic location. Its proximity to China makes it an attractive base for multinational corporations seeking to diversify supply chains and mitigate concentration risk.

A clear trend towards buy-and-build models is taking shape. Businesses are focusing on core operations through mid-market acquisitions and targeted divestments, rather than pursuing high-risk transformative deals. This approach reflects a preference for sustainable growth and operational resilience. Digital infrastructure, green energy transition, healthcare and consumer and retail sectors remain key areas of investment focus.

State investment vehicles are expected to play a more active role, with sovereign wealth funds such as Indonesia’s Danantara and Malaysia’s Khazanah driving growth first domestically and then regionally. Private markets are also gaining momentum as these funds anchor large transactions. At the same time, private equity firms are working to clear multi-year exit backlogs, supported by narrowing valuation gaps – a combination likely to accelerate deal flow in 2026.

Conclusions

Looking ahead to the rest of 2026, the global M&A market remains active and adaptable. While geopolitical and macroeconomic pressures continue to shape the landscape, deal activity is expected to remain resilient, supported by technology-led growth, renewed confidence in capital markets and sector-specific opportunities in areas such as defence, green energy and healthcare.

Investment hubs like Bermuda, the Cayman Islands and BVI continue to offer structuring flexibility and certainty, while international financial centres such as London, Hong Kong and Singapore are set to remain central in cross-border transactions.

For businesses and investors prepared to move decisively, 2026 offers meaningful opportunities across multiple markets. Our teams are well placed to help you assess what this means for your strategy.