Capstone Partners & IMAP Release 2025-2026 Trends in Global M&A Research Survey
MWN-AI** Summary
Capstone Partners and IMAP have released their "2025-2026 Trends in Global M&A Research Survey," which highlights key insights from M&A advisors worldwide regarding future deal-making conditions. Conducted between November 10 and 24, 2025, the survey included responses from 106 advisors across 54 countries and revealed a nuanced outlook for the global middle-market M&A landscape amid rising geopolitical tensions and macroeconomic challenges.
For the first time in three years, advisors identified the geopolitical environment as the foremost factor impacting clients, overtaking inflation, which had dominated previous surveys. Despite these challenges, 72.6% of respondents anticipate an increase in M&A deal flow for 2026, although this reflects a 6.4% decline from their previous year’s expectations. Interest rate cuts in major markets have bolstered optimism, with 45.3% of advisors expecting intensified sponsor deal-making in the coming year, despite a slight decline in confidence.
Market volatility and economic uncertainty are cited as the primary obstacles to deal closures, with 56.6% of advisors expressing concerns. Additionally, 40.6% noted that trade policy instability could further curb M&A activity. Notably, there is strong interest in global expansion and vertical integration deals in response to ongoing supply chain issues, with expected growth rates of 7.8% and 5.1%, respectively.
Advisors emphasize that realistic deal valuations will play a critical role in facilitating successful transactions, as nearly half anticipate inflated valuation expectations may hinder deals. While a quarter of respondents predict moderate increases in M&A transaction multiples, most foresee stability in pricing.
Overall, this comprehensive survey sheds light on the evolving dynamics in the M&A landscape, providing valuable insights for stakeholders navigating potential liquidity events and investment opportunities in 2026.
MWN-AI** Analysis
As evidenced by the recent Capstone Partners & IMAP release highlighting trends in global M&A, the outlook for mergers and acquisitions in 2026 is mixed yet promising amidst geopolitical and macroeconomic headwinds. Advisors largely expect a 72.6% increase in M&A deal flow despite a 6.4% year-over-year decline in optimism, indicating resilience in the market. Investors should note that the geopolitical climate has overtaken inflation as the primary concern, a shift that underscores the complexities of today's economic landscape.
The notion that buyers are increasingly selective in their acquisitions calls for a cautious approach. With 66% of investment bankers emphasizing the importance of recurring revenue, we encourage potential sellers to fortify their business structures and showcase financial resilience. For buyers, this means focusing on strong targets with financial stability, which can lead to higher success rates in negotiations.
The report also outlines challenges in the form of market volatility and trade policy uncertainties, factors expected to inhibit deal closures for over half of the advisors surveyed. This volatility suggests that financial metrics, particularly regarding deal valuations, will play a crucial role in M&A success in 2026. Advisors project that realistic deal valuations will be a key factor in facilitating successful transactions, contrasting with fears that overstated valuations could disrupt negotiations.
Given the evolving landscape, businesses considering a liquidity event should position themselves favorably through improved operational performance and transparent financial practices. While external pressures loom, strategic maneuvers focusing on vertical and global expansion could generate growth opportunities. In summary, while the outlook for M&A activity remains robust, due diligence and sound financial practices will be imperative for both buyers and sellers navigating this complex environment.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Capstone Partners & IMAP Release 2025-2026 Trends in Global M&A Research Survey
PR Newswire
Advisors' M&A Outlook Remains Strong for 2026 Despite Rising Geopolitical and Macroeconomic Headwinds
BOSTON, Jan. 29, 2026 /PRNewswire/ -- Capstone Partners, a leading middle market investment banking firm, in conjunction with its partner IMAP, a leading global investment banking advisory firm, released its annual Trends in Global M&A Survey Report, with insights from M&A advisors across the world. This report combines Capstone's in-depth investment banking knowledge with proprietary data obtained from 106 participating IMAP merger and acquisition (M&A) advisors across 54 countries. Conducted between November 10, 2025, and November 24, 2025, the survey captures sentiment at a pivotal moment in global middle market M&A, providing insight into M&A market activity throughout 2025 and anticipated dealmaking conditions in 2026.
Key Findings:
- On a global basis, advisors ranked the geopolitical environment as the most likely factor to impact their clients' business operations in 2026. This marks a stark contrast to previous survey studies, where advisors ranked inflation as the largest influence on client operations for three consecutive years between 2022 and 2024.
- As uncertainty around trade and macroeconomic volatility continues to settle, the vast majority (72.6%) of advisors surveyed expect M&A deal flow to increase in 2026. While this marks a 6.4% decline year-over-year (YOY), investment bankers' optimism for M&A activity has largely persisted.
- While interest rate cuts in Europe, North America and parts of Asia throughout 2024 and 2025 have largely kept investment bankers' private equity (PE) M&A outlook elevated for 2026—with the lion's share (45.3%) of total investment bankers surveyed expecting sponsor dealmaking to increase in 2026—recent trade policy volatility has seen this figure decline 5.7% compared to 2025 expectations.
- Several external factors are slated to continue challenging the global M&A market, with most (56.6%) advisors ranking market volatility/economic uncertainty as the top factor expected to delay or inhibit deal closings in 2026. Notably, 40.6% of advisors also cited trade uncertainty/tariff policies as a leading external element to curb M&A in 2026.
- Due to recent trade policy volatility and subsequent supply chain bottlenecks, advisors expect global expansion (+7.8% YOY) and vertical integration (+5.1% YOY) deals to gain traction in 2026. In contrast, expectations for recapitalizations (-12% YOY) and capital raises (-10.7% YOY) have fallen amid advisors' expectations that M&A deal activity will improve throughout 2026.
- Buyers have become increasingly selective in their M&A pursuits, prioritizing target companies with robust financial visibility. Of note, 66% of total investment bankers surveyed indicated that recurring revenue will be the most important characteristic to acquirers in 2026.
- Roughly a quarter (25.5%) of advisors anticipate M&A transaction multiples in 2026 to moderately rise compared to 2025. However, most (66%) advisors foresee little to no change in M&A multiples in 2026.
- Advisors identified realistic deal valuations as the most prominent element expected to help sellers achieve a successful M&A transaction in 2026. This represents a close alignment with the nearly half (48.1%) of advisors anticipating excessive valuation expectations to hinder deal closings in 2026.
Through this research, Capstone Partners and IMAP have tracked notable impacts on the global M&A market, current economic environment, as well as M&A advisors' expectations on pricing trends and regional opportunities and risks moving forward into 2026.The report also provides an analysis of sell-side M&A considerations for middle market business owners looking to pursue a liquidity event.
To access the full report including a breakout of the results by industry and region, click here.
ABOUT CAPSTONE PARTNERS
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ:HBAN). For more information, visit www.capstonepartners.com.
ABOUT IMAP
IMAP is an International Mergers and Acquisitions Partnership with a 50-year track record, more than 450 M&A professionals worldwide and a presence in 51 countries. IMAP has closed over 2,200 transactions valued at $130 billion in the last 10 years and is consistently ranked in the world's Top 10 M&A advisors (Refinitiv) for mid-market transactions. For more information, visit www.imap.com.
SOURCE Capstone Partners
FAQ**
How does Capstone Partners, a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), plan to address the rising geopolitical headwinds affecting M&A activity as identified in the recent survey?
With 72.6% of advisors expecting an increase in M&A deal flow, how will Huntington Bancshares Incorporated (HBAN) leverage this momentum through its partnership with Capstone Partners?
What strategies is Capstone Partners employing to help clients navigate trade uncertainty and tariff policies in 2026, considering Huntington Bancshares Incorporated (HBAN) as a key player in the market?
As buyers prioritize companies with robust financial visibility, how is Huntington Bancshares Incorporated (HBAN) working with Capstone Partners to identify and support these target companies in the M&A landscape?
**MWN-AI FAQ is based on asking OpenAI questions about Huntington Bancshares Incorporated (NASDAQ: HBAN).
NASDAQ: HBAN
HBAN Trading
-3.22% G/L:
$16.0799 Last:
9,483,811 Volume:
$16.235 Open:
