Summary of Mergers & Acquisitions in the U.S.
During June 2026, 1,113 transactions were announced in the U.S., 10.5% more than in June 2025. Total deal volume YTD '26 stands at 6,934 transactions, 9.5% more than YTD '25.
Disclosed deal volume in the U.S.# of transactions per month
Disclosed deal volume and value of acquisitions in the U.S.Annual transactions (US$ billions)
The transaction count line uses its own scale.
Acquisitions abroad by U.S.-based companies
During June 2026, 161 acquisitions were announced by U.S.-based companies abroad, 5.2% more than in June 2025. Total deal volume YTD '26 stood at 901 transactions, 3.2% more than YTD '25.
Disclosed deal volume by U.S.-based companies abroad# of transactions per month
Disclosed deal volume and value of acquisitions by U.S.-based companies abroadAnnual transactions (US$ billions)
The transaction count line uses its own scale.
Divestitures abroad by U.S.-based companies
During June 2026, 59 divestitures were announced by U.S.-based companies abroad, 11.9% less than in June 2025. Total deal volume YTD '26 stood at 320 transactions, 1.9% more than YTD '25.
Disclosed deal volume of divestitures by U.S.-based companies abroad# of transactions per month
Disclosed deal volume and value of divestitures by U.S.-based companies abroadAnnual transactions (US$ billions)
The transaction count line uses its own scale.
Summary of US$50M-US$2B deals by industry
U.S. transactions by sector · June YTD '26Percentage of transactions
283 transactions June YTD '26. This section only considers transactions with disclosed enterprise values larger than US$50M and below US$2B, where the acquired equity stake was larger than 51%. Excludes financials and real estate.
Disclosed deal volume and value of U.S. transactionsNumber of transactions June YTD '26 by enterprise value
Private equity: key insights on M&A deal activity · as of Q1 2026
According to GF Data, in Q1 2026, middle-market private equity firms recorded 80 completed transactions, representing a decrease from 84 deals in the previous quarter but an increase from 62 deals in Q1 2025. For the first time in five quarters, deal volume and valuation multiples increased simultaneously, with transactions and pricing both exceeding full-year 2025 levels.
Private equity activityQuarterly number of transactions
Private equity multiplesEV/EBITDA, total debt and senior debt · Q2 2024 – Q1 2026 · Source: GF Data
See the data as a table
| Series | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| EV/EBITDA | 7.3x | 7.2x | 7.3x | 7.6x | 6.8x | 7.4x | 6.9x | 7.3x |
| Total debt/EBITDA | 3x | 3.1x | 3.7x | 3.3x | 3.2x | 3x | 3.2x | 3.5x |
| Senior debt/EBITDA | 2.3x | 2.7x | 2.8x | 2.7x | 2x | 2x | 2.2x | 2.5x |
Average EV/EBITDA multiples increased to 7.3x in Q1 2026, representing a 0.4x increase from the previous quarter. Buyout transactions accounted for approximately 86% of activity and averaged 7.2x EBITDA, as improving financing conditions supported stronger valuations, particularly for platform acquisitions.
Financing conditions improved during Q1 2026, supporting valuation recovery across the middle market. Average total debt utilization increased to 3.5x EBITDA from 3.2x in Q4 2025, while senior debt rose to 2.5x from 2.2x, reflecting stronger lender appetite and more favorable credit markets.
Above-Average Financial Performers (AAFP) transactions represented 46% of completed buyouts in Q1 2026, up 2 percentage points from 2025, and commanded a 7% valuation premium, averaging 7.2x EBITDA versus 6.7x for non-AAFP deals.
*GF Data defines above-average financial performers as businesses with TTM EBITDA margins and revenue growth rates both above 10%, or one above 12% and the other metric at least 8%. Outliers on the high side are also excluded.
Q1 2026 highlights (GF Data)
Private equity: valuation trends · as of Q1 2026
EV/EBITDA multiples by enterprise value rangeDisclosed valuation multiples of private equity transactions · Q4 2024 – Q1 2026 · Source: GF Data
See the data as a table
| Series | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|
| US$10M–US$25M | 6.5x | 6.7x | 6.1x | 6.3x | 5.7x | 6x |
| US$25M–US$50M | 7.2x | 7x | 6.7x | 6.5x | 7.1x | 7.5x |
| US$50M–US$100M | 7.5x | 8.4x | 7.8x | 8.9x | 7.4x | 7.7x |
| US$100M–US$250M | 9.2x | 10.7x | 9x | 11.1x | 8.4x | 9x |
| US$250M–US$500M | 12.1x | 8x | 8x | 8.8x | 12.8x | 11.3x |
Valuation multiples improved across most enterprise value ranges in Q1 2026. Transactions in the US$250M to US$500M range decreased to 11.3x from 12.8x in Q4 2025 but remained above historical averages, while deals between US$100M and US$250M and US$25M and US$50M expanded to 9.0x and 7.5x, respectively. Valuations in the US$50M to US$100M range increased modestly, while the US$10M to US$25M segment recovered to 6.0x.
Add-on investments represented approximately 38% of completed buyouts in Q1 2026, up from 31% in Q4 2025 but below the roughly 40% incidence recorded during the first half of 2025. The increase reflects renewed acquisition activity despite softer pricing among smaller add-on transactions.
Platform buyouts continued to outperform add-ons during Q1 2026. Platform transactions averaged 7.6x EBITDA compared to 6.5x for add-ons, representing the widest spread in recent years. The valuation premium was primarily driven by improved financing conditions and greater lender support for platform acquisitions.
Manufacturing led major sectors in Q1 2026, with valuations increasing to 7.2x from 6.6x in 2025. In contrast, business services declined to 7.0x from 7.3x, while healthcare services maintained its premium valuation at 8.5x. Distribution multiples softened modestly to 6.7x compared to 6.9x in 2025.
EV/EBITDA by sector · Q1 2026 (GF Data)
All multiples above represent EV/EBITDA. GF Data defines Above-Average Financial Performers as businesses with TTM EBITDA margins and revenue growth rates both above 10%, or one above 12% and the other metric at least 8%.
Representative sub-US$2B transactions during June 2026
Announced transactions pending approval and other customary closing conditions are marked with an asterisk (*).
| Target | Sector | Buyer | Country | Seller | Size (US$M) | % Acq. | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|---|---|---|
| NCS Multistage*Provider of engineered products and support services for oil and natural gas well completions | Energy | Weatherford | USA | - | 196.8 | 100.0% | 10.4x | 0.9x |
| Omnetics Connector Corporation*Manufacturer of miniature, high-reliability electronic connectors and interconnect systems for aerospace, defense, and medical applications | Technology Hardware and Equipment | Arxis | USA | - | 890.0 | 100.0% | - | - |
| Peak Power*Developer and operator of natural gas-fired power generation facilities | Utilities | TransAlta | Canada | Kindle Energy | 1,000.0 | 100.0% | - | - |
| Kumo*Developer of AI-powered predictive analytics software for enterprise applications | Software and Services | NVIDIA | USA | Multiple sellers | 400.0 | 100.0% | - | - |
| Vega Therapeutics*Developer of a monoclonal antibody therapy targeting Protein S to improve hemostasis in bleeding disorders, including von Willebrand disease | Pharmaceuticals, Biotechnology and Life Sciences | Incyte | USA | Star Therapeutics | 2,000.0 | 100.0% | - | - |
| Firefly Bio*Developer of a degrader antibody conjugate (DAC) platform targeting KRAS-driven and other hard-to-treat solid tumors | Pharmaceuticals, Biotechnology and Life Sciences | J&J | USA | Multiple sellers | 1,000.0 | 100.0% | - | - |
| Riverpoint Medical*Manufacturer of surgical sutures, wound closure products, and medical devices | Health Care Equipment and Services | Novanta | USA | Multiple sellers | 1,450.0 | 100.0% | - | - |
| Nixxy*Provider of AI-powered communications and data infrastructure | Commercial and Professional Services | Tachyon9 | USA | Multiple sellers | 1,000.0 | Merger | - | - |
| Ultradent*Manufacturer of dental materials, equipment, and oral healthcare products | Health Care Equipment and Services | Mitsui Chemicals Group | USA | - | 900.0 | 100.0% | - | 2.4x |
| Nano Dimension*Developer of additive manufacturing systems and advanced electronics fabrication technologies | Capital Goods | Infinite Epigenetics | USA | - | 890.0 | 100.0% | - | - |
| Pizza Hut*Operator and franchisor of quick-service pizza restaurants | Consumer Services | LongRange Capital | USA | Yum! Brands | 1,575.0 | 100.0% | - | - |
| RayThera*Developer of radiopharmaceutical therapies for cancer treatment | Pharmaceuticals, Biotechnology and Life Sciences | Biogen | USA | Multiple sellers | 1,000.0 | 100.0% | - | - |
| Blue Canyon Technologies*Manufacturer of small satellites and spacecraft systems | Capital Goods | MDA Space | Canada | RTX | 620.0 | 100.0% | - | - |
| Vibe.co*Provider of connected TV advertising technology and media buying solutions | Media and Entertainment | Walmart | USA | Multiple sellers | 1,400.0 | 100.0% | - | - |
| Kartos Therapeutics*Developer of small-molecule therapies for oncology and hematologic disorders | Pharmaceuticals, Biotechnology and Life Sciences | Ipsen | France | SR One | - | 100.0% | - | - |
* Announced transactions pending approval and other customary closing conditions. "-" = not disclosed.
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Subscribe to M&A InsightsAbout Seale & Associates
For over 25 years, Seale & Associates has served leading public and private companies from around the world and operating in a broad range of industries with a high level of quality, integrity and independence while presenting innovative ideas and trusted solutions to address their most complex dealings. Our services include mergers & acquisitions, divestitures, joint ventures and alliances, recapitalizations, due diligence support, expert witness testimony, corporate finance advisory and strategy consulting, with offices in Washington, D.C., Miami, Mexico City, Monterrey and San Luis Potosi.
Sources: S&P Capital IQ, Mergermarket, Press Releases and GF Data. Includes announced transactions subject to customary closing conditions and regulatory approvals. © 2026 Seale & Associates. All rights reserved.