CMS European M&A Outlook 2026: deals, doubts & divergences

CMS has launched the European M&A Outlook 2026, published in association with Mergermarket. Reflecting the opinions of 250 executives, business leaders and dealmakers from corporates and PE firms across Europe, Asia and the Americas, the CMS European M&A Outlook is a comprehensive assessment of dealmaking and investment sentiment across the European market.

The first half of 2025 brought some fresh and unexpected challenges, from tariff volatility to tightening financing conditions, with uncertainty again clouding dealmakers’ plans. Yet European dealmakers are far from downbeat - 85% expect to engage in M&A next year. We are seeing many corporates seeking transformational deal opportunities and strategic growth, but also organisations who see significant opportunities for distressed/turnaround deals.

Despite uncertainty, it is clear that Europe’s M&A scene remains healthy and we expect to see robust dealmaking over the next 12 months.

For a full analysis of European deal drivers, investment obstacles, the financing environment, regional and sector dynamics, and foreign direct investment trends, download the CMS European M&A Outlook 2026.

You can access the full report here.