The intensified race to secure advancements and resources in artificial intelligence (AI) has pushed the volume of M&As to a new level in the first quarter of this year. Mergers and acquisitions carried out during the period reached a volume of US$438 billion, an increase of 155% compared to the first quarter of 2025.
The figures are part of the quarterly business performance monitor from consulting firm WTW. The report indicates that 12 major transactions exceeding US$10 billion were completed between January and March, the highest quarterly number since the monitoring began in 2008.
Fifty-six deals exceeding $1 billion were completed during the period, compared to 40 in the first quarter of the previous year. Worldwide, 215 transactions exceeding $100 million were closed, a 32% increase and the fifth consecutive quarter of growth.
Companies that completed acquisitions exceeding $100 million outperformed their index by 2.5 percentage points. WTW's forecast for December 2025 pointed to pent-up demand, stable interest rates, and over $2 trillion in uninvested private equity capital as favorable factors for the new year.
European buyers outperformed by six percentage points in 40 deals. North American dealers underperformed by 5.4 percentage points in 117 completed transactions, although this represents a significant improvement over the fourth quarter.
Investors in the Asia-Pacific region were 3.4 percentage points below the regional index in 49 trades, while Chinese investors completed 21 transactions, with activity continuing to recover from 2024 lows.
According to Jana Mercereau, head of mergers and acquisitions consulting at WTW in Europe, investors have returned to seeking mergers with the goal of expanding operations and securing technologies that enable artificial intelligence. "Mega-transactions have resurfaced in full force."
Research by the American law firm Morrison Foerster, published in early 2026, found that mergers and acquisitions in the technology sector increased by 66% compared to the previous year, reaching approximately US$1.08 trillion in 2025, driven by transactions related to artificial intelligence, data infrastructure, and cybersecurity.
A report by Samil PwC showed that about a third of the 100 largest global deals announced last year cited AI as a key factor. According to PwC, between US$5 trillion and US$8 trillion will be needed in the next five years just to finance AI infrastructure.
First-quarter results solidify a strong foundation. WTW's 2025 report shows that there were 726 deals above $100 million worldwide, with a total completed value of $933 billion.
The WTW executive noted that healthy balance sheets have driven mergers to near-record levels, but warned that the conflict in the Middle East could slow that pace.
"Confidence in the boards of directors remains strong, at least for now, as negotiators normalize the high geopolitical risk and appear determined to overcome the obstacles," said Mercereau.
