Global M&A snapped back in 2025 — though unevenly. Transaction value jumped 36% and is on track to hit a total of USD 4.8 tn, which would make 2025 the second-strongest year on record for M&A, Bain & Company said in a new report. Volumes rose just 5%, making clear this was a rebound driven by transaction value, not a flood of activity.

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Go big or don’t bother: Transactions above USD 5 bn accounted for more than 75% of incremental transaction value as infrequent, deep-pocketed buyers re-entered the market. Around 40% of these agreements were “transformative,” meaning they were worth more than half the buyer’s market cap.

Tech did the heavy lifting: Technology M&A surged more than 75% y-o-y, powered by AI-related agreements. Nearly half of strategic tech transaction value was tied to AI-native targets or capabilities, underscoring how acquirers are choosing to buy transformation rather than build it slowly.

Growth is back in fashion. Roughly 60% of large transactions in 2025 targeted revenue expansion or new capabilities — the highest share on record — reversing the cost-cutting, consolidation-heavy playbooks that dominated during the downturn.

Still, M&A lost the budget fight: Despite the rebound, companies allocated just 7% of total capital spending to acquisitions — a decade low — as capex and R&D took priority. The Magnificent Seven alone spent nearly USD 500 bn on capex and R&D through 3Q, crowding out dealmaking.

US and China were still the two biggest M&A markets: US targets drove nearly half of global strategic transaction value growth, while Greater China led by transaction count thanks to domestic activity. EMEA’s M&A market lagged — with volumes falling 7% despite strong growth in transaction value.

MARKETS THIS MORNING-

Asian markets were in the green this morning after China held its loan prime rates steady, with Hong Kong’s Hang Seng and China’s CSI 300 both gaining more than 0.5%. Japan’s Nikkei was also up 1.6%, while South Korea’s Kospi rose 1.8%. Over on Wall Street, futures are also edging higher ahead of a shortened holiday week.

Sensex

85,504

+0.68% (YTD: +8.7%)

NIFTY 50

26,156

+0.7% (YTD: +10.1%)

ADX

10,011

+0.4% (YTD: +6.2%)

DFM

6,120

+0.1% (YTD: +18.6%)

Tadawul

10,491

+0.07% (YTD: -12.8%)

EGX30

4,427

+0.36% (YTD: +43.4%)

Boursa Kuwait

8,270

-0.31% (YTD: +20.2%)

QSE

10,748

+0.3% (YTD: +1.3%)

S&P 500

6,834

+0.9% (YTD: +16.2%)

FTSE 100

9,859

-0.38% (YTD: +19.37%)

Euro Stoxx 50

5,757

-0.05% (YTD: +17.07%)

Brent crude

USD 61

+0.86%

Natural gas (Nymex)

USD 4.1

+3.04%

Gold

USD 4,411

+1.67%

BTC

USD 89,684

+0.9% (YTD: -6.6%)

Values in the table above are listed as per the market position at 3:00 pm (IST) / 1:30 pm (GST).

DECEMBER

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

2026

JANUARY

1 January (Thursday): India assumes the Presidency of Brics.

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition, Le Méridien Conference Center, Dubai.

26 January (Monday): Republic Day (Public Holiday).

27 January (Tuesday): India-EU Summit (to potentially finalize FTA), New Delhi.

27-30 January (Tuesday-Friday): India Energy Week, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday): India Agri Expo, Ludhiana Exhibition Center, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTech World Expo, Jio World Convention Center, Mumbai.

9-10 February (Monday-Tuesday): Pune International Business Summit (PIBS), SL Kirloskar Convention Center, JW Marriott, Pune.

14-18 February (Saturday-Wednesday): IHGF Delhi Fair (Spring), New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

4 March (Wednesday): Holi (Public Holiday).

12 March (Thursday): ET Entrepreneur Summit & Awards, Bengaluru.

19-22 March (Thursday-Sunday): Bharat Urja Manthan – Global Energy Conclave, New Delhi.

20 March (Friday): Eid Al Fitr (Public Holiday).

23-25 March (Monday-Wednesday): Indiasoft: International IT Exhibition & Conference, New Delhi.

23-25 March (Monday-Wednesday): Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PlastiWorld India, Jio World Convention Center, Mumbai.

31 March (Tuesday): Mahavir Jayanti (Public Holiday).

Signposted to happen sometime in March 2026

  • Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory Puducherry.

APRIL

3 April (Friday): Good Friday (Public Holiday).

23-25 April (Thursday-Saturday): Rail & Metro Technology Conclave, Bharat Mandapam, New Delhi.

29 April-2 May (Wednesday-Saturday): Bharat Buildcon, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo, ITPO, Pragati Maidan, Delhi.

MAY

1 May (Friday): Buddha Purnima (Public Holiday).

26 May (Tuesday): Eid Al Adha (Public Holiday).

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo, Bharat Mandapam, Pragati Maidan, New Delhi.

26 June (Friday): Muharram (Public Holiday).

Signposted to happen sometime in 1H 2026:

AUGUST

15 August (Saturday): Independence Day (Public Holiday).

26 August (Wednesday): Prophet Mohammad’s Birthday (Public Holiday).

OCTOBER

2 October (Friday): Gandhi Jayanti (Public Holiday).

20 October (Tuesday): Dussehra (Public Holiday).

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti (Public Holiday).

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star, Dubai.

25 December (Friday): Christmas Day (Public Holiday).

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