After a cautious few years, global M&A is heading into 2026 with renewed confidence.
What can we expect from deal year 2026? According to Clifford Chance, strategic buyers are once again prepared to pursue transformative transactions, while private capital is gearing up to deploy significant dry powder. Although geopolitical tensions and financing conditions remain key variables, the direction of travel is clear: dealmaking is back and Europe is firmly on the radar.
As Sarah Jones, Global Head of Corporate at Clifford Chance, puts it in the Clifford Chance global trend report: “We are expecting sustained, strong activity in the year ahead, led by strategic, high-quality transactions rather than high-volume activity. The US is leading the charge, but Europe is also poised to be a focus for cross-border transactions in 2026.”
For Belgian and Benelux dealmakers, this shift creates both opportunity and complexity. Below are the 10 trends that will define M&A in 2026 and why they matter locally.
1. Europe moves towards transformational cross-border deals
While US mega-deals dominated 2025, Europe lagged behind in very large transactions. That is likely to change. Political momentum around the creation of “European champions” – particularly in energy, financial services and telecoms – is translating into renewed appetite for large-scale, cross-border consolidation.
Importantly, European regulators appear more open to growth-driven mergers, including complex “4-to-3” deals that previously struggled to clear competition hurdles. For Benelux-based corporates, this creates opportunities to act as consolidators or as highly attractive targets.
2. Tech deals face tougher antitrust scrutiny
Technology M&A is under closer scrutiny than ever, particularly where data, AI or future market power are concerned. Even relatively small acquisitions can now trigger regulatory intervention if they risk eliminating future competitors.
This is especially relevant in Europe, where national authorities are increasingly using call-in powers to review sensitive transactions.
As Milena Robotham, Antitrust Partner at Clifford Chance Brussels, explains: “Expect increased use of national call-in powers on AI and data deals, as European member states seek to defend national gems and ensure they can compete effectively against US and Chinese tech companies.”
For Benelux tech founders and investors, this means earlier regulatory planning is no longer optional, but it is a deal-critical workstream.
3. Middle East partnerships deepen
European dealmakers are increasingly partnering with Middle Eastern investors, moving beyond minority co-investments to full strategic alliances and joint ventures. Capital-intensive sectors such as data centres, infrastructure and energy are leading the way.
For Belgian and Dutch sponsors with strong operational expertise, these partnerships offer access to scale capital, while Middle Eastern investors gain governance and regulatory know-how.
4. New capital sources unlock stalled deals
Financing certainty will be a defining feature of successful M&A in 2026. Alongside banks and private credit, insurance capital and sovereign investors are playing a much larger role. Particularly in larger European transactions.
For mid-market Benelux deals, this broader funding toolkit allows buyers to move faster and structure transactions more creatively, even in volatile markets.
5. Banking and insurance consolidation accelerates
European banking consolidation remains politically sensitive, but institutions are increasingly taking minority stakes as stepping stones to future mergers. At the same time, falling interest rates are pushing banks towards higher-margin activities such as wealth management.
Insurance is even more active. After divesting non-core assets, European insurers are expected to redeploy capital into core markets, including Benelux platforms with strong distribution and data capabilities.
6. Global investors re-engage with China
With China’s economy stabilizing and M&A volumes recovering, international investors are reactivating China strategies – particularly in industrials, EVs, healthcare and advanced manufacturing. For European corporates, China is increasingly accessed via partnerships rather than outright acquisitions, requiring careful cross-border structuring and regulatory navigation.
7. National policy increasingly shapes deal outcomes
Across jurisdictions, governments are using M&A policy as a strategic tool. In Europe, pro-growth priorities are enabling faster clearance for the ‘right’ deals. Elsewhere, foreign investment screening remains highly active. For Belgian acquirers involved in sensitive sectors, understanding political priorities is now as important as understanding valuation.
8. Healthcare dealmaking rebounds
Big pharma is returning to the deal table, while smaller biotechs – long constrained by weak capital markets – are finding exits through partnerships and acquisitions. Benelux life sciences ecosystems, particularly in biotech and medtech, are well positioned to benefit from renewed interest from global strategics and private equity.
9. AI and defence drive strategic M&A
AI continues to command premium valuations, with buyers shifting from early-stage acquisitions to platform-scale transactions. At the same time, defense collaboration is accelerating across Europe, driven by higher budgets and renewed focus on readiness.
Joint ventures between startups and established defense players are increasingly seen as precursors to full acquisitions.
10. Private capital becomes the broker of financial services M&A
Private equity and alternative capital providers are now present in almost every financial services transaction. Their speed and structuring flexibility are reshaping competitive dynamics in both banking and insurance. As investment cycles mature, exits and re-entries will further intensify competition for quality European assets, including Benelux-based platforms.
What this means for Benelux dealmakers
The M&A market of 2026 will not be about volume, but about strategic positioning. Europe is back as a center of gravity, regulation is evolving, and capital is available for the right deals.
For Belgian and Benelux players, the message is clear: those who anticipate regulatory, geopolitical and financing complexity – and move decisively – will be best placed to shape the next wave of European dealmaking.
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