Confidence in a changing market: 2025 dealmaking themes and 2026 market opportunities

In 2025, the global transactional market demonstrated resilience amid sustained complexity. Financing conditions improved selectively, capital markets reopened, and international dealmaking rebounded, with mid-market activity and larger, high‑quality deals driving a measured recovery. Against this backdrop, Osborne Clarke advised on a significant volume of domestic and cross‑border transactions, giving us a front‑row view of the trends shaping corporate and investor behaviour.

This report looks at the dynamics prevalent in the dealmaking market and examines 5 key themes that defined Osborne Clarke’s dealmaking activity in 2025 and will continue to influence transaction strategy in 2026. AI is the defining theme in Tech, Media and Communications, driving record spend on infrastructure, chips, data‑rich platforms and talent, and powering a resurgence in tech M&A, private equity and late‑stage venture. In Energy and Energy Transition, renewables, storage, grid modernisation and emerging technologies such as hydrogen and small modular reactors are reshaping portfolios as corporates and sponsors pursue net‑zero, energy security and supply resilience. In Life Sciences and Healthcare, big pharma, strategic buyers and financial investors are using deals to replenish pipelines, access innovation and scale technology‑enabled care.

Drawing on our experience across these themes, this report is designed to help boards, investors and founders navigate an increasingly complex deal environment and position confidently for the next wave of opportunity in 2026.