U.S. Mergers & Acquisitions Monthly Review: July 2026

U.S. M&A deal activity decreased in July, going down 13.6% with 1,195 announcements compared to 1,383 in June. Aggregate M&A spending decreased as well. In July 46.1% less was spent on deals compared to June.

In terms of M&A deal activity, 12 of the 21 sectors tracked by FactSet saw an increase in M&A deal activity over the past three months relative to the same three-month period one year ago. The five sectors that witnessed the largest increases in M&A deal volume were: Commercial Services (499 vs. 417), Industrial Services (273 vs. 211), Distribution Services (148 vs. 116), Health Technology (113 vs. 98), and Consumer Durables (46 vs. 33).

On the other hand, 8 of the 21 sectors tracked by FactSet saw a decrease in M&A deal activity over the past three months relative to the same three-month period one year ago: Finance (787 vs. 951), Consumer Services (194 vs. 244), Technology Services (782 vs. 801), Utilities (54 vs. 66) and Consumer Non-Durables (71 vs. 82).

Topping the list of the largest deals announced in July are: Sazerac Co., Inc.'s unsolicited proposal to acquire Brown-Forman Corp. for a reported $15 billion; Solstice Advanced Materials, Inc. entering an agreement to acquire Element Solutions, Inc. for $12.2 billion; A private group, led by the Khosla family, entered an agreement to acquire the Seattle Seahawks from the estate of Paul G. Allen for a reported value of $9.6 billion; Vertex Pharmaceuticals, Inc.'s agreement to acquire Crinetics Pharmaceuticals, Inc. for $9 billion; Intercontinental Exchange, Inc.'s deal to acquire MarketAxess Holdings, Inc. for $5.9 billion. 

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