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

U.S. M&A deal activity decreased in May, going down 17.6% with 1,041 announcements compared to 1,264 in April. However, aggregate M&A spending increased. In May, 15.4% more was spent on deals compared to April.

In terms of M&A deal activity, 15 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 (441 vs. 364), Finance (795 vs. 747), Industrial Services (245 vs. 205), Consumer Services (216 vs. 186), and Producer Manufacturing (191 vs. 162).

On the other hand, 5 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: Technology Services (795 vs. 827), Process Industries (67 vs. 82), Utilities (63 vs. 72), Consumer Non-Durables (78 vs. 85), and Retail Trade (87 vs. 88).

Topping the list of the largest deals announced in May are: NextEra Energy, Inc. agreeing to acquire Dominion Energy, Inc. for $67.1 billion; GameStop Corp.'s proposal to acquire eBay, Inc. for $55.5 billion; Equity Residential agreeing to acquire AvalonBay Communities, Inc. for $26.3 billion; Uber Technologies, Inc.'s proposal to acquire Delivery Hero SE for $9.3 billion; Berkshire Hathaway, Inc.'s deal to acquire Taylor Morrison Home Corp. for $6.7 billion. 

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