M&A surges as regulators tighten the price of approval

Summary

Global M&A hit a record $2.8tn, led by mega takeovers as companies and financial sponsors reposition for slower growth, higher capital costs, and AI-driven disruption. Boards are using acquisitions to buy capabilities and scale rather than relying on organic investment alone.

Why it matters

Record deal volume signals a new consolidation cycle where AI capability and scale, not cheap money, set the terms of competition.

Summary

Global merger activity exceeded $2.5 trillion in the first half of 2026 after a sharp pickup in large transactions. The pace is tracking toward a blockbuster year and is expected to remain strong into the second half.

Why it matters

A sustained rebound in M&A changes capital allocation decisions across sectors and signals improving risk appetite in corporate and credit markets.

Summary

Getty Images and Shutterstock have terminated their planned $3.7 billion merger, which had been announced in January 2025. The deal would have combined two dominant stock image marketplaces into a single platform.

Why it matters

The failed merger keeps competitive pressure in stock media high and removes a major potential pricing and scale catalyst for both firms.

Summary

Getty plans to terminate its $3.7 billion merger with Shutterstock after a UK regulator imposed conditions that would carve out part of Shutterstock’s business from the transaction. The decision follows US DOJ approval that granted unconditional antitrust clearance earlier this year.

Why it matters

Global M&A now needs to clear the strictest major regulator, and the UK just proved it can kill a US-approved deal.