Frank Aquila, S&C’s Senior M&A Partner, discussed Q2 deal value and volume trends with The American Lawyer as global M&A value during the first five months of 2026 increased 45 percent compared with the same period in 2025, reaching $2.23 trillion, just 3 percent below the January–May record of $2.3 trillion set in 2021.
Frank noted that the deal environment has been aided by a surge in megadeals. “For the last 18 months, we have witnessed the rise of the mega deal, where the largest, most strategically important deals are getting done while smaller, bolt-on transactions are only happening when both price and terms are perfect,” Frank said. “The larger, more transformational deals, particularly those in AI or AI adjacent, are getting done because the corporate consequences of not moving forward could forever leave them in the second tier or worse.”
Sullivan & Cromwell led deal value among New York law firms during the first five months of 2026, with $409 billion in announced deal value across 79 transactions during the period.
Read: Deal Watch: M&A Value Surges in Q2, as S&C, Kirkland, Paul Weiss Among Top Ranked