Large-ticket deal lifts M&A values

October recorded 69 M&A transactions worth USD 6.9 billion, marking the second-highest monthly deal value this year despite the second-lowest deal volume. The USD 5.6 billion Fairfax Financial Holdings–IDBI Bank transaction drove this increase and pushed inbound M&A value to its highest monthly level since August 2025.

Domestic deals lead as outbound activity dips

Domestic transactions continued to dominate activity, accounting for 68% of total deal volumes. However, domestic deal value declined 48% month-on-month to USD 882 million. Outbound activity remained muted, with deal volumes and values declining 29% and 82%, respectively, resulting in the lowest outbound deal value recorded in 2026.

Private equity favours smaller investments

PE activity was volume-led during October, with deal count rising to an eight-month high of 130 transactions despite a 50% decline in values, indicating investor confidence but reduced appetite for large-ticket deployments.

PE capital shifts towards new sectors

PE investment shifted towards transport & logistics and hospitality & leisure, which together accounted for nearly two-fifths of monthly PE value, replacing the infrastructure-led activity seen in September.