Monthly Dealtracker: May 2026

M&A activity recorded 76 transactions worth USD 6.3 billion in May 2026, reflecting a decline of 26% in volumes and 66% in values compared to April. Despite the moderation, deal values remained the second-highest recorded this year, supported by a continued presence of large-ticket transactions. Fewer large deals in May vs April’s mega-deals, lead to low average ticket size.

Moderation reflects a shift towards few, high value transactions, with one multi-billion-dollar transaction worth USD 3 billion and 11 high-value deals exceeding USD 100 million collectively contributing USD 2.7 billion. In comparison, April 2026 had witnessed four billion-dollar deals aggregating USD 16.4 billion, highlighting a normalisation in large-ticket deal activity following an exceptionally strong previous month.

PE activity recorded 114 deals aggregating USD 3.9 billion, representing the second-lowest monthly volumes for the year, despite a marginal 5% uptick compared to the preceding month. While deal volumes remained constrained, aggregate values surged to their highest monthly level in the year, led by a marquee USD 1.6 billion investment in Rajasthan Royals involving a change in ownership.

Retail & consumer and Banking & financial services led in terms of deal volumes, followed by Manufacturing and IT & ITES, while Telecom and Media & entertainment together accounted for 47% of total deal value, reflecting a divergence between volume-driven and value-driven sectors.