CAPITAL CURRENTS Momentum in European M&A Top ten deal themes for 2026 Capital Currents is a cross-industry series focused on distilling the key trends in M&A and identifying how management teams can capture value. © Oliver Wyman 2 Despite the turmoil and economic uncertainty, dealmaking returned in force in 2025, and we expect the momentum to continue into 2026. Global M&A was up more than 30% last year, while Europe also saw strong growth, up 12% in deal value to about $820 billion, as investors rotated a ...