Momentum built through the back half of 2025, with larger transactions returning to the market and pointing to continued resilience heading into 2026. North American M&A activity surged in the fourth quarter, setting a new quarterly record for deal value even as middle market deal volume remained comparatively subdued, with average purchase price multiples holding steady and pricing stability largely maintained. This combination of steady middle market pricing alongside a resurgence in larger transactions kept an attractive arbitrage between business and real estate multiples intact heading into 2026.
