M&A Predictions and Guidance for 2026 Dealmakers and Lawyers

Ethan Klingsberg of Freshfields Bruckhaus Deringer LLP lays out M&A predictions and guidance for 2026.

• Main announcement (2026 M&A outlook): Klingsberg predicts a shift in M&A dynamics in 2026 driven by antitrust uncertainty (DOJ/FTC politics, state antitrust reviews, and Congressional hearings), the data center boom (noting the 2025 build-out’s contribution to U.S. GDP growth) as a short-lived but powerful M&A driver, and increased deal complexity around regulatory risk allocations (higher reverse termination fees, extended outside dates).
• Background and supporting details: He highlights Delaware jurisprudence developments (including Tornetta v Musk and Chancery Court practice), potential DExit momentum toward Nevada/Texas incorporation but investor pushback, standardization of M&A agreements (via AI tools and fixed fees), and a resurgence of private equity M&A led by Middle Eastern funds in 2026.