European M&A proves more resilient than global peers despite ECB rate hike
European M&A proves more resilient than global peers despite ECB rate hike.
European M&A proves more resilient than global peers despite ECB rate hike.
European dealmaking was more durable than its global counterparts in the second quarter of this year, holding up amid a wave of geopolitical uncertainty that hit other major markets much harder.
European M&A value fell 6.4% QoQ in Q2 to $344 billion, a shallower decline than the 24.3% drop recorded in North America, according to PitchBook's Q2 2026 Global M&A Report . Deal count moved in the opposite direction, up 0.9% in Europe to 5,061, even as it fell an estimated 7.3% in North America.
The resilience has been building for a year, as both sponsors and corporate acquirers have increasingly targeted Europe in search of higher returns. The region's fragmentation, need for localized expertise, and lower entry multiples than North America have made it an attractive hunting ground. At the same time, large family-owned businesses based in countries such as Italy and Spain remain largely untapped by PE.
That resilience showed up most clearly in B2B, Europe's strongest sector of the quarter, where deal value rose 35.6% quarter-over-quarter to $129 billion. Two megadeals accounted for roughly a third of the region's B2B deal value: Finnish elevator maker Kone, together with existing investors Advent International and Cinven , agreed to buy German rival TK Elevator for $34.3 billion in April, while EQT agreed to take product-testing firm Intertek private for $14.6 billion at a 62% premium to its listed shares in June.
In June, the European Central Bank became the first G7 central bank to raise interest rates, responding to an energy shock tied to the conflict in the Middle East. Whether the region's resilience holds through year-end will depend on how monetary policy and geopolitical uncertainty evolve.
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