1、Canadian M&AWINTER 2026Industry InsightsLearn more21,405 Canadian companies were sold in 202572%of deals completed were under CAD 50 million in enterprise valueMegadeals represented 85%of disclosed deal valueExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutiv
2、e SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive Summary3In 2025,Canadian M&A activity declined in deal volume,though disclosed implied enterprise value(EV)reached its highest level over the last 10 years,driven primarily by an increase in the average size of megadeals.Geopoliti
3、cal conflicts and macroeconomic uncertainty over 2025 have increased the cautiousness and selectiveness of buyers,though there is clear willingness to transact for high-quality assets.1,405 Canadian companies were sold in 2025,with total disclosed implied EV amounting to$122.2 billion,representing a
4、n 8.4%decline in deal activity and a 38.1%increase in disclosed implied EV year over year.Sources:S&P Global Market Intelligence as of January 13,2026;Kroll analysis.All publicly disclosed transaction information available in S&P Global Market Intelligence.For all data herein:All transaction values
5、are in Canadian dollars(unless otherwise noted)and refer to transactions with reported financial data.All transaction data refers to acquisitions of majority stakes(minority deals were excluded).M&A transactions in 2025 include those between January 1 and December 31,2025.Canadian M&A UpdateCanadian
6、 M&A Transactions-500 1,000 1,500 2,000 2,500-50,000 100,000 150,0002016201720182019202020212022202320242025Number of TransactionsImplied EV(CA$millions)Implied EVNumber of TransactionsCanadian M&A Update4*Deals involving a Canadian company as the buyer or seller,with an implied EV of$500 million or