Global M&A Hits Record $2.8T as IPOs and Deals Diverge

M&A/IPO | Thu Jul 02 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 11 sources

Amid record-breaking M&A volume driven by AI-era restructuring, Musinsa and Lime advance IPOs while KNDS and Getty-Shutterstock deals collapse.

Analysis

[Global M&A Market] posted record $2.8 trillion in first-half deal volume ^[6][4]

• Mega deals drove the all-time high
• AI-driven economic restructuring fueled M&A activity
• Strong deal flow expected to continue in second half

[Musinsa] aggressively expanded offline stores in China and Japan ahead of IPO ^[1][2]

• Korean fashion retailer backed by KKR
• Accelerating Asian expansion to challenge Uniqlo
• Considering both domestic and overseas exchange listings

[Lime] rose 4% after $174 million IPO ^[5]

• Operator of electric scooter and bike rentals
• Company and existing shareholders raised funds by selling stakes
• Closed higher on debut day

[FedEx] agreed to sell logistics unit to CMA CGM for $1.4 billion ^[7]

• French shipping group CMA CGM to acquire the unit
• Aims to expand U.S. market presence and strengthen supply chain
• FedEx restructuring its business portfolio

[S&P Global] completed spin-off of Mobility Global automotive data unit ^[10]

• Carfax-owning automotive data subsidiary listed separately
• Existing shareholders received one new share per share held
• Stock jumped about 8% after the spin-off announcement

[Getty Images-Shutterstock] scrapped merger after UK regulator intervention ^[11]

• UK CMA demanded separation of Shutterstock's editorial services
• Getty board unanimously voted to cancel the merger
• Shutterstock shares plunged 29%
• Getty fell 10.5%
• Getty to repay debt with $628 million raised

[KNDS] postponed IPO amid pushback on €12 billion valuation ^[8]

• Franco-German tank manufacturer
• Investors rejected the proposed valuation
• Plans to wait for more favorable market conditions

[Wayve] sold stakes as first major test case for London's Pisces private market ^[9]

• UK autonomous driving startup
• Utilizing LSEG's newly launched private market platform Pisces
• Stake sale to take place next week

[Tungsten Automation] creditors signed cooperation agreement for debt restructuring ^[3]

• Software company backed by Clearlake and TA Associates
• Creditors joined forces after sharp drop in debt prices
• Began discussions on potential debt restructuring

Sources

• [1] KKR-Backed Musinsa Eyes 'Fast Growth' in China - Bloomberg Markets
• [2] KKR-Backed Musinsa Ramps Up Asia Store Push Ahead of IPO - Bloomberg Markets
• [3] Lenders to Clearlake and TA-Backed Tungsten Sign Debt Pact - Bloomberg Markets
• [4] M&A Volume to Stay Strong in Second Half, Says Sullivan’s Sawyer - Bloomberg Markets
• [5] Electric Bike Rental Firm Lime Up 4% After $174 Million IPO - Bloomberg Markets
• [6] Mega takeovers drive record $2.8tn in dealmaking - Financial Times
• [7] FedEx strikes $1.4bn deal to sell logistics unit to CMA CGM - Financial Times
• [8] KNDS postpones IPO after investors balk at €12bn-plus valuation - Financial Times
• [9] Self-drive start-up Wayve to be first big test of London’s Pisces market - Financial Times
• [10] Why S&P Global Stock Zoomed Almost 8% Higher Today - The Motley Fool
• [11] Why Shutterstock's Stock Shuttered Today - The Motley Fool