Carve-Outs Take Center Stage in M&A in 2026, KPMG Survey Shows

Carve-outs are set to define global mergers and acquisitions in 2026 as boards simplify portfolios under mounting geopolitical pressures and fast-moving disruption from artificial intelligence, according to KPMG.

KPMG’s Global M&A Outlook 2026, based on a survey of 700 M&A decision-makers worldwide, identifies three forces reshaping the market this year, with carve-outs emerging as the dominant trend. According to the report reviewed by Bloomberg News, 57% of corporate dealmakers and 71% of private equity firms are open to or actively pursuing portfolio rationalization in 2026, underscoring a broad shift toward simplification, de-risking and tighter strategic focus.

Central to that ...