Singapore M&A more than doubles to $77.4b in H1 2026

Outbound transactions done through investment banks set a record at $38b during the period.

Investment banks advised on $77.4b worth of mergers and acquisitions involving Singapore in the first six months of 2026, more than double the value recorded in the same period a year earlier. 

The total marked the strongest first-half performance since 2021, supported by a strong first quarter, which was the third-highest on record for Singapore-related dealmaking.

Activity eased in the second quarter, with deal value falling 53.5% from the first quarter to $24.6b. 

However, this was still 50.0% higher than the second quarter of 2025.

Transactions worth more than $1b accounted for $52.7b, representing 68.0% of total deal value.

Target Singapore M&A rose to $28.1b, up 87.0% from the first half of 2025 and the highest first-half total since 2020. 

Domestic M&A reached $13.5b, three times higher than a year earlier.

Inbound M&A increased 33.4% year on year to $14.6b, supported by deals including DayOne Data Centres' $4.5b Series C funding round led by foreign investors, including Coatue, Hillhouse and the Indonesia Investment Authority. 

Outbound M&A also reached a record $37.6b, driven by Anthropic's $30b funding round led by GIC Pte Ltd. The transaction was the largest deal involving Asia Pacific so far this year.

By sector, high technology recorded the highest deal value at $43.6b, accounting for 56.3% of total M&A activity involving Singapore. 

Real estate followed with $8.7b, whilst telecommunications ranked third with $6.7b. 

Other sectors included energy and power at $5.0b, industrials at $4.4b and other sectors at $8.9b.

Morgan Stanley ranked first in the Singapore-involved announced M&A league tables for the first half of 2026, advising on deals worth $13.7b and capturing a 17.7% market share.