The Canadian M&A market continued to be defined by uncertainty in the 1H 2026. Deal activity remained relatively flat as a result, though disclosed implied enterprise value (EV) increased significantly year over year due to a handful of megadeals as buyers continue to shift their focus towards high-quality assets to mitigate risk.
During the first half of 2026, 708 Canadian companies were sold, with total disclosed implied EV amounting to CA$91.4 billion (bn), representing a 2.3% increase in deal volume and a 60.9% increase in disclosed implied EV when compared to 1H 2025.
In 1H 2026, megadeals held flat year over year, with 39 deals closed at an average implied EV of CA$2.6bn. The largest transaction including a Canadian party was the acquisition of NOVA Chemicals Corporation by Borealis GmbH and Borouge plc for CA$13.5bn. The second-and third-largest deals involving Canadian parties were the acquisition of New Gold by Coeur Mining for CA$10.1bn; and Kennedy-Wilson Holdings by Fairfax Financial Holdings Limited for CA$9.1bn.
Notable megadeals that were announced in 1H 2026 but not yet closed include the acquisition of ARC Resources by Shell Canada Limited for CA$22.6bn; First Capital Real Estate Investment Trust by Kingsett Capital and Choice Properties REIT for CA$9.4bn; and Boralex by a consortium of investors for CA$8.7bn.
There were 708 completed transaction in the Canadian M&A market in 1H 2026, up from 692 in 1H 2025. The median deal value more than doubled from CA$5.0mn in 1H 2025 to CA$10.1mn in 1H 2026, with deals under CA$100mn accounting for 73% of deal flow. Although megadeals represent only 12% of all transactions, they represented 88% of the total disclosed deal value.
It should be noted that, since the values of many smaller transactions are not disclosed, the actual median deal value is likely lower.
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