M&A Attys See Resilience Through Q3 Amid Geopolitical Risk
Corporate attorneys Aaron Slavens and Seth Belzley were interviewed by Law360 about trends in mergers and acquisitions (M&A) transactions throughout the first three quarters of 2026. Global M&A activity remained strong through Q3, with a 27 percent year-over-year increase from $3.48 trillion to $4.44 trillion driven by a blockbuster Q2 that featured a record-setting $1.8 trillion in announced deals.
Aaron, who chairs the firm's national Private Equity Team, attested to the uptick, observing a "meaningful increase" in deal flow throughout the past year, despite geopolitical events such as the war in Iran and ongoing trade disputes. For example, buyout and exit activity ramped up significantly in the North American market, with increases of 112 percent in total deal volume and 135 percent in exits. He added the home services, business services and logistics industries in particular remain major targets for private equity firms.
"You would think M&A would grind to a halt or slow down, but deals continue to happen, and firms are making good investments and having good exits," he said. "I think these [privately owned] businesses appear to be a little more resilient than people thought they might be, and there's still a desire [from PE firms] to find good businesses, invest, buy and build."
Seth talked about government incentives that are creating opportunities beyond traditional defense contractors, including critical minerals, drones and national security applications. The U.S. Department of Defense's Office of Strategic Capital, for instance, has announced financing for projects involving rare earth metals, critical minerals and advanced battery materials, among other areas. Seth told Law360 geopolitical developments have prompted federal agencies to turn inward and establish domestic supply chains to manufacture the components for defense equipment and systems.
"There is a sense that there's a need for the U.S. to be much more self-reliant, and in order to do that, we've got to go back to the source of the minerals and resources," he commented.
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