Quarterly M&A Insights
As a part of our commitment to providing clients with timely and insightful information to inform their most complex business decisions, we present our M&A Quarterly Insights series. A valuable tool for companies, investors and other stakeholders, these reports provide a comprehensive overview and analysis of M&A activity and business trends in Canada.
Canada’s M&A market entered 2026 with momentum from a strong 2025, though activity moderated in the first quarter amid heightened geopolitical uncertainty. Rather than signalling a broad retreat, the quarter was defined by a more selective approach to dealmaking: total deal value reached US$62.3 billion across 730 transactions, with the top 10 deals accounting for nearly 70% of that value. Buyers and sellers prioritized scale, quality and strategic alignment, concentrating activity in sectors viewed as nationally strategic-particularly energy, mining and infrastructure.
Mining continued to feature prominently, driven by elevated gold prices and sustained central bank demand, while infrastructure dealmaking gained momentum as regulatory frameworks evolved and nation-building initiatives took shape. As discussed in our quarterly review, these dynamics point to a Canadian M&A environment that is well positioned for strong activity as approval pathways clarify and investor confidence builds.
In this quarterly update, we examine:
- the industries leading Canadian M&A activity;
- the role of elevated commodity prices in driving mining transactions; and
- how evolving regulatory frameworks are setting the stage for increased activity later in 2026.
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M&A Group
M&A Group
Our M&A group spans all industries, particularly those that drive the Canadian economy, such as energy, mining, financial services, technology, agribusiness and manufacturing, among others. Clients benefit from our focus on efficient identification of issues that matter to their business. Our lawyers account for your risk appetite and the commercial realities likely to apply after closing to guide negotiation strategy and structuring.
Bennett Jones has been monitoring Canadian business trends closely and is available to discuss the developments and opportunities shaping the Canadian M&A landscape.
Connect with us to learn more about how we can help you navigate your business' needs.
Curtis A. Cusinato
Vice Chair and Partner • Cross-border Mergers and Acquisitions and Capital Markets Lawyer
