Singapore M&A Deal Activity Surges 98% to USD104.3bn in Nine Months

Singapore M&A deal activity increased 98.2% year-on-year to USD104.3bn during the first nine months of 2026, reaching its highest value for the period since 2021, according to LSEG Data & Analytics.

Morgan Stanley led investment banking rankings with USD14.9bn in transaction value, followed by Citi at USD9.5bn and JPMorgan at USD9.4bn.

However, third-quarter deal value declined 9.9% from the previous quarter to USD24.1bn.

Transaction numbers also fell 32.4% year-on-year to 186, their lowest recorded level.

Outbound acquisitions more than tripled to a record USD46.3bn, driven largely by Singapore sovereign wealth fund GIC's participation in Anthropic's USD30bn funding round.

Technology dominated sector activity, accounting for USD47.7bn, or 45.8% of total transaction value.

For family offices and private equity investors, the figures highlight strong interest in technology-related investments despite declining transaction volumes.