What Happened
Mega-Deals and Convergence Drive Record Activity
According to a report by PwC, industrial manufacturing merger and acquisition activity has climbed to $173 billion over the past year, representing a 28% increase from fiscal year 2025. The surge is driven by the convergence of AI infrastructure, grid modernization, and defense/resilience spending, with mega-deals dominating the landscape. This trend may signal a permanent structural shift in the industry, with companies seeking to acquire transformative capabilities rather than incremental scale, as reported by Manufacturing.net.