The M&A market in early 2026 has officially shifted from “strategic exploration” to “existential consolidation.” With deal values rebounding 40% over the last year, the theme is clear: if you don’t own the infrastructure or the AI agents, you’re just a line item in someone else’s budget.
Here is the intelligence on the deals currently reshaping the global boardrooms.
I. The “Agentic” Land Grab: Software Eating Software
We are seeing a massive shift where traditional SaaS companies are being swallowed by “Agent-First” platforms.
- UiPath + WorkFusion: In a defining deal for the “Agentic Era,” UiPath acquired WorkFusion on February 9 to bolster its AI Agent portfolio. The goal? Moving beyond simple automation to agents that handle complex financial crimes and compliance autonomously.
- The “Unraveling” of the Giants: The most whispered news this week is the collapse of the rumored $100B Nvidia-OpenAI deal. Market analysts suggest that regulatory hurdles regarding compute-monopolies and “valuation vertigo” finally brought the talks to a halt, forcing both to pivot toward independent ecosystem plays.
- SpaceX & xAI: Elon Musk’s move to merge SpaceX and xAI is facing intense governance scrutiny. Critics are calling it a “valuation bridge,” while supporters argue it’s the only way to power the massive compute needs of Starlink-integrated AI.
II. Infrastructure & Energy: The $58B Power Play
AI doesn’t run on thin air; it runs on megawatts and silicon. This month has seen massive movements in the “Hard Tech” side of the ledger.
- The Devon-Coterra Merger: At $58 billion, this is the largest deal of the year so far. It signals a “Data-Center-First” energy strategy, as oil and gas giants reposition themselves as the primary utility providers for the surging number of AI “Giga-factories.”
- Data Center Sovereignty: KKR and Singtel’s $5.1 billion investment into ST Telemedia Global Data Centres highlights the scramble for physical territory in the Asia-Pacific region.
III. Healthcare & Tech Convergence
The “MedTech” sector is currently the hottest sub-sector for high-margin M&A.
- Danaher acquires Masimo: Just yesterday (Feb 17), Danaher announced a $9.9 billion acquisition of Masimo Corporation. By integrating Masimo’s AI-enabled patient monitoring into Danaher’s diagnostics empire, they are betting that “Predictive Health” is the next trillion-dollar frontier.
- Boston Scientific + Penumbra: The $14.5 billion merger is finalizing its regulatory rounds, aiming to create a dominant force in neurovascular and stroke-care robotics.
📊 Major M&A Snapshot: February 2026
| Target | Acquirer | Value | Sector | Focus |
| Coterra Energy | Devon Energy | $58B | Energy/Infra | Data Center Power |
| Masimo Corp | Danaher | $9.9B | MedTech | AI Diagnostics |
| ST Telemedia GDC | KKR / Singtel | $5.1B | Data Centers | APAC Compute |
| Wellbeing Nutrition | USV Private Ltd | ₹1,583 Cr | D2C/Health | Nutrition Consolidation |
| WorkFusion | UiPath | Undisclosed | AI Agents | Autonomous Compliance |
IV. India: The Deeptech & D2C Shakeup
India is seeing a “barbell” of its own: deeptech for the world, and D2C for the masses.
- The D2C Rollup: Pharma giant USV acquired a 79% stake in Wellbeing Nutrition for nearly ₹1,600 crore, signaling that traditional pharma is finally moving into the “proactive wellness” consumer space.
- Quantum & Diamonds: In a niche but strategic move, HORIBA India acquired Pristine Deeptech, a startup specializing in lab-grown diamonds for semiconductor and quantum research. This aligns perfectly with India’s “Semiconductor Mission 2.0.”
- Retirement Planning: Rainmatter (Zerodha’s venture arm) acquired a majority in PensionBox, aiming to integrate digital pensions into India’s surging retail investing landscape.
V. Regulatory Watch: The “August Deadline”
The EU AI Act is the elephant in every deal room.
- Transparency Mandate: By August 2, 2026, transparency rules for “High-Risk” AI systems become enforceable. We are seeing a rush of “Regulatory Arbitrage” where companies are trying to close acquisitions now to integrate and audit systems before the EC’s new “Code of Practice” is finalized in June.
The Bottom Line
M&A in 2026 is no longer about buying market share; it’s about buying time. Whether it’s Danaher buying a five-year lead in MedTech AI or Devon Energy securing power for the next decade of data centers, the “buy vs. build” math has never been more skewed toward “buy.”
