M&A Disputes Are on the Rise as Global Deal Activity Regains Momentum

Geopolitical turmoil and macro-level uncertainty expected to drive increased dispute activity through 2026

Dealmakers expect mergers and acquisitions (M&A) disputes to increase and become more costly through 2026 as global dealmaking regains momentum, according to global expert services and consulting firm BRG’s M&A Disputes Report 2026, released today. While dealmakers show increased optimism about the trajectory of the M&A market following years of disruption, they expect disputes emerging from this rebound to reflect a more complex, higher-stakes deal environment shaped by transaction sophistication, geopolitical volatility and intensified scrutiny of post-closing performance.

Dealmakers’ heightened dispute expectations suggest that renewed M&A activity may amplify exposure to contractual and performance-related conflicts in the year ahead. As macro-level uncertainty increasingly shapes deal pricing and risk allocation, survey respondents expect that the contractual tools used to manage that risk—particularly contingent deal terms such as earnouts—will drive M&A disputes.

“Momentum is back in M&A, and with it comes a new wave of post-closing risk. In a landscape shaped by bolder deal structures and intensifying global pressures, preparation is not optional—it’s a strategic advantage,” said BRG Managing Director Mustafa Hadi, founder and editor of the annual publication. “Our goal is to help dealmakers navigate both the opportunities and challenges of an accelerating M&A market.”,

Now in its seventh year, BRG’s M&A Disputes Report draws on insights from BRG experts, in-depth interviews with leading disputes and corporate lawyers, and a global survey of more than 200 attorneys, private equity (PE) professionals and corporate finance advisors across Asia-Pacific (APAC), Europe, the Middle East and Africa (EMEA), Latin America and North America. The report analyzes how macroeconomic, geopolitical and regulatory dynamics influence M&A disputes across industries and regions while examining how dealmakers manage dispute risk and resolution.

Nearly two-thirds of surveyed deal professionals expect dispute volumes to rise in the coming year, extending the trend from 2025, when 81% said the number of M&A disputes their firms worked on or were involved in increased. The 2025 increase was concentrated in small and mid-sized transactions, with more than nine in 10 respondents saying that growth occurred in deals under $1 billion in value.

Key takeaways from this year’s report include:

• Geopolitical factors are expected to exert greater influence on dispute activity. This ranks among the leading anticipated catalysts globally, where political change, regulatory uncertainty and economic volatility increasingly influence deal outcomes. For example, the conflict in Iran, which broke out as this report went to press, will significantly impact global markets—and is emblematic of the kinds of disrupting market events that respondents anticipated.
• Macroeconomic pressures were more prominent in 2025. Nearly three in 10 respondents cited the macroeconomic environment as a primary dispute driver, compared to 19% in 2024—a reflection of interest rate shifts, valuation uncertainty and currency pressures over the past year.
• Earnouts and representations and warranties (R&W) featured prominently in 2025 disputes. Respondents expect earnouts to be the most prevalent contractual element in disputes this year.
• Financial services is the leading industry where respondents cite increased 2025 dispute activity. Energy and climate emerged as an expected industry hotspot for 2026.
• PE participation elevates dispute risk but boosts the probability of settlement. While PE-backed transactions can be more contentious, respondents suggest stakeholders are generally pragmatic and driven to reach efficient resolutions.

The report also explores how M&A disputes are resolved, including trends in settlement behavior, dispute resolution forums and the impact of PE involvement on dispute outcomes.

“In today’s high-stakes deal environment, ambiguity is costly. This report equips dealmakers with the data and foresight to navigate 2026 with confidence,” said Tri MacDonald, BRG’s chief executive officer and president.