2026 M&A Outlook: Guggenheim's Eric Mandl Discusses Dealmaking Trends

This analysis is based on the CNBC “Closing Bell Overtime” interview with Guggenheim’s Eric Mandl on December 16, 2025, discussing the 2026 dealmaking landscape [11]. As of the analysis time, a full transcript of Mandl’s comments is unavailable, but the discussion occurs amid a strong global M&A rebound in 2025: global M&A is projected to reach $4.8 trillion (Bain) to over $5 trillion (Apollo), making it the second-highest year on record, driven by megadeals ($5B+) and scope deals (expanding into new markets/segments) [6][7].

Market projections for 2026 include a 3% increase in deal count (The Deal Barometer) [3], with biopharma expected to remain active due to patent expiries and pipeline needs, and banking M&A accelerating from improved pricing and strategic expansion goals [8][9]. A positive outlook from Guggenheim could reinforce CEO and investor confidence (already high heading into 2026 per a Teneo study [1]), boost sentiment in high-activity sectors, and benefit investment banks like Guggenheim from continued M&A advisory revenue [1][6].

1. Timely Relevance
   : The interview follows a record-breaking 2025 M&A performance, making 2026 outlook discussions critical for sector strategy and investor sentiment.
2. Sector Alignment
   : Broad expert projections (Goldman Sachs, EY, JPMorgan) align with expected high activity in biopharma, tech, and banking—sectors Guggenheim actively analyzes [2][8][10].
3. Information Gap
   : Without Mandl’s specific comments, it remains unclear which sectors Guggenheim prioritizes for 2026 M&A or how it assesses geopolitical risk impacts.

• Risks
  : Geopolitical/trade tensions (Teneo study [1]), potential regulatory changes in antitrust enforcement [7], unexpected interest rate hikes increasing deal costs [4][5], and technology disruption forcing strategic pivots [1].
• Opportunities
  : Continued deal flow in biopharma, tech, and banking [3][8][9], M&A advisory revenue growth for financial institutions [6], and favorable financing conditions for large industrial mergers [7][10].

• Event
  : Guggenheim’s Eric Mandl discusses 2026 M&A/IPO outlooks on CNBC (December 16, 2025) [11].
• 2025 M&A Context
  : Projected $4.8T-$5T in global activity (up 36% from 2024), second-highest year on record [6][7].
• 2026 Projections
  : 3% deal count growth; biopharma, tech, and banking as key sectors [3][8][9].
• Risk Factors
  : Geopolitical uncertainty, regulatory shifts, interest rate volatility [1][4][5][7].
• Next Steps
  : Monitor for the full interview transcript to understand Guggenheim’s unique sector projections [11].