Every year, dealmakers and advisors from every corner of the United States and abroad descend on the Big Easy in March for the annual Tulane Corporate Law Institute conference for two days of panels, discourse, and lively conversations over Hurricanes and po’boys. It’s a singular opportunity for a “pulse check” on the M&A market, with frank insights and candid observations straight from the leaders that are behind-the-scenes on the biggest deals of the year.
Regulatory environment: Favorable or fragmented?
Perhaps the most provocative remark came from Former Chief Justice of the Delaware Supreme Court Leo Strine Jr. of Wachtell Lipton Rosen & Katz who sat on an opening panel and described the room as “a little bit like a hostage video.” The context for this comment came from his broader perspective that dealmaking in the U.S. is increasingly influenced by politics, leaving dealmakers somewhat “hostage” to a protectionist political ecosystem and influence-driven regulatory environment. Other panelists, including Audra Cohen, a partner with Sullivan & Cromwell, framed the regulatory environment as “more friendly,” despite “overlapping actors who have different priorities and agendas.” Cohen went on to focus on the complex cross-border landscape, with the FTC, DOJ, and European Union authorities all pushing competing priorities as state attorneys general, members of Congress and “more vocal” unions prioritize how transactions will impact jobs and wages. Scott Barshay, Chair at Paul Weiss Rifkind Wharton & Garrison LLP, however suggested that the politicized environment is nothing new, stating “we’ve had to deal with government policies for years that were not strictly antitrust,” referencing the tenure of former FTC Chair Lina Khan, who he positioned as harsher on enforcement and less deal-friendly than the current regulators.
2026: Boom or bust?
While the conference took place in the early days of the war with Iran, panelists were largely bullish on 2026 activity, pointing to a looser antitrust backdrop and a generally favorable M&A environment that has made potential acquirers eager to deploy capital. Many cited 2021’s record transaction volume as a benchmark for where the market will go this year. With private equity, private markets, and an M&A-focused activism environment fueling this momentum, advisors seem to be embracing their new role as mission-critical negotiators who can craft creative solutions and get deals done for clients regardless of market volatility and exogenous shocks.
The consensus is strong tailwinds are on track to increase the volume and value of global dealmaking in 2026, with Stephan Feldgoise, Global Head of M&A at Goldman Sachs, framing the current environment as “one of the most dynamic and active” in several decades. Barshay noted “pent-up demand to do strategic deals,” predicting that mega-deals will drive activity. Our ears perked up when Barshay and Feldgoise flagged that hostile takeovers may take off in 2026, as market volatility continues to drive significant valuation gaps between targets and acquirers.
We had to talk about AI
It seems impossible for a conference to convene in 2026 and not discuss AI, so we’ll keep this quick. It’s no secret that AI-related acquisitions have been dominating headlines, with related technology deals expected to underpin more large-cap transactions through 2026. Dealmakers surveyed at the conference viewed companies as focused on tuck-ins as well, targeting specific capabilities, proprietary data sets and bringing on technical talent that would otherwise take years to develop organically through so-called “acquihires.” Advisors noted that AI is impacting how companies are thinking about portfolio optimization, driving spin-offs, divestitures of non-core assets and an overall strategy and valuation pressure test, particularly for “vulnerable” companies in SaaS and B2B technology. On the media front, an M&A and Media Issues panel cited a Reuters Institute for the Study of Journalism report that found 51% of people think that the media is using AI “always or often,” which is an interesting nugget for communications professionals and dealmakers thinking about the media environment going forward.
Activists target the C-Suite
Activist campaigns are becoming more pointed than ever, with legal counsel on the ground citing an uptick in activists personally targeting executives for removal, and in many cases succeeding in ousting CEOs. Building on trends that have emerged in recent years, companies are continuing to settle earlier and campaigns are less likely to go public despite increasingly happening year-round outside of the traditional proxy season.
Looking ahead through 2026, advisors expect that activist campaigns advocating for M&A will climb this year, and activists are expected to continue working closely with private equity to push take-privates or carveouts behind-the-scenes. As more high-quality candidates, including former public company executives, are willing to serve as dissident nominees, the necessity of implementing governance guidelines that protect director credibility has become even more critical.
Private equity, private markets, and complex financing structures
Perhaps more than ever before, developments in the private capital markets are shaping the dealmaking environment, particularly as companies stay private longer and the IPO market remains relatively stagnant. Panelists across the conference’s sponsor-related sessions reiterated the impact of sponsors’ need for liquidity, which is driving reliance on continuation vehicles and in some cases, prompting earlier exits and gradual moves to the tentative IPO market.
Private capital is also playing a more essential role in complex financing constructions to get deals done, with sponsor firms frequently joining together with other parties in joint ventures or other complex financing structures with contingent payouts. Advisors noted that sovereign wealth funds in the U.S. M&A market are increasingly willing to participate in byzantine transaction structures and have distinct interests geared towards long-term returns rather than fund-level performance and obligations.
The key takeaway?
If there was a prevailing theme to the conference this year, it was competition… but not in the narrow sense one might expect at this meeting of the M&A advisory minds. Instead, the competing interests, priorities and perspectives of deal parties, board members, financial sponsors, politicians, regulators, and other stakeholders are driving increased complexity and making even small, “simple,” deals more challenging to get done than they maybe should be. Far from raising the temperature in unseasonably brisk New Orleans, this environment has ushered in renewed excitement and energy among the Tulane cohort, who are looking at their own counsel and processes to gain an edge in a market ripe for record-breaking deals and opportunities to get creative and make a splash.