Despite sustained regulatory and economic uncertainty (see: Liberation Day), 2025 was the year global M&A finally rebounded, coming close to the peaks of 2021. With the first month of the year behind us, dealmakers and the rest of the Street are whispering (when not speaking on the main-stage) that 2026 is a banner year in the making, with bullish trends including more favorable and available financing and a greater appetite for growth (and consolidation) through strategic acquisitions buoying the spirits of all.

As we gear up to support our clients’ capital market activities in 2026, we caution that the current environment has created new challenges that should be addressed from a communications perspective. Here’s a few things we are emphasizing for 2026.

1. Transparent financing is the foundation. In 2025 we saw an uptick in complex financing arrangements as dealmakers sought flexibility in the face of a higher cost of capital. With the exception of investors, financing structures were often de-emphasized in other stakeholder materials, with next steps and rationale taking priority. We recommend that all stakeholder communications clearly articulate not only the complexities of any financing but also why that specific structure supports the company’s long-term strategy. By doing so, a company signals credibility and thoughtful decision making and can avoid painful narratives taking hold amongst internal and external audiences.
2. Road to close should be paved and marked. Closing risk continues to drive skepticism amongst stakeholders who crave a clear path to completion, and we don’t anticipate this abating in this environment of heightened regulatory and capital markets uncertainty. Beyond announcement day positioning that proactively mitigates regulatory, financial and operational risks to close, companies must also articulate the milestones between announcement and transaction completion. Communication with stakeholders during this “limbo” period should be consistent and proactive – with a focus on next steps in the process and underpinned by leadership’s commitment to and confidence in getting the deal across the finish line. That said, due to the increased complexity and risks associated with the approval process, companies will need to continue conveying their ability to compete as stand-alone, independent businesses. By engaging stakeholders along the journey, companies can continue to generate excitement for the deal while reinforcing confidence that closing is not only possible but bound to happen.
3. Always be prepared to patch a leak: Leak planning is more crucial than ever. Data from H/Advisors Abernathy’s 2026 Leaks Report shows that in 2025 42% of deals valued at $1B or greater leaked, and deals are leaking far earlier in the process than we’ve seen in recent years. Ensuring both parties maintain narrative control is absolutely crucial, as losing stakeholder support can scupper even the most well-laid plans. Regardless of size, the priority in any deal communications strategy should be preparing for what is the inevitable in almost half of deals – an unexpected leak that damages external perception of a deal. Companies must be ready to respond to a variety of leak scenarios and communicate with their stakeholders quickly, efficiently and smartly – to preserve value, maintain control of the deal process and ultimately own the announcement narrative.

Related content: 2026 H/Advisors Abernathy Digital Report: When Deals Spring a Leak Volume VI