Dealmakers will ride US election blue wave
SPY•Democrats’ gains in both chambers of Congress are expected to encourage US dealmaking as companies anticipate a possible return to tougher antitrust enforcement. Announced US transactions under Trump totaled $4.3 trillion through September 2026, up 65% from the previous seven quarters.
1. Election shifts deal calculus
Democrats retaking control of both the House and Senate is expected to fuel expectations of a possible Democratic return to the White House in 2028 and tougher antitrust enforcement. The prospect may lead CEOs to accelerate mergers and acquisitions, as companies consider the political outlook.
2. M&A activity and risks
The article cites LSEG data showing US merger activity rose 32% to $1.8 trillion in the year after a party last lost both congressional chambers while holding the presidency, 20 years ago. Announced US transactions under Trump through September 2026 totaled $4.3 trillion, a 65% increase from the previous seven quarters. Other constraints include weakening CEO confidence, squeezed consumers, and the possibility of higher corporate taxes if Democrats control the executive and legislative branches.
3. Antitrust and deal approvals
The article says the Trump administration’s Justice Department and Federal Trade Commission concluded 16 significant merger investigations last year, among the lowest tallies since 2011, with more settlements before trial and fewer abandoned transactions. Several companies secured approvals after agreeing to divest businesses, while the article notes that tougher enforcement under Lina Khan and Jonathan Kanter rejected mergers rather than relying on behavioral remedies.
