[2026 March M&A Statistics] 150 Deals (Up 19), A New Monthly Record Since Statistics Began in 2008

## March 2026 M&A Statistics
In March 2026, the number of M&A deals (based on timely disclosure, provisional figures) was 150, an increase of 19 from 131 in the same month last year. This marks the highest monthly record since the statistics began in 2008. Meanwhile, the total transaction value was 1.3017 trillion JPY, a 61.4% decrease from the previous year's 3.3701 trillion JPY. This decrease is a rebound effect from a mega-deal in the previous year (SoftBank Group's acquisition of a subsidiary of US-based Ampere Computing). However, the figure for March is the third highest on record, indicating the M&A market remains vibrant.

M&A Online compiled data on M&A transactions involving a change of control (excluding internal group reorganizations) from timely disclosure information, which is mandatory for listed companies.

## Transaction Trends
In March, the M&A market was characterized by large-scale deals led by global investment funds, particularly from the US. Publicly traded companies going private through TOBs (Tender Offers) and deals where investment funds were the buyers accounted for the top transaction values. This reflects a confluence of interests: corporate management seeking to distance themselves from short-term profit-return demands from shareholders and pursue medium-to-long-term management reforms and business investments, and investment funds aiming for returns through enhancing corporate potential value. Furthermore, both "outbound" deals, where Japanese companies acquire foreign firms, and "inbound" deals, where foreign companies acquire Japanese firms, were active, continuing the trend of cross-border M&A driving economic globalization.

## Top 3 Companies by Transaction Value
### 1st Place: Taiyo Holdings, Transaction Value: Approx. 490.7 Billion JPY
Taiyo Holdings, a global manufacturer of chemical products for electronic circuit boards used in smartphones and PCs, has accepted a TOB from US major investment fund KKR, leading to its delisting. The privatization aims to further strengthen its global market competitiveness through agile and flexible management decisions.

### 2nd Place: Nippon Sheet Glass, Transaction Value: Approx. 165.0 Billion JPY
Nippon Sheet Glass, a global leader in architectural and automotive glass, will raise approximately 165.0 billion JPY through a third-party allotment of shares to a company under US investment fund Apollo Global Management. This will result in the company going private, accelerating the strengthening of its financial base and management reconstruction.

### 3rd Place: Otsuka Holdings, Transaction Value: Approx. 111.7 Billion JPY
Otsuka Pharmaceutical, a subsidiary of Otsuka Holdings, will acquire Transient Therapeutics, a US-based drug development company, as a subsidiary. The objective is to expand the development pipeline in the central nervous system (CNS) field. This acquisition is part of a strategy to incorporate promising overseas technologies and products amidst slowing domestic market growth, aiming for sustainable growth.

## About M&A Online
M&A Online is a media platform dedicated to making M&A (Mergers and Acquisitions) accessible, understandable, and actionable. We strive to broadly foster interest in M&A, contributing to the resolution of the societal issue of business succession and the realization of innovation in the Japanese economy through our daily information dissemination.

## Operating Company: Strike Group Inc.
Name: Strike Group Inc. (Listed on Tokyo Stock Exchange Prime, Securities Code 6196)
Address: 15F, Mitsui Bussan Building, 1-2-1 Otemachi, Chiyoda-ku, Tokyo
Representative: Kunihiko Arai, Representative Director & President
Established: July 1997
Business Description: M&A Support