Q1 2026

Transportation & Logistics M&A Update

In Q1, the T&L Industry Index decreased by 2.3% and outperformed the S&P, which decreased 7.1% over the same period.
The median EV/EBITDA multiple for reported strategic deals in the T&L sector decreased to 5.0x in Q1 2026 from 12.7x in the prior year.
M&A deal volume in the sector increased 14.6% in Q1 to 274 deals from 239 in Q4, and increased 9.6% from 250 deals in Q1 of the prior year.
Europe was the most active region in Q1 with 128 deals in the T&L sector. Most notably in Europe was Westinghouse Air Brake Technologies’ $960.0 million acquisition of Dellner Couplers, a Swedish manufacturer of train connection systems and related components, in February 2026.
Total capital invested in M&A transactions increased 76.4% in Q1 to $14.3B from $8.1B in Q4 due primarily to several large-sized transactions, including Allison Transmission Holdings’ acquisition of Dana Incorporated Off-Highway Drive & Motion Systems for $2.7B in January 2026.