The most sought-after assets included parcel networks, contract logistics businesses, cold-chain capacity, shipping lines and strategically located infrastructure.
Large transport and logistics deals remain concentrated in freight-related businesses. Investors are paying not only for growth, but also for reach: access to customers, control of key corridors and earnings considered resilient.
PwC and Strategy& recorded 105 transactions worth at least $50 million worldwide in the first half of 2026, according to their latest Transport & Logistics Barometer. That compared with 108 in the same period a year earlier.
The more notable change was in disclosed value, which rose by 2.9% from $62.5 billion to $64.3 billion. This implied an average disclosed deal value of about $612.1 million.
The key numbers
| Metric | First half of 2026 |
|---|---|
| Announced deals worth at least $50 million | 105 |
| First half of 2025 | 108 |
| Disclosed total value | $64.3 billion |
| Average disclosed deal value | $612.1 million |
| Megadeals worth at least $1 billion | 17 |
| Combined value of megadeals | $42.38 billion |
| Financial investors’ share of deal count | 43% |
| Financial investors’ share of deal value | 56% |
PwC’s dataset covers announced transactions, meaning that some deals included in the study had not closed by the reporting cut-off. The 17 megadeals, each valued at least $1 billion, had a combined disclosed value of $42.38 billion.
InPost tops the logistics deal list
The largest announced freight-related transaction involved InPost, the Polish parcel delivery and locker operator. PwC said a consortium led by FedEx and including financial investors Advent, A&R and PPF planned to acquire the company for $9.22 billion.
The proposed transaction reflects buyers’ focus on platforms with established networks, recurring shipment volumes and direct access to end customers. Buyers are increasingly attaching a premium to systems capable of absorbing additional volumes and integrating them efficiently into existing operations.
Another major transaction in logistics and road freight involved a portfolio of cold-storage properties owned by US temperature-controlled warehousing operator Americold Realty Trust. PwC listed Snowfall Topco as the buyer and valued the pending deal at $2.4 billion.
The transaction does not involve a full takeover of Americold, but the purchase of selected cold-storage properties.
PwC also reported that Nippon Express Holdings intended to acquire Canadian contract logistics provider Metro Supply Chain for $1.61 billion. The transaction remained pending at the time of reporting.
Other large transactions included Brookfield Asset Management’s announced $1.2 billion acquisition of French company World Freight Company.
In the parcel and express segment, J&T Global Express and SF Holding agreed to acquire stakes in one another. PwC valued each part of the transaction at $1.06 billion.
Hapag-Lloyd makes multi-billion-dollar offer for ZIM
Shipping was another major focus of deal activity. One of the largest announced transactions was Hapag-Lloyd’s offer for Israeli container carrier ZIM Integrated Shipping Services. PwC valued the pending deal at $4.22 billion.
According to PwC, the offer represented a premium of about 58% to ZIM’s unaffected share price.
The firm placed the transaction within a broader re-rating of the shipping sector. Between December 2023 and June 2026, forward EBIT multiples for listed shipping companies increased by about 40%. Shipping was the only subsector in PwC’s comparison to record a clear expansion in valuation multiples.
Other sizeable shipping-related transactions included Ocean Network Express’s $1.07 billion acquisition of Poseidon Corp and Helix Energy Solutions’ planned $1.83 billion purchase of Hornbeck Offshore Services.
Ports and toll roads remain in demand
Infrastructure deal volume declined during the period. PwC recorded 17 announced transactions involving airports, roads or ports, with a disclosed value of $13.2 billion. They represented 16% of the deals in the dataset and 21% of total disclosed value.
Among the largest infrastructure transactions was Stonepeak’s planned $2.4 billion purchase of stakes in 10 ports from CMA CGM.
PwC also highlighted the planned acquisition of Australian toll-road operator Atlas Arteria and Vinci Highways’ purchase of a portfolio of nine Indian toll roads.
The firm said the lower deal count did not indicate a decline in the strategic importance of infrastructure. Ports, terminals and road concessions continued to offer high barriers to entry and predictable long-term cash flows.
However, buyers were becoming more selective, focusing on assets that secured access to critical corridors or provided durable freight volumes.
This approach was also evident in two transactions announced in early July, outside the first-half reporting period.
PwC noted that Hanseatic Global Terminals, a Hapag-Lloyd subsidiary, planned to acquire a stake in Eurogate Container Terminal Hamburg. It also highlighted CMA CGM’s plan to acquire FedEx’s supply-chain division.
PwC described both transactions as part of continuing vertical integration between ocean carriers and logistics providers.
Financial sponsors account for most disclosed value
Strategic buyers accounted for most announced transactions, but financial investors represented the larger share of disclosed deal value.
PwC said financial investors were involved in 43% of deals but accounted for 56% of their combined value.
Their strongest presence was in logistics and road freight, where they participated in 21 transactions worth a combined $16.8 billion.
Valuation levels also differed. Deals involving financial investors carried a median enterprise-value-to-EBITDA multiple of 9.6, compared with 5.6 for strategic buyers.
PwC attributed the difference to financial sponsors’ appetite for stable, cash-generative logistics and infrastructure platforms. Strategic buyers were more focused on potential synergies and tended to be more disciplined about acquisition prices.
“We’re seeing a more selective M&A market, concentrating on assets that improve resilience, strengthen network control and lift earnings quality,” said Ingo Bauer, head of transport, logistics and tourism at PwC Germany.
Europe records the highest average deal value
Asia and Oceania were the most active regions by transaction volume. PwC counted 68 deals with a disclosed value of $32.8 billion, including 50 intra-regional transactions.
Europe recorded 27 transactions worth $30.3 billion. It had the highest average disclosed deal value, at about $1.12 billion.
Europe also led in inbound cross-border activity. Buyers from outside the region were involved in 13 of the 27 European transactions.
The Middle East also gained momentum. PwC reported 12 transactions with a combined value of about $7.09 billion involving buyers or targets from the region. This already exceeded the value recorded for the whole of 2025.
Activity focused on ports, maritime services and shipping.
Partnerships grow alongside acquisitions
Companies are also expanding their networks through structures other than outright acquisitions.
PwC counted 105 joint ventures, strategic alliances and codeshare agreements in the first half of 2026, about 19% more than the 88 recorded in the same period a year earlier. In 2025, the number had risen by 86% to 193.
In freight, such partnerships are primarily being used to respond to disrupted trade routes, secure additional capacity and improve supply-chain resilience.
As an example of a capital-intensive infrastructure joint venture, PwC cited United Ports, a partnership between CMA CGM and Stonepeak.
In defence logistics, it highlighted Torus, a partnership involving Amentum, GXO, Accenture and Maersk that supports UK supply chains.
Such alliances allow companies to share technology, infrastructure and market access without committing the capital required for a full acquisition.
What logistics buyers are prioritising
PwC does not expect a broad-based acquisition spree in the second half of the year. It expects demand to remain concentrated on assets with a clearly defined strategic role.
The most attractive targets are expected to include:
- parcel and express networks;
- contract logistics businesses;
- cold-chain and temperature-controlled logistics;
- warehousing and distribution sites;
- last-mile networks;
- ports, terminals and intermodal facilities; and
- digital tools supporting visibility, route control and asset utilisation.
The list indicates that physical assets alone are no longer sufficient to command the highest valuations. Logistics providers are more likely to attract a premium when their sites, contracts, data and transport links form a network that would be difficult for competitors to replicate.
“The next phase of dealmaking will be shaped by the ability to orchestrate networks, diversify corridors, integrate technology and protect operational flexibility,” Bauer said.
Freight remains at the centre of transport and logistics M&A. However, the highest valuations are increasingly reserved for networks capable of continuing to operate when established routes are disrupted, capacity tightens or trade flows shift at short notice.
