Done Deal – Insights from our M&A and Activism team – January 2026
Insights from our M&A and Activism team
Welcome to the latest instalment of Done Deal. Alex Le May highlights our European team’s recent recognition as the #1 firm in Europe for Bloomberg’s Activism League Tables and touches on some 2026 industry trends. We also highlight expert perspectives on M&A activity in 2025 and the outlook for 2026, as well as guidance on how defense companies can proactively navigate a recent U.S. executive order reshaping executive compensation. Finally, in our colleague spotlight, Dan Scorpio, a new Senior Managing Director in our Chicago office, offers a brief reflection on current trends and challenges.
Alex Le May on FTI Consulting’s Activism Recognitions and a 2026 Industry Look Ahead
FTI Consulting Receives Accolades for Activism
Our M&A, Activism & Governance team was recognized as #1 Strategic Advisors/Consultants in 13D Monitor’s activism qualitative league tables and as the #1 firm in Europe for Bloomberg’s Activism League Tables. Our cross-functional M&A, Activism and Governance team brings deep industry expertise and practical insight to realize positive outcomes for clients. This, paired with the strong partnership between the teams in the U.S., UK, Brussels, Germany, France, Korea, and Japan, forms a global advisory platform that is unmatched.
2025 in Review and a Look Ahead
2025 will undoubtedly be seen as a tale of two halves, the first half defined by the early months of the Trump White House and the uncertainties associated with the new paradigm in international trade.
The FT describes the second half as one that saw the return of M&A “animal spirits” and no question, there have been big strategic moves in multiple sectors that need no rehearsal here that have carried through into early 2026.
Defense Companies in the Crosshairs – Executive Compensation Comes Into Focus
The Executive Order issued on January 7th does more than target capital allocation decisions by defense contractors. It also directly reshapes how executive compensation can be structured under U.S. defense contracts—particularly for companies that fall behind on cost, schedule, or production commitments. Our experts discuss what this means for defense companies and how we can help.
What We’re Up To
Meet our Team: 30 seconds with Dan Scorpio
Describe your area of expertise at FTI and the value you bring to clients?
I’ve just joined FTI Consulting’s M&A and Activism team, based in Chicago, and previously led the M&A and activism defense practice at a different strategic communications firm. I’m primarily focused on guiding our clients through transformative and high-profile transactions. This includes public company M&A, spinoffs and carve-outs, unsolicited bids and takeover defense, and IPOs. I also work closely with a number of private equity firms, family offices and family-oriented investment firms. Today’s geopolitical landscape is incredibly complex. For Boards and management teams contemplating a transaction, this means that there is no margin for error. Our focus is on providing the tailored solutions, experienced counsel and flawless execution that our clients, and transactions, require in this environment.
What deal trends are you seeing in your marketplace?
All signs are currently pointing to 2026 being an active year for M&A. A series of megadeals drove the M&A market in 2025 but the volume of deals was down and private equity dealmaking continued to be spotty. We are already seeing a busy start to the year as we help our clients evaluate and execute a range of strategies to deliver value. From a communications perspective, we believe the continued fragmentation of the media landscape actually presents a compelling opportunity for our clients. An M&A strategy that is customized, targeted, data-driven and nimble to adapt to this new environment is essential for companies to execute with confidence.
What do you do outside of work that helps you reset and stay sharp for the next professional challenge?
Our favorite pastime is playing with our two-year-old son, who is already a Cubs and Bears diehard. He keeps us on our toes.
Contact Us
To be added to the distribution list for FTI Consulting’s M&A and Activism Insights, or for further information on the dedicated M&A and Activism team at FTI Consulting, please contact Edward Bridges ([email protected]) Pat Tucker ([email protected]) or Alex Le May ([email protected]).
| The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals. ©2025 FTI Consulting, Inc. All rights reserved. www.fticonsulting.com |
