Summary

• M&A volume activity continued its strong pace in the first quarter with $1.2 trillion in announced transactions, representing a 27% increase compared to the first quarter of 2025.
• Technology, energy and power, and Financials were the top sectors for M&A, accounting for over half of deal activity during the quarter.
• The GDL Fund achieved a NAV Total Return of 1.42% for the quarter ended March 31, 2026, while the Investment Total Return was (0.25)%.
• Gilead Sciences Inc. agreed to acquire Arcellx Inc. (ACLX) for $115 per share in cash on February 23, and the deal is expected to close shortly after April 24.
• IBM Corp. agreed to acquire Confluent Inc. (CFLT) for $31.00 per share in cash, and the transaction was completed on March 17 following regulatory approvals.

M&A volume activity continued its strong pace in the first quarter with $1.2 trillion in announced transactions. This represents a 27% increase compared to the first quarter of 2025 and the third consecutive quarter exceeding $1 trillion.