Executive Summary/Highlights

• Global M&A volume in 2024 was US$3.2 trillion, higher than US$3.0 trillion in 2023, but well below the annual average of US$4.6 trillion over the prior 10-year period.
• Technology was the most active sector for M&A in 2024 (US$499 billion), followed by Energy & Power (US$477 billion) and Financials (US$453 billion).
• The largest deals announced in 2024 were Capital One’s US$35 billion acquisition of Discover Financial Services, Mars’ US$35 billion acquisition of Kellanova and Synopsys’ US$32 billion acquisition of ANSYS.
• Nine out of the 10 largest deals globally in 2024 involved both U.S.-based targets and U.S.-based acquirers.
• In 2024, US$1.1 trillion, or 33%, of deals were cross-border – a 34% decrease from averages over the prior 10 years of US$1.6 trillion. The volume of M&A involving acquirers and targets in emerging economies declined to its lowest annual volume since 2009.
• Japanese 2024 M&A volume was US$157 billion, a 46% increase from 2023 (US$108 billion) and a 37% increase from the average annual Japanese volume over the last 10 years (US$114 billion).

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