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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2024

Executive Summary/Highlights For the first time since 2021, global dealmaking is up year on year for the third consecutive quarter, with significant increases in volume attributable to U.S. M&A and mega deals. Global M&A volume was US$797 billion in Q1 2024, a 36% increase from Q1 2023 but an 11% decrease from Q4 2023. Global … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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JAPANESE UPDATE – Japan’s Largest M&A Transaction in 2023: The Acquisition of Toshiba Corporation

*Originally distributed on February 20, 2024.  In 2023, there was a 6.7% decline in the number of mergers and acquisitions involving Japanese companies as compared to 2022. This decrease can be attributed to a combination of macroeconomic factors, interest rate trends, regulatory changes, and geopolitical influences. Despite this overall trend, one standout deal was the … Continued

This article was authored by Masakazu Iwakura (Senior Partner), Hidenori Nakagawa (Partner) and Masanori Bito (Partner) of TMI Associates. They appreciate the valuable assistance of Vincent Tritto, a Foreign Attorney at TMI.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2023

Executive Summary/Highlights Global M&A volume in 2023 declined relative to 2022 and 2021, when it set a record. M&A activity in the second half of 2023, however, exceeded that of the second half of 2022. Global M&A volume in 2023 was US$2.9 trillion, down from US$3.6 trillion in 2022 and below the annual average of … Continued

CHINESE UPDATE: Border Crossings: Toward Mutual Recognition and Enforcement of U.S. and Chinese Civil Court Judgment

Despite frequent frictions in recent trade relations, the growing scale of the economic relationship between the world’s two largest economies—the People’s Republic of China (PRC) and the United States—has given rise to an ever-greater number of civil and commercial disputes. For decades, the common assumption among American lawyers was that enforcing a U.S. court judgment … Continued

This article was co-authored by JunHe LLP Partner Zhenyong (Allan) Ye and Frost Brown Todd Attorney-at-law Aaron M. Bernay. Summer intern Shizun Zhou from JunHe LLP and summer associate James Hardman from Frost Brown Todd also contributed.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2023

Executive Summary/Highlights Global dealmaking is showing signs of recovery: although M&A volume in H1 2023 was lower than H1 2022, deal volume in Q2 2023 was the second highest of the last four quarters. Global M&A volume was US$753 billion in Q2 2023, a 31% increase from Q1 2023, but a 33% decrease from Q2 … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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FTC Proposes Sweeping Changes to HSR Reporting Obligations

*Originally distributed on June 29, 2023. In a notice of proposed rulemaking published this week, the Federal Trade Commission unveiled significant changes to the reporting obligations under the Hart-Scott-Rodino Act.  If adopted as final rules, those changes will materially increase filing burdens and hinder parties’ ability to file and close quickly, even in non-problematic transactions.  … Continued

This submission was contributed by Ilene Knable Gotts, Nelson O. Fitts, Damian G. Didden, and Christina C. Ma at Wachtell, Lipton, Rosen & Katz.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2023

Executive Summary/Highlights On the heels of a slow-down in the second half of 2022, global dealmaking levels decreased in Q1 2023 compared to both Q4 2022 and Q1 2022 and ended with the lowest quarterly volume in recent memory. Yet, there are signs that the first quarter may represent an inflection point, as the first … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2022

Following record-breaking M&A activity in 2021, M&A volume over the 12 months ending December 31, 2022 reverted toward the mean, with a significant slowdown in the second half of the year. Global M&A volume in 2022 was US$3.6 trillion, down from US$6.2 trillion in 2021 and closer to the annual average of US$4.3 trillion over the prior 10-year period.

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2022

Executive Summary/Highlights Global dealmaking slowed significantly in Q3 2022, reflecting current macro-economic and geopolitical uncertainties and challenges. Nevertheless, many deals got done and many of the traditional drivers of M&A point to meaningful deal flow in Q4 and beyond. Global M&A volume was US$692 billion in Q3 2022, a 37% decrease from Q2 2022 and … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2022

Executive Summary/Highlights Global dealmaking was up in Q2 2022 as compared to Q1 2022, and year-to-date is on pace with pre-pandemic deal volume (although below last year’s record-breaking levels). Global M&A volume was US$1.14 trillion in Q2 2022, an 11% increase from Q1 2022, but a 26% decrease from Q2 2021. Several mega deals were … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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