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 US$4.5 trillion over the prior 10-year period.
• There were several mega deal announcements in 2023, including Exxon Mobil’s US$65 billion acquisition of Pioneer Natural Resources, Chevron’s US$60 billion acquisition of Hess and Pfizer’s US$42 billion acquisition of Seagen.
• Energy & Power was the leading sector for M&A activity in 2023, representing approximately 17% of 2023’s total global M&A volume.
• Cross-border M&A volume was US$962 billion in 2023, a decrease of 15% from 2022 and a decrease of 38% compared to the average cross-border M&A volume over the prior 10 years.
• Acquisitions of U.S. companies represented the largest proportion of global M&A in 2023 (US$1.4 trillion), constituting approximately 47% of global M&A volume, above the proportion in 2022 (42%) and the average proportion of global M&A volume since 2014 (44%).

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