GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2019

Executive Summary/Highlights:
  • In Q2 2019, global M&A volume reached US$1 trillion for the quarter and surpassed US$2 trillion for the year to date. Global M&A volume in 2019 is on pace to reach the US$4 trillion mark for the second consecutive year and only the third time in the last decade.
  • The significant global deal volume in 2019 is a product of a surge in large deals in the United States. U.S. M&A volume exceeded US$606 billion in Q2 2019, up from US$513 billion in Q1 2019, and almost double the average quarterly volume over the 12 prior second quarters (US$342 billion). In Q2 2019, U.S. M&A represented 57% of global transaction volume.
  • The volume of mega deals (transactions valued at US$5 billion or greater) was nearly US$1 trillion in the first half of 2019, accounting for almost 50% of global M&A volume (compared to 31% over the prior 12 years).
  • Cross-border M&A volume remained historically low through the second quarter of 2019, reaching only US$274 billion in Q2 2019 and US$507 billion for the first half of 2019. Cross-border M&A accounted for only 25% of global M&A volume in the first half of 2019, compared to an average of 36% over the prior 12 years.
  • Several significant deals headlined Q2 2019, including United Technologies’ US$90 billion combination with Raytheon, AbbVie’s US$84 billion acquisition of Allergan and Occidental Petroleum’s US$54 billion acquisition of Anadarko Petroleum.

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