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 announced in Q2 2022, including Broadcom’s US$68 billion acquisition of VMware, Twitter’s US$44 billion takeover by Elon Musk, and Prologis’ US$25 billion buyout of Duke Realty.
• The Technology sector led all others for the eighth consecutive quarter, accounting for 19% of aggregate global M&A volume in Q2 2022, though a decrease relative to the sector’s 25% share of global M&A volume in Q1 2022.
• Cross-border M&A volume was US$355 billion in Q2 2022, an increase of 7% from Q1 2022 (US$332 billion) and an increase of 2% compared to cross-border M&A deal volume over the last ten second quarters (US$348 billion), but a decline of 15% relative to that of Q2 2021 (US$418 billion).
• U.S. M&A volume accounted for US$445 billion of global M&A volume in Q2 2022, representing just over 39% of global M&A volume, a sharp decline from its 51% proportion in Q1 2022, and below both its 44% share in 2021 and its 43% share in the last ten years.
• In contrast to the declining U.S. share of global M&A volume, acquisitions of European and Chinese companies represented a slightly higher share of M&A volume in Q2 2022 than in prior periods, and India made up the fourth-largest share of global M&A volume in Q2 2022, accounting for US$97 billion, the highest quarterly total of Indian M&A volume on record.

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