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 2022. While lower in value than last year’s Q2, the increase in volume from Q1 2023 to Q2 2023 (32%) is the greatest growth in volume between Q1 and Q2 since 2015.
  • Several mega deals were announced in Q2 2023, including ONEOK Inc’s US$19 billion merger with Magellan Midstream Partners LP and Bunge Ltd’s US$18 billion merger with Viterra Ltd.
  • The Energy & Power sector led all others, accounting for 16% of aggregate global M&A volume in Q2 2023, an increase relative to the sector’s 11% share of global M&A volume in Q1 2023. ONEOK Inc’s US$19 billion merger with Magellan Midstream Partners LP was one of the three largest deals of the quarter.
  • Cross-border M&A volume was US$312 billion in Q2 2023, an increase of 76% from Q1 2023 but a decline of 15% compared to the average cross-border M&A volume over the last ten second quarters and a decline of 11% relative to Q2 2022.  In Q2 2023, cross-border deals represented 41% of global M&A volume, above both the proportion of global M&A volume attributable to cross-border M&A in Q2 2022 (31%) and the proportion over the last ten years (32%).  Three of the 10 largest deals of Q2 2023 were cross-border.
  • U.S. M&A volume accounted for US$303 billion in Q2 2023, representing about 40% of global M&A volume, a slight decline from its 46% proportion in Q1 2023, and below both its 43% share in 2021 and its 43% average share over the last ten years.

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