Executive Summary/Highlights

• Driven by a strong Q1, M&A deal volume in H1 2024 was 15% higher than deal volume in H1 2023.
• Global M&A volume was US$716 billion in Q2 2024, a 13% decrease from the robust first quarter of 2024 (US$820 billion) and in line with the second quarter of 2023 (US$737 billion).
• Several mega deals were announced in Q2 2024, including ConocoPhillips’s US$23 billion acquisition of Marathon Oil, Johnson & Johnson’s US$13 billion acquisition of Shockwave Medical, Apollo’s $11 billion investment in a joint venture with Intel, and Silver Lake’s US$10 billion acquisition of Endeavor.
• U.S. M&A volume accounted for US$314 billion of global M&A volume in Q2 2024, in line with Q2 2023 (US$322 billion), and a decrease of 37% from a strong Q1 2024 (US$499 billion). U.S. M&A represented 44% of global M&A volume in Q2 2024.
• Cross-border M&A volume was US$299 billion in Q2 2024, an increase of 46% from Q1 2024 (US$205 billion) and of 13% compared to cross-border M&A activity in Q2 2023.
• Cross-border transactions represented 42% of global M&A volume in Q2 2024, up from Q1 2024 (25%) and Q2 2023 (36%).
• The Energy & Power sector was the leading industry sector by total deal volume in Q2 2024, accounting for 15% of aggregate global M&A volume in this quarter.  In addition to ConocoPhillips’ US$23 billion acquisition of Marathon Oil, Waste Management’s US$7 billion acquisition of Stericycle, and Brookfield and Temasek Holdings’ US$7 billion investment into Neoen were among the quarter’s largest deals.

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