Executive Summary/Highlights:

• Deal activity was relatively strong in Q3, with global M&A volume of US$717 billion, marking the second strongest quarter of the past two calendar years.
• Strong Q3 performance was driven in part by Verizon’s $130 billion acquisition of Vodafone’s 45% interest in Verizon Wireless, the third largest deal in history.  Excluding Verizon/Vodafone, Q3 deal activity showed modest gains over Q2.
• Cross-border M&A volume in 2013 is on pace to account for just over 30% of global M&A volume, down 6% as compared to 2012.
• Global M&A activity in 2013 is on track to reach US$2.3 trillion, slightly lower than the annual average volume over the last three years.
• Private equity deal activity in Q3 maintained pace with Q2 volume.  Private equity deals accounted for 14% of global M&A volume in the first three quarters of 2013, an increase of 16% over the corresponding period in 2012.

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