• Global M&A volume in Q3 was ~US$820 billion, consistent with Q2 levels.
• Cross-border transactions continued to account for approximately 38% of both overall deal activity and of the largest deals.
• Deal volume involving an emerging economy acquirer and a developed economy target grew nearly 12% relative to Q2 and continued to substantially outpace deals involving a developed economy acquirer and an emerging economy target.
• Still, all ten of the largest deals in Q3 involved a developed economy target, and only one of the ten involved an emerging economy acquirer.
• China continued to show strength, accounting for 20% of global M&A activity, while Europe and the U.S. accounted for 22% and 39% respectively, generally consistent with recent historical averages.
• The High Technology sector accounted for the most cross-border M&A in Q3, exceeding US$58 billion in volume and accounting for 19% of all cross-border deal activity and 54% of total deal activity within the sector, in Q3.
• The Industrials sector had the strongest Q3 with over US$145 billion in total deal volume and was the only sector to experience a relative high over the past four quarters.

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