Executive Summary/Highlights

• Although global deal-making increased in Q3 2024 compared to Q2 2024, M&A volume for 2024 is on pace to be in line with 2023, the lowest year for M&A since 2009.
• Nevertheless, several mega deals were announced in Q3 2024, including Mars’ US$35 billion acquisition of Kellanova, Skydance Productions’ US$21 billion merger with Paramount Global and Verizon’s US$20 billion acquisition of Frontier Communications.
• U.S. M&A volume was US$359 billion in Q3 2024, a 17% increase compared to Q2 2024 (US$307 billion) but a decrease of 5% from Q3 2023 (US$377 billion). U.S. M&A represented 44% of global M&A volume in Q3 2024.
• Cross-border M&A volume was US$312 billion in Q3 2024, an increase of 6% from Q2 2024 (US$294 billion) and a 48% increase compared to cross-border M&A activity in Q3 2023.
• Cross-border transactions represented 38% of global M&A volume in Q3 2024, down from Q2 2024 (41%), but above Q3 2023 (29%).
• The Industrials sector was the leading industry sector by total deal volume in Q3 2024, accounting for 14% of aggregate global M&A volume in this quarter.  Significant Industrials deals included DSV’s US$16 billion acquisition of Schenker, as well as the US$9 billion merger between China CSSC and China Shipbuilding Industry.

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