Global M&A in 2024 faced geopolitical issues, elevated interest rates, and inflationary pressures, with expanding antitrust, foreign investment, national security, and export regimes adding complexity. But inflation receded and dealmakers acted in anticipation of interest rate reductions, which central banks began delivering in the second half. Private equity players grew more active, equity markets built on 2023’s strong performance, and major technology developments, such as in artificial intelligence, drew interest. The end of the year also saw hopes for postelection policy changes that may facilitate M&A, tempered by uncertainty regarding the potential direction and scope of those changes. 1 All data as of December 16 and courtesy of Mergermarket, except as otherwise indicated. Global M&A deal value rose from the lows of 2023, increasing 8% to $3.4 trillion,1 approaching pre-pandemic levels. Overall deal count fell, but the number of larger deals grew, with $2 billion+ deals increasing 20% year-overyear (including the pending $40 billion Mars acquisition of Kellanova and the $35 billion Synopsys acquisition of Ansys). Corporate acquirers were notably active, accounting for nine of the top 10 largest deals of the year. In this report, we review the M&A markets in 2024 and the key legal and regulatory issues and trends that will affect deals in 2025. 2024 M&A Annual Review 1
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