Introduction – Clearing the runway
Twelve months ago, we titled our M&A Report for 2023
"Headwinds, tailwinds and fog", because we
didn't have clear visibility on activity levels for the year
ahead. As a result, we knew it was going to be a challenging year,
grappling with the same factors which weighed on activity during H2
2022, including high inflation, rising interest rates and the
fallout from the conflict in Ukraine. Could the slowdown in M&A
be overcome during the course of 2023, or would geopolitical and
economic difficulties continue to put the brakes on activity? We
hoped that H2 2023 might prove the turning point.
That question has been answered: 2023 was a disappointing year
for global M&A markets in terms of both deal volume and value.
Worldwide deal value of c.US$2.7 trillion for 2023 was down around
26% on 2022, and the lowest since 2013, and down 15% by volume. Not
as much M&A took off as we hoped – and, what did, flew
slowly and cautiously. The
