Global M&A Deals in 2023 – Top Themes by Sector – Thematic Intelligence

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M And A Deals By Theme And Sector Analysis  Overview

The global M&A market in 2023 witnessed deals worth $2,223 billion, a decline of 12% compared to 2022. In terms of deal volume, there was a 17% fall from 37,186 deals in 2022 to 30,883 M&A deals in 2023. The energy sector led the M&A deal activity, with 3,559 deals worth $704.2 billion recorded in 2023. Most sectors saw a year-on-year decline in deal activity in 2023. Mega-deals (defined as any deal valued at more than $1 billion), also dipped to lowest since 2019, just 432 in 2023 compared to 816 in 2021.

Scope

This report provides an overview of merger and acquisition activity globally in 2023 across all sectors. This report takes a close look at the top deals in all the sectors and identifies the themes driving each of these deals. This report also looks at the deals trend across North America, Europe, China, APAC Ex-China, South America, and Middle east and Africa.

Key Highlights

The global M&A market in 2023 witnessed deals worth $2,223 billion, a decline of 12% compared to 2022. In terms of deal volume, there was a 17% fall from 37,186 deals in 2022 to 30,883 M&A deals in 2023. The energy sector led the M&A deal activity, with 3,559 deals worth $704.2 billion recorded in 2023. Most sectors saw a year-on-year decline in deal activity in 2023. Mega-deals (defined as any deal valued at more than $1 billion), also dipped to lowest since 2019, just 432 in 2023 compared to 816 in 2021.

Reasons to Buy

Companies that invest in the right themes become success stories; those that miss the big themes end up as failures. If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As).

This report lists the most notable deals across all sectors to make it easy for our clients to get a view of themes disrupting these sectors and prepare for the future.

Adobe
Apollo Global Management
Claure Group
Euronext
Intel
Capricorn Energy
Albemarle
Frontline
MaxLinear
Apollo Global Management
Option Care Health
Figma
Millicom International Cellular
Allfunds Group
Tower Semiconductor
NewMed Energy
Liontown Resources
Euronav
Silicon Motion Technology
John Wood Group
Amedisys
ExxonMobil
Chevron
Oneok
Occidental Petroleum
Harbour Energy
Energy Infrastructure Partners
Chevron
Xylem
Energy Transfer
Enbridge
Pioneer Natural Resources
Hess
Magellan Midstream Partners
CrownRock
Wintershall Dea
Eni Plenitude
PDC Energy
Evoqua Water Technologies
Crestwood Equity
Dominion Energy Questar
The East Ohio Gas Company
Dominion Energy Gas Distribution
DEO Alternative Fuel
Cisco
ADIA
KKR & Co
Vodafone UK
Japan Industrial Partners
Nasdaq
GTCR
Microsoft
Endeavor Group
The Walt Disney
Emerson Electric
Splunk
TIM
Hutchison 3G
Toshiba
Adenza
OpenAI
World Wrestling Entertainment (WWE)
NBCUniversal Media (Hulu)
National Instruments
Borouge
Coolabah Metals
Newmont
Bunge
Nippon Steel
Carrier Global
Apollo Global Management
Glencore
Apollo Asset Management
Solenis
Borealis
Thomson Resources
Newcrest Mining
Viterra
United States Steel
Viessmann Climate Solutions
Univar Solutions
Teck Resources
Arconic
Diversey Holdings
Pfizer
Bristol-Myers Squibb
Merck & Co
AbbVie
AbbVie
Biogen
Roche
Cooper Consumer Health
IQuest Enterprises
Freya Bidco
Elliott Investment Management
Patient Square Capital
Veritas Capital
Seagen
Karuna Therapeutics
Prometheus Biosciences
ImmunoGen
Cerevel Therapeutics
Reata Pharmaceuticals
Telavant
Syneos Health
Viatris**
Dechra Pharmaceuticals
WestRock
Japan Industrial Partners
Endeavor Group
Tapestry
Freya Bidco
Sheikh Jassim Bin Hamad Al Thani
Honeywell
Tempur Sealy International
JS&S
WT Microelectronics
Smurfit Kappa
Toshiba
World Wrestling Entertainment (WWE)
Capri Holdings
Dechra Pharmaceuticals
Manchester United
Carrier Global
Mattress Firm Group
Swire Pacific
Future Electronics
Liaoning Asset Management
PNC Bank
Aon
JPMorgan
Nasdaq
GTCR
Clayton, Dubilier & Rice
China Mobile
Bain Capital
Brookfield Reinsurance
Shengjing Bank
Signature Bridge
NFP
First Republic Bank
Adenza
Worldpay
Focus Financial
China Postal Savings Bank
Guidehouse
American Equity Investment
Carrier Global
BAE Systems
Apollo Asset Management
Honeywell
Schaeffler
Summit Materials
Georg Fischer
HEICO
Lone Star Funds
KKR & Co
Viessmann Climate Solutions
Ball Aerospace & Technologies
Arconic
Vitesco Technologies
Argos USA
Uponor
Wencor Group
Carlyle Group and Stellex Capital
CIRCOR International
Brookfield Infrastructure
Brookfield Infrastructure
Ontario Teachers' Pension Plan
Bain Capital
ALD Automotive
Honeywell
Allied Universal
Chow Tai Fook
AviLease
Teleperformance
Metropolis Technologies
Triton International
Compass Datacenters
Guidehouse
LeasePlan
Carrier Global
G4S
NWS Holdings
Standard Chartered Bank
Majorel
SP Plus
Brookfield Infrastructure
Stonepeak Partners
CMA CGM
Chow Tai Fook
Lone Star Funds
Alaska Air
Hitachi Rail
Nippon Express Europe
Air France
Shao-Ning Johnny Chou
Cainiao Smart Logistics Network
BJ Russell Holdings
Alibaba Investment
Denlux Logistics Invest
Triton International
Textainer Group
Bollore Logistics
NWS Holdings
Carlyle Group and Stellex Capital
Hawaiian Airlines
Thales
Cargo-Partner
SAS
BEST
Extra Space Storage
Realty Income
Healthpeak Properties
LondonMetric Property
Global Net Lease
Kimco Realty
Primonial REIM
Kennedy-Wilson Holdings
KSL Capital Partners
Regency Centers
Life Storage
Spirit Realty Capital
Physicians Realty Trust
LXI REIT
Necessity Retail REIT
RPT Realty
Icade
Pacific Western Bank
Hersha Hospitality Trust
Urstadt Biddle Properties
Apollo Asset Management
Wetteri
Schaeffler
LKQ
Apollo Future Mobility
Stellantis
Asbury Automotive Group
Foxconn
Hyundai Motor
Kia
Sime Darby
Arconic
Suvanto Trucks
Vitesco Technologies
Uni-Select
WM Motor Global Investment
Zhejiang Zero Run Technology
Jim Koons Automotive
ZF Chassis Modules
42dot
UMW Holdings
Brookfield Infrastructure
Stonepeak Partners
RenaissanceRe
China Southern Power Grid
Niagara Energy
HDI International
Calleja
Klabin
Brookfield Reinsurance
Triton International
Textainer Group
Fiplasto
AlphaCat Managers
Validus Reinsurance
Enel
Compania Energetica Veracruz
Enel Generacion
Liberty Mutual Insurance
Almacenes Exito
Copec
Argo Group
Borouge
Abu Dhabi National Oil
Badeel and ACWA Power
Brookfield Asset Management
Bayanat AI
Ooredoo
MMG
Aristocrat Leisure
International Resources Holdings
Borealis
Fertiglobe
Network International
Yahsat
Zain and TASC Towers
Cuprous Capital
Al Shuaibah 1 and Al Shuaibah 2 Solar PV Projects
NeoGames
Mopani Copper Mines

Table of Contents

Review of the global M&A market – 2023

Top M&A deals by sector – 2023

Top M&A deals by geography – 2023

Top themes driving M&A activity – 2023

M&A outlook for 2024

Further reading

Appendix 1: Deal selection criteria

Appendix 2: Our thematic research methodology

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