2019 was the strongest year for U.S. M&A activity since 2015, but global M&A activity slowed compared to 2018 levels. Global deal volume for the year was $4.05 trillion, while U.S. deal volume was $1.94 trillion (down 1.3% and up 11.2%, respectively, from 2018). Sponsor-related deal volume for the year was $976.19 billion globally and $482.77 billion in the U.S. (down 7.5% and 6.3%, respectively, from 2018). Strategic deal volume was $3.07 trillion globally and $1.45 trillion in the U.S. (up 0.9% and 18.6%, respectively, from 2018).