After a rocky start to 2020 that eventually gave way to a record-breaking 2021, M&A activity slowed to more historical norms in 2022. Total deal value in the U.S. and globally declined sharply from 2021 (down 41% and 35%, respectively) but was on par with 2020 levels (up 3% and 5%, respectively). Similarly, the number of U.S. and global deals decreased from 2021 levels (down 17% and 11%, respectively) but increased from 2020 levels (up 23% and 10%, respectively). Cast in this light, and with current headwinds resulting from the regulatory environment and finance markets, we expect 2023 to continue this return to historical norms.
